Silverado To Resume Production At Nolan Gold Property Reserves NOT Hedged
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PRESS RELEASE:
Fairbanks, Alaska - February 16, 2000
Silverado Gold Mines Ltd. OTCBB SLGLF
Silverado To Resume Production And Development At Nolan Gold Property
Long Mining Life Expected With Reserves NOT Hedged
HISTORY
Silverado's 100% owned and operated Arctic Alaska Nolan Gold Mine
has produced gold since the stampede days of 1901 and is one of Alaska's
most famous gold camps.....
LOGISTICS
The Nolan Property is located in Alaska's Arctic Circle some 200 miles
north of Fairbanks.....
GOLD RESERVES
Combined proven, probable and drill indicated reserves presently
stand at 145,000 Ounces of Gold..... Additionally, company geologists
believe less developed areas of the property where gold has been discovered,
could extend that total to greater than 1,000,000 ounces of placer gold.
ENVIRONMENT
Environmentally sound and uses only water in its operation. Areas disturbed
by mining are reclaimed by slope contouring and re-vegetation methods.
Sediment in operations water is subject to a series of settling ponds
and by re-circulating the water, the company achieves a mining operation
with zero discharge to the environment.
SUMMER 2000 OPERATIONS
The company will resume summer placer gold mining operations this year
on the Workman's Bench portion of the Nolan property. We Plan to.....
... aone week test mining run on this area in the late fall of 1999
produced 111 ounces of exceptionally beautiful jewelry grade gold nuggets.
The company will also have a drill on the property in order to provide
final gold reserve definition on the Nolan Deep Channel portion of the
property by filling in spaces between the 143 drill holes already.....
... We plan to begin the final development work on this portion of the
property during this winter.
THE LODE (SOURCE OF THE GOLD NUGGETS)
In addition to the Placer Gold rights at Nolan, the company also owns
the Lode Gold Rights (hard rock or source of nugget gold). We have found
gold in quartz veins and other rock types on the Nolan property and look
forward to the future exploration and development of this Lode Gold.
Silverado's gold reserves are not hedged and therefore the company
will benefit from any gains presented by rising gold prices. In addition,
Silverado's gold nuggets sell at a premium over world gold prices. This
premium has averaged 33% in excess of gold prices for all gold recovered
and sold by Silverado to date.
THE FUTURE OF NOLAN
We at Silverado Gold Mines Ltd. consider the Nolan Gold Project a solid
undertaking which presents Silverado the opportunity of many years of
profitable mining from throughout its 14 square miles of gold bearing
rivers, creeks, old stream benches and lands.
On Behalf of the Board
Silverado Gold Mines Ltd.
G. L. Anselmo, President
This page was last updated on Wednesday, February 16, 2000 |
