VANCOUVER, Nov. 19 /CNW/ - Silverado Gold Mines Ltd. (Trading Symbols,
OTC BB - SLGLF, FRANKFURT - SLGL, BERLIN - SLGL): - Silverado Gold Mines has
received its Permit from the Bureau of Land Management, including all
prerequisite permitting, to carry out underground exploration. The company
intends to commence exploration immediately at the first of two large areas of
significant discovery on its Nolan Creek Property.
Silverado's Nolan Creek property includes the Pingle Bench Area and
Workman's Bench Area (see
Pingle Bench consists of a series of sub parallel veins containing gold
grades up to 5.22 tr. oz/ton, or 179 g/t and antimony grades ranging up to
64.76% with quartz. Pingle Bench represents an area 500 ft wide by 700 ft
long, and is part of the five mile long Solomon Shear Zone. Veins are up to
one foot in width, predominantly massive stibnite (antimony sulphide, a high
grade antimony mineral). Antimony is used as a fire and flame retardant, among
other applications, and has a market value of $3/lb (see
Preceding the decision for underground exploration at Pingle Bench, while
awaiting laboratory assays, Silverado's diamond core drilling operations were
shifted to an adjacent promising area, Workman's Bench (see
http://www.silverado.com/pressroom/pdf/NolanCreekFigure3.pdf). Workman's Bench
was found to contain an 80 ft wide zone of mineralization. Seven drill holes
confirmed that Workman's Bench contained an extension of the notable
Solomon Shear, south of Pingle Bench. Although no assays from the drilling
core have yet been received, visual observation of the core has identified the
presence of many sub-parallel zones of gold, antimony, and quartz. Veins up to
one foot in width exist throughout the 80 foot wide zone. The area was
determined to be more amenable to underground work than was Pingle Bench.
Silverado's Strategic Exploration Program's first priority is to drive a
tunnel sub-parallel and below the identified 80 foot wide newly discovered
(7 drill holes) mineralized zone. The tunnel is planned first to intersect a
known placer channel where Silverado has previously extracted gold nuggets up
to 5 oz apiece. The tunnel would then carry on to intersect the 80 foot wide
newly discovered Workman's Bench mineralized zone which will be further
explored. Though assays are still pending from the drilling of this new zone,
geologists have visually identified numerous veins of solid stibnite.
In order to carry out a year round exploration program, Silverado is
purchasing a customized, state of the art front end loader, valued at
approximately $1 million. The loader meets all U.S. government specifications
for underground mining, and is considered key for worker safety and effective
exploration. This highly specialized equipment will allow Silverado to
continue its program to be an independent and self-sufficient mining
exploration company, and will add to Silverado's diamond drilling and rolling
stock inventory of equipment, maintenance and repairs facilities, and on-site
gold processing and operations buildings.
Silverado Gold Mines Ltd. 2007 Exploration Program at Nolan Creek was and
will continue to be supervised by Dr. Karsten Eden, the company's Vice
President Exploration, and a qualified person under NI 43-101 regulations and
requirements. Tom K. Bundtzen, a qualified person as set out in NI 43-101, is
currently preparing his annual independent work evaluation report.
Executive Appointment: Irma Bernadette Mungal, Vice President,
Administration, Silverado Gold Mines Ltd.
In other news, Silverado announces the appointment of Irma Bernadette
Mungal to the post of Vice President, Administration. Ms. Mungal brings
extensive international banking, risk management, human resources and
'hands-on' operations experience, and represents a dynamic addition to
Silverado's Management Team. Her experience and expertise will provide
Silverado with a strong operational infrastructure base.
Silverado Gold Mines Ltd.
Silverado is an international company focused on Gold and a new
environmentally friendly Fuel Technology. Silverado has gold properties
located throughout Alaska which include the 100% owned Nolan Placer Gold Mine.
Silverado is also entering the construction phase of an environmentally
friendly low cost strategic fuel demonstration facility. Silverado's Green
Fuel will be produced from low-rank coal and turned into a environmentally
friendly oil substitute. Silverado Green Fuel Inc. is a wholly owned
subsidiary of its publicly traded parent, Silverado Gold Mines Ltd. Trading
Symbols, OTC BB - SLGLF, FRANKFURT - SLGL, BERLIN - SLGL
Silverado Gold Mines Ltd. www.silverado.com
Silverado Green Fuel Inc. www.silveradogreenfuel.com
Silverado Green Fuel video http://www.youtube.com/watch?v=x55tGfJHKzo
More Information? http://www.silverado.com/investors/request/
This Press 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. These statements are based on management's expectations and
beliefs, and involve risks and uncertainties. These statements may involve
known and unknown risks and uncertainties and other factors that may cause the
actual results to be materially different from the results implied herein.
Readers are cautioned not to place undue reliance on the forward-looking
statements made in this Press Release.
For further information:
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