Nolan Gold Project Lode Exploration Progress Report #2

The exploration program to locate lode sources for the Nolan Placer Gold nuggets has been, and will be, carried out as weather permits.

Fairbanks, AK and Vancouver, BC (PRWEB) February 1, 2005 -- SILVERADO GOLD MINES LTD. OTCBB: SLGLF (http://finance.yahoo.com/q?s=SLGLF.OB&d=t) / Frankfurt: SLGL / Berlin: SLGL

The exploration program to locate lode sources for the Nolan Placer Gold nuggets has been, and will be, carried out as weather permits. The Nolan Project is located north of the Arctic Circle, 280 road miles from Fairbanks, Alaska.

The first two trenches cut to investigate anomalies from a 2004 ground VLF-EM (very low frequency-electromagnetic) survey have intersected gold mineralization. The survey was conducted on the slopes above the placer mined areas to assist in locating lode sources for the placer nuggets. Project geologists had previously identified the Solomon Shear Trend", an airborne resistivity low trending northeasterly and coincident with gold -- arsenic -- antimony soil geochemical anomalies as a probable source area. (See Sept 27, 2004 Press Release). The accompanying map shows VLF-EM conductors within the Solomon Shear Trend. To view this map go to http://www.silverado.com/maps/feb0105.htm

Trench A showed four zones of quartz -- carbonate ± stibnite veinlets (stibnite is an ore of antimony) over a 90 foot section of trench. Values from grab and select chip sampling in the mineralized section were: gold 0.1 to 1.7 ppm (parts per million), (0.003 -- 0.05oz/ton), arsenic 100 to >3000 ppm, and antimony 100 to >10,000ppm.

Trench B was cut about 800 feet along the strike of the mineralization northeast of Trench A. Two vein bearing anomalous zones, 70 and 100 feet wide, separated by 30 feet of unmineralized rock, were encountered. Values were: gold 0.1 to 1.0 ppm (0.003 -- 0.03oz/ton), arsenic 200 to >4000ppm, and antimony 100 to >10,000ppm. A one to two foot wide sheared vein with massive stibnite was found, coincident with the axis of an electromagnetic conductor. Work on further exposing this zone stopped due to adverse conditions and will resume when weather permits.

Test pitting on a vein on Workmans Bench in 2003, a mile southwest of the above trenching, recovered gold nuggets with stibnite attached, showing that there is a strong spatial relationship between gold and antimony.

Trench C was cut west of Trench A, but did not reach bedrock for most of its length. Samples of gravel were anomalous in antimony (103 - 236ppm average 161 ppm) along a 100ft section of the trench pointing to a source uphill.

Some additional power operated sampling tools will be taken to the project to enhance sampling of the frozen ground.

The Company is very encouraged by the success of the VLF-EM survey, given that gold mineralization was encountered in the initial tests, there are many more conductors to investigate, and the stibnite bearing vein in Trench B shows multiple episodes of mineralization which is an important feature in the search for economic lode gold deposits. Arsenic and antimony are commonly associated with gold deposits therefore the strongly anomalous results for those elements from the trenching and drilling are also very positive.

Samples were submitted to ALS Chemex and subjected to standard analytical procedures. Sample blank and follow-up metallics assays provided quality control. All work was carried out under the management of Mr. E. Armstrong, CPG, President of Silverados Alaskan Subsidiary and a qualified person under NI 43-101.

FOR MORE INFORMATION:

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This Press 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. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.

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