Silverado Announces Balance of 2008 Drill Hole Assay Results at Nolan Creek Which Continue to Disclose Gold and Antimony Mineralization



    VANCOUVER, Oct. 23 /CNW/ - Silverado Gold Mines Ltd. (the "Company" or
"Silverado") SLGLF OTCBB, SLGL Frankfurt, www.silverado.com, announces that it
has received assays of mineralized veins for drill holes 08SH25 through
08SH33, being the remaining drill holes from its 2008 diamond drilling program
on its Nolan Creek property. This season, the Company completed 34 drill holes
totaling 11,597 ft of drilling at Workman's Bench, the Company's prime
exploration target on its Alaska Nolan Creek property. An updated drill hole
location map for these zones can be found on the Company's website at
http://www.silverado.com/i/pdf/2008-10-23_NCWBD.pdf.
    Workman's Bench is the Company's prime exploration target for a lode gold
and antimony deposit in the southwestern part of the Solomon Shear Zone.
    This year's drilling on Workman's Bench has focused on defining the
lateral and vertical extent of the areas of known gold and antimony
mineralization, in particular on the main exposed vein in underground
exploration Tunnels C and D. Information thus far indicates the gold and
antimony mineralized zones at Workman's Bench are open laterally and at depth.
This year's drilling has extended the known lateral extent of the stibnite
(antimony sulfide)-gold vein system on Workman's Bench from 600 ft to 1,000
ft.
    Interpretation of exploration data suggests the 1000 ft long Workman's
Bench stibnite-gold vein system extends northeast towards Pringle Bench, where
it has been confirmed over a length of an additional 500 ft and appears to
continue to the northeast as evidenced by geochemical and geophysical
anomalies. To the southwest on Workman's Bench, the stibnite-gold vein systems
appear to be offset to the east. An existing west-northwest cross cutting
structure has been identified at this location and is the probable cause of
the offset.
    Selected drill hole assays are presented in the tables below. Most
samples of vein material contain gold. The reader should note that assay
results listed in the table present results of individual veins sampled and
cut from the drill core.

    
    -------------------------------------------------------------------------
    Drill        Sample       Sample       Sample
    Hole        Interval     Interval      Length         Au
    Number       (From)        (To)         (ft)       (toz/ton)       Sb (%)
    -------------------------------------------------------------------------
    08SH25        40.8         41.3          0.5          0.04          1.07
    -------------------------------------------------------------------------
    08SH25       374.8        376.5          1.7          2.86         43.20
    -------------------------------------------------------------------------
    08SH25       376.5          377          0.5          0.21          4.45
    -------------------------------------------------------------------------
    08SH25         378        378.5          0.5          0.07          4.46
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Drill        Sample       Sample       Sample
    Hole        Interval     Interval      Length         Au
    Number       (From)        (To)         (ft)       (toz/ton)       Sb (%)
    -------------------------------------------------------------------------
    08SH26       334.5          335          0.5          0.26          1.04
    -------------------------------------------------------------------------
    08SH26         337        337.5          0.5          0.07          3.59
    -------------------------------------------------------------------------
    08SH26       340.5          341          0.5          0.03          4.91
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Drill        Sample       Sample       Sample
    Hole        Interval     Interval      Length         Au
    Number       (From)        (To)         (ft)       (toz/ton)       Sb (%)
    -------------------------------------------------------------------------
    08SH31         272        273.5          1.5          0.09          0.01
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Drill        Sample       Sample       Sample
    Hole        Interval     Interval      Length         Au
    Number       (From)        (To)         (ft)       (toz/ton)       Sb (%)
    -------------------------------------------------------------------------
    08SH32         167        167.5          0.5          0.02          1.64
    -------------------------------------------------------------------------
    08SH32       167.5        168.5            1          0.06          1.37
    -------------------------------------------------------------------------
    08SH32       171.5          172          0.5          0.18         21.24
    -------------------------------------------------------------------------
    08SH32         172        172.8          0.8          0.03          8.02
    -------------------------------------------------------------------------
    08SH32       172.8        174.8            2          0.10          0.32
    -------------------------------------------------------------------------
    08SH32         176        177.5          1.5          0.06         12.62
    -------------------------------------------------------------------------
    08SH32         183          184            1          0.05          1.26
    -------------------------------------------------------------------------
    08SH32       186.5        187.5            1          0.01          1.22
    -------------------------------------------------------------------------
    08SH32       187.5          188          0.5          0.55          0.01
    -------------------------------------------------------------------------
    08SH32       203.7        205.7            2          0.09          1.94
    -------------------------------------------------------------------------
    08SH32       205.7        206.5          0.8          1.13         38.74
    -------------------------------------------------------------------------
    08SH32       206.5        209.5            3          0.06          2.22
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Drill        Sample       Sample       Sample
    Hole        Interval     Interval      Length         Au
    Number       (From)        (To)         (ft)       (toz/ton)       Sb (%)
    -------------------------------------------------------------------------
    08SH33         162          167            5          0.04          2.70
    -------------------------------------------------------------------------
    08SH33         242        242.6          0.6          0.04         19.38
    -------------------------------------------------------------------------
    08SH33       242.6        243.2          0.6          0.02          4.87
    -------------------------------------------------------------------------
    

    Although there are many mineralized veins within the Workman's Bench
zone, one particular vein, the main vein, continues to be the focus of
interest to the Company (for more information see press release dated
August 14 2008, "Silverado Announces Continued High Grade Gold and Antimony
Mineralization in Drill Cores at Nolan Creek", available at:
http://www.silverado.com/i/pdf/2008-08-13_NR.pdf).
    With this year's drilling, the Company feels confident that it has traced
the main vein over a strike length of 1,000 ft and to a depth of 336 ft.
Information thus far indicates that the main vein at Workman's Bench is open
laterally and at depth. The main vein system can be defined not only by its
geologic characteristics, but also by its gold and antimony grades which show
a higher average than the other mineralized veins. In addition, the occurrence
of visible or native gold and higher gold grades have increased markedly as
the drilling progressed to the southwest along the main vein. The last drill
hole "08SH28" did not intersect the main vein which appears to have been
offset to the east.
    All drill core was logged and photographed by geologists. Once all
technical data was derived from the core, the core was cut lengthwise. The
half-core was sampled by pre-determined intervals based on geology, and placed
in sealed sample bags and labeled with the assigned sample number. All samples
were delivered to ALS Chemex in Fairbanks for analysis. With the shipment to
the laboratory of every 20th sample, the Company submitted two (2) standard
samples, and one (1) blank sample for analysis. From time to time the Company
instructed the laboratory to assay duplicate samples of the pulp from the
drill core.
    Dr. Karsten Eden, Certified Professional Geologist and European
Geologist, and Vice President Exploration of Silverado Gold Mines Inc., is the
qualified person as defined by Canadian National Instrument 43-101 for the
Company and has verified the data contained in this news release.

    About the Company

    The Company is an exploration stage company focused on the exploration of
gold properties, with some past production, and the development of new
environmentally friendly low-rank coal water fuel technology. The Company has
gold properties located throughout Alaska, which include a 100% interest in
numerous mining claims located on the Nolan Creek property. Please visit
www.silverado.com.
    The Company is developing low-rank coal water fuel that is designed to be
produced from low-rank coal and processed into an environmentally friendly oil
substitute. Silverado Green Fuel Inc. is a wholly owned subsidiary of its
publicly traded parent, Silverado Gold Mines Ltd. For more information about
Silverado Green Fuel Inc., please visit http://www.silveradogreenfuel.com/.

    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.





For further information:

For further information: Contact Information - Silverado Gold Mines
Ltd., Mailing Address, Suite 1820 - 1111 West Georgia St, Vancouver, British
Columbia, Canada, V6E 4M3; Trading Symbols, OTC BB - SLGLF, FRANKFURT - SLGL;
Telephone: (604) 689-1535, Facsimile: (604) 682-3519, Toll Free:
1-800-665-4646 (Canada and USA only); Investor Relations: E-mail:
ir@silverado.com, Public Relations: E-mail: pr@silverado.com; Media Relations:
E-mail: jay@silverado.com

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SILVERADO GOLD MINES LTD.

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