SLGLF had some news this morning Monday June 3, 9:00 am Eastern Time
Press Release
SOURCE: Silverado Gold Mines Ltd.
Gold Alert - Silverado Gold Mines Ltd. funding and mining update
SILVERADO GOLD MINES LTD. - OTCBB symbol SLGLF
VANCOUVER, BC and FAIRBANKS, AK, June 3 /PRNewswire-FirstCall/ - Garry L. Anselmo, President and CEO of Silverado Gold Mines Ltd. expresses his gratitude towards the fine accomplishments in the gold industry from Mr. Bill Murphy of LeMetropolecafe.com, Robert Chapman of the International Forecaster Newsletter, Jim Sinclair of Tan Range Exploration and Harry Schultz of HS Newsletter. Keep up the good work guys!
Silverado Gold Mines has been in business for 30 years. For our new viewers, Silverado traded a high of $US 11.00 in 1980 when gold topped $850oz. Since then, Silverado has rallied from the 10 cent level to over $3.00 per share on several occasions, with gold bullion trading between approximately $350 - 425oz. Mr. Anselmo states "At the current price around 15 cents we see considerable upside in the price of Silverado's stock since we still maintain our highly developed gold claims on 5 large properties in Alaska."
The present up-turn in gold price has placed the company nearer to closing a US$ 4 million loan to finance full production on the 100% owned and operated Nolan Mine beginning this summer. Silverado has already vested US$ 20 million into Nolan. Net revenue estimates are US$19.6 million over 3 full years of production, with mining costs per ounce under those such as Meridian Gold and Newmont. The company's proven and probable reserve totals 440,914 ounces, with 141,000 ounces located on the Nolan Mine. That figure could increase substantially once mining begins and it's equally important to understand our other highly developed properties are within 6 - 30 miles of the Kinross property which hosts an astonishing 6 million ounce gold reserve.
Silverado is also processing an application for a US$10 million grant this August under The Clean Coal Power Initiative sponsored by the US Department of Energy. Awards will be announced January 3, 2003. The grant would allow the company to build the world's first demonstration facility for Low-Rank Coal-Water Fuel, an environmentally friendly, low-cost alternative to oil and gas. More information is available on Silverado's website www.silverado.com.
In the meantime, Silverado looks forward to updating its shareholders of any corporate developments on a regular basis. Silverado has access to various other projects that would, on acquisition, increase shareholder leverage to the price of gold. Silverado is currently un-hedged and well positioned for potential advances in the price of gold.
Mr. Anselmo will attend the Vancouver Gold Conference at The International Forecaster booth of Mr. Robert Chapman June 5th & 6th and invites people for an update on Silverado. Names of other attendees will include many other well-recognized names in the gold industry.
FOR MORE INFORMATION:
CONTACT: Investor Relations: (800) 665-4646 or (604) 689-1535
E-mail: pr@silverado.com Website: www.silverado.com
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, continued acceptance of the company's products, competition, new products and technological changes, intellectual property rights and other risks.
SOURCE: Silverado Gold Mines Ltd. |
