News Release

Vancouver, BC, July 15, 2011—Silverado Gold Mines Ltd (OTCBB: SLGLF) (Frankfurt: SLGL) (www.silverado.com) (the "Company" or "Silverado"), at the request of the United States Securities and Exchange Commission, seeks to retract the January 2011 Nolan Report that the Company filed with its current report on Form 8-K filed on January 18, 2011. As a reporting issuer in British Columbia, the Company is obligated to the file and publicly disclose the Nolan Report pursuant to its reporting obligations in that jurisdiction. However, in contrast, such report is not to be filed as part of the Company’s disclosure obligations under the United States Securities and Exchange Act of 1934, as amended, or pursuant to Industry Guide 7 guidelines. As a result, the report was filed on the EDGAR system in error and is hereby retracted.