Silverado Gold Mines Ltd.: Update to August 31, 2010 News Release Antimony Prices Soar; Silverado Drill Core Examination Shows Mineralized Widths Over 60 Feet

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/01/10 -- NOTE: Due to numerous inquiries about yesterday's news release, we've added or clarified the information shown in ALL CAPITAL LETTERS.

Silverado Gold Mines Ltd (OTCBB: SLGLF)(FRANKFURT: SLGL) (www.silverado.com) (the 'Company' or 'Silverado') noted that the antimony markets have advanced from $4,000 per tonne (2200 lbs.) in early 2009 to $9,800 per tonne in July 2010 according to Martin Hayes, chief correspondent of TheBullionDesk.com, a London metals trading company.

The U.S. Geological Survey (USGS) shows that China, the world's largest producer of antimony, produced 170,000 tonnes of antimony out of a total 2009 global output of 187,000 tonnes. Currently, Chinese smelters are being rebuilt to upgrade scrubbing systems (pollution controls) and mine production is off dramatically due to mine closures relating to a number of major mining accidents in the last year. This is also the case in South Africa.

In the face of this major decline in output and given the antimony trioxide flame retardant industry's continued growth at 8% per year, and as new uses for the strategic metal including window frames for building construction and additives to carbon fiber components emerge, the market price is expected to continue rising.

Silverado's Nolan property displays North America's most consistent width (six inches to two feet) of stibnite (antimony sulfide) as an ore body grading 28% antimony or 616 pounds per metric tonne. (See the technical report titled 'January 1, 2009 NI 43-101 Pre-Feasibility Study for Nolan Creek (Amended June 1, 2009)' found at http://www.silverado.com/projects/nolan-creek/.) THE MAIN VEIN IS NOW DRILLED OVER A 3,500 FOOT LENGTH (WHERE ALL 71 DRILL HOLES INTERSECTED THE #1 VEIN) AND OUTCROPS TO THE SURFACE 2 MILES ALONG STRIKE TO THE NORTHEAST WHERE THE VEIN DISPLAYS A 6 INCH WIDTH OF STIBNITE, ASSAYING 28% ANTIMONY AND CONTAINING NATIVE GOLD. THE 2 MILE GAP DISPAYS NUMEROUS GEOCHEMICAL AND GEOPHYSICAL ANOMALIES. (See image at http://www.silverado.com/10feb-03-slideshow/ - click to enlarge image where indicated.)

Continued study of drill core in the Pringle Bench area of the 3,500 foot long by 450 to 500 foot deep drilled zone has confirmed that the halo of quartz carbonate stockwork of veins and veinlets containing stibnite and native gold continues to the northeast limit of drilling with mineralized widths of up to 30 feet either side of the #1 vein. (See images at http://www.silverado.com/10feb-04-slideshow/ and http://www.silverado.com/10feb-05-slideshow/ - click to enlarge where indicated - and see also the news release dated January 7, 2010.) THE AVERAGE WIDTH IS 35 FEET AND THIS TARGET PRESENTS THE OPPORTUNITY FOR DEVELOPING A LARGE TONNAGE ORE BODY.

On Behalf of the Board

Silverado Gold Mines Ltd,

G. L. Anselmo, President, CEO & COO

About the Company

Silverado Gold Mines Ltd, a publicly traded company, is an exploration-stage enterprise focused on the exploration of gold properties with some past production. The Company has gold properties located throughout Alaska, which include a 100 percent (100%) interest in numerous mining claims located on the Nolan Creek property.

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 statement 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.

Contacts:

Silverado Gold Mines Ltd

Investor Relations

(604) 689-1535 or Toll Free: (800) 665-4646
ir@silverado.com
www.silverado.com