Silverado Steps Up Its Mineral Assessment of the Eagle Creek Property Due to Recent Good Gold Results; 10 New Samples Submitted for Assay

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2010) - Silverado Gold Mines Ltd. (OTCBB:SLGLF)(FRANKFURT:SLGL) (the "Company" or "Silverado") reports that, according to its chief geologist, Karl Sharp, recent test assays for gold from the Eagle Creek property located 13 miles north of Fairbanks has encouraged Silverado to continue testing bedrock exposures along three prominent structures termed Vein-Faults. The previous test samples (refer to the December 6, 2010 news release at http://www.silverado.com/nr-2010-12-06/) had yielded gold values of 0.14 oz (4.4 g) to 0.68 oz (21.2 g) per ton gold across widths of 3 to 6 feet from the mineralized structures referred to as Vein-Fault #2 and Vein-Fault #2A. The average of these zones (6 feet at 0.14 oz per ton (OPT), 6 feet at 0.152 OPT, and 3 feet at 0.68 OPT) is 5 feet at 0.253 oz (7.9 g) per ton gold. Weather permitting, more sampling is planned in the next month to confirm the continuity of the structures, most notably the Company wants to determine if the Vein-Fault #2 and Vein-Fault #2A are actually part of a continuous zone that potentially could exceed 0.5 miles in length. Prior company geochemical soil data and trench assays support this concept.

In addition, part of the ongoing mineral assessment of the property involves reviewing historic mining data related to the Scrafford Vein (Vein-Fault #1). Currently, the Scrafford Vein has a proven strike length of over 2,200 feet (0.42 miles) and remains open on both ends. The Scrafford Vein was mined by many different companies in past years for both gold and antimony. Silverado acquired the property in 1972. Much of the older geochemical assays from exploration work on the property lacked specific elemental analysis such as bismuth, which is a key element associated with Alaska's largest two gold mines: the Pogo and Fort Knox. Bismuth is also associated with gold at Eagle Creek. To date, only one diamond core drill hole has been drilled across the Scrafford Vein-Fault. The lone hole intercepted the mineralized structure at 150 feet below the surface and contained 0.120 oz (3.7 g) per ton gold over a true width of 17 feet. Surface at this drill location showed the Scrafford Vein-Fault to contain massive stibnite (solid antimony sulfide) up to 5 feet thick. During 1981 and 1982 the Company built a 100 ton per day gravity concentrator at the mine site and processed the old mine dumps. This yielded 40 tons of antimony concentrates which were high purity (less than 0.23% combined lead and arsenic) and the concentrate was sold to Philipp Brothers of New York. The 40 tons were credited with 0.19 oz (6 g) per ton gold.

A preliminary mineral assessment report prepared by Silverado's chief geologist had recommended that Silverado test the gold mineralization from the vein-faults which have widths of 5 to 19 feet and are up to one-half mile in length. The Company plans to continue with the mineral assessment of the Eagle Creek property and will disclose the additional test sample assay results to the public once the results are received and reviewed by the Company QP. Ten new samples were delivered to ALS Chemex labs for analysis including gold gravimetric (fire assays) on December 9, 2010.

http://www.marketwire.com/press-release/Silverado-Steps-Up-Its-Mineral-Assessment-Eagle-Creek-Property-Due-Recent-Good-Gold-OTC-Bulletin-Board-SLGLF-1367031.htm