Silverado Releases Mineral Resource Estimates for its Nolan Creek Property in Alaska



    VANCOUVER, July 30 /CNW/ - Silverado Gold Mines Ltd. (the "Company")
(SLGLF OTCBB, SLGL Frankfurt www.silverado.com), is pleased to announce that
it has received completed antimony and gold mineral resource estimates for its
Nolan Creek property from Thomas K. Bundtzen ("Bundtzen") of Pacific Rim
Geological Consulting Inc., the independent mining consultant commissioned by
the Company to prepare a NI 43-101 Technical Report. The Technical Report
dated July 29, 2008 was filed today on SEDAR and is available at
www.sedar.com. The Nolan Creek property includes the Workman's Bench
Gold-Antimony Deposit, Koyukuk District, Northern Alaska and the Nolan Creek
placer gold deposits. The mineral resource estimate tables below do not
include the most recent drilling results which have been reported in the
Company's news release dated July 21, 2008.

    Workman's Bench Antimony Mineral Resource Estimate

    Bundtzen has confirmed the inferred mineral resource estimate of 24,090
short tons of antimony and gold mineralized rock with an estimated grade of
38.69 percent antimony and 0.446 oz/ton gold, which contains 9,321 short tons
of antimony metal and 10,737 ounces of gold. The following table summarizes
the mineral resource estimate for the Workman's Bench Gold-Antimony Deposit
(effective July 2, 2008):

    
    -------------------------------------------------------------------------
              Cut-Off
               Grade     Quantity    Grade      Metal      Grade       Metal
    Category   (% Sb)      (ton)     (% Sb)    (ton Sb)  (oz/ton Au)  (oz Au)
    -------------------------------------------------------------------------
    Inferred     4.0      24,090     38.69      9,321      0.446      10,737
    -------------------------------------------------------------------------

    Notes:

    -   Mineral resources which are not mineral reserves do not have
        demonstrated economic viability. The estimate of mineral resources
        may be materially affected by environmental, permitting, legal,
        title, taxation, socio-political, marketing, or other relevant
        issues. There has been insufficient exploration to define these
        inferred mineral resources as an indicated or measured mineral
        resource, and it is uncertain if further exploration will result in
        upgrading the inferred mineral resource to an indicated or measured
        mineral resource category.
    -   Rounding may result in some discrepancies.
    -   No process recovery factors have been applied to these resource
        figures.
    -   The unit ton refers to short tons.
    

    Nolan Creek Placer Gold Mineral Resource Estimate

    Since 1994, mineral resource estimates have been made by the Company
relating to the Nolan Creek placer gold deposit area. Bundtzen was given
access to all exploration data previously acquired by the Company to determine
the current resource estimate of placer gold in the Nolan Creek placer gold
deposits. The table below summarizes the mineral resource estimate for the
Nolan Creek placer gold deposit (effective July 2, 2008). Note that rounding
to three significant figures may result in discrepancies:

    
    -------------------------------------------------------------------------
                  Cut-Off Grade    Quantity       Gold Grade       Metal
    Category      (oz/cu yd Au)     (cu yd)     (oz/cu yd Au)     (oz Au)
    -------------------------------------------------------------------------
    Indicated         0.06          66,800          0.095          6,250
    -------------------------------------------------------------------------
    Inferred          0.01         185,670          0.033          6,177
    -------------------------------------------------------------------------

    Notes:

    -   Mineral resources which are not mineral reserves do not have
        demonstrated economic viability. The estimate of mineral resources
        may be materially affected by environmental, permitting, legal,
        title, taxation, socio-political, marketing, or other relevant
        issues. There has been insufficient exploration to define these
        inferred mineral resources as an indicated or measured mineral
        resource, and it is uncertain if further exploration will result in
        upgrading the inferred mineral resource to an indicated or measured
        mineral resource category.
    -   Rounding may result in some discrepancies.
    -   No processing recovery factors have been applied to these resource
        figures.
    -   The industry standard unit of quantity for Alaskan placer deposit is
        cubic yards. The weight of a cubic yard varies, but averages about
        2.4 short tons.
    

    The Nolan Creek placer gold deposit occurs in steep 2nd and 3rd order
streams and in discontinuous bench deposits above the modern valley floors,
which have formed as a result of rapidly changing base levels caused by
fluctuating past glacial conditions. As such the actual deposits are small and
disjointed. Although drill densities and exploration activities have resulted
in the discovery and test mining of individual placer gold deposits, the
Company has not yet identified a resource base sufficient for establishing
annual production levels over a sustained period of time. The Company may
continue with test mining of small placer gold deposits at the Nolan Creek
property without establishing that the placer gold deposits contain
sustainable and commercially viable mineral deposits.

    Assumptions and Methods

    
    Bundtzen included the following steps during calculation of the indicated
and inferred resources at Nolan Creek:

    -   personal inspection of both Workman's Bench lode-style and the
        Nolan Creek placer-style gold properties during 1994, 1999, 2004 and
        2006-2008;
    -   database compilation and data validation;
    -   geological interpretation and modeling;
    -   compositing assay intervals to a common length;
    -   determination of average material density for both lode and placer
        properties;
    -   analysis of grade variability;
    -   polygonal estimation of grade by compositing of sample assay
        information taken within designated widths and lengths of mineralized
        zones;
    -   assignment of appropriate cut-off grades, the lowest grade that can
        be mined economically;
    -   classification of confidence in the estimates with respect to CIM
        (2005) guidelines; and
    -   mineral resource tabulation and validation of the resource estimate.
    

    Data Verification

    During numerous personal inspections of the Nolan Creek properties (1994
to 2008) the QP has observed sample collection and sample preparation
practices for lode-style and placer-style deposits.
    On June 13 and 14, 2008, the QP visited Nolan Camp and examined all
significantly mineralized core intervals acquired from the 2007 exploration of
the Workman's Bench property. A total of 18 mineralized intervals were
examined. The analytical data was compared with each of the mineralized zones
to confirm the elevated antimony and gold values in the sampled intervals.
    Although drill core intervals can be checked through re-assay and
inspection, placer intervals cannot be checked as the sample material is
completely consumed during analysis. The QP has observed Silverado contractors
preparing placer samples, concentrating and separating gold from the samples,
weighing the recovered gold, and calculating the gold content per unit volume
of material. The QP interviewed Silverado contractors involved in placer drill
hole sampling and analysis during the 1990s and the 2003 to 2004 exploration
programs. The QP is satisfied that this sampling and analysis was carried out
in a sound manner.
    Selected field duplicates of sampled intervals, two from underground
channels, and one from a trench, were submitted by the QP to an umpire
laboratory (Alaska Assay Laboratories LLC) to check analytical results from
ALS Chemex. In as much that the samples are collected by different individuals
at different times and analyzed by different labs, the QP judges that results
from this limited comparison indicate acceptable levels of bias and accuracy
for gold and antimony values and confirm the existence of mineralization.

    Qualified Person

    The mineral resource estimates contained in this news release were
prepared by Thomas K. Bundtzen, President of Pacific Rim Geological
Consulting, Inc., who is independent of the Company as defined by NI 43-101.
Bundtzen is a Certified Professional Geologist with the American Institute of
Professional Geologists. Bundtzen is the author of NI 43-101 Technical Report
entitled "Estimation of Lode and Placer Mineral Resources, Nolan Creek,
Wiseman B-1 Quadrangle, Koyukuk Mining District, Northern Alaska" dated July
29, 2008 which the Company has filed today on SEDAR. Bundtzen is a qualified
person as defined by NI 43-101 and has verified the data contained in this
news release for accuracy.
    The mineral resource estimates reported in this news release were
reported with reference to the Canadian Institute of Mining, Metallurgy and
Petroleum Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve Definitions and
adopted by the CIM Council on December 11, 2005 and referred to in NI 43-101,
and are not compliant with US Securities and Exchange Commission (the "SEC")
Industry Guide 7 guidelines. In addition, measured mineral resources,
indicated mineral resources and inferred mineral resources, while recognized
and required by Canadian Securities Administrators, are not defined terms
under SEC Industry Guide 7. US investors are advised that NI 43-101 standards
and the SEC's Industry Guide 7 standards are substantially different, and that
many of the terms and concepts set out in and required to be disclosed by NI
43-101 as information material to the Company are neither recognized by the
SEC nor included in or compliant with Industry Guide 7 standards. Investors
are cautioned not to assume that any part or all of the mineral resource
estimates in these categories will ever be confirmed or converted into a SEC
Industry Guide 7 compliant "reserve".

    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 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/ and the public
parent corporation at http://www.silverado.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: 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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