Contact:
Silverado PR
Phone: (800) 665-4646
E-Mail: pr@silverado.com
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Vancouver, BC Canada (pts043/30.01.2003/21:11) - Fairbanks, Alaska - Silverado Gold Mines Ltd. announced today its upcoming plans for drilling and exploration activities at its Nolan Mine located in Alaska. The Company's plans include expanding exploration on the Nolan Property to further develop the Nolan Placer, the Nolan Lode and Smith Creek areas. The Nolan Placer and Smith Creek areas are already in advanced exploration. The Company also intends to continue drilling on its Hammond Gold Property (Slisco Bench) which adjoins the Nolan mine to the North.
"The strength of our balance sheet allows us to further expand our programs at the Nolan Mine beyond our current areas," said Garry Anselmo, Silverado's Chief Executive Officer. "In addition, the cash flow that we expect to generate from our upcoming gold production will enable us to increase our production at Nolan and pursue the development of additional properties that we own in Alaska. We expect to accelerate our activities as the price of gold rises."
Silverado owns or has the right to purchase three other gold properties in Alaska. These properties, the Ester Dome, Eagle Creek and Marshall Dome properties are located within six - sixteen miles of the Kinross property that hosts an estimated six million-ounce gold reserve. The Ester Dome property is located 10 miles from Fairbanks and contains proven and probable reserves of 385,850 oz, and an additional resource of 375,300 oz, for a total of 761,150 ounces of gold valued at about USD 288 million. This gold is hosted in the St. Paul, Ethel-Elmes, and Grant ore bodies; all of which are open to extension on both ends and to depth. Silverado holds a net smelter royalty from the Whiskey Gulch property it sold to Kinross Gold (AMEX: KGC). http://www.silverado.com
WKN: 867737; ISIN: CA8279062076; Index:
Listed: Freiverkehr in Berlin, NASDAQ
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