Silverado Announces Updated 2009 Mineral Resource Estimates for Workman's and Pringle Bench Gold and Antimony Deposits at Nolan Creek, Northern Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 01/07/10) - Silverado Gold Mines Ltd. (OTC.BB:SLGLF - News)(Frankfurt:SLGL - News) (www.silverado.com) (the "Company" or "Silverado") is pleased to announce that it has received updated antimony and gold mineral resource estimates for its Workman's Bench and Pringle Bench gold and antimony deposits. The updated mineral resource estimates have been prepared by Thomas K. Bundtzen ("Bundtzen") of Pacific rim Geological Consulting, Inc., the independent mining consultant commissioned by the Company. A NI 43-101 Technical Report released in January 1, 2009; Amended June 1, 2009, provides for a Preliminary feasibility study on a Probable Reserve on Workman's Bench and documented additional inferred resources on both Workman's Bench and Pringle Bench. All of the exploration work carried out from 2006-2009 was specifically designed to test high grade gold-quartz-antimony mineralization in several vein-fault structures along the several-mile-long, several hundred feet wide, Solomon Shear Zone. Reserve and resource estimates from all categories determined from 2007-2009 exploration work are tabled below.

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Silverado's probable mineral reserve, Workman's Bench; from NI 43-101
Technical Report January 1, 2009; amended June 1, 2009

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            Cut-off                          Metal
Reserve       grade     Quantity   Grade    (short         Grade     Metal
Category      (% Sb)        (ton)  (% Sb)  tons Sb)   (oz/ton Au)   (oz Au)
--------------------------------------------------------------------------
Probable        4.0       42,412   28.00    11,880         0.408    17,300
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Notes:

- Rounding may result in some discrepancies.
- No processing recovery factors have been applied to these resource
  figures.
- Cut-off grade is 4.0% Sb 'equivalent', which the combined values of gold
  plus antimony expressed in terms of antimony alone


Silverado's indicated mineral resources, Workman's bench; from this
investigation

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          Cut-Off             Quantity                      Grade
Resource    Grade               (short   Grade     Metal  (oz/ton    Metal
Category    (% Sb) Vein-Fault     tons)  (% Sb) (tons Sb)      Au)  (oz Au)
--------------------------------------------------------------------------
Indicated     4.0  A Zone       11,394   20.00   2,278.4    0.244  2,777.0
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Indicated     4.0  B Zone          645   20.51     132.3    0.099     64.1
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Indicated     4.0  A and B      12,039   20.02   2,410.7    0.236  2,841.1
                   Zones
                   Combined
--------------------------------------------------------------------------

Notes:

- The effective date of these resource estimates is January 7th, 2010
- Rounding may result in some discrepancies.
- No processing recovery factors have been applied to these resource
  figures.
- Cut-off grade is 4.0% Sb 'equivalent', which the combined values of gold
  plus antimony expressed in terms of antimony alone


Silverado's inferred mineral resources from both Pringle Bench and
Workman's Bench; from this investigation

--------------------------------------------------------------------------
         Cut-Off                Quantity           Metal    Grade
Resource   Grade                  (short  Grade    (tons  (oz/ton    Metal
Category   (% Sb) Deposit           tons) (% Sb)      Sb)      Au)  (oz Au)
--------------------------------------------------------------------------
Inferred     4.0  Pringle Bench   12,817  19.61  2,513.8    0.499  6,390.4
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Inferred     4.0  Workman's       21,389  12.11  2,590.6    0.272  5,816.6
                  Bench
--------------------------------------------------------------------------
Inferred     4.0  Pringle +       34,206  14.92  5,104.4    0.357 12,207.0
                  Workman's
                  Benches
--------------------------------------------------------------------------

Notes:

- The effective date of these resource estimates is January 7th, 2010
- Rounding may result in some discrepancies.
- No processing recovery factors have been applied to these resource
  figures.
- Cut-off grade is 4.0% Sb 'equivalent', which the combined values of gold
  plus antimony expressed in terms of antimony alone

Assumptions and Methods

- Personnel inspection of Nolan Creek lode properties during 2007-2009;

- Database compilations and data verification by the QP;

- Geological interpretation and modeling by the QP;

- Compositing assay intervals to a common length;

- Determination of average material densities for all lode properties by the QP;

- Analysis of grade variability by the QP;

- Polygonal estimation of grade by compositing of sample assay information taken within designated widths and lengths of mineralized zones by the QP;

- Assignment of appropriate cut-off grades, which is the lowest grade that can be mined economically by the QP;

- Classification of confidence in the estimates with respect to CIM (2005) guidelines by the QP; and

- Mineral resource tabulation and validation of the resource estimate by the QP.

General Note Regarding Estimates

The following information should be considered in connection with our estimates above, which we are disclosing in accordance with applicable SEC standards and regulations:

- Assumed prices of US $900/oz gold and US $2.75/lb antimony.

- Process Recovery Rates of 85% for antimony and 90% for gold (as provided by Hazen Research from work done on an underground bulk sample from the D tunnel of the Workman's Bench A vein and using gravity and water recovery systems only).

- A cut-off grade is expressed as 4% antimony-equivalent, which combines the values of gold and antimony.

Data Verification

During numerous trips to Nolan Creek from 2007-2009, the QP has observed sample collection and sample preparation practices for lode style mineral deposits. During this time period, the QP has observed and photographed an estimated 145 mineralized intervals. In addition, the QP has obtained additional photographic records of drill core, certified analytical results, and core log data sheets whenever requested from the Company's geologist Karl Sharp. Drill core intervals were checked through re-assay and inspection. The QP is satisfied that the sampling and analysis of drill core was carried out in a sound and professional manner.

Summary of 2009 Drill Results

The updated 2009 resources estimates incorporate results from 20 diamond drill holes totalling 4,992 feet, on Workman's Bench and Pringle Bench, both of which are sections of the several mile long northeast-striking Solomon Shear Zone. When combined with drill campaigns of previous years, the Company has now drilled 16,400 feet in 50 drill holes on Workman's Bench and 5,044 feet in 23 drill holes on Pringle Bench for a grand total of 21,444 feet of drilling in 73 drill holes from both areas.

During the 2009 Workman's Bench evaluation, nine (9) drill holes totalling 2,663 feet were collared and oriented to test a shallow extension of gold-antimony-quartz mineralization along the A-Zone, the largest of several high grade vein-fault structures. Sixteen (16) polygons define indicated resources in both A Zone and B zone vein-fault structures amounting to 12,039 tons grading 20.02 percent antimony and 0.236 oz/ton gold. The 2009 drill intercepts used to calculate the indicated resources are immediately adjacent to and believed to be extensions of the A-Zone and B-Zone vein faults on Workman's Bench, both of which were included in the probable reserve estimate for the Workman's Bench lode.

During the 2009 Pringle Bench evaluation, eleven (11) drill holes totalling 2,329 feet were collared and oriented to test A-Zone and B-Zone structures. One of the objectives of the 2009 program was to test deeper portions of both vein-faults, which were previously drill tested to depths of only about 150 feet below the surface. Twenty three (23) polygons define an inferred resource of 12,817 tons grading 19.61 percent antimony and 0.499 oz/ton gold. The 2009 exploration program on Pringle Bench: 1) confirmed gold and antimony mineralization to depths of up to 400 feet below the surface; and 2) yielded gold values significantly higher than the average content in shallower portions of the vein-fault system explored in 2007.

The 2009 drill program conducted by Silverado adds considerable confidence that the mineralized vein-faults within the Solomon Shear Zone can be continuously traced for a minimum distance of 3,500 feet and for minimum depth of 375-400 feet. The same mineralized vein-fault structures, namely A Zone, B-Zone and West Zone, clearly exist in both areas, with no evidence of significant lateral or vertical fault offsets. The drill tested mineralized system is open to extension at depth and in both NE and SW directions as may be seen on the following map. The known depth of gold and antimony mineralization within the Solomon Shear zone was largely limited to the capabilities of the small core drill, which could only intersect mineralization to maximum depths of about 400 feet. The QP recommends that Silverado obtain a more conventional drill rig capable of testing zones of up to 1,000 vertical feet below the surface for future exploration of the Workman's bench and Pringle Bench vein-fault systems. This will also aid in the evaluation of lower grade thicker zones of gold and antimony mineralization known to be present in the Solomon Shear Zone, which was described in a December 11th, 2009 Silverado news release.

To view accompanying map, please click on the following link: http://media3.marketwire.com/docs/slgfmap107.jpg

Qualified Person

The upgraded mineral resource estimates contained in this news release were prepared by Thomas K. Bundtzen, P. Geo., BS, MS, CPG-10912, ABSLN #279639, President of Pacific Rim Geological Consulting, Inc., of Fairbanks, Alaska, who is independent of the Company as defined by NI 43-101. Bundtzen is Certified Professional Geologist #10912 with the American Institute of Professional Geologists (AIPG). Bundtzen is a "Qualified Person" as defined by NI 43-101 and also qualifies under the rules stated by the U.S. Securities and Exchange Commission (USSEC). Bundtzen has verified the data contained in this news release.

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 (100%) interest in numerous mining claims located on the Nolan Creek property.

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.