October 6, 2008

Silverado Announces New Drill Hole Assay Results At Nolan Creek That Continue to Disclose Gold and Antimony Mineralization

VANCOUVER, Oct. 6 /PRNewswire-FirstCall/ -- Silverado Gold Mines Ltd. (the "Company" or "Silverado") SLGLF OTCBB, SLGL Frankfurt, http://www.silverado.com/, announces that it has now received all assays of mineralized veins for drill holes 08SH20 through 08SH24 from its drilling program on its Nolan Creek property. This season, the Company completed 34 drill holes totaling 11,597 ft as part of its 2008 exploration drilling at Workman's Bench, the Company's prime exploration target on its Nolan Creek property in Alaska. An updated drill hole location map for these zones can be found on the Company's website at http://www.silverado.com/i/pdf/2008-10-01_NCWBD.pdf

Workman's Bench is the Company's prime exploration target for a lode gold and antimony deposit in the southwestern part of the Solomon Shear Zone. The Solomon Shear Zone contains northeast striking gold-antimony-quartz vein systems which also occur in other areas on the Nolan Creek property, including across Smith Creek on Pringle Bench and north of Smith Creek Dome.

Selected drill hole assays are presented in the tables below. Most samples of vein material contain gold. The reader should note that assay results listed in the table present results of individual veins sampled and cut from the drill core. Although there are many mineralized veins within the Workman's Bench zone, one particular vein, the main vein, continues to be the focus of interest to the company (for more information see press release dated August 14, 2008 http://www.silverado.com/i/pdf/2008-08-13_NR.pdf. Assays for the remaining drill holes 08SH25 to 08SH33 are pending.

   -------------------------------------------------------------------------   Drill        Sample       Sample       Sample   Hole        Interval     Interval      Length         Au   Number       (From)        (To)         (ft)       (toz/ton)      Sb (%)   -------------------------------------------------------------------------   08SH20         242.6        243.3          0.7         0.03         3.32   -------------------------------------------------------------------------    -------------------------------------------------------------------------   Drill        Sample        Sample      Sample   Hole        Interval      Interval     Length         Au   Number       (From)         (To)        (ft)       (toz/ton)      Sb (%)   -------------------------------------------------------------------------   08SH21           305        305.5          0.5         0.04        16.96   -------------------------------------------------------------------------   08SH21         305.5        306.5            1         0.08        63.47   -------------------------------------------------------------------------   08SH21         312.7        313.5          0.8         0.41        30.20   -------------------------------------------------------------------------   08SH21           317        317.7          0.7         0.19        27.10   -------------------------------------------------------------------------   08SH21         317.7        318.7            1         0.02         4.85   -------------------------------------------------------------------------    -------------------------------------------------------------------------   Drill        Sample       Sample       Sample   Hole        Interval     Interval      Length         Au   Number       (From)        (To)         (ft)       (toz/ton)      Sb (%)   -------------------------------------------------------------------------   08SH22           226          227            1         0.02         7.23   -------------------------------------------------------------------------   08SH22           227        227.5          0.5         0.12        18.97   -------------------------------------------------------------------------   08SH22         252.8        253.3          0.5         0.14         0.02   -------------------------------------------------------------------------    -------------------------------------------------------------------------   Drill        Sample       Sample       Sample   Hole        Interval     Interval      Length         Au   Number       (From)        (To)         (ft)       (toz/ton)      Sb (%)   -------------------------------------------------------------------------   08SH23         194.5        195.5            1         0.52        18.24   -------------------------------------------------------------------------    -------------------------------------------------------------------------   Drill        Sample       Sample       Sample   Hole        Interval     Interval      Length         Au   Number       (From)        (To)          (ft)      (toz/ton)      Sb (%)   -------------------------------------------------------------------------   08SH24            99          100            1         0.09        19.58   -------------------------------------------------------------------------   08SH24         118.7        119.4          0.7         0.06        11.05   -------------------------------------------------------------------------   08SH24         198.6        199.1          0.5         0.02         1.91   -------------------------------------------------------------------------   08SH24         204.1        204.9          0.8         0.16         1.53   -------------------------------------------------------------------------   08SH24         204.9        205.5          0.6         0.34        28.72   -------------------------------------------------------------------------   

Drilling continued to intersect the gold and antimony mineralization in the Workman's Bench zone from hole to hole as it proceeded in a southwestern direction.

All drill core was logged and photographed by Silverado geologists. Once all technical data was derived from the core, the core was cut lengthwise. The half-core was sampled by pre-determined intervals based on geology, and placed in sealed sample bags and labeled with the assigned sample number. All samples were delivered to ALS Chemex in Fairbanks for analysis. With the shipment to the laboratory of every 20th sample, the Company submitted two (2) standard samples, and one (1) blank sample for analysis. From time to time the Company instructed the laboratory to assay duplicate samples of the pulp from the drill core.

Dr. Karsten Eden, Certified Professional Geologist and European Geologist, and Vice President Exploration of Silverado Gold Mines Inc., is the qualified person as defined by Canadian National Instrument 43-101 for the Company and has verified the data contained in this news release.

About the Company

The Company is an exploration stage company focused on the exploration of gold properties, with some past production, and the development of new environmentally friendly low-rank coal water fuel technology. The Company has gold properties located throughout Alaska, which include a 100% interest in numerous mining claims located on the Nolan Creek property. Please visit http://www.silverado.com/

The Company is developing low-rank coal water fuel that is designed to be produced from low-rank coal and processed into an environmentally friendly oil substitute. Silverado Green Fuel Inc. is a wholly owned subsidiary of its publicly traded parent, Silverado Gold Mines Ltd. For more information about Silverado Green Fuel Inc., please visit http://www.silveradogreenfuel.com/

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.

Silverado Gold Mines Ltd.

CONTACT: Mailing Address: Suite 1820 - 1111, West Georgia St, Vancouver,British Columbia, Canada, V6E 4M3; Trading Symbols OTC BB - SLGLF, FRANKFURT -SLGL; Telephone: (604) 689-1535, Facsimile: (604) 682-3519, Toll Free:1-800-665-4646 (Canada and USA only); Investor Relations: E-mail:[email protected]; Public Relations: E-mail: [email protected]; Media Relations:E-mail: [email protected]