---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: February 28,
2009

or

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGEACT OF 1934

For the transition period from: ___________to ___________

Commission File Number: 0-12132

SILVERADO GOLD MINES
LTD.(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

|British Columbia, Canada                                             | 98-0045034                          
|-------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S. Employer Identification No.)
|                                                                     |                                     
|1111 West Georgia Street, Suite 1820,                                |                                     
|Vancouver, British Columbia, Canada                                  | V6E 4M3                             
|(Address of principal executive offices)                             | (Zip Code)                          

Registrants telephone number: (800) 665-4646

Former name, former address, and former fiscal year, if changed
since last report: N/A

Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the Registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company.

|Large accelerated filer [ ] | Accelerated filer [ ]        
|--------------------------- | -----------------------------
|Non-accelerated filer [ ]   | Smaller reporting company [X]

Indicate by check mark whether the Registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ X ]

Indicate the number of shares outstanding of each of the
issuers classes of common stock, as of the latest practicable date:
1,167,724,840 common shares, no par value, outstanding as of April 10, 2009.

1

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SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES(An
Exploration Stage Company)

INDEX

Quarterly Period Ended February 28, 2009

|           |                         |                                                                                                                                                                                                                                                        | Page
|---------- | ----------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----
|PART I     | FINANCIAL INFORMATION   |                                                                                                                                                                                                                                                       
|           | ITEM 1                  | FINANCIAL STATEMENTS                                                                                                                                                                                                                                   |     
|           |                         | Consolidated
      Balance Sheets as of February 28, 2009 (unaudited) and November 30, 2008
      (audited)                                                                                                                                            | 3   
|           |                         | Consolidated
      Statements of Operations for the three months ended February 28, 2009 and
      February 29, 2008, and for the period from December 1, 2001
      (Recommencement of Exploration Stage) through February 28, 2009
      (unaudited) | 4   
|           |                         | Consolidated
      Statements of Cash Flows for the three months ended February 28, 2009 and
      February 29, 2008, and for the period from December 1, 2001
      (Recommencement of Exploration Stage) through February 28, 2009
      (unaudited) | 5   
|           |                         | Notes
      to the Consolidated Financial Statements as of February 28, 2009
      (unaudited)                                                                                                                                                         | 6   
|           | ITEM
      2            | MANAGEMENT'S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS                                                                                                                                                            | 22  
|           | ITEM
      3            | QUANTITATIVE
      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                                                                                                                                                                                       | 28  
|           | ITEM
      4            | CONTROLS
      AND PROCEDURES                                                                                                                                                                                                                          | 29  
|PART II    | OTHER
      INFORMATION |                                                                                                                                                                                                                                                       
|           | ITEM
      1            | LEGAL
      PROCEEDINGS                                                                                                                                                                                                                                | 30  
|           | ITEM
      2            | UNREGISTERED
      SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                                                                                                                                                                      | 30  
|           | ITEM
      3            | DEFAULTS
      UPON SENIOR SECURITIES                                                                                                                                                                                                                  | 30  
|           | ITEM
      4            | SUBMISSION
      OF MATTERS TO A VOTE OF SECURITY HOLDERS                                                                                                                                                                                              | 30  
|           | ITEM
      5            | OTHER
      INFORMATION                                                                                                                                                                                                                                | 31  
|           | ITEM
      6            | EXHIBITS                                                                                                                                                                                                                                               | 31  
|SIGNATURES |                         | 33                                                                                                                                                                                                                                                    

2

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PART I FINANCIAL INFORMATION

|ITEM 1. | FINANCIAL STATEMENTS
|------- | --------------------

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|CONSOLIDATED BALANCE SHEETS                   
|(Stated In United States Dollars)             

|                                                   |   | February 28, 2009 |   |   | November 30, 2008 |  
|-------------------------------------------------- | - | ----------------- | - | - | ----------------- | -
|                                                   |   | (Unaudited)       |   |   | (Audited)         |  
|ASSETS                                             |   |                   |   |   |                   |  
|Current Assets                                     |   |                   |   |   |                   |  
|Cash and cash equivalents                          | $ | 15,145            |   | $ | 50,991            |  
|Gold inventory                                     |   | 6,316             |   |   | 50,106            |  
|Prepaid and other receivables                      |   | 979,663           |   |   | 383,358           |  
|Total Current Assets                               |   | 1,001,124         |   |   | 484,455           |  
|Mineral rights                                     |   | 1,277,591         |   |   | 1,197,591         |  
|Property, plant and equipment, net                 |   | 1,470,075         |   |   | 1,631,824         |  
|TOTAL ASSETS                                       | $ | 3,748,790         |   | $ | 3,313,870         |  
|LIABILITIES                                        |   |                   |   |   |                   |  
|Current Liabilities                                |   |                   |   |   |                   |  
|Accounts payable
      and accrued liabilities     | $ | 604,568           |   | $ | 561,460           |  
|Due to related parties                             |   | 1,340,248         |   |   | 1,076,881         |  
|Convertible
      debentures, current portion      |   | 140,000           |   |   | 140,000           |  
|Total Current Liabilities                          |   | 2,084,816         |   |   | 1,778,341         |  
|Asset retirement obligation                        |   | 543,974           |   |   | 537,258           |  
|Mineral claims royalty payable                     |   | 470,000           |   |   | 390,000           |  
|Total Liabilities                                  |   | 3,098,790         |   |   | 2,705,599         |  
|STOCKHOLDERS' EQUITY                               |   |                   |   |   |                   |  
|Common stock                                       |   |                   |   |   |                   |  
|Authorized:                                        |   |                   |   |   |                   |  
|unlimited common
      shares with no par value    |   |                   |   |   |                   |  
|Issued and outstanding:                            |   |                   |   |   |                   |  
|1,098,612,771 common shares (2008: 977,437,101)    |   | 96,185,355        |   |   | 94,718,072        |  
|Additional paid-in capital                         |   | 1,200,408         |   |   | 1,200,408         |  
|Subscriptions received                             |   | 135,000           |   |   | -                 |  
|Accumulated deficit during exploration
      stage |   | (96,870,763       | ) |   | (95,310,209       | )
|Total Stockholders' Equity                         |   | 650,000           |   |   | 608,271           |  
|TOTAL LIABILITIES AND STOCKHOLDERS'
      EQUITY   | $ | 3,748,790         |   | $ | 3,313,870         |  

The accompanying notes are an integral part of these condensed
consolidated financial statements

3

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|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES                          
|------------------------------------------------------------------------
|(An Exploration Stage Company)                                          
|CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER
      COMPREHENSIVE LOSS
|(UNAUDITED)                                                             
|(Stated In United States Dollars)                                       

|                                                             |   |                    |   |   |                        |   |   | Period Since        |  
|------------------------------------------------------------ | - | ------------------ | - | - | ---------------------- | - | - | ------------------- | -
|                                                             |   |                    |   |   |                        |   |   | Recommencement of   |  
|                                                             |   | Three Months Ended |   |   | Exploration Stage from |  
|                                                             |   | February 28, 2009  |   |   | February 29, 2008      |   |   | December 1, 2001 to |  
|                                                             |   | (Unaudited)        |   |   | (Unaudited)            |   |   | February 28, 2009   |  
|General and administrative expenses                          |   |                    |   |   |                        |   |   |                     |  
|Accounting and audit                                         | $ | 8,490              |   | $ | 73,590                 |   | $ | 726,688             |  
|Advertising, promotion and
      travel                      |   | 12,132             |   |   | 117,400                |   |   | 2,957,422           |  
|Consulting fees                                              |   | 738,643            |   |   | 404,246                |   |   | 8,685,633           |  
|Depreciation, accretion and
      impairment                 |   | 64,239             |   |   | 104,559                |   |   | 2,623,971           |  
|Exploration expenses                                         |   | 118,101            |   |   | 678,862                |   |   | 14,832,908          |  
|Financing activities                                         |   | -                  |   |   | -                      |   |   | 302,003             |  
|Legal and other professional fees                            |   | 98,601             |   |   | 36,771                 |   |   | 1,368,686           |  
|Management services                                          |   | 231,694            |   |   | 207,439                |   |   | 5,850,930           |  
|Office Expenses                                              |   | 85,423             |   |   | 204,570                |   |   | 4,693,021           |  
|Related party charges in
      excess of costs incurred      |   | 146,774            |   |   | 231,682                |   |   | 5,090,642           |  
|Reporting and investor relations                             |   | 62,816             |   |   | 79,841                 |   |   | 1,045,938           |  
|Research                                                     |   | -                  |   |   | 18,000                 |   |   | 1,064,735           |  
|Transfer agent and filing fees                               |   | 47,333             |   |   | 21,471                 |   |   | 326,123             |  
|Write-off of mineral claim
      expenditures                |   | -                  |   |   | -                      |   |   | 1,159,529           |  
|Write-down of property, plant and equipment                  |   | -                  |   |   | -                      |   |   | 317,425             |  
|Total expenses                                               |   | 1,614,246          |   |   | 2,178,431              |   |   | 51,045,654          |  
|Loss from operations                                         |   | (1,614,246         | ) |   | (2,178,431             | ) |   | (51,045,654         | )
|Gold income earned during the
      exploration stage        |   |                    |   |   |                        |   |   |                     |  
|Gold sale proceeds earned during the
      exploration stage |   | 52,450             |   |   | 372,915                |   |   | 3,714,310           |  
|Cost of gold sold                                            |   | (43,790            | ) |   | (371,132               | ) |   | (3,250,373          | )
|Gold inventory addition from gold extraction                 |   | -                  |   |   | -                      |   |   | 3,248,056           |  
|Total gold income earned during the
      exploration stage  |   | 8,660              |   |   | 1,783                  |   |   | 3,711,993           |  
|Other income (expenses)                                      |   |                    |   |   |                        |   |   |                     |  
|Interest income                                              |   | 45                 |   |   | 41                     |   |   | 277,852             |  
|Interest expenses on capital lease obligations               |   | -                  |   |   | (194                   | ) |   | (333,221            | )
|Interest expenses on
      convertible debentures            |   | (2,800             | ) |   | (2,800                 | ) |   | (709,807            | )
|Other interest expenses and bank charges                     |   | (1,872             | ) |   | (3,942                 | ) |   | (61,980             | )
|Loss on disposal of property,
      plant and equipment      |   | -                  |   |   | -                      |   |   | (111,383            | )
|Total other expenses                                         |   | (4,627             | ) |   | (6,895                 | ) |   | (938,539            | )
|                                                             |   |                    |   |   |                        |   |   |                     |  
|Net loss before cumulative effect of accounting
      change |   | (1,610,213         | ) |   | (2,183,543             | ) |   | (48,272,200         | )
|Cumulative effect of accounting
      change                 |   | -                  |   |   | -                      |   |   | (99,481             | )
|Net loss                                                     |   | (1,610,213         | ) |   | (2,183,543             | ) |   | (48,371,681         | )
|Other comprehensive income (loss)                            |   |                    |   |   |                        |   |   |                     |  
|Gain (Loss) on foreign exchange                              |   | 49,659             |   |   | (61,763                | ) |   | 405,862             |  
|Comprehensive loss for the period                            | $ | (1,560,554         | ) | $ | (2,245,306             | ) | $ | (47,965,819         | )
|Net loss per share                                           | $ | (0.002             | ) | $ | (0.003                 | ) |   |                     |  
|Basic and diluted weighted average
      number              |   |                    |   |   |                        |   |   |                     |  
|of common shares outstanding                                 |   | 1,013,829,201      |   |   | 840,859,504            |   |   |                     |  

The accompanying notes are an integral part of these condensed
consolidated financial statements

4

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|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES   
|-------------------------------------------------
|(An Exploration Stage Company)                   
|CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|(Stated In United States Dollars)                

|                                                                              |   |                    |   |   |                   |   |   | Period Since    |  
|----------------------------------------------------------------------------- | - | ------------------ | - | - | ----------------- | - | - | --------------- | -
|                                                                              |   |                    |   |   |                   |   |   | Recommencement  |  
|                                                                              |   |                    |   |   |                   |   |   | of Exploration  |  
|                                                                              |   |                    |   |   |                   |   |   | Stage from      |  
|                                                                              |   | Three Months Ended |   |   | December 1, 2001  |  
|                                                                              |   | February 28, 2009  |   |   | February 29, 2008 |   |   | to February 28, |  
|                                                                              |   | (Unaudited)        |   |   | (Unaudited)       |   |   | 2009            |  
|CASH PROVIDED BY (USED FOR):                                                  |   |                    |   |   |                   |   |   |                 |  
|Operating activities:                                                         |   |                    |   |   |                   |   |   |                 |  
|Net comprehensive loss for the
      period                                   | $ | (1,560,554         | ) | $ | (2,245,306        | ) | $ | (47,965,819     | )
|Adjustments to reconcile loss to net cash used
      in operating activities: |   |                    |   |   |                   |   |   |                 |  
|Cumulative
      effect of accounting change                                  |   | -                  |   |   | -                 |   |   | 99,481          |  
|Depreciation, amortization,
      accretion and impairment                    |   | 64,239             |   |   | 104,559           |   |   | 2,623,971       |  
|Loss on disposal
      of property, plant and equipment                       |   | -                  |   |   | -                 |   |   | 111,383         |  
|Stock-based compensation
      included in management fees                    |   | -                  |   |   | -                 |   |   | 3,375,644       |  
|Stock issued for
      debenture                                              |   | -                  |   |   | -                 |   |   | 217,687         |  
|Non-cash consulting and other
      expenses resulting from share issuance    |   | 429,211            |   |   | 240,000           |   |   | 3,873,417       |  
|Non-cash prepaid
      consulting fees expensed during the period             |   | 312,500            |   |   | -                 |   |   | 312,500         |  
|Non-cash financing expense                                                    |   | -                  |   |   | -                 |   |   | 252,003         |  
|Interest accrued                                                              |   | 2,800              |   |   | 2,800             |   |   | 500,370         |  
|Write-off of mineral claim
      expenditures                                 |   | -                  |   |   | -                 |   |   | 1,159,529       |  
|Write-down of
      property, plant and equipment                             |   | -                  |   |   | -                 |   |   | 317,425         |  
|Changes in non-cash operating working capital:                                |   |                    |   |   |                   |   |   |                 |  
|Gold inventory                                                                |   | 43,790             |   |   | 371,132           |   |   | 2,317           |  
|Prepaid and other receivables                                                 |   | (17,733            | ) |   | 294,505           |   |   | (64,716         | )
|Accounts payable
      and accrued liabilities                                |   | 40,308             |   |   | 19,815            |   |   | (15,965         | )
|Asset retirement obligation                                                   |   | 6,716              |   |   | 6,513             |   |   | 14,663          |  
|Net cash used in operating
      activities                                   |   | (678,723           | ) |   | (1,205,982        | ) |   | (35,186,110     | )
|                                                                              |   |                    |   |   |                   |   |   |                 |  
|Investing activities:                                                         |   |                    |   |   |                   |   |   |                 |  
|Investment in mineral properties                                              |   | -                  |   |   | (49,505           | ) |   | (1,124,091      | )
|Purchase of property, plant
      and equipment                               |   | -                  |   |   | (49,038           | ) |   | (3,076,518      | )
|Proceeds from sale of property, plant and
      equipment, net                |   | 97,510             |   |   | -                 |   |   | 686,299         |  
|Net cash used in investing
      activities                                   |   | 97,510             |   |   | (98,543           | ) |   | (3,514,310      | )
|                                                                              |   |                    |   |   |                   |   |   |                 |  
|Financing activities:                                                         |   |                    |   |   |                   |   |   |                 |  
|Advances (to) / from related party                                            |   | 263,367            |   |   | 196,491           |   |   | 1,048,936       |  
|Repayment of loans payable                                                    |   | -                  |   |   | -                 |   |   | (35,729         | )
|Repayment of capital lease obligation                                         |   | -                  |   |   | (29,966           | ) |   | (1,131,607      | )
|Repayment of convertible
      debentures                                     |   | -                  |   |   | -                 |   |   | (74,999         | )
|Share subscriptions received                                                  |   | 135,000            |   |   | -                 |   |   | 136,536         |  
|Common stock issued for cash
      (net of share issue costs)                 |   | 147,000            |   |   | 3,834,004         |   |   | 38,755,335      |  
|Net cash provided by financing activities                                     |   | 545,367            |   |   | 4,000,529         |   |   | 38,698,472      |  
|                                                                              |   |                    |   |   |                   |   |   |                 |  
|(Decrease) Increase in cash and cash equivalents                              |   | (35,846            | ) |   | 2,696,004         |   |   | (1,948          | )
|                                                                              |   |                    |   |   |                   |   |   |                 |  
|Cash and cash equivalents, at beginning of the
      period                   |   | 50,991             |   |   | 1,073,457         |   |   | 17,093          |  
|                                                                              |   |                    |   |   |                   |   |   |                 |  
|Cash and cash equivalents, at end of the period                               | $ | 15,145             |   | $ | 3,769,461         |   | $ | 15,145          |  

Supplemental Cash Flow Information (Note 12)

The accompanying notes are an integral part of these condensed
consolidated financial statements

5

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|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 1  Basis of Presentation

The unaudited interim consolidated financial statements include
the accounts of Silverado Gold Mines Ltd. and its wholly-owned subsidiaries
Silverado Gold Mines Inc. and Silverado Green Fuel Inc. (collectively,
Silverado or the Company). All significant inter-company transactions have
been eliminated.

The unaudited interim consolidated financial statements do not
include all information and footnote disclosures required under United States
generally accepted accounting principles. In managements opinion, all
adjustments (consisting solely of normal recurring accruals) considered
necessary for a fair presentation of the financial position as of February 28,
2009, and the results of operations and cash flows for all periods presented,
have been included. Readers of these financial statements should note that
interim results for the periods presented are not necessarily indicative of the
results that can be expected for the entire fiscal year as a whole.

These interim consolidated financial statements should be read
in conjunction with the consolidated financial statements and notes thereto
included in Silverados Annual Report on Form 10-KSB, for the fiscal year ended
November 30, 2008. Certain of the prior periods figures in the statement of
operations and cash flows have been reclassified to conform to the presentation
adopted in the current period.

The Company considers its functional currency to be the U.S.
dollar for its U.S. and Canadian operations. Monetary assets and liabilities
denominated in foreign currencies are translated into U.S. dollar at the rates
of exchange in effect at the period-end. Non-monetary assets and revenue and
expense transactions are translated at the rate in effect at the time at which
the transactions took place. Foreign exchange gains and losses are included in
the determination of results from operations for the periods as other
comprehensive gains and losses.

The accompanying interim consolidated financial statements have
been prepared assuming the Company will continue as a going concern, which
implies the Company will continue to realize its assets and discharge its
liabilities in the normal course of business. The Company lacks sufficient
working capital, has recurring losses and its operations continue to be funded
primarily from sales of its stock. The ability of the Company to continue as a
going concern, including completion of the acquisition, exploration and
development of its mineral properties and completion of the research and
development of its low-rank coal-water fuel project is dependent on the
Companys ability to obtain the necessary financing from sales of its stock or
success in its current debt financing plans. The interim consolidated financial
statements do not include any adjustments to the recoverability and
classification of recorded asset amounts and classification of liabilities that
might be necessary should the Company be unable to continue as a going concern.

Note 2  Recent Accounting Pronouncements and Significant
Accounting Policies

Recent Accounting Pronouncements and Interpretations

In December 2007, the Financial Accounting Standards Board
(FASB) issued Statement No. 160 Non controlling Interests in Consolidated
Financial Statementsan amendment of ARB No. 51. This statement requires that
the ownership interests in subsidiaries held by parties other than the parent be
clearly identified, labeled, and presented in the consolidated statement of
financial position within equity, but separate from the parents equity. This
Statement is effective for fiscal years, and interim periods within those fiscal
years, beginning on or after December 15, 2008. Earlier adoption is prohibited.
The Company will adopt this statement on December 1, 2009 and the Company does
not expect that this statement will have a material impact on the Companys
consolidated financial statements.

6

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|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 2  Recent Accounting Pronouncements and Significant
Accounting Policies (Continued)

Recent Accounting Pronouncements and Interpretations
(Continued)

In September 2006, the FASB issued Statement of Financial
Accounting Standards No. 157 Fair Value Measurements (SFAS 157), which
provides expanded guidance for using fair value to measure assets and
liabilities. SFAS 157 establishes a hierarchy for data used to value assets and
liabilities, and requires additional disclosures about the extent to which a
company measures assets and liabilities at fair value, the information used to
measure fair value, and the effect of fair value measurements on earnings. SFAS
157 is effective for fiscal years beginning after November 15, 2007, and all
interim periods within those fiscal years. However, in February 2008, the FASB
issued Staff Position 157-2 which delays the effective date of SFAS 157 for all
nonfinancial assets and nonfinancial liabilities, except those that are
recognized or disclosed at fair value in the financial statements on a recurring
basis. For items within its scope, this Staff Position defers the effective date
of SFAS 157 to fiscal years beginning after November 15, 2008. Effective
December 1, 2008, the Company adopted SFAS No. 157. This statement did not have
a material impact on the Companys consolidated financial statements.

Exploration Stage Company

The Securities and Exchange Commissions Industry Guide 7,
Description of Property by Issuers Engaged or to be Engaged in Significant
Mining Operations requires that mining companies in the exploration stage
should not refer to themselves as development stage companies in the financial
statements, even though such companies should comply with Financial Accounting
Standard Board Statement No. 7, if applicable. Accordingly, the Company has not
been referred to as a development stage company. Accumulated results of
operations are presented from December 1, 2001, the date the Company re-entered
the exploration stage.

Income Taxes

The Company uses the assets and liability method of accounting
for income taxes pursuant to Statement of Financial Accounting Standards
(SFAS) No. 109 Accounting for Income Taxes. Under the assets and liability
method of SFAS No. 109, deferred tax assets and liabilities are recognized for
the future tax consequences attributable to temporary differences between the
financial statements carrying amounts of existing assets and liabilities and
their respective tax bases. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in
which those temporary differences are expected to be recovered or settled.

Effective December 1, 2007, the Company adopted the provisions
of the FASB Interpretation (FIN) No. 48, Accounting for Uncertainty in Income Taxes an
interpretation of FASB Statement No. 109. FIN 48 contains a two-step
approach to recognizing and measuring uncertain tax positions accounted for in
accordance with SFAS No. 109, Accounting for Income Taxes. The first step
is to evaluate the tax position for recognition by determining if the weight of
available evidence indicates it is more likely than not that the position will
be sustained on audit, including resolution of related appeals or litigation
processes, if any. The second step is to measure the tax benefit as the largest
amount which is more than 50% likely of being realized upon ultimate settlement.
We consider many factors when evaluating and estimating its tax positions and
tax benefits, which may require periodic adjustments and which may not
accurately anticipate actual outcomes. Based on our review, there was no impact
of FIN 48 on our financial position.

7

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|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 2  Recent Accounting Pronouncements and Significant
Accounting Policies (Continued)

Gold Inventory

The Company values its gold inventories at the lower of cost or
market. The Company is still in the exploration stage. By definition, the
Companys direct and absorbed costs would exceed the market value of any gold
recovery. Therefore, the Company values gold inventory additions from gold
extraction at the spot price as of the date of the addition to the gold
inventory, and records the costs of gold inventory sold on a first-in first-out
basis. Gold sale proceeds and cost of gold sold are recorded as other income
earned during the exploration stage.

Basic and Diluted Loss Per Share

Basic loss per share is computed by dividing the loss for the
year by the weighted average number of common shares outstanding during the
year. Diluted earnings per share reflect the potential dilution that could occur
if potentially dilutive securities were exercised or converted to common stock.
The dilutive effect of options and warrants and their equivalent is computed by
application of the treasury stock method and the effect of convertible
securities by the if converted method. Fully diluted amounts are not presented
when the effects of the computations are anti-dilutive due to the losses
incurred. Accordingly, there is no difference in the amounts presented for basic
and diluted loss per share.

Mineral Rights Payments and Exploration Costs

Pursuant to EITF 04-02, Whether Mineral Rights are Tangible
or Intangible Assets and Related Issues, the Company has modified its
accounting policy with respect to mineral claim payments, retroactively
effective to June 1, 2004, to capitalize the direct costs to acquire or lease
mineral properties and mineral rights as tangible assets. The direct costs
include the costs of signature (lease) bonuses, options to purchase or lease
properties, and brokers and legal fees. If the acquired mineral rights relate
to unproven properties, the Company does not amortize the capitalized mineral
costs, but evaluates the capitalized mineral costs periodically for impairment.
The Company expenses all costs related to the exploration of mineral claims in
which it had secured exploration rights prior to establishment of proven
reserves.

When it has been determined that a mineral property can be
economically developed as a result of establishing proven reserves, the costs
then incurred to develop such property are capitalized. Capitalized costs
related to such property will be amortized using the units-of-production method
over the estimated life of the proven reserve.

Use of Estimates

The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amount of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could vary
from these estimates.

Revenue Recognition

During the period the Company is in the exploration stage,
proceeds on gold recoveries from test mining are recorded as other income earned
during the exploration stage.

8

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 2  Recent Accounting Pronouncements and Significant
Accounting Policies (Continued)

Asset Retirement Obligation

Effective December 1, 2002, the Company adopted SFAS No. 143,
Accounting for Asset Retirement Obligations, which addresses financial
accounting and reporting for obligations associated with the retirement of
tangible long-lived assets and the associated retirement costs. The standard
applies to legal obligations associated with the retirement of long-lived assets
that result from the acquisition, construction, development and normal use of
the asset.

SFAS No. 143 requires that the fair value of a liability for an
asset retirement obligation be recognized in the period in which it is incurred
if a reasonable estimate of fair value can be made. The fair value of the
liability is added to the carrying amount of the associated asset and this
additional carrying amount is depreciated over the life of the asset. The
liability is accreted at the end of each period through charges to operating
expense. If the obligation is settled for other than the carrying amount of the
liability, the Company will recognize a gain or loss on settlement.

Cash and Cash Equivalents

Cash and cash equivalents are carried at cost and they comprise
cash on hand, deposits held with banks and other highly liquid investments.
Highly liquid investments are readily convertible to cash and generally have
maturities of three months or less from the time acquired. The Company places
its cash and cash equivalents with high quality financial institutions which the
Company believes limits credit risks.

Accounting for Stock-based Compensation

Effective December 1, 2006, the Company adopted the provisions
of SFAS 123(R) (Share-based Compensation) requiring equity awards granted under
its stock option plan to be accounted for under the fair value method.
Accordingly, share-based compensation is measured at grant date, based on the
fair value of the award. Prior to December 1, 2006, the Company accounted for
awards granted under its stock option plans utilizing the intrinsic value method
prescribed by Accounting Principles Board (APB) Opinion No. 25, Accounting for
Stock Issued to Employees (APB 25), and related interpretations, and provided
the required pro forma disclosures prescribed by SFAS 123, Accounting for
Stock-Based Compensation (SFAS 123), as amended. Under the existing stock
option plans, all options vest entirely on the grant date. Therefore, there were
no partially vested options outstanding as of the SFAS 123(R) adoption date.

Fair Value of Financial Instruments

The carrying value of cash and cash equivalents, gold
inventory, prepaid and other receivables, accounts payable and accrued
liabilities, mineral claims royalty payable and payable to related party
approximate fair value because of the short-term maturity of these instruments.
The carrying amounts reported in the balance sheets for convertible debentures
approximate their fair values as they bear interest at rates which approximate
market rates. Unless otherwise noted, it is managements opinion that the
Company is not exposed to significant interest, currency or credit risks arising
from these financial instruments.

9

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 3  Gold Inventory

For the three months ended February 28, 2009, the Company sold
58.15 troy ounces of gold, (for the three months ended February 29, 2008: 564.46
troy ounces) for net proceeds of $52,450 (February 29, 2008: $372,915), which
were recorded as other income earned during the exploration stage. In addition,
the Company wrote off 8.45 troy ounces gold inventory for the inventory
shrinkage, the value of which is $5,556 recorded as cost of gold sold. The
following is a summary of gold inventory changes during the three months ended
February 28, 2009 and during the fiscal year ended November 30, 2008:

|                                |  | Troy   |   |   | Weighted      |  |   |            |  
|------------------------------- |  | ------ | - | - | ------------- |  | - | ---------- | -
|                                |  | Ounces |   |   | Average price |  |   | Value      |  
|Balance as of November 30, 2007 |  | 2,996  |   |   | 657.50        |  |   | 1,969,870  |  
|Cost of gold sold               |  | (2,920 | ) |   | 657.50        |  |   | (1,919,764 | )
|Balance as of November 30, 2008 |  | 76     |   | $ | 657.50        |  | $ | 50,106     |  
|Cost of gold sold               |  | (66    | ) |   | 657.50        |  |   | (43,790    | )
|Balance as of February 28, 2009 |  | 10     |   | $ | 657.50        |  | $ | 6,316      |  

Note 4  Related Party Transactions

The Company has had related party transactions with Tri-Con
Mining Ltd., Tri-Con Mining Inc. and Tri-Con Mining Alaska Inc. (collectively
the Tri-Con Group), all of which are controlled by a director and officer of
the Company.

The Tri-Con Group are operations, exploration and development
contractors and have been employed by the Company under contract since 1972 to
carry out all of the Companys fieldwork and to provide field administrative and
management services. Under the current contracts dated January 1, 1997, work is
charged at cost plus 25% for exploration and cost plus 15% for development and
mining. Cost includes out-of-pocket or actual cost plus 15% for office overhead
including stand-by and contingencies. There is no mark-up on capital purchases.
The Tri-Con Group does not charge the Company for the services of any of its
directors who are also directors of the Company. In addition, by agreements the
Company paid a base administration fee of $10,000 CDN per month to Tri-Con
Mining Ltd. and $10,000 US per month to Tri-Con Mining Inc.

For the three months ended February 28, 2009, the Tri-Con
Groups services focused mainly on corporate planning, mining, drilling,
engineering, planning and preparation for year round production on the Companys
Nolan property; equipment and property maintenance and administration services
at both the field and corporate offices. As of February 28, 2009, Silverado owed
$1,340,248 (November 30, 2008: $1,076,881) to the Tri-Con Group for exploration
and administration services performed on behalf of Silverado. The following is a
summary of Tri-Con Group charges for the three months ended February 28, 2009
and February 29, 2008:

|                                                                    |   | February 28, |  |   | February 29, | 
|------------------------------------------------------------------- | - | ------------ |  | - | ------------ | 
|                                                                    |   | 2009         |  |   | 2008         | 
|Mineral exploration and administration
      services               | $ | 344,310      |  | $ | 730,221      | 
|General administration and management services                      |   | 175,034      |  |   | 528,594      | 
|                                                                    | $ | 519,344      |  | $ | 1,258,815    | 
|                                                                    |   |              |  |   |              | 
|Amount of total charges in excess of
      Tri-Cons costs incurred | $ | 146,774      |  | $ | 231,682      | 
|Percentage of excess amount charged                                 |   | 28.3%        |  |   | 18.4%        | 

10

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 5  Mineral Properties and Mineral Rights

The Company holds interests in four groups of mineral
properties in Alaska, U.S.A. All of these properties are in the exploration
stage and have no proven reserves as of February 28, 2009. Pursuant to EITF
04-02, Whether Mineral Rights are Tangible or Intangible Assets and Related
Issues, the Company, retroactively effective to June 1, 2004, capitalizes
the direct costs to acquire or lease mineral properties and mineral rights as
tangible assets. The direct costs include the costs of signature (lease)
bonuses, options to purchase or lease properties, and brokers and legal fees.

A summary of such capitalized direct costs for the three months
ended February 28, 2009 and for the fiscal year ended November 30, 2008 is as
follows:

|                                      |   | Nolan   |  |   | Ester Dome |  |   | Hammond |  |   | Eagle Creek |  |   |           | 
|------------------------------------- | - | ------- |  | - | ---------- |  | - | ------- |  | - | ----------- |  | - | --------- | 
|Capitalized Mineral Rights:           |   | (a)     |  |   | (b)        |  |   | (c)     |  |   | (d)         |  |   | Total     | 
|Balance as of November 30, 2007       | $ | 582,439 |  | $ | 24,837     |  | $ | 350,000 |  | $ | 55,040      |  | $ | 1,012,316 | 
|Additions during the year:            |   |         |  |   |            |  |   |         |  |   |             |  |   |           | 
|Claim fees paid
      during the year |   | 75,880  |  |   | 6,885      |  |   | 7,500   |  |   | 10,010      |  |   | 100,275   | 
|Royalty payments                      |   | -       |  |   | -          |  |   | 50,000  |  |   | 5,000       |  |   | 55,000    | 
|Accrued mineral
      rights          |   | -       |  |   | -          |  |   | 30,000  |  |   | -           |  |   | 30,000    | 
|                                      |   |         |  |   |            |  |   |         |  |   |             |  |   |           | 
|Balance as of November 30, 2008       |   | 658,319 |  |   | 31,722     |  |   | 437,500 |  |   | 70,050      |  |   | 1,197,591 | 
|Additions during the period:          |   |         |  |   |            |  |   |         |  |   |             |  |   |           | 
|Accrued mineral
      rights          |   | -       |  |   | -          |  |   | 80,000  |  |   | -           |  |   | 80,000    | 
|Balance as of February 28, 2009       | $ | 658,319 |  | $ | 31,722     |  | $ | 517,500 |  | $ | 70,050      |  | $ | 1,277,591 | 

|a) | Nolan Gold Project, Wiseman Mining District,
      Alaska
|-- | ---------------------------------------------------------

The Nolan Gold Project consists of 5 contiguous claim groups
covering approximately 6 square miles, 8 miles west of Wiseman and 175 miles
north of Fairbanks, Alaska. In addition, The Clara Creek and Marion Creek claim
groups are located approximately 1.5 and 3 miles north of Coldfoot, Alaska, and
are situated near the Dalton Highway. Both Clara Creek and Marion Creeks are
left limit tributaries to the Middle Fork of the Koyukuk River.

In total, the Company owns a 100% interest in 204 federal
placer mining claims and 407 federal lode claims in the Nolan Gold Project. The
specific claim groups at this site are as follows:

| | i)   | Nolan Placer: This claim group consists of 148 unpatented
      federal placer claims.                                                                                                                        
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                               
| | ii)  | Thompsons Pup: This claim group consists of 6 unpatented
      federal placer claims and is subject to a royalty of 3% of net profits on
      80% of production.                                            
| |      |                                                                                                                                                                                                               
| | iii) | Dionne (Marys Bench): This claim group consists of 15
      unpatented federal placer claims.                                                                                                                
| |      |                                                                                                                                                                                                               
| | iv)  | Smith Creek: This claim group consists of 28 unpatented
      federal placer claims.                                                                                                                          
| |      |                                                                                                                                                                                                               
| | v)   | Marion Creek and Clara Creek: This claim group consists
      of 2 unpatented federal placer mining claims located on Marion Creek and 5
      unpatented federal placer mining claims located on Clara Creek.
| |      |                                                                                                                                                                                                               
| | vi)  | Nolan Lode: this claim group consists of 407 unpatented
      federal lode claims. The lode claims overlie much of the placer
      properties, and extend beyond them.                                       

During the fiscal year ended November 30, 2008, the Company
paid claim maintenance and holding fees of $76,375 to the Bureau of Land
Management (BLM) and received a refund of $495 from BLM for a 2007
overpayment.

11

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 5  Mineral Properties and Mineral Rights
(Continued)

|b) | Ester Dome Gold Project, Fairbanks Mining
      District, Alaska
|-- | ----------------------------------------------------------------

The Ester Dome Gold Project encompasses all of the Companys
properties on Ester Dome, which is accessible by road 10 miles northwest of
Fairbanks, Alaska. The specific properties at this site are as follows:

| | i)   | Grant Mine: This property consists of 26 state mineral
      claims subject to payments of 15% of net profits until $2,000,000 has been
      paid and 3% of net profits thereafter. The mill has remained inactive
      since February 1989 and the plant and equipment cost was written down to
      zero on our accounting records. During fiscal 2008, the work on the Grant
      Mine was limited to assessment work. The Company will continue to make
      claim rental payments for the current fiscal year and continue with
      assessment work.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ii)  | May (St. Paul)/Barelka: This gold property consists of 22
      state mineral claims subject to payments of 15% of net profits until
      $2,000,000 (inflation indexed from 1979) has been paid and 3% of net
      profits thereafter.                                                                                                                                                                                                                                                                                                                       
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | iii) | Dobbs: This property consists of 1 unpatented federal
      mineral claim and 4 state mineral claims subject to payments of 15% of net
      profits until $1,500,000 has been paid and 3% of net profits
      thereafter.                                                                                                                                                                                                                                                                                                                                    

During the fiscal year ended November 30, 2008, the Company
paid state mining claim fees of $6,760 to the State of Alaska Department of
Natural Resources and federal mining claim fees of $125 to BLM.

|c) | Hammond Property, Wiseman Mining District,
      Alaska
|-- | -------------------------------------------------------

This property consists of 24 Federal placer claims and 36
Federal lode claims covering one and one- half square miles and adjoining the
Nolan Gold Properties. The Company is obligated to pay a royalty equal to 10% of
gross production and is subject to a minimum royalty of $80,000 per year. At
February 28, 2009, the capitalized mineral rights of $517,500 (November 30,
2008: $437,500) for the Hammond property includes royalty accruals totalling
$470,000 (November 30, 2008: $390,000) that are unpaid, in arrears, and included
in mineral claims payable on the accompanying consolidated balance sheet. During
the three months ended February 28, 2009, the Company accrued $80,000 of minimum
royalties payable. During the fiscal year ended November 30, 2008, the Company
accrued $30,000 and paid $50,000 of minimum royalties, and paid $7,500 in
federal claim fees to BLM.

|d) | Eagle Creek Property, Fairbanks Mining
      District, Alaska
|-- | -------------------------------------------------------------

This property consists of 77 state mineral claims. The Company
owns a 50% interest and has an option agreement to purchase a 100% interest in
the property for $400,000, of which $48,000 remains to be paid. The amount of
$5,000 per year, until the remaining $48,000 is paid, is required to be paid to
keep the agreement in good standing. During the fiscal year ended November 30,
2008, the Company paid $10,010 of state mining claim fees and a $5,000 option
payment.

12

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 6  Property, plant and equipment

Property, plant and equipment are stated at cost. Depreciation
and amortization is provided on a straight line basis as follows:

Mining equipment
    10
      yearsAuto and trucks
    5
      yearsComputer software
    1
      yearComputer equipment
    3
      yearsLeaseholds
      improvements
    Duration of lease (5-7 years)Furniture and
      Fittings
    10
      years


Property, plant and equipment primarily include mining
equipment and camp facilities at the Nolan Gold Project. Leasehold improvements
are for both the Vancouver, BC and Fairbanks, AK offices. Assets currently in
construction are segregated and will be reclassified as depreciable assets as
soon as they are put into use.

A summary of the Companys property, plant and equipment at
February 28, 2009 and November 30, 2008 is as follows:

|                                |   | February 28, 2009 | 
|------------------------------- | - | ----------------- | 
|                                |   |                   | 
|                                |   |                   | 
|                                |   | Cost              | 
|Offices                         |   |                   | 
|Office leasehold improvements   | $ | 597,557           | 
|Computer equipment and software |   | 134,167           | 
|Furniture and fittings          |   | 394,358           | 
|                                |   |                   | 
|Mining Project                  |   |                   | 
|Nolan gold project buildings    |   | 63,000            | 
|Leasehold improvements          |   | 48,123            | 
|Nolan mining equipment          |   | 1,685,237         | 
|Auto and trucks                 |   | 19,193            | 
|Capital assets in construction  |   | 24,245            | 
|                                |   |                   | 
|                                | $ | 2,965,880         | 

13

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 6  Property, plant and equipment (Continued)

|                                |   | November 30, 2008 | 
|------------------------------- | - | ----------------- | 
|                                |   |                   | 
|                                |   |                   | 
|                                |   | Cost              | 
|Offices                         |   |                   | 
|Office leasehold improvements   | $ | 597,557           | 
|Computer equipment and software |   | 134,167           | 
|Furniture and fittings          |   | 394,358           | 
|                                |   |                   | 
|Mining Project                  |   |                   | 
|Nolan gold project buildings    |   | 63,000            | 
|Leasehold improvements          |   | 48,123            | 
|Nolan mining equipment          |   | 1,869,301         | 
|Auto and trucks                 |   | 63,009            | 
|Capital assets in construction  |   | 24,245            | 
|                                |   |                   | 
|                                | $ | 3,193,760         | 

Note 7  Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consist of:

| |                                       |   | February 28, |  |   | November 30, | 
| | ------------------------------------- | - | ------------ |  | - | ------------ | 
| |                                       |   | 2009         |  |   | 2008         | 
| | Accounts payable and accrued payables | $ | 480,941      |  | $ | 440,633      | 
| | Accrued interest                      |   | 123,627      |  |   | 120,827      | 
| |                                       | $ | 604,568      |  | $ | 561,460      | 

The accrued interest payable of $123,627 as of February 28,
2009 and $120,827 as of November 30, 2008, respectively, relates to the
convertible debentures (see Note 8  Convertible Debentures, below.)

Note 8  Convertible Debentures

On March 1, 2001, Silverado completed negotiations to
restructure convertible debentures totaling $2,000,000. Replacement debentures
totaling $2,564,400 were issued in consideration of cancellation of the original
debentures plus all accrued interest to March 1, 2001. As of November 30, 2004
the replacement debentures were repaid in full.

Remaining original convertible debentures totaling $140,000 and
accrued interest of $123,627 are in default, however, it is unclear whether they
will be exchanged for replacement debentures as the Company has been
unsuccessful in its extensive attempts to locate the holders.

14

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 9  Asset Retirement Obligations

Asset retirement obligations relate to the closure and
reclamation of the Grant Mine Tailing Pond, and to the reclamation work
associated with the Nolan Gold Project consisting of dismantling and removal of
site structures and equipment, and reshaping and revegetating the disturbed
areas. The Company has no assets legally restricted for purposes of settling
asset retirement obligations.

Grant Mine

The Grant Mine is not an active mine and related assets were
written off as impaired effective December 1, 2001. The retirement obligations
associated with the Grant Mine involves the decommissioning of the Grant Mill
Tailings Pond that was built in the early 1980s and no longer used after 1989.
The Company has retained a geotechnical and environmental consulting firm to
assist with a preliminary report for the closure of the tailings pond. The
preliminary report is part of the closure plan, and further reclamation work
involves another closure phase that needs permits and/or approval by State of
Alaska regulatory agencies. Thus, the fair value of the cost of reclamation at
this holding time is the original $364,651 as of November 30, 2008 plus a 5%
annual accretion expense.

Nolan Gold Project

The retirement obligations associated with the Nolan mineral
properties are associated with the reclamation of disturbed land resulting from
normal operations and are not the result of improper operations of an asset such
as environmental remediation liabilities and thus are within the scope of SFAS
143. The Nolan mineral properties are subject to federal mining claims and thus
are under the active supervision of the Bureau of Land Management.

As of February 28, 2009, the Company is obligated to reclaim 21
acres at Nolan Creek. These 21 acres are essential for the Companys operations,
consisting of the camp area, equipment storage area, processing area, explosives
storage area, and the portal area, as well as the roads and core storage area.
The Company estimated that accrued obligations plus 5% annual accretion expense
would be sufficient to reclaim these 21 acres for a potential third party
remediation clean-up.

A summary of asset retirement obligations for the three months
ended February 28, 2009 and for the fiscal year ended November 30, 2008 is as
follows:

| |                            |   | Grant   |  |   | Nolan   |   |   |         |  
| | -------------------------- | - | ------- |  | - | ------- | - | - | ------- | -
| |                            |   | Mine    |  |   | Project |   |   | Total   |  
| | Balance, November 30, 2007 | $ | 347,287 |  | $ | 182,024 |   | $ | 529,311 |  
| | Accretion expense          |   | 17,364  |  |   | 9,101   |   |   | 26,465  |  
| | Liabilities settled        |   | -       |  |   | (18,518 | ) |   | (18,518 | )
| | Balance, November 30, 2008 |   | 364,651 |  |   | 172,607 |   |   | 537,258 |  
| | Accretion expense          |   | 4,558   |  |   | 2,158   |   |   | 6,716   |  
| | Balance, February 28, 2009 | $ | 369,209 |  | $ | 174,765 |   | $ | 543,974 |  

15

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 10  Common Stock

Authorized common stock of the Company is unlimited, without
par value. During the three-month period ended February 28, 2009, the Company
completed private placements resulting in the issuance of an aggregate of
18,260,870 shares at $0.0038 per share and 19,250,000 shares at $0.004 per
share. The Company received proceeds of $147,000 from such private placements.
The Company also received $135,000 for 16,875,000 restricted common shares at a
price of $0.008 per share in a private placement that has not yet been
completed.

In addition, during three months ended February 28, 2009, the
Company issued an aggregate of 83,664,800 shares of the Companys common stock
for consulting fees and other expenses, valued at the fair market price at the
dates of various agreements, for total consideration of $1,320,283, of which
$429,211 was recorded as consulting fees and $891,072 was recorded as prepaid
expenses.

During the fiscal year ended November 30, 2008, the Company
completed private placements resulting in the issuance of an aggregate of
35,000,000 units at $0.03 per unit and 80,698,459 units at $0.0325 per unit.
Each unit consists of one share of the Companys restricted common stock and one
half-warrant, with a full warrant (consisting of two half-warrants) being
exercisable for a period of one year at a per share exercise price of $0.07. The
Company received gross proceeds of $3,672,700 from such private placements, of
which $275,136 cash was received before the fiscal year ended November 30, 2007.
In addition, the Company received $1,040,332 from the issuance of 43,330,925
restricted shares of its common stock through warrant exercises during fiscal
year 2008. The Company paid commission fees of $409,601, which was recorded as a
reduction of common stock.

During the fiscal year ended November 30, 2008, the Company
also issued an aggregate of 32,800,000 shares of the Companys common stock for
consulting fees, valued at the fair market price at the dates of consulting
agreements, for total consideration of $1,040,000, of which $706,500 was
recorded as consulting fees and $333,500 was recorded as prepaid expenses.

The following is a summary of the Companys issuances of common
stock for the three-month period ended February 28, 2009 and for the fiscal year
ended November 30, 2008:

16

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 10  Common Stock

|                                                                        |  | Number of     |  |   | Common Stock |  
|----------------------------------------------------------------------- |  | ------------- |  | - | ------------ | -
|                                                                        |  | Shares        |  |   | Amount       |  
|Balance as of November 30, 2007                                         |  | 785,607,717   |  | $ | 89,374,641   |  
|Shares issued for cash:                                                 |  |               |  |   |              |  
|Private
      placement at $0.03 per share                              |  | 35,000,000    |  |   | 1,050,000    |  
|Private placement at
      $0.0325 per share                            |  | 80,698,459    |  |   | 2,622,700    |  
|Common
      stock purchase warrants exercised at $0.035, December 2007 |  | 16,513,024    |  |   | 577,956      |  
|Common stock purchase
      warrants exercised at $0.035, January 2008  |  | 1,484,563     |  |   | 51,960       |  
|Common
      stock purchase warrants exercised at $0.035, February 2008 |  | 4,166,667     |  |   | 145,833      |  
|Common stock purchase
      warrants exercised at $0.0125, October 2008 |  | 21,166,671    |  |   | 264,583      |  
|Commissions paid                                                        |  | -             |  |   | (409,601     | )
|Total shares issued for cash                                            |  | 159,029,384   |  |   | 4,303,431    |  
|Shares issued for consulting
      fees:                                |  |               |  |   |              |  
|Shares issued at $0.06,
      January 2008                              |  | 500,000       |  |   | 30,000       |  
|Shares
      issued at $0.10, February 2008                             |  | 1,800,000     |  |   | 180,000      |  
|Shares issued at $0.06,
      February 2008                             |  | 500,000       |  |   | 30,000       |  
|Shares
      issued at $0.03, August 2008                               |  | 8,000,000     |  |   | 240,000      |  
|Shares issued at $0.03,
      September 2008                            |  | 4,000,000     |  |   | 120,000      |  
|Shares
      issued at $0.03, October 2008                              |  | 13,000,000    |  |   | 390,000      |  
|Shares issued at $0.01,
      November 2008                             |  | 5,000,000     |  |   | 50,000       |  
|Total shares issued for
      consulting fees                           |  | 32,800,000    |  |   | 1,040,000    |  
|Balance as of November 30, 2008                                         |  | 977,437,101   |  |   | 94,718,072   |  
|Shares issued for cash:                                                 |  |               |  |   |              |  
|Private placement at
      $0.003833 per share                          |  | 18,260,870    |  |   | 70,000       |  
|Private
      placement at $0.004 per share                             |  | 19,250,000    |  |   | 77,000       |  
|Total shares issued for cash                                            |  | 37,510,870    |  |   | 147,000      |  
|Shares issued for consulting
      fees and other expenses:             |  |               |  |   |              |  
|Shares issued at $0.0125,
      January 2009                            |  | 26,000,000    |  |   | 325,000      |  
|Shares
      issued at $0.03, January 2009                              |  | 25,000,000    |  |   | 750,000      |  
|Shares issued at $0.0085,
      February 2009                           |  | 6,000,000     |  |   | 51,000       |  
|Shares
      issued at $0.01, February 2009                             |  | 2,000,000     |  |   | 20,000       |  
|Shares issued at $0.0051,
      February 2009                           |  | 6,555,000     |  |   | 33,427       |  
|Shares
      issued at $0.0087, February 2009                           |  | 15,000,000    |  |   | 130,500      |  
|Shares issued at
      $0.00333, February 2009                          |  | 3,109,800     |  |   | 10,356       |  
|Total shares issued for
      consulting fees                           |  | 83,664,800    |  |   | 1,320,283    |  
|Balance as of February 28, 2009                                         |  | 1,098,612,771 |  | $ | 96,185,355   |  

Note 11  Stock Options, Equity Compensation Plan and Common
Stock Purchase Warrants

(a) Stock Options and Equity Compensation Plan

On January 29, 2009, the Company adopted the 2009 Equity
Compensation Plan (the Plan) to encourage certain directors, officers,
employees, and consultants of the Company to acquire and hold stock in the
Company as an added incentive to remain with the Company, to increase their
efforts in promoting the interests of the Company and to enable the Company to
attract and retain capable individuals. The number of shares issued under the
Plan may not exceed 130,000,000 in aggregate. On January 29, 2009, the Company
filed a registration statement on Form S-8 to register all 130,000,000 of such
shares.

17

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 11  Stock Options, Equity Compensation Plan and Common
Stock Purchase Warrants (Continued)

(a) Stock Options and Equity Compensation Plan
(Continued)

During the three months ended February 28, 2009, there were no
options granted. The Company issued 83,664,800 of the Companys common stock for
consulting fees and other expenses under the Companys Equity Compensation
Plans, valued at the fair market price on the effective dates of the consulting
agreements.

There was no Stock Option Plan adopted and no options granted
during fiscal year 2008.

A summary of the change in outstanding and exercisable stock
options for the three-month period ended February 28, 2009 and for the fiscal
year ended November 30, 2008 is as follows:

|                                    |  |                 |   |   |                 |  |  | Weighted         | 
|----------------------------------- |  | --------------- | - | - | --------------- |  |  | ---------------- | 
|                                    |  | Outstanding and |   |   | Weighted        |  |  | Average          | 
|                                    |  | Exercisable     |   |   | Average         |  |  | Remaining        | 
|                                    |  | Options         |   |   | Excercise Price |  |  | Contractual Life | 
|Balance, November 30, 2007          |  | 72,500,000      |   | $ | 0.06            |  |  | 4.43 years       | 
|Options cancelled and expired       |  | (2,100,000      | ) |   | 0.11            |  |  |                  | 
|                                    |  |                 |   |   |                 |  |  |                  | 
|Balance, November 30, 2008          |  | 70,400,000      |   |   | 0.06            |  |  | 3.47 years       | 
|Options cancelled and
      expired |  | (4,500,000      | ) |   | 0.05            |  |  |                  | 
|                                    |  |                 |   |   |                 |  |  |                  | 
|Balance, February 28, 2009          |  | 65,900,000      |   | $ | 0.06            |  |  | 3.46 years       | 

The balance of outstanding and exercisable common stock options
as at February 28, 2009 is as follows:

Number of Options
    
    
    
    
    RemainingOutstanding and
    
    
    
    
    Contractual LifeExercisable
    
    Exercise Price
    
    
    (Years)46,000,000
    
    $                        
       0.050
    
    
    1.86 - 3.8519,900,000
    
    0.070
    
    
    3.8765,900,000


Fair Value Determination

The Company uses the Black-Scholes option pricing model to
calculate the fair value of stock options when the options are granted under the
following weighted average assumptions:

Expected volatility is based on historical volatility. Because
trading tends to be thin, in relation to the total shares outstanding, average
weekly stock prices were used to calculate volatility. Management believes that
the annualized weekly average of volatility is the best measure of expected
volatility.

18

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 11  Stock Options, Equity Compensation Plan and Common
Stock Purchase Warrants (Continued)

(a) Stock Options and Equity Compensation Plan
(Continued)

U.S. Treasury constant maturity rates were utilized with
maturities most closely approximating the expected term of the option.

The expected term of the options was calculated using the
alternative simplified method permitted by SAB 107, which defines the expected
life as the average of the contractual term of the options and the weighted
average vesting period for all option tranches.

There were no stock options granted and valued during the three
months ended February 28, 2009 and the fiscal year ended November 30, 2008.

(b) Common Stock Purchase Warrants

During the three months ended February 28, 2009, 40,349,230 of
the Companys outstanding common stock purchase warrants expired. There were no
new warrants granted during the period.

In September 2008, the Company reduced the exercise price of
3,666,667 of its common stock purchase warrants from $0.10 to $0.0125 per common
share and 17,500,004 of its common stock purchase warrants from $0.07 to $0.0125
per common share, and all of such warrants were exercised in October 2008.

In November 2007, the Company reduced the exercise price of
16,513,024 of its common stock purchase warrants from $0.12 to $0.035 per common
share, and such warrants were exercised in December 2007. In December 2007, the
Company reduced the exercise price of 990,001 of its common stock purchase
warrants from $0.12 to $0.035 per common share and 495,001 of its common stock
purchase warrants from $0.06 to $0.035 per common share, of which a total of
1,484,563 warrants were exercised in January 2008, and the remaining 439
warrants expired. In December 2007, the Company reduced the exercise price of
4,166,667 of its common stock purchase warrants from $0.10 to $0.035 per common
share, and such warrants were exercised in February 2008.

During fiscal years 2007 and 2008, the Company completed
private placements resulting in the issuance of units consisting of one share of
Company restricted common stock and one half-warrant (with each whole warrant
exercisable for one share of Company restricted common stock). The warrants
referenced above were issued during such private placements. There was no value
assigned to these warrants when they were granted. The exercise price reduction
incentivized the holders to exercise the warrants, which assisted the Company in
meeting its working capital requirements. The Company received less proceeds
from these exercised warrants due to the price reductions, but the Company
believes these warrants would have been left to expire had the Company not
effected the exercise price reductions.

A summary of the change in common stock purchase warrants for
the three months ended February 28, 2009 and for the fiscal year ended November
30, 2008 is as follows:

19

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 11  Stock Options, Equity Compensation Plan and Common
Stock Purchase Warrants (Continued)

(b) Common Stock Purchase Warrants (Continued)

|                           |  |             |   |   | Weighted        |  |  | Weighted Average | 
|-------------------------- |  | ----------- | - | - | --------------- |  |  | ---------------- | 
|                           |  | Outstanding |   |   | Average         |  |  | Remaining        | 
|                           |  | Warrants    |   |   | Excercise Price |  |  | Contractual Life | 
|Balance, November 30, 2007 |  | 62,013,003  |   | $ | 0.110           |  |  | 0.32 years       | 
|Warrants issued            |  | 57,849,234  |   |   | 0.070           |  |  |                  | 
|Warrants exercised         |  | (43,330,925 | ) |   | 0.024           |  |  |                  | 
|Warrants expired           |  | (36,182,082 | ) |   | 0.108           |  |  |                  | 
|                           |  |             |   |   |                 |  |  |                  | 
|Balance, November 30, 2008 |  | 40,349,230  |   |   | 0.070           |  |  | 0.17 years       | 
|Warrants expired           |  | (40,349,230 | ) |   | 0.070           |  |  |                  | 
|Balance, February 28, 2009 |  | -           |   |   |                 |  |  |                  | 

Note 12  Supplemental Cash Flow Information

|                                                                              |   | Three Months Ended | 
|----------------------------------------------------------------------------- | - | ------------------ | 
|                                                                              |   | February 28, 2009  | 
|Changes in non-cash financing and
      investing activities:                 |   |                    | 
|Common stock issued for consulting and
      other expenses                   | $ | 429,211            | 
|Common stock issued for
      prepaid consulting fees                         |   | 891,072            | 
|Common shares issued for subscriptions
      received                         |   | -                  | 
|Mineral claims royalty
      payable changes at period-end for mineral rights |   | 80,000             | 
|                                                                              |   |                    | 
|Other cash flow information:                                                  |   |                    | 
|Interest paid                                                                 | $ | 583                | 

Note 13  Commitments

|a) | Severance Agreements and Indemnity
      Agreements with Directors
|-- | ------------------------------------------------------------------

The Company has entered into compensation agreements with two
directors of the Company. The agreements provide for severance arrangements
where a change of control of the Company occurs, as defined, and the directors
are terminated. Subsequent to February 28, 2009, one of the directors resigned
and the related compensation agreement was terminated accordingly.

On October 27, 2008, the Company entered into Indemnity
Agreements (Agreements) with each of its directors. Pursuant to the terms of
the Agreements, the Company granted a general indemnification to the Directors
against all claims and costs that arise out of the scope or performance of
duties as a director or officer of the Company.

20

---

|SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|as of February 28, 2009                       
|(Stated In
      United States Dollars)       

Note 13  Commitments (Continued)

|b) | Office Lease
|-- | ------------

The Company entered into a seven year office lease agreement
expiring in July 2014 for its Vancouver office when obliged to vacate its
previous lease location at the expiry of the lease. The Companys future minimum
lease payments under this lease are as follows:

| | Fiscal Years ending
      November 30, 2009 - 2011 | $ | 340,126 | 
| | -------------------------------------------------- | - | ------- | 
| | Fiscal Year ending November 30,
      2012         |   | 125,268 | 
| | Fiscal Year ending
      November 30, 2013         |   | 128,439 | 
| | Fiscal Year ending November 30, 2014               |   | 85,626  | 
| |                                                    | $ | 679,459 | 

Note 14  Subsequent Events

Subsequent to February 28, 2009, the following events took
place:

|a) | On March 1, 2009, the Company signed a Corporate Finance
      Advisors and Consulting Agreement with a UK registered company (the
      Facilitator) to provide consulting and financial management,
      restructuring and introduction or development of a financeable structure,
      in order to raise capital, debt or equity in the range of US $25,000,000
      to $50,000,000, while providing other consulting services to the Company.
      The financing amount relates to the requirements of the development plan
      for the Nolan Mine in Alaska. In connection with the Consulting Agreement,
      on March 1, 2009, the Company signed a Corporate Facilitator Finders Fee
      Agreement wherein the Facilitator is entitled to receive a cash finders
      fee equal to 10% for an investment amount of up to $300,000, 7.5% for an
      amount up to $1,000,000, and 5% for amounts greater than $1,000,000 of the
      financing transaction proceeds received by the Company.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|b) | Outstanding stock options exercisable for 2,900,000
      shares of the Companys common stock, with a weighted average price of
      $0.061, expired.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|c) | Pursuant to two consulting agreements amended in January
      2009, the Company issued an aggregate of 29,000,000 shares of its common
      stock in March 2009 at a price of $ 0.01250 per share, valued at the fair
      market price at the date of agreements, for a total of $362,500.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|d) | The Company entered into a consulting agreement in March
      2009 to obtain various corporate planning and business development
      services. Pursuant to this consulting agreement, the Company issued
      2,112,069 shares of its common stock at a price of $0.00566 for a total of
      $11,949 (equivalent to $14,700 CDN).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|e) | In March 2009, the Company completed a private placement
      of an aggregate of 38,000,000 restricted common shares at a price of
      $0.0025 per share, resulting in aggregate proceeds of
  $95,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

21

---

|ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF
      FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|------- | -------------------------------------------------------------------------------------------

The following is a discussion of the operating results and
financial position of Silverado Gold Mines Ltd. (Silverado or the Company)
for the three months ended February 28, 2009. It should be read in conjunction
with the Companys audited consolidated financial statements and footnotes for
the fiscal year ended November 30, 2008 and the interim unaudited consolidated
financial statements for the three-month period ended February 28, 2009.

All financial information in this Managements Discussion and
Analysis (MD&A) is expressed and prepared in conformity with US generally
accepted accounting principles. All references are in US dollar, the Companys
reporting currency, unless otherwise noted. Some numbers in this MD&A have
been rounded to the nearest thousand for discussion purposes.

Certain forward-looking statements are discussed in this
MD&A with respect to the Companys activities and future financial results,
which are made based upon managements current expectations and beliefs. There
can be no assurance that future developments affecting the Company will be those
anticipated by management.

FORWARD-LOOKING STATEMENTS

The information in this Quarterly Report on Form 10-Q
contains 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. These forward-looking statements involve risks and
uncertainties, including statements regarding Silverados capital needs,
business plans and expectations. 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 gold recovery activities and other factors. Forward-looking
statements are made, without limitation, in relation to operating plans,
property exploration and gold recovery 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", "seek", "should",
"expect", "plan", "intend", "anticipate", "believe", "estimate", "predict",
"potential" or target", 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 outlined
below, and, from time to time, in other reports Silverado files with the
Securities Exchange Commission (the SEC). These factors may cause actual
results to differ materially from any forward-looking statement. Management
disclaims any obligation to publicly update these statements, or disclose any
difference between its actual results and those reflected in these statements.
The information constitutes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Given these uncertainties,
readers are cautioned not to place undue reliance on such forward-looking
statements.

OVERVIEW

The Company is engaged in the acquisition and exploration of
mineral properties in the State of Alaska, through its wholly-owned subsidiary,
Silverado Gold Mines Inc., and in the development of a liquid fuel derived from
low-rank coal through its other wholly-owned subsidiary, Silverado Green Fuel,
Inc.

The Company has committed over three decades of work to the
exploration, development and test mining of gold properties throughout North
America. In the mid-1980s, the Company decided to focus its efforts in Alaska.
We have extensive experience in geological, geochemical and geophysical
exploration techniques. Our mineral holdings are located in the Fairbanks Mining District
and in the Koyukuk Mining District, consisting of both lode and placer mining
claims. At the present time, the Companys primary focus is the exploration and
development of our Nolan Gold Project and our Hammond property located 175 miles
north of Fairbanks, Alaska. We are also continuing with exploration activities
on our Eagle Creek Property and our Ester Dome Project, which are both located
in the Fairbanks Mining District.

22

---

The Company has been working for seven years through its
  Low-Rank Coal-Water Fuel (LRCWF) division on the development of
LRCWF, a non-toxic liquid fuel product derived from sub-bituminous and lignite
coal. In its finished form the fuel is a non-toxic, non-hazardous
environmentally friendly strategic (liquid) fuel. Silverado is seeking financing
to enable us to proceed with the construction of a commercial demonstration
facility designed to document the combustion characteristics of Green Fuel. A
successful demonstration project could lead to construction of a commercial
production facility to manufacture the low-rank coal-water fuel as a replacement
fuel for oil fired boilers and utility generators. In addition we look forward
to our continued planning and progress designed to create a secondary fuel and
other product facility designed to gasify and liquefy our green fuel to
facilitate the creation of low cost rocket fuel, aviation fuel, gasoline, diesel
fuel, synthetic natural gas, synthetic petrochemical feedstocks, hydrogen for
fuel cells, plastic, fertilizers, explosives, urea, ammonia CO2 for enhanced
recovery in oil well production as well as a host of other products, all free of
sulphur, heavy metals and particulate matter.

MINERAL EXPLORATION

The Company is a mineral exploration company with interests in
properties located throughout the state of Alaska. The majority of such
properties are in the early stages of exploration, and there is no assurance
that a commercially viable mineral deposit exists on such properties. Effective
January 1, 2009, based on completion of a preliminary feasibility study by an
independent and AIPG Certified Professional Geologist (the QP), our Nolan Gold
and Antimony Lode Project has disclosed an economically viable mineral reserve.
The preliminary feasibility study concluded that the resource estimates
disclosed by the Company in its Current Report on Form 8-K filed with the SEC on
November 17, 2008 can be reclassified as a probable reserve. Though there were
no material changes to the grades and quantities previously reported on November
17, 2008, there was additional data produced that added new grades and there was
further work conducted on this zone that resulted in the aforementioned
reclassification.

The Company holds interests in four groups of mineral
properties in Alaska, as listed below:

|1) | Nolan property           
|-- | -------------------------
|   |                          
|2) | Hammond Property;        
|   |                          
|3) | Eagle Creek Property; and
|   |                          
|4) | Ester Dome Property.     

Overall mineral exploration performance during the first fiscal
quarter ended February 28, 2009 and managements plan of operations by each
property respectively are discussed below:

1. NOLAN GOLD AND ANTIMONY PROPERTY

The majority of the properties comprising our Nolan Gold
Project are adjacent to or within the Nolan Creek Valley, located approximately
8 miles northwest of the small town of Wiseman, and 175 air miles north of

23

---

Fairbanks, Alaska in the southern foothills of the Brooks
Range. Centrally located in the historic Koyukuk Mining District, Nolan Creek is
a southerly flowing tributary to Wiseman Creek which flows southeasterly into
the Middle Fork of the Koyukuk River. An all weather road connects the Nolan
Creek Camp with the Dalton Highway and is suitable year-round for semi-tractors
loaded with fuel and equipment. Air transportation is available by several
commercial carriers from Fairbanks to the 4,500 ft long, state maintained
Coldfoot Airport. The community of Coldfoot Alaska is about 15 miles
south-southeast of Nolan, and has Alaskas northernmost gas station, grocery,
and public lodging.

All of the Nolan Gold Project properties are on federal land
and located within the Wiseman B-1 Quadrangle. All of the mineral claims, with
the exception noted below, are in the SE 1⁄4, Township 31 North, Range 12 West,
the NE 1⁄4, Township 30 North, Range 12 West, and SW 1⁄4, Township 31 North, Range
11 West, Fairbanks Meridian.

In addition to the Nolan Creek properties, Silverado also has
two smaller placer claim groups on Clara Creek and Marion Creek, located 1.5 and
3 miles north respectively of the town of Coldfoot, Alaska, situated near the
Dalton Highway.

As of February 28, 2009, Silverados Nolan Gold Project consist
of 204 unpatented federal placer mining claims covering approximately 4,080
acres in three non-contiguous groups, and 407 unpatented federal lode mining
claims covering approximately 8,140 acres in one large contiguous group. Many of
the 407 lode mining claims are superimposed over the placer mining claims.

The plan of operation for the Nolan Gold Project for the 2009
fiscal year is the advancement toward the development and mining stage of our
Nolan Gold and Antimony Project, especially along the southwestern end of the
Solomon Shear Zone in the Workmans Bench Area. The Company is in a transitional
phase between exploration and development. The recent preliminary feasibility
study effective January 1, 2009, supported a mineral reserve of antimony and
gold underlying the southwestern portion of the Solomon Shear Zone, an area
referred to by the Company as Workmans Bench. The study by the Companys QP
concluded that the Nolan Gold and Antimony Project in the Workmans Bench area
are economically viable. The results of the preliminary feasibility study and
the reserve estimates are disclosed in the Companys Annual Report on Form
10-KSB filed on March 16, 2009 and the Companys website: www.silverado.com.

During the first fiscal quarter ended February 28, 2009, the
Company began implementing the recommendations of the preliminary feasibility
study for the Workmans Bench gold and antimony deposit. The Company is in the
planning and procurement phase for the upcoming summer drilling program and the
extraction of an underground bulk sample of antimony and gold ore that will be
collected in the winter months. The Company began the process of permitting
requirements and finished geotechnical studies of the subsurface drill core that
will be needed for underground engineering purposes.

During the next nine months, Silverado plans to expand the
current lode exploration program by diamond core drilling in-fill holes along
the southwest extent of the Workmans Bench antimony and gold deposit, for the
potential upgrade of resources. The Company will focus a program designed to
potentially upgrade inferred resources in the Pringle Bench area to a potential
probable reserve status. The Company also plans to drill northeast of Pringle
Bench in a prospect known as the Hillside area to test for a potential
continuation of the strike length of the Solomon Shear Zone gold and antimony
veins.

During the next nine months Silverado plans to initiate lode
development in the Workmans Bench area as follows:

24

---

| | 1. | Continued aggressive permitting.                                                                                                                                                        
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 2. | Additional infill drilling along strike of the gold and
      antimony mineralized Solomon Shear Zone for additional geologic and
      geotechnical information and geochemical assays.
| | 3. | Baseline characterization studies for permitting
      purposes.                                                                                                                        
| | 4. | Acid and Base Accounting (ABA) for potential acid
      drainage issues.                                                                                                                
| | 5. | Procurement of equipment and infrastructure upgrades
      needed for the underground extraction of a 1,000 cubic yard bulk
    sample                                                  
| | 6. | Underground extraction of a bulk sample of antimony and
      gold ore for additional processing studies and
assays.                                                                    

In addition, the Company plans to do detailed mapping and
channel sampling of the gold and arsenic mineralized veins that occur in
outcrops in the Fortress prospect located along the north end of the property.
Depending on time constraints and funding, the Company also plans to excavate
trenches in a new prospect located 2,000 ft east of the Solomon Shear Zone. The
excavated trenches will be mapped and channel sampled for potential
mineralization.

Our proposed drilling program for 2009 will be aimed at lode
gold and antimony exploration. Lode drilling will focus on Pringle Bench,
Workmans Bench and the Hillside along the Solomons Shear trend, and is
designed to provide a better three dimensional understanding of the mineralized
sections of the structure and how it is related to the placer gold deposits of
the Nolan Creek area. Since the Project is advancing into the development stage,
exploration drilling will not be conducted in the Fortress area which is part of
a gold bearing east-west trending deformation zone. The Company plans to drill a
minimum of 35 shallow (200-500 ft) diamond core drill holes. Placer drilling
will be dependent on funding for the extraction of the Workmans Bench 1,000 cu
yd bulk sample.

We will be seeking to raise approximately $10,000,000 in the
next twelve months to carry out our exploration, permitting and development
activities for the Nolan Gold Project. Of this amount, $1,000,000 would be put
toward lode drilling and trenching on the Solomon Shear Zone. The actual amount
that we spend on exploration will depend on the actual amount of funds that we
have available for exploration. We are presently seeking to obtain sufficient
financing to enable us to proceed with these plans.

Readers and investors need to take caution, in that much of the
work planned in 2009 is contingent upon available funding and the success and
speed of the permitting process.

2. HAMMOND PROPERTY

Our Hammond property is located approximately 8 miles north of
Wiseman, and 175 air miles north of Fairbanks, Alaska in the foothills of the
Brooks Range in an area known as the Koyukuk Mining District. The Hammond
property is located approximately three miles northeast of the Nolan Gold
Project.

The Hammond property is accessible by the Trans-Alaska Pipeline
road about 280 road miles north of Fairbanks, Alaska. An all-weather 4x4 road
connects Hammond to the pipeline road.

The Company leases 24 federal placer mining claims and 36
federal lode mining claims from Alaska Mining Company, Inc. (Alminco). Alminco
has confirmed that our mineral claims and options are in good standing on the
understanding we will use our best efforts to pay the minimum royalty payments,
including the payments that are in arrears for the past four years, when
business conditions permit.

25

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The encouraging drill results to date, the potential of
extending the Slisco Channel to the southeast plus the possibility of
discovering gold bearing tributary channels, make this a prospect for additional
discoveries. This project will require additional funding. Even if funding is
acquired, there is no assurance that a commercial gold bearing placer deposit
will be developed. Even if a gold bearing deposit is developed, additional
funding will be required to mine the deposit, and until a feasibility study is
completed, there is no assurance that the deposit will be profitable to mine.

3. EAGLE CREEK PROPERTY

The Eagle Creek property is comprised of 77 Alaska state
mineral claims. All claims are contiguous and are located in the Fairbanks North
Star Borough. The total area of the claims equals approximately 3080 acres and
all claims are valid. There has been no legal survey on the claims. Ownership of
the claims is in the name of Silverado Gold Mines Inc. There is an "option to
purchase" agreement with Arley Taylor (i.e., now with his descendants), to
purchase a 100% interest in the property for $400,000, of which $48,000 remains
to be paid. The amount of $5,000 per year is required to be paid to keep the
agreement in good standing. The original option agreement with Arley Taylor was
acquired through an agreement with S. Tan who assigned the agreement to us in
consideration of 15% royalty from production (15% of net operating profits after
payback of costs). We have continued to make option payments on the Eagle Creek
property based on the agreement, and as a result all of our mineral claims and
options are in good standing.

The Eagle Creek property is accessed by the Steese Highway, 10
miles north of Fairbanks, Alaska to Fox, Alaska, then traveling along the Elliot
highway 6 miles north to Murphy Dome Road, then west along Murphy Dome Road
about 5 miles to the property. The Number One Vein on this property was the lode
quartz gold structure that was historically mined commercially for antimony.

Annual assessment work will be carried out on the property to
keep the mining claims in good standing. Assessment work will be focused on the
northwest part of the claim block, where drilling and trenching has defined an
intrusive host rock, thought to be a sill, containing low grade gold, silver and
antimony mineralization. If funding permits, the Company will design a drilling
program to further investigate the gold and by-product mineral distribution of
the intrusive and the Number One Vein system.

No funding has been advocated for the 2009 work plan. Whereas
historic commercially viable mining took place on the Number One (or
"Scrafford") Vein, and whereas Silverado has successfully drilled and hit
significant widths of high-grade or massive stibnite (antimony sulfide) and
significant widths with good gold grades, it has nonetheless yet to complete a
definitive drilling program sufficient to indicate reserves, and therefore there
is no assurance that a commercially viable economic mineral deposit exists on
the property.

4. ESTER DOME PROPERTY

The Ester Dome property is comprised of 52 state mineral claims
and 1 unpatented federal mineral claim. The claims are not all contiguous in
that there are 5 separate blocks of claims. Silverado Gold Mines Inc. is the
registered owner of all claims. The total area of all claims equals
approximately 2.5 square miles and all claims are valid. There has been no legal
survey on the claims.

Access to the property is provided by the paved Ester Dome road
and a well-maintained gravel road. The main line of the Alaska Railroad passes
by the west perimeter of the property and a high capacity electrical line
carrying power to the Fort Knox mill passes 300 feet below the Grant Mill on the
property.

26

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Reclamation work to complete the closure of the Grant Mill
Tailings Pond is expected to be done during the summer of 2009. This pond is
filled to capacity, and will be capped and decommissioned after final approval
of the tailings pond closure plan is received from State of Alaska regulatory
agencies.

Furthermore with respect to other areas on this property,
several large scale projects have been proposed over the past ten years and
remain warranted, but for the time being are deferred due to internal decisions
that favor shifting financial and manpower resources to the Nolan Gold and
Antimony Project .

If additional exploration results in defining other
commercially viable mineral deposits, they are likely to be gold or antimony
lode deposits, or placer gold deposits Currently the Company is focusing on the
continued exploration and future development of the Nolan Gold and Antimony
Project in northern Alaska. There is no assurance that further exploration will
result in a final evaluation that a commercially viable mineral deposit exists
on Silverados mineral properties, excluding the Nolan Property.

LOW-RANK COAL WATER FUEL PROJECT

The Company commenced development of a low-rank coal-water fuel
business in 2000. The determination to enter into this business was based on a
decision to broaden our business beyond mineral exploration and production. This
aspect of this business is still in the start-up phase of operations and no
revenues have been achieved to date. The Company does not anticipate that
revenues from this technology will be achieved until commercialization of the
technology has been established.

The Company is currently having a $150,000 study conducted on
the chemical and physical characteristics of Mississippi Red Hills Lignite Coal
at the Mineral Industry Research Laboratory at the University of Alaska
(Fairbanks) and expects results by late 2009. Results of the tests as well as
capital availability and an increase in oil prices would all have to be present
and sufficient for the Company to reconsider construction of the LRCWF project.

LIQUIDITY AND CAPITAL RESOURCES

As of February 28, 2009, the Company had a deficit working
capital of $1,084,000 as compared to a deficit working capital of $1,294,000.
The Companys total assets were $3,748,790 and the total current assets were
$1,001,124. Current assets consist of $21,461 in cash and gold
inventory and $979,663 in prepaid and other receivables. Included in prepaid and
other receivables was non-cash prepaid consulting fees of $912,073 paid through
the Companys common stock issuances. The Company had cash and cash equivalents
of $15,145 as of February 28, 2009 as compared to cash and cash equivalents of
$50,991 as of November 30, 2008. The majority of the Companys assets are
long-term or non-cash in nature, thus affording the Company less liquidity. The
Company has not yet generated revenues since recommencement of the exploration
stage.

The Companys cash inflow has been generated mainly from
private placements of the Companys common stock, gold sale proceeds earned
during the exploration stage, debentures and related party loans. Management
continually reviews its overall capital and funding needs. These reviews take
into account current business needs as well as the Companys future capital
requirements.

During the first quarter of 2009, the Company raised $147,000
through completed private placements and received $135,000 through an
uncompleted private placement. Our plan of mining operations in Alaska
contemplates that we will need to raise $10,000,000 during fiscal year 2009. In
addition, we intend to raise and spend $100,000 on research and development for
the Green Fuel project and approximately $1,800,000 for the remaining nine-month
period on general and administrative costs in the Companys Vancouver head
office.

27

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The Company intends to pursue raising capital primarily from
sales of its stock and from debt financing. The ability of the Company to
complete the exploration and development of its mineral properties and the
research and development of its LRCWF project is entirely dependent on the
Companys ability to obtain the necessary financing from sales of its stock and
debt financing. Our management will endeavor to raise the additional capital
required during the second, third and fourth quarters of Fiscal 2009 to cover
the anticipated expenditures of approximately $13,000,000. However, there is no
assurance that we will be able to raise the financing necessary for the
implementation of our business plan.

RESULTS OF OPERATIONS  Three Months Ended February 28,
2009 Compared to Three MonthsEnded February 29,
2008

The Company has not yet generated revenues since recommencement
of the exploration stage. For the three months ended February 28, 2009, we
reported a net loss of $1,610,213, or $0.002 per share, compared to a net loss
of $2,183,543, or $0.003 per share for the three months ended February 29, 2008.
The major increases included in the net loss for the current quarter, as
compared to the same period in 2008, are increases of $334,397 of consulting
fees and $61,830 of legal and other professional fees. The increases are mainly
due to the increased consulting, geology and legal needs of the Company.
$741,711 of non-cash consulting fees and other expenses were included in the net
loss for Q1 2009, which were paid through the Companys common stock issuances.

For the three months ended February 28, 2009, the Companys
exploration expenses decreased $561,000 as compared to the same period in 2008.
Currently the Company is in a transitional phase between exploration and
development at its Nolan gold and antimony property. Our ability to complete the
transition is dependent, in large part, upon our raising additional equity and
debt financing.

OFF-BALANCE SHEET ARRANGEMENTS

We have not entered into any off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues, or expenses,
results of operations, liquidity, capital expenditures, or capital resources and
would be considered material to investors.

CRITICAL ACCOUNTING POLICIES

Our critical accounting policies (the policies we believe are
most important to the presentation of our financial statements and require the
most difficult, subjective and complex judgments) are outlined in our notes to
the financial statements above.

|ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES
      ABOUT MARKET RISK
|------- | ----------------------------------------------------------------

As a smaller reporting company, Silverado is not required to
provide the information required by this Item.

|ITEM 4. | CONTROLS AND PROCEDURES
|------- | -----------------------

As required by Rule 13a-15 under the Securities Exchange Act of
1934 (the Exchange Act), we carried out an evaluation of the effectiveness of
the design and operation of our disclosure controls and procedures and our
internal control over financial reporting as of February 28, 2009. This
evaluation was carried out under the supervision and with the participation of
our Chief Executive Officer and Chief Financial Officer, Garry L. Anselmo. Based
upon that evaluation, our Chief Executive Officer and Chief Financial Officer
concluded that our disclosure controls and procedures and our internal control
over financial reporting are effective to ensure,

28

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among other things, that the information required to be
disclosed by us in the reports that we file or submit under the Exchange Act is
accumulated, recorded, processed, communicated, and reported within the time
periods specified by the rules and forms of the Securities and Exchange
Commission.

The term internal control over financial reporting is defined
as a process designed by, or under the supervision of, our principal executive
and principal financial officers, or persons performing similar functions, and
effected by our board of directors, management and other personnel, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles and includes those policies and
procedures that:

| | a) | Pertain to the maintenance of records that in reasonable
      detail accurately and fairly reflect our transactions and dispositions of
      assets;                                                                                                                                                                                   
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                          
| | b) | Provide reasonable assurance that transactions are
      recorded as necessary to permit preparation of financial statements in
      accordance with generally accepted accounting principles, and that
      receipts and expenditures are being made only in accordance with
      authorizations of our management and directors; and
| |    |                                                                                                                                                                                                                                                                                                                                          
| | c) | Provide reasonable assurance regarding prevention or
      timely detection of unauthorized acquisition, use or disposition of our
      assets that could have a material effect on our financial
    statements.                                                                                                                       

During the three months ended February 28, 2009, there were no
changes that had a material effect on, or are reasonably likely to affect, our
internal control over financial reporting.

29

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PART II

OTHER INFORMATION

|ITEM 1. | LEGAL PROCEEDINGS
|------- | -----------------

The Company is not a party to any pending legal proceeding, nor
is the Companys property the subject of any pending legal proceeding. The
Company also is not aware of any proceeding that a governmental authority is
contemplating.

|ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND
      USE OF PROCEEDS
|------- | -----------------------------------------------------------------

On February 19, 2009, the Company entered into Regulation D
Subscription Agreements pursuant to which it sold and issued an aggregate of
19,250,000 shares of its restricted common stock to seven accredited investors
for the aggregate purchase price of US $77,000.

The Company completed the foregoing transactions in reliance
upon the exemption from registration provided by Regulation D of the Act and the
rules thereunder insofar as: (i) each of the investors was accredited within the
meaning of Rule 501(a); (ii) the securities sold and issued were restricted by
the Company in accordance with Rule 502(d); (iii) there were no more than 35
non-accredited investors in all of the transactions completed by the Company
under Rule 506 within the six months preceding or following any of the
transactions; (iv) the Company satisfied the information requirements set forth
in Rule 502(b); and (v) none of the offers and sales were effected through any
general solicitation or general advertising within the meaning of Rule
502(c).

|ITEM 3. | DEFAULTS UPON SENIOR SECURITIES
|------- | -------------------------------

The Company is not currently in material default of
indebtedness that exceeds 5% of its total assets.

|ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY
      HOLDERS
|------- | ---------------------------------------------------------

The Company held its Annual Meeting of Stockholders (the
Meeting) on December 9, 2008, in North Vancouver, British Columbia. At the
Meeting, the following matters were voted upon and approved:

(1) The re-election of Garry L. Anselmo, James F. Dixon, and
Stuart C. McCulloch as members of the Companys Board of Directors, to serve
until the next annual meeting or until their respective successors are elected
and qualified. With respect to Mr. Anselmo, 586,422,934 votes were cast in
favor, 60,429,559 votes were cast against or withheld, and there were 1
abstentions and broker non-votes. With respect to Mr. Dixon, 587,004,028 votes
were cast in favor, 59,848,411 votes were cast against or withheld, and there
were 55 abstentions and broker non-votes. With respect to Mr. McCulloch,
585,734,507 votes were cast in favor, 61,117,986 votes were cast against or
withheld, and there were 1 abstentions and broker non-votes.

(2) The appointment of Berkovits & Company, LLP to serve as
auditors of the Company until its next annual meeting, and the authorization of
the Companys Board of Directors to fix the remuneration of Berkovits &
Company, LLP therefor. The proposal received 592,976,985 votes cast in favor,
53,875,508 votes cast against or withheld, and there were 1 abstentions and
broker non-votes.

30

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|ITEM 5. | OTHER INFORMATION
|------- | -----------------

None.

|ITEM 6. | EXHIBITS
|------- | --------

|Number | Description of Exhibit                                                                                                                                                                              
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3.1    | Articles of Incorporation
        of the Company (1)                                                                                                                                                
|3.2    | Amendment to Articles of Incorporation
        of the Company (2)                                                                                                                                   
|3.3    | Altered Memorandum
        of the Company (3)                                                                                                                                                       
|3.4    | Amendment to Articles of Incorporation
        of the Company (7)                                                                                                                                   
|4.1    | Share certificate
        representing common shares of the capital of the Company (1)                                                                                                              
|10.1   | Agreement for Conditional Purchase
        and Sale of Mining Property between the Company and Roger C. Burggraf
        dated October 6, 1978  Grant Mine Property (1)                            
|10.2   | Agreement for
        Conditional Purchase and Sale of Mining Property between the Company and
        Paul Barelka, Donald May and Mark Thoennes dated May 12, 1979  St.
        Paul Property (1)
|10.3   | Lease of Mining Claims with Option
        to Purchase between the Company and Alaska Mining Company, Inc. dated
        February 3, 1995  Hammond Property (4)                                    
|10.4   | Change of Control
        Agreement between the Company and Garry L. Anselmo dated May, 1995(6)                                                                                                     
|10.5   | Change of Control Agreement between
        the Company and James Dixon dated May, 1995 (6)                                                                                                         
|10.6   | Amendment to
        Change of Control Agreement between the Company and Garry L. Anselmo (6)                                                                                                       
|10.7   | Operating Agreement between the
        Company and Tri-Con Mining Ltd. Dated January 1, 1997 (5)                                                                                                   
|10.8   | Operating Agreement
        between the Company and Tri-Con Mining Inc. dated January 1, 1997 (6)                                                                                                   
|10.9   | Operating Agreement between the
        Company and Tri-Con Mining Alaska Inc. dated January 1, 1997 (6)                                                                                            
|10.10  | Contract between
        the Company and Dr. Warrack Willson dated March 19, 2001 (6)                                                                                                               
|10.11  | Equipment Lease Agreement between
        the Company and Airport Equipment Rentals Inc. dated October 11, 2002
        (6)                                                                         
|10.12  | Form of Warrant
        Exercise Agreement between the Company and certain of the selling security
        holders (8)                                                                              
|10.13  | Form of Delay Agreement between
        the Company and certain of the Selling Shareholders (8)                                                                                                     
|10.14  | 2006 Stock Option
        Plan (10)                                                                                                                                                                 
|10.15  | 2006-II Stock Option Plan (11)                                                                                                                                                                      
|10.16  | 2007 Stock Option
        Plan (12)                                                                                                                                                                 
|10.17  | Shared Well Agreement between
        the Company and Sukakpak, Inc., dated May 17, 2007 (14)                                                                                                       
|10.18  | 2007-1 Equity
        Compensation Plan (13)                                                                                                                                                        
|10.19  | Lease Agreement between the Company
        and TA Properties (Canada) Ltd., dated March 30, 2007 (15)                                                                                              
|10.20  | Indemnity Agreements
        between the Company and Garry L. Anselmo, Stuart C. McCulloch, and James
        F. Dixon, each dated October 27, 2008 (16)                                            
|10.21  | 2009 Equity Compensation Plan
        (17)                                                                                                                                                          
|14.1   | Code of Ethics
        (9)                                                                                                                                                                          
|31.1 * | Certification
        of Principal Executive Officer pursuant to Section 302 of the Sarbanes-
        Oxley Act of 2002                                                                             
|31.2 * | Certification
        of Principal Financial Officer pursuant to Section 302 of the Sarbanes-
        Oxley Act of 2002                                                                             
|32.1 * | Certification
        of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as
        adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                               
|32.2 * | Certification
        of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as
        adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                               

|(1) | Filed as an exhibit to the Companys Registration
      Statement on Form 10 filed initially on May 11, 1984, as
amended.
|--- | -------------------------------------------------------------------------------------------------------------------------
|(2) | Filed as an exhibit to the Companys Quarterly Report on
      Form 10-Q filed on July 15, 1997.                         
|(3) | Filed as an exhibit to the Companys Current Report on
      Form 8-K filed on September 11, 2002.                       
|(4) | Filed as an exhibit to the Companys Annual Report on
      Form 10-K for the fiscal year ended November 30, 1995.       
|(5) | Filed as an exhibit to the Companys Annual Report on
      Form 10-K for the fiscal year ended November 30, 1996.       
|(6) | Filed as an exhibit to the Companys Annual Report on
      Form 10-KSB for the fiscal year ended November 30,
2002.     

31

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|(7)  | Filed as an exhibit to the Companys Current Report on
      Form 8-K filed on June 13, 2003.                       
|---- | --------------------------------------------------------------------------------------------------------------------
|(8)  | Filed as an exhibit to the Companys Registration
      Statement on Form SB-2 filed on May 19, 2004.               
|(9)  | Filed as an exhibit to the Companys Quarterly Report on
      Form 10-QSB filed on July 15, 2004.                  
|(10) | Filed as an exhibit to the Companys Registration
      Statement on Form S-8 filed on April 11, 2006.              
|(11) | Filed as an exhibit to the Companys Registration
      Statement on Form S-8 filed on March 31, 2006.              
|(12) | Filed as an exhibit to the Companys Registration
      Statement on Form S-8 filed on February 20, 2007.           
|(13) | Filed as an exhibit to the Companys Registration
      Statement on Form S-8 filed on September 7, 2007.           
|(14) | Filed as an exhibit to the Companys Annual Report on
      Form 10-KSB for the fiscal year ended November 30, 2007.
|(15) | Filed as an exhibit to the Companys Quarterly Report on
      Form 10-QSB filed on July 15, 2008.                  
|(16) | Filed as exhibits to the Companys Current Report on Form
      8-K filed on October 29, 2008.                      
|(17) | Filed as an exhibit to the Companys Registration
      Statement on Form S-8 filed on January 29, 2009.            
|*    | Filed herewith.                                                                                                     

32

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SIGNATURES

In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

|                         | SILVERADO GOLD MINES LTD.                      
|------------------------ | -----------------------------------------------
|                         |                                                
|                         |                                                
|**DATE: April 13, 2009** | /s/ Garry L. Anselmo                           
|                         | Garry L. Anselmo                               
|                         | President, Chief Executive Officer (Principal  
|                         | Executive Officer), and Chief Financial Officer
|                         | (Principal Financial and Accounting Officer)   

33

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