VANCOUVER, British Columbia, May 12, 2009 (GLOBE NEWSWIRE) -- Silverado Gold Mines Ltd (OTCBB:SLGLF) (Frankfurt:SLGL) (www.silverado.com) ("Silverado") hereby announces its entry into an equity line of credit agreement with Ashborne Finance Ltd., a British Virgin Islands corporation, pursuant to which Silverado has the right to raise at least US$3,000,000 and up to US$100,000,000 through the sale of its common stock over the course of the agreement, and upon execution, immediately raised US$250,000 of capital pursuant to an initial sale of 25 million common shares at a price of US$0.01 per share under the agreement. Silverado's president, Garry Anselmo, said: "We anticipate that our entry into this credit line agreement could facilitate the funding of our ongoing business activities in the present difficult economic climate." Shareholders and prospective investors may review Silverado's filings of today's date on EDGAR and SEDAR for more information.
About the Company
Silverado Gold Mines Ltd, a publicly traded company, is an exploration-stage enterprise focused on the exploration of gold properties with some past production. The Company has gold properties located throughout Alaska, which include a 100 percent (%) interest in numerous mining claims located on the Nolan Creek property. The Company's wholly owned subsidiary, Silverado Green Fuel Inc, is developing a new environmentally friendly low-rank coal water fuel technology. The fuel is designed to be produced from low-rank coal and processed into an environmentally friendly oil substitute. For more information about Silverado Gold Mines Ltd or Silverado Green Fuel Inc, please visit www.silverado.com and www.silveradogreenfuel.com, respectively.
Forward-Looking Statements
This news release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are forward-looking statements are based on the current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates.
Such forward-looking statements involve risks and uncertainties regarding the market price of gold, availability of funds, government regulations, common share prices, operating costs, capital costs, outcomes of test mining activities and other factors. Forward-looking statements are made, without limitation, in relation to operating plans, property exploration activities, including test mining activities, availability of funds, environmental reclamation, operating costs and permit acquisition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", or "continue", and the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks detailed in the Company's filings with the Canadian Securities Authorities and the US SEC. These factors may cause the Company's actual results to differ materially from any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.