Recent Gold Assay Results from Silverados Eagle Creek Property Indicate a Potential Bulk Mineable Gold Deposit

Silverado Gold Mines Ltd. today announced that recent assay samples taken from surface to 165 feet of depth has confirmed and extended the results disclosed in our December 9, 2010 news release which now includes surficial gold mineralized zones.

The property is situated 8 miles north of Fairbanks, Alaska; 9 miles northeast of our Ester Dome gold property; 6 miles southwest of the True North ore body of Kinross; and 10 miles due west of the Fort Knox 40,000 ton per day gold mine of Kinross.

The Company will soon disclose a more detailed statement by the Senior Geologist. The samples disclosed in the table were collected during December of 2010 with the exception of the Scrafford drill core samples which were splits collected from the original drill core of July 1992. All of the samples disclosed in the table were sampled from either bedrock (chip samples) or talus and are stated as such in the table. The samples from the talus are not bedrock and as such do not have the significance of the samples from bedrock. The samples listed as rubble crop represent weathered bedrock.

The bedrock and drill core samples are indicating structural zones of gold mineralization in settings similar to the True North and Pogo ore bodies, but the Eagle Creek gold mineralized zones are on surface. The no gold bearing chloritic schist rock unit (Sample EAG-15) and low gold samples EAG-16, -17, -18 show a barren cap or trap rock and other samples show gold immediately below this cap rock.

The Company is very excited about these findings.

The gold assays were performed by ALS Chemex Inc. a certified laboratory.

In other matters, the Company will sign a 36,000 foot drill program for the Nolan Gold and Antimony Property using NTW equipment which will return a 2.23 inch core. The drill program is scheduled to begin at Nolan in mid-May when weather permits.