Silverado Receives Encouraging Preliminary 2008 Drill Results at Nolan Creek



    VANCOUVER, July 21 /CNW/ - Silverado Gold Mines Ltd. (the "Company" or
"Silverado") SLGLF OTCBB, SLGL Frankfurt, www.silverado.com, announces today
that it has completed 16 drill holes totaling 4,823 ft. as part of its 2008
exploration drilling at Workman's Bench, the Company's prime exploration
target on its Nolan Creek property. This year's drilling has extended the
known lateral extent of the stibnite (antimony)-gold vein systems on Workman's
Bench from 600 ft. to 1,000 ft. Visible gold was observed in drill core from
holes 08SH1B and 08SH08. The Company has also collected four large underground
samples of stibnite and gold mineralized rock from the main vein in Tunnel D,
which assayed as high as 2.02 troy ounces of gold per ton, and 40.39%
antimony.
    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. The
Solomon Shear Zone contains NE striking gold-antimony-quartz vein systems
which also occur in other areas on the Nolan Creek property, including across
Smith Creek on Pringle Bench and north of Smith Creek Dome.
    This years drilling on Workman's Bench has focused on defining the
lateral and vertical extent of the known gold and antimony mineralized zones,
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. A drill hole location map
for these zones can be found on the Company's website on the Nolan Creek
project page at http://www.silverado.com/i/pdf/2008-07-21_Fig1.pdf
    The Company has received the first assay results for drill holes 08SH01A,
08SH01B and 08SH02, which are presented in the table below. The reader should
note that assay results listed in the table present results of individual
veins sampled and cut from the drill core. Assays from some of the veins cut
in drill holes 08SH1B and 08SH02 are pending, and will be reported upon
receipt. Additional assays for the remaining drill holes are also pending.
Drilling continues on the Workman's Bench Zone, as warranted.

    
    -------------------------------------------------------------------------
    DRILL          SAMPLE       SAMPLE       SAMPLE       GOLD     ANTIMONY
    HOLE          INTERVAL     INTERVAL      LENGTH     (OZ/TON)     (%)
    NUMBER        (FROM)         (TO)         (FT)
    -------------------------------------------------------------------------
    08SH01A        94.90         96.30         1.4        0.01       1.40
    -------------------------------------------------------------------------
    08SH01A       130.60        131.60           1        0.07       0.01
    -------------------------------------------------------------------------
    08SH01A       150.70        151.40         0.7        0.04       0.00
    -------------------------------------------------------------------------
    08SH01A       162.00        167.00           5        0.01       1.44
    -------------------------------------------------------------------------
    08SH01A       169.10        171.50         2.4        0.04       0.01
    -------------------------------------------------------------------------
    08SH01A       176.00        178.00           2        0.08       0.01
    -------------------------------------------------------------------------
    08SH01B       198.70        199.20         0.5        0.21      17.86
    -------------------------------------------------------------------------
    08SH01B       232.50        233.00         0.5        0.03       0.03
    -------------------------------------------------------------------------
    08SH01B       293.30        293.90         0.6        0.12       0.00
    -------------------------------------------------------------------------
    08SH02        125.00        127.00           2        0.04       0.86
    -------------------------------------------------------------------------
    08SH02        142.50        143.00         0.5        0.08       0.00
    -------------------------------------------------------------------------
    08SH02        145.00        146.00           1        0.11       0.01
    -------------------------------------------------------------------------
    08SH02        146.50        148.50           2        0.07       0.01
    -------------------------------------------------------------------------
    08SH02        154.60        155.40         0.8        0.07       0.01
    -------------------------------------------------------------------------
    08SH02        155.90        156.80         0.9        0.07       0.00
    -------------------------------------------------------------------------
    08SH02        160.00        160.60         0.6        0.03      23.33
    -------------------------------------------------------------------------
    08SH02        169.00        169.50         0.5        0.02       3.32
    -------------------------------------------------------------------------
    08SH02        170.20        170.70         0.5        0.02       7.95
    -------------------------------------------------------------------------
    08SH02        176.10        176.60         0.5        0.05       0.03
    -------------------------------------------------------------------------
    08SH02        182.00        182.70         0.7        0.08       0.03
    -------------------------------------------------------------------------
    08SH02        186.50        187.50           1        0.09      37.92
    -------------------------------------------------------------------------
    08SH02        198.80        200.60         1.8        0.04       0.01
    -------------------------------------------------------------------------
    

    The assay results at Workman's Bench returned significant antimony grades
in drill holes 08SH1B and 08SH02. Drill core from hole 08SH1B showed visible
gold in one vein. Assays for that particular interval are still pending. Drill
hole 08SH02 intersected the main vein at 186.5 ft to 187.5 ft downhole. The
vein has a true width of 5 inches, and assayed as high as 37.92% antimony and
0.09 troy ounces of gold per ton. Visible, coarse gold was also observed in a
stibnite-quartz vein in drill hole 08SH08 at 348 ft to 348.2 ft (See
http://www.silverado.com/i/pdf/2008-07-21_Pic1.pdf ) and 380 ft to 381.2 ft
downhole.
    All drill core was logged and photographed by Silverado 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 labeled with the assigned sample number. All samples
were delivered to ALS Chemex in Fairbanks for analysis. Specific antimony
samples of massive stibnite veins were delivered to Alaska Assay Laboratories
in Fairbanks for analysis. With the shipment to the laboratories 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
laboratories to assay duplicate samples of the pulp from the drill core.
    Silverado further announces that gold and antimony values from large vein
samples collected underground from the main vein in Tunnel D at four different
sample locations assayed as high as 2.02 troy ounces gold per ton and 40.39%
antimony. These assays confirm the high grade nature of gold and antimony
mineralization within the main vein over a length of 67 ft in Tunnel D. The
stibnite ore samples were delivered to Alaska Assay Laboratories in Fairbanks
for analysis. Duplicate samples have also been delivered to ALS Chemex in
Fairbanks for analysis. Duplicate assays are pending.

    
    -------------------------------------------------------------------------
    SAMPLE LOCATION      SAMPLE NUMBER          GOLD          ANTIMONY
                                              (OZ/TON)          (%)
    -------------------------------------------------------------------------
          I                707081               0.38           33.13
    -------------------------------------------------------------------------
         II                707082               0.65           33.59
    -------------------------------------------------------------------------
        III                707083               2.02           34.46
    -------------------------------------------------------------------------
         IV                707084               0.73           40.39
    -------------------------------------------------------------------------
    

    Dr. Karsten Eden, Certified Professional Geologist, and Vice President
Exploration of Silverado, 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. The Company is
developing low-rank coal water fuel that would 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, please visit
http://www.silverado.com/.

    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: 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

Organization Profile

SILVERADO GOLD MINES LTD.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890