Silverado's Recent Mineral Assessment Indicates Significant Gold-Bearing Targets at Its Eagle Creek Property Located Near Fairbanks, Alaska

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VANCOUVER, BRITISH COLUMBIA--(Marketwire - 12/06/10) - Silverado Gold Mines Ltd. (OTC.BB:SLGLF - News)(Frankfurt:SLGL - News) (the "Company" or "Silverado") reports that due to the current gold price, many mining companies including Silverado Gold Mining Ltd are taking a fresh look at their mineral properties. The abundance of placer mining activity along several creeks that drain out of the Silverado controlled Eagle Creek property combined with the current gold price has convinced Silverado Gold Mines to begin a new mineral assessment of the Eagle Creek property located 13 miles north of Fairbanks, Alaska.

Part of the ongoing mineral assessment that is being conducted on the Eagle Creek property involves collecting test samples from the various gold-bearing geologic structural zones termed vein-faults. All of the test samples were analyzed for gold content and other gold associated metals. Nine of the 12 samples were collected from the vein-faults and the other three samples were collected from talus (not bedrock). Refer to the table at http://www.silverado.com/i/nr/101206-table.png for a description of the test samples and the attendant assayed gold values. In addition to gold, the vein-faults host anomalous amounts of silver, antimony, arsenic and bismuth. Six of the nine test samples from the vein-faults had between 0.142 and 1.30 oz/t gold and between 0.25 and 1.5 oz/t silver. The samples that had the highest bismuth values also had the highest gold values. Bismuth is associated with gold mineralization at both the Pogo Gold Mine and the Fort Knox Gold mine, the two largest gold mines in Alaska.

Currently, the Company geologists have identified three separate gold-bearing vein-faults on the property. The three mineralized structural zones are referred to as Vein-Fault #1 (Scrafford Vein or Scrafford Deposit), Vein-Fault #2 (a.k.a. No. 2 Vein) and Vein-Fault #2A. Vein-fault #1, a.k.a. the Scrafford deposit, is a nine to nineteen feet wide zone that is over 2,200 feet long and trends east-west. The Scrafford Deposit was once the second largest producer of antimony in the state of Alaska. The other two vein-faults (Vein #2 and #2A) are northeast-trending mineralized zones that have widths of 5 to 6 feet and strike lengths in excess of 1,000 feet. Vein-Fault #2 is on strike with Vein-Fault #2A but more trenching is required to confirm the actual continuity of the structure. If confirmed, the strike length of the two vein-faults would be over one-half mile (0.56 miles). Deep blankets of sediment overburden have hindered bedrock exposure along the length of the #2 and #2A vein-faults and as a result the two zones remain open at both ends.

According to a preliminary mineral assessment report prepared by Karl Sharp, Silverado's chief geologist, the previous surface and underground exploration conducted on the Eagle Creek claims during the late 1980s to early 1990s mainly tested granitic-hosted gold mineralization similar to mineralization at the Fort Knox deposit. The current mineral assessment tested structurally controlled mineralization in schist south of the Scrafford mine for gold and silver. Silverado has not ruled out the potential for a large tonnage bulk minable gold deposit at the Eagle Creek property. Refer to the table at http://www.silverado.com/i/nr/101206-table.png for the recent gold assay results from the #2 and #2A vein-faults. All samples were assayed by a certified laboratory, ALS Chemex, Inc., and sample collection methods meet acceptable quality control standards.

Silverado believes the recently disclosed gold assay values listed in the table below to be extremely encouraging and significant. The Company plans to continue test sampling and delineating the gold-rich vein-faults as well as other potential gold targets that exist on the property by conducting an HQ diamond drilling program on the property during 2011.

Qualified Person

This press release was written by the Company's chief geologist, Karl Sharp, and has been reviewed and approved by a Qualified Person (QP), Thomas K. Bundtzen, P. Geo., BS, MS, CPG-10912, ABSLN #279639, and president of Pacific Rim Geological Consulting, Inc. of Fairbanks, Alaska, who is independent of the Company as defined by NI 43-101.

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.

On Behalf of the Board

Silverado Gold Mines Ltd.,

G. L. Anselmo, President, CEO & COO

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 statement 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.

 
Contacts:
Silverado Gold Mines Ltd.
Investor Relations
Local: (604) 689-1535 or Toll Free: (800) 665-4646
ir@silverado.com
www.silverado.com