---

**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**Washington, D.C. 20549

FORM 10-QSB

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

For the quarterly period ended: May 31, 2007

OR

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

For the transition period from ___ to ____

Commission File Number 0-12132

SILVERADO GOLD MINES
LTD.(NAME OF SMALL BUSINESS ISSUER 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 505,                                 |                                     
|Vancouver, British Columbia, Canada                                  | V6E 4M3                             
|(Address of principal executive offices)                             | (Zip Code)                          

Issuer's telephone number: (604) 689-1535

Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 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 [   ]

Check whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [   ] No [X]

Number of shares outstanding as of July 12, 2007: 716,248,757
common shares.

Transitional Small Business Disclosure Format: Yes [  
] No [X]

1

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PART I FINANCIAL INFORMATION

ITEM
1.                    
FINANCIAL STATEMENTS

SILVERADO GOLD MINES LTD.(An Exploration Stage
Company) CONSOLIDATED BALANCE SHEETS (Stated in United States
Dollars)

|                                                    |   | May 31,     |   |   | November 30, |  
|--------------------------------------------------- | - | ----------- | - | - | ------------ | -
|                                                    |   | 2007        |   |   | 2006         |  
|                                                    |   | (unaudited) |   |   |              |  
|                                                    |   |             |   |   |              |  
|ASSETS                                              |  
|Current                                             |   |             |   |   |              |  
|Cash and cash equivalents                           | $ | 2,263,144   |   | $ | 3,509,418    |  
|Gold inventory                                      |   | 356,215     |   |   | 511,629      |  
|Other receivables                                   |   | 21,955      |   |   | 9,972        |  
|                                                    |   | 2,641,314   |   |   | 4,031,019    |  
|Property, plant and equipment                       |   | 1,831,171   |   |   | 1,053,533    |  
|                                                    | $ | 4,472,485   |   | $ | 5,084,552    |  
|                                                    |   |             |   |   |              |  
|                                                    |   |             |   |   |              |  
|LIABILITIES                                         |  
|Current                                             |   |             |   |   |              |  
|Accounts payable and accrued
      liabilities      | $ | 283,193     |   | $ | 332,229      |  
|Mineral claims royalty payable                      |   | 460,000     |   |   | 380,000      |  
|Payable to related party                            |   | 406,223     |   |   | 359,834      |  
|Convertible debentures                              |   | 140,000     |   |   | 140,000      |  
|Capital lease obligation,
      current portion     |   | 206,942     |   |   | 129,286      |  
|                                                    |   | 1,496,358   |   |   | 1,341,349    |  
|Asset retirement obligation                         |   | 534,085     |   |   | 521,058      |  
|Capital lease obligations                           |   | -           |   |   | 247,129      |  
|                                                    |   | 2,030,443   |   |   | 2,109,536    |  
|                                                    |   |             |   |   |              |  
|SHAREHOLDERS'
      EQUITY                          |  
|Common stock                                        |   |             |   |   |              |  
|Authorized:                                         |   |             |   |   |              |  
|unlimited common shares
      with no par value     |   |             |   |   |              |  
|Issued and outstanding:                             |   |             |   |   |              |  
|715,673,757 common shares
      (2006: 630,785,052) |   | 86,964,032  |   |   | 82,538,598   |  
|Additional paid-in capital                          |   | 1,200,408   |   |   | 466,314      |  
|Subscriptions received                              |   | -           |   |   | 273,600      |  
|Accumulated deficit during exploration
      stage  |   | (85,722,398 | ) |   | (80,303,496  | )
|                                                    |   | 2,442,042   |   |   | 2,975,016    |  
|                                                    | $ | 4,472,485   |   | $ | 5,084,552    |  

See accompanying notes to financial statement

2

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SILVERADOGOLDMINESLTD.(An
Exploration Stage Company) CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER
COMPREHENSIVE INCOME for the three and six months ended May 31, 2007 and
2006 (Stated in United States Dollars)

Period SinceRecommencement ofThree
        months ended May 31
      
      
      Six
        months ended May 31
      
      
      Exploration Stage2007
      
      
      2006
      
      
      2007
      
      
      2006
      
      
      December 1, 2001(Unaudited)
      
      
      (Unaudited)
      
      
      (Unaudited)
      
      
      (Unaudited)
      
      
      to
        May 31, 2007General and administrative expensesAccounting and audit
      $
      41,904
      
      $
      56,943
      
      $
      54,135
      
      $
      71,766
      
      $
      337,772Advertising and promotion
      
      446,080
      
      
      53,422
      
      
      550,767
      
      
      182,702
      
      
      2,355,366Consulting fees
      
      351,774
      
      
      560,777
      
      
      662,164
      
      
      612,777
      
      
      6,268,454Depreciation, amortization,
        accretion and impairment
      
      31,278
      
      
      55,168
      
      
      93,228
      
      
      109,661
      
      
      2,063,475Exploration expenses
      
      1,146,448
      
      
      476,519
      
      
      2,227,634
      
      
      1,332,465
      
      
      14,107,314Financing activities
      
      
      
      
      
      
      
      
      
      
      
      
      
      252,003Interest on capital lease obligations
      
      4,952
      
      
      11,113
      
      
      11,487
      
      
      24,005
      
      
      312,263Interest on convertible debentures
      
      2,800
      
      
      2,342
      
      
      5,600
      
      
      5,600
      
      
      690,207Legal
      
      64,284
      
      
      153,417
      
      
      106,045
      
      
      185,462
      
      
      641,702Management services
      
      317,960
      
      
      242,608
      
      
      627,803
      
      
      482,770
      
      
      3,578,657Office
      
      102,680
      
      
      258,469
      
      
      414,694
      
      
      484,099
      
      
      3,143,010Other interest and bank charges
      
      3,489
      
      
      2,943
      
      
      6,584
      
      
      5,583
      
      
      43,066Reporting and investor relations
      
      74,254
      
      
      31,015
      
      
      125,863
      
      
      68,482
      
      
      437,649Research
      
      11,813
      
      
      37,649
      
      
      58,388
      
      
      65,917
      
      
      793,765Stock-based compensation
      
      
      
      
      
      
      
      734,094
      
      
      
      
      
      734,094Transfer agent fees and mailing
      
      17,953
      
      
      9,365
      
      
      27,864
      
      
      19,601
      
      
      179,901Write-down of property, plant and equipment
      
      
      
      
      
      
      
      
      
      
      
      
      
      285,875Write-off of mineral claim
        expenditures
      
      
      
      
      
      
      
      
      
      
      
      
      
      1,159,5292,617,669
      
      
      1,951,750
      
      
      5,706,350
      
      
      3,650,890
      
      
      37,384,102Loss from operations
      
      (2,617,669
      )
      
      (1,951,750
      )
      
      (5,706,350
      )
      
      (3,650,890
      )
      
      (37,384,102
      )Interest and other income
      
      26,485
      
      
      10,149
      
      
      48,643
      
      
      16,574
      
      
      286,622Cumulative effect of accounting change
      
      
      
      
      
      
      
      
      
      
      
      
      
      (153,226
      )Other comprehensive incomeGain (loss) on foreign exchange
      
      271,025
      
      
      52,157
      
      
      238,805
      
      
      74,614
      
      
      377,000Comprehensive loss for the period
      $
      (2,320,159
      )
      $
      (1,889,444
      )
      $
      (5,418,902
      )
      $
      (3,559,702
      )
      $
      (36,873,706
      )Net loss per share
      $
      (0.003423
      )
      $
      (0.003606
      )
      $
      (0.008249
      )
      $
      (0.007583
      )Basic and diluted weighted average number of commonshares outstanding
      
      677,808,737
      
      
      524,032,265
      
      
      656,904,280
      
      
      469,403,291


See accompanying notes to financial statements

3

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SILVERADO GOLD MINES LTD.(An Exploration
Stage Company) CONSOLIDATED STATEMENTS OF CASH FLOWS for the six months
ended May 31, 2007 and 2006 (Stated in United States Dollars)

|                                                                      |   |                  |   |   |                  |   |   | Period Since         |  
|--------------------------------------------------------------------- | - | ---------------- | - | - | ---------------- | - | - | -------------------- | -
|                                                                      |   |                  |   |   |                  |   |   | Recommencement       |  
|                                                                      |   | Six Months Ended |   |   | Six Months Ended |   |   | of Exploration Stage |  
|                                                                      |   | May 31, 2007     |   |   | May 31, 2006     |   |   | December 1, 2001 to  |  
|                                                                      |   | (unaudited)      |   |   | (unaudited)      |   |   | May
      31, 2007   |  
|                                                                      |   |                  |   |   |                  |   |   |                      |  
|CASH PROVIDED BY (USED FOR):                                          |   |                  |   |   |                  |   |   |                      |  
|                                                                      |   |                  |   |   |                  |   |   |                      |  
|Operating activities:                                                 |   |                  |   |   |                  |   |   |                      |  
|Loss for the period                                                   | $ | (5,418,902       | ) | $ | (3,559,702       | ) | $ | (36,873,706          | )
|Adjustments to
      reconcile loss to net cash used in operating     |   |                  |   |   |                  |   |   |                      |  
|activities:                                                           |   |                  |   |   |                  |   |   |                      |  
|Common stock issued, non-cash expenses                                |   | 432,708          |   |   | 559,000          |   |   | 4,703,548            |  
|Cumulative
      effect of accounting change                          |   |                 |   |   |                 |   |   | 153,226              |  
|Depreciation, amortization, accretion and impairment                  |   | 93,228           |   |   | 109,661          |   |   | 2,063,475            |  
|Interest
      accrued                                                |   |                 |   |   |                 |   |   | 486,370              |  
|Non-cash financing expense                                            |   |                 |   |   |                 |   |   | 252,003              |  
|Stock-based
      compensation                                        |   | 734,094          |   |   |                 |   |   | 734,094              |  
|Write-down of property, plant and equipment                           |   |                 |   |   |                 |   |   | 285,875              |  
|Write-off
      of mineral claim expenditures                         |   |                 |   |   |                 |   |   | 1,159,529            |  
|Changes in non-cash
      operating working capital:                  |   |                  |   |   |                  |   |   |                      |  
|Decrease
      (increase) in gold inventory                           |   | 155,414          |   |   | (7,149           | ) |   | (345,075             | )
|Increase in other receivables                                         |   | (11,983          | ) |   | (10,028          | ) |   | (19,080              | )
|Increase
      (decrease) in accounts payable and accrued liabilities |   | (36,009          | ) |   | 7,914            |   |   | (318,566             | )
|Increase (decrease) in mineral claims royalty payable                 |   | 80,000           |   |   | (50,000          | ) |   | 143,500              |  
|Increase in
      share subscriptions issued                          |   |                 |   |   | 712,500          |   |   | (282,557             | )
|                                                                      |   | (3,971,450       | ) |   | (2,237,804       | ) |   | (27,857,364          | )
|                                                                      |   |                  |   |   |                  |   |   |                      |  
|Investing activities:                                                 |   |                  |   |   |                  |   |   |                      |  
|Purchase of property, plant and
      equipment                       |   | (870,866         | ) |   | (3,668           | ) |   | (2,255,175           | )
|Disposal of property,
      plant and equipment                       |   |                 |   |   |                 |   |   | 207,289              |  
|                                                                      |   | (870,866         | ) |   | (3,668           | ) |   | (2,047,886           | )
|                                                                      |   |                  |   |   |                  |   |   |                      |  
|Financing activities:                                                 |   |                  |   |   |                  |   |   |                      |  
|Advances from related
      party                                     |   | 46,389           |   |   | 72,068           |   |   | 114,911              |  
|Repayment of loans payable                                            |   |                 |   |   |                 |   |   | (35,729              | )
|Repayment of capital
      lease obligation                           |   | (169,473         | ) |   | (181,955         | ) |   | (924,665             | )
|Repayment of convertible debentures                                   |   |                 |   |   | (37,041          | ) |   | (74,999              | )
|Common stock issued for
      debentures                              |   |                 |   |   |                 |   |   | 217,687              |  
|Common stock issued for cash (net of
      share issue costs)         |   | 3,719,126        |   |   | 8,046,310        |   |   | 32,571,539           |  
|                                                                      |   | 3,596,042        |   |   | 7,899,382        |   |   | 31,868,744           |  
|                                                                      |   |                  |   |   |                  |   |   |                      |  
|Increase (decrease) in cash                                           |   | (1,246,274       | ) |   | 5,657,910        |   |   | 1,963,494            |  
|                                                                      |   |                  |   |   |                  |   |   |                      |  
|Cash at beginning of the period                                       |   | 3,509,418        |   |   | 408,589          |   |   | 17,093               |  
|                                                                      |   |                  |   |   |                  |   |   |                      |  
|Cash at end of the period                                             | $ | 2,263,144        |   | $ | 6,066,499        |   | $ | 1,980,587            |  
|Supplemental cash flow information                                    |   |                  |   |   |                  |   |   |                      |  
|Non-cash financing activity                                           |   |                  |   |   |                  |   |   |                      |  
|Issuance of shares for non-cash
      expenses                        | $ | 432,706          |   | $ | 559,000          |   |   |                      |  

See accompanying notes to financial statements

4

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SILVERADO GOLD MINES LTD.(An Exploration
Stage Company) Notes to Consolidated Financial Statements (Unaudited)
(Stated in United States Dollars)

|1. | Basis of Presentation:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The unaudited 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). These statements have been prepared in
      accordance with United States generally accepted accounting principles for
      interim financial information.                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The unaudited 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,
      results of operations and cash flows as at May 31, 2007, and for all
      periods presented, have been included. Readers of these financial
      statements should note that interim results for the six-month periods
      ended May 31, 2007, and May 31, 2006, are not necessarily indicative of
      the results that can be expected for the fiscal year as a whole.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | These 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, 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|2. | Related Party Transactions:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Silverado has related party transactions with Tri-Con
      Mining Ltd., Tri-Con Mining Inc., Tri-Con Mining Alaska Inc. (collectively
      Tri-Con), all of which are controlled by a director of
  Silverado.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The Tri-Con Group provides operations, exploration and
      development contractors and has been employed by the Company under
      contract since 1972 to carry out all the Companys fieldwork and to
      provide administrative and management services. The current contract dated
      January 1, 1997 specifies work is charged at cost plus 25% for exploration
      and cost plus 15% for development and mining services. Cost includes out
      of pocket or actual cost plus 15% charge for office overhead including
      stand by and contingencies. There is no mark up on capital
    purchases.                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | At May 31, 2007, Silverado owes $406,223 to Tri-Con for
      exploration and administration services performed on behalf of Silverado.
      Tri-Cons services for the current fiscal year are focusing mainly on
      Silverados Low-Rank Coal- Water Fuel program, as well as corporate
      planning and preparation for year-round operations on the Nolan property
      and administration services at both field and corporate offices.                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The aggregate amounts owed to Tri-Con each period
      include: services rendered for the six months ended by Tri-Con personnel
      working on Silverado projects such as the Nolan Gold Project;
      disbursements incurred; and, interest on the outstanding balance at
      Tri-Cons cost of borrowing for the following
categories:                                                                                                                                                                                                                                                                                                                                                                                                              

| |                                        |   | Six
      Months Ended |  |   | Six
      Months Ended | 
| | -------------------------------------- | - | ---------------------- |  | - | ---------------------- | 
| |                                        |   | May 31, 2007           |  |   | May 31, 2006           | 
| |                                        |   | (unaudited)            |  |   | (unaudited)            | 
| |                                        |   |                        |  |   |                        | 
| | Exploration services                   | $ | 2,179,484              |  | $ | 1,230,955              | 
| | Administrative and management services |   | 627,803                |  |   | 511,880                | 
| | Research                               |   | 58,388                 |  |   | 65,917                 | 
| |                                        | $ | 2,865,675              |  | $ | 1,808,752              | 

5

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**SILVERADO GOLD MINES LTD.**(An Exploration
Stage Company) Notes to Consolidated Financial Statements (Unaudited)
(Stated in United States Dollars)

|3. | 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.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|4. | Property, Plant and Equipment:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | Property, plant and equipment are stated at cost.
      Depreciation and amortization is provided on a straight line basis as
      follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

Building, plant and equipment
    3 to 20 yearsMining equipment under capital lease
    10 yearsAuto and trucks
    5 yearsComputer equipment
    3 yearsLeaseholds improvements
    Length of lease(s)


Property, plant and equipment primarily
  include mining equipment and camp facilities at the Nolan Gold Project.

Assets currently in construction are
  segregated and will be reclassified as depreciable assets as soon as they are
  put into use.

| |                                                                        |   | May 31, 2007 |   |   | November 30, 2006 |  
| | ---------------------------------------------------------------------- | - | ------------ | - | - | ----------------- | -
| | Depreciable assets, in use                                             |   |              |   |   |                   |  
| | Nolan buildings                                                        | $ | 63,000       |   | $ | 63,000            |  
| | Nolan mining
      equipment                                           |   | 1,061,592    |   |   | 869,630           |  
| | Nolan mining equipment under
      capital lease                       |   | 819,842      |   |   | 819,842           |  
| | Other equipment                                                        |   | 472,047      |   |   | 447,047           |  
| |                                                                        |   | 2,416,481    |   |   | 2,199,519         |  
| | Assets in construction                                                 |   |              |   |   |                   |  
| | Equipment and facilities,
      deposits and construction in progress  |   | 210,817      |   |   |                  |  
| | Leaseholds
      improvements, in progress                             |   | 443,087      |   |   |                  |  
| |                                                                        |   | 653,904      |   |   |                  |  
| |                                                                        |   | 3,070,385    |   |   | 2,199,519         |  
| | Accumulated depreciation, amortization, accretion and
      impairment |   | (1,239,214   | ) |   | (1,145,986        | )
| |                                                                        | $ | 1,831,171    |   | $ | 1,053,533         |  

6

---

**SILVERADO GOLD MINES LTD.**(An Exploration
Stage Company) Notes to Consolidated Financial Statements (Unaudited)
(Stated in United States Dollars)

|5. | 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 $104,027 are in default, however, it is
      unclear whether they will be exchanged for replacement debentures as
      Silverado has been unsuccessful in its extensive attempts to locate the
      holders.                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                               
|6. | Capital Lease Obligation:                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The assets and liabilities under capital leases are
      recorded at the lower of the present value of the minimum lease payments
      or the fair value of the asset. The assets are amortized over their
      estimated productive lives which are estimated to be 10 years.
      Depreciation of assets under capital leases charged to expense during the
      period ended May 31, 2007 was $79,329 (2006: $89,929).
|   |                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The components of the capital lease obligation as of May
      31, 2007 and November 30, 2006 are as follows:                                                                                                                                                                                                                                                                                                                 

| |                             |   | May 31, 2007 |   |   | November 30, 2006 |  
| | --------------------------- | - | ------------ | - | - | ----------------- | -
| |                             |   |              |   |   |                   |  
| | Total future lease payments | $ | 212,167      |   | $ | 419,602           |  
| | Less: interest              |   | (5,225       | ) |   | (43,187           | )
| |                             |   | 206,942      |   |   | 376,415           |  
| | Less: current portion       |   | (206,942     | ) |   | (129,286          | )
| | Long-term portion           | $ |             |   | $ | 247,129           |  

7

---

**SILVERADO GOLD MINES LTD.**(An Exploration
Stage Company) Notes to Consolidated Financial Statements (Unaudited)
(Stated in United States Dollars)

|7. | Common Shares:                                                                                     
|-- | ---------------------------------------------------------------------------------------------------
|   |                                                                                                    
|   | During the period ended May 31, 2007 the Company had the
      following common share transactions:

| |                                        |  | Description           |  |                    |  |            |  |                  
| | -------------------------------------- |  | --------------------- |  | ------------------ |  | ---------- |  | -----------------
| | Activity                               |  | Date                  |  | Private Placements |  | Consulting |  | Options Exercised
| |                                        |  |                       |  |                    |  |            |  |                  
| | Balance, November 31, 2006             |  |                       |  |                    |  |            |  |                  
| | Shares issued                          |  | December 12, 2006     |  |                    |  |            |  | 500,000          
| | Shares issued                          |  | December 15, 2006     |  |                    |  | 200,000    |  |                  
| | Shares issued                          |  | January 2, 2007       |  |                    |  | 375,000    |  |                  
| | Shares issued                          |  | January 11, 2007      |  |                    |  | 3,800,000  |  |                  
| | Shares issued                          |  | January 15, 2007      |  |                    |  | 200,000    |  |                  
| | Shares issued                          |  | January 18, 2007      |  |                    |  |            |  |                  
| | Shares issued                          |  | February 15, 2007     |  |                    |  | 200,000    |  |                  
| | Shares issued                          |  | February 23, 2007     |  |                    |  |            |  |                  
| | 3 month period ended February 28, 2007 |  |                      |  | 4,775,000          |  | 500,000    |  | 14,000,000       
| | Shares issued                          |  | March 6, 2007         |  |                    |  |            |  |                  
| | Shares issued                          |  | March 9, 2007         |  |                    |  |            |  |                  
| | Shares issued                          |  | March 15, 2007        |  |                    |  | 200,000    |  |                  
| | Shares issued                          |  | March 16, 2007        |  |                    |  |            |  |                  
| | Shares issued                          |  | March 19, 2007        |  |                    |  |            |  |                  
| | Shares issued                          |  | March 22, 2007        |  |                    |  |            |  |                  
| | Shares issued                          |  | March 30, 2007        |  |                    |  | 1,170,067  |  |                  
| | Shares issued                          |  | April 1, 2007         |  |                    |  | 375,000    |  |                  
| | Shares issued                          |  | April 4, 2007         |  |                    |  |            |  | 2,000,000        
| | Shares issued                          |  | April 5, 2007         |  |                    |  |            |  | 2,000,000        
| | Shares issued                          |  | April 10, 2007        |  |                    |  |            |  | 300,000          
| | Shares issued                          |  | April 12, 2007        |  |                    |  |            |  | 1,000,000        
| | Shares issued                          |  | April 16, 2007        |  |                    |  | 200,000    |  |                  
| | Shares issued                          |  | April 19, 2007        |  |                    |  |            |  | 200,000          
| | Shares issued                          |  | April 20, 2007        |  |                    |  |            |  | 1,000,000        
| | Shares issued                          |  | April 27, 2007        |  |                    |  |            |  | 2,000,000        
| | Shares issued                          |  | May 9, 2007           |  |                    |  |            |  | 1,280,000        
| | Shares issued                          |  | May 11, 2007          |  |                    |  | 634,251    |  |                  
| | Shares issued                          |  | May 15, 2007          |  |                    |  | 200,000    |  |                  
| | Shares issued                          |  | May 17, 2007          |  |                    |  |            |  |                  
| | Shares issued                          |  | May 22, 2007          |  |                    |  |            |  |                  
| | Share issue costs                      |  | May 31, 2007          |  |                    |  |            |  |                  
| | 6 month period ended May 31, 2007      |  |                      |  | 7,554,318          |  | 10,280,000 |  | 67,054,387       
| |                                        |  | Balance, May 31, 2007 |  |                    |  |            |  |                  

8

---

**SILVERADO GOLD MINES LTD.**(An Exploration Stage Company) 
  Notes to Consolidated Financial Statements 
  (Unaudited) 
  (Stated in United States Dollars)

|8. | Subsequent Events:                                                                                                                                            
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                               
|   | On June 18, 2007, the Company issued an aggregate of
      200,000 common shares at $0.10 per share totaling $20,000 pursuant to a
      consulting agreement.
|   |                                                                                                                                                               
|   | On July 11, 2007, the Company issued an aggregate of
      375,000 common shares at $0.09 per share totaling $33,750 pursuant to a
      consulting agreement.

10

---

ITEM
2.                    
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

FORWARD-LOOKING STATEMENTS

The information in this Quarterly Report on Form 10-QSB
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

|I. | MINING                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   | Silverado Gold Mines Ltd. and its wholly-owned
        subsidiaries Silverado Gold Mines Inc. and Silverado Green Fuel Inc. (collectively
        referred to herein interchangeably as the Company and Silverado)
        is engaged in the acquisition and exploration of mineral properties in
        the State of Alaska. Precious metals, primarily gold, is the main interest.
        Silverado has more than 35 years of experience in all aspects of the gold
        mining industry, from grass-roots exploration, to state of the art mining
        and processing technologies, for both lode and placer gold deposits. The
        primary focus is presently on the continued exploration of the Nolan Gold
        Project, located 175 air miles north of Fairbanks, Alaska. These plans
        include exploration for both lode gold deposits and placer gold deposits
        at the Nolan Gold Project. The exploration activities include lode diamond
        drilling and trenching, geochemical and geophysical surveys, placer rotary
        drilling, and placer test mining work carried out as part of Silverados
        exploration programs.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   | Silverado holds interests in four groups of
        mineral properties in Alaska, as described below:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   | 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   | 2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | 3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | 4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

As an exploration stage company, all of
the properties are presently in the exploration stage. Silverado does not have
any commercially viable reserves on any of the properties, and there is no
assurance that commercially viable mineral deposits exist on any of the mineral
properties. Further exploration will be required before a final evaluation of
the feasibility of commercial mining on any of the properties is determined.
There is no assurance that further exploration will result in a final evaluation
that determines a commercially viable mineral deposit exists on any of the
mineral properties.

At the Nolan Placer Gold Mine, the
nature of all deposits encountered to date are small (4,000 to 10,000 bank cubic
yards) but high grade in nature. Silverado mines them, processes the gold
bearing gravels and sells this gold even though the criteria for a proven
reserve has not been met. There are many profitable mines in the U.S. and Canada
today that have no proven reserves.

11

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|**II.** | LOW-RANK COAL WATER FUEL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        | Silverado has been working for six years through its
      Low-Rank Coal-Water Fuel (Green Fuel) division on the development of
      Green Fuel, 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. The
      primary focus of the Company is presently to secure financing to proceed
      with the establishment of a demonstration facility in Mississippi designed
      to document the combustion characteristics of Green Fuel and to obtain
      scale-up parameters for the building of a full scale commercial
      production facility. A successful demonstration project could lead to the
      construction of a commercial production facility to manufacture the
      low-rank coal water fuel as a replacement for oil fired boilers and
      utility generators.

PLAN OF OPERATIONS

Managements plan of operation for the next three months
through the remainder of the fiscal year is discussed below:

I. MINING

1.NOLANGOLDPROPERTY

a. The Nolan Test Mining 
  Swede Channel and Marys East

During the second quarter of this fiscal
  year, exploration and mining utilizing underground retreat mining methods concentrated
  on the removal and stockpiling of the remaining sections of the Swede Channel
  for summer processing. The Swede project, completed by the middle of January
  2007, yielded a stockpile of 8,963 loose cubic yards (LCY) from the remaining
  Swede Channel. Furthermore, in early January 2007, crews installed a portal
  into Marys East to begin an underground drift into the Marys East
  deposit. By late March 2007, this horizontal opening utilizing the same equipment
  used for the Swede Channel, resulted in an additional stockpile of 9,357 LCY
  of gold-bearing gravel. The combined Swede and Marys East stockpiles of
  18,320 LCY will be processed at the existing sluice plant location, which was
  installed in 2006. Sluicing operations during 2007 will be turn key as the necessary
  equipment, pipelines and pond systems remain in place from 2006 operations.

While there is no assurance that either
the Swede Channel or the Marys East test mining projects will recover gold with
a value greater than the costs associated with extraction and processing,
Management expects this years recovered gold value could be greater than the
costs associated with extraction and processing. Gold recovered from the Swede
stockpile in the summer of 2006 is still being sold, and it appears that it
could have a value greater than the costs associated with its extraction and
processing. As for the 2007 stockpile of 18,320 LCY, a stockpile that is more
than double than that of 2006, and whose sampling results predicted good grades,
the expected gold recovery value may exceed costs associated with extraction and
processing because this years costs will be relatively lower than those of 2006
levels, and waste muck is only 20% of 2006 levels.

b. Nolan Lode and Placer Exploration

The Company plans to continue with
exploration at the Nolan Lode and Placer properties within the Nolan Gold
Project. The objective of this geological exploration program is to further
define both lode and placer gold occurrences in order to provide a basis for
future exploration activities and test-mining activities at the Nolan Gold
Project. Silverados lode exploration work is intended to increase Silverados
geological knowledge on the Solomon Shear Trend and other lode gold occurrences
on the properties.

Silverado plans to spend approximately
$900,000 during the next three months on its exploration activities connected
with the Nolan Gold Project. It is anticipated approximately $250,000 will be
spent on gold recovery and related activities, and $650,000 will be spent on
exploration activities, including a placer drilling program and continued
exploration for lode gold occurrences. The placer drilling will be concentrated
along the left limit of Nolan Creek to explore south of the Marys East and
Swede Channel deposits. In-fill drilling will take place within the area between
the Marys East and Swede Channel and the Topnotch Prospect. All of the targets
are well above the elevation of Nolan Creek.

The actual amount that Silverado spends on exploration will
depend on the actual amount of funds that it has available for exploration.
While the costs of exploration and test mining may be offset by recoveries from
gold sales, these recoveries may not exceed the costs of Silverados exploration
programs and test mining activities.

Silverado does not have any commercially viable reserves on any
of its properties that comprise the Nolan Gold Project or any of its other
properties. As Silverado has not established commercially viable reserves on the
Nolan Gold Project, there

12

---

is no assurance that any recoveries of gold from test mining
activities will be sufficient to pay for the full cost of exploration. There is
no assurance that the Silverados test mining activities will result in a final
evaluation that a commercially viable mineral deposit exists on any of the
Companys mineral properties that comprise the Nolan Gold Project.

2.HAMMONDPROPERTY

Annual rentals will be paid to keep the mining claims in good
standing.

This Property will require additional funding from the Company.
If funding is acquired, there is no guarantee that a commercial gold-bearing
placer deposit will be developed. 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 guarantee that the deposit will be profitable to
mine.

3.EAGLECREEKPROPERTY

The Number One Vein on this property was the lode quartz gold
structure that was mined commercially for antimony in the past.

Annual assessment work will be completed 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.

Completing the 2007 work plan will be contingent on available
funding. Even if funding becomes available, there is no assurance that a
commercial gold-silver-antimony deposit will be defined. A commercially viable
economic mineral deposit has not been defined on the property, and there is no
assurance that a commercially viable economic mineral deposit exists on the
property.

4.ESTERDOMEPROPERTY

Reclamation work to complete the closure of the Grant Mill
Tailings Pond is expected to be done during the summer of 2007. 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, but
deferred either as a result of poor market conditions or due to internal
decisions that favored shifting financial and manpower resources to the Nolan
Gold Project.

There is no assurance that a commercially viable mineral
deposit exists on any of Silverados mineral properties. If one or more
commercially viable mineral deposits do exist, they are likely to be gold or
antimony lode deposits. Geo-technical work has begun to find a source or sources
of the nugget gold and discoveries have been made. Silverados newly purchased
diamond drill is expected to be ground drilling by late July. Further
exploration will be required before a final evaluation as to the economic and
legal feasibility of mining the Nolan or any of Silverados properties is
determined. There is no assurance that further exploration will result in a
final evaluation that a commercially viable mineral deposit exists on any of
Silverados mineral properties.

II. LOW-RANK COAL WATER FUEL PROJECT

Management anticipates spending approximately $500,000 during
the current fiscal year on continued work to seek funding from the United States
federal and state governments in connection with the establishment of the
$26,000,000 demonstration Green Fuel facility in Mississippi.

While there are no assurances that financing will be obtained,
Silverado has begun the construction permitting process and will continue with
other permit applications.

OFF-BALANCE SHEET ARRANGEMENTS

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

13

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CRITICAL ACCOUNTING POLICIES

Critical accounting policies (the policies Management believes
are the most important to the presentation of Silverados financial statements
and require the most difficult, subjective and complex judgments) are outlined
in the notes to the consolidated financial statements.

ITEM
3.                    
CONTROLS AND PROCEDURES

|(a) | Disclosure Controls and Procedures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | Regulations under the Securities Exchange Act of 1934, as
      amended (the "Exchange Act") require public companies to maintain
      "disclosure controls and procedures", which are defined to mean a
      company's controls and other procedures that are designed to ensure that
      information required to be disclosed in the reports that it files or
      submits under the Exchange Act is recorded, processed, summarized and
      reported, within the time periods specified in the Exchange Act.
      Silverados Chief Executive Officer and Chief Financial Officer (the
      Certifying Officers) carried out an evaluation of the effectiveness of
      the Companys disclosure controls and procedures as of the end of the
      period covered by this report. Based on those evaluations, the Certifying
      Officers concluded that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(b) | Changes in Internal Control Over Financial
      Reporting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | During the period covered by this report, there were no
      changes in Silverados internal controls or, to Managements knowledge, in
      other factors that have materially affected, or are reasonably likely to
      materially affect, Silverados internal control over financial reporting.
      While Management believes that Silverados disclosure controls and
      procedures and its internal control over financial reporting are
      effective, no system of controls can prevent all error and all fraud. A
      control system, no matter how well designed and operated, can provide only
      reasonable, not absolute, assurance that the control system's objectives
      will be met. Further, the design of a control system must reflect the fact
      that there are resource constraints, and the benefits of controls must be
      considered relative to their costs. Because of the inherent limitations in
      all control systems, no evaluation of controls can provide absolute
      assurance that all control issues and instances of fraud, if any, within
      Silverado have been detected. These inherent limitations include the
      realities that judgments in decision-making can be faulty, and that
      breakdowns can occur because of simple error or mistake. Controls can also
      be circumvented by the individual acts of some persons, by collusion of
      two or more people, or by management override of the controls. The design
      of any system of controls is based in part upon certain assumptions about
      the likelihood of future events, and there can be no assurance that any
      design will succeed in achieving its stated goals under all potential
      future conditions. Over time, controls may become inadequate because of
      changes in conditions or deterioration in the degree of compliance with
      its policies or procedures. Because of the inherent limitations in a
      cost-effective control system, misstatements due to error or fraud may
      occur and not be detected

14

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PART IIOTHER INFORMATION

ITEM
1.                    
LEGAL PROCEEDINGS

There are no other past, pending or, to our knowledge,
threatened legal proceedings or administrative actions which are expected to
have a material adverse effect upon Silverados business, prospects financial
condition or operations.

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

Silverado has not sold any unregistered securities other than
those previously reported on a Current Report on Form 8-K and filed with the
Securities and Exchange Commission.

ITEM
3.                    
DEFAULTS UPON SENIOR SECURITIES

Silverado is not currently in default of obligations that
exceed 5% of total assets of the Company.

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

None.

ITEM
5.                    
OTHER INFORMATION

None.

ITEM
6.                    
EXHIBITS

ExhibitNumber
    
    Description of Exhibit3.1
    
    Articles of the Company (1)3.2
    
    Amendment to Articles of the Company (2)3.3
    
    Altered Memorandum of the Company (3)3.4
    
    Amendment to Articles of the Company (8)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)


15

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10.12
      
      2003 Stock Option Plan (7)10.13
      
      Form of Warrant Exercise Agreement
          between the Company and certain of the selling security holders (9)10.14
      
      Consultant Agreement between the
          Company and CEOcast, Inc. dated April 21, 2004 (9)10.15
      
      Subscription Agreement between the
          Company and Christoph Bruning dated May 10, 2004 (9)10.16
      
      Consultant Agreement between the
          Company and Smith Canciglia Consulting, Inc. dated May 16, 2004 (9)10.17
      
      Form of Delay Agreement between the
          Company and certain of the Selling Shareholders.(9)10.18
      
      2004 Stock Option Plan (10)10.19
      
      2006 Stock Option Plan (11)10.20
      
      2006-II Stock Option Plan (12)10.21
      
      2007 Stock Option Plan (13)10.22
      
      Consulting
          Agreement with Smith Canciglia Consulting, Inc., as amended July 11,
          2007, filed herewith.10.23
      
      Lease Agreement with TA Properties
          (Canada) Ltd. dated March 30, 2007, filed herewith.10.24
      
      Lease Agreement between Tri
          Con Mining, Inc. and the Hurlbuts, dated February 6, 2007, filed herewith.31.1
      
      Certification
          Pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002, filed herewith.31.2
      
      Certification
          Pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002, filed herewith.32.1
      
      Certification
          Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906
          of the Sarbanes-Oxley Act Of 2002, filed herewith


|(1)  | Incorporated by reference to the Companys Registration
      Statement on Form 10S filed on May 11, 1984.                                                      
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2)  | Incorporated by reference to the Companys Quarterly
      Report on Form 10-Q filed on July 15, 1997.                                                          
|(3)  | Incorporated by reference to the Companys Current Report
      on Form 8-K filed on September 11, 2002.                                                        
|(4)  | Incorporated by reference to the Companys Annual Report
      on Form 10-K for the year ended November 30, 1995 as an Exhibit.                                 
|(5)  | Incorporated by reference to the Companys Annual Report
      on Form 10-K for the year ended November 30, 1996 as an Exhibit filed on
      February 28, 1997.
|(6)  | Incorporated by reference to the Companys Annual Report
      on Form 10-KSB for the year ended November 30, 2002 as filed on February
      28, 2003.         
|(7)  | Incorporated by reference to the Companys Schedule 14A
      Proxy Statement as filed on April 29, 2003.                                                       
|(8)  | Incorporated by reference to the Companys Current Report
      on Form 8-K as filed on June 13, 2003.                                                          
|(9)  | Incorporated by reference to the Companys Registration
      Statement on Form SB-2 as filed on May 19, 2004.                                                  
|(10) | Incorporated by reference to the Companys Quarterly
      Report on Form 10-QSB as filed on July 15, 2004.                                                     
|(11) | Incorporated by reference to the Companys Registration
      Statement on Form S-8 as filed on April 11, 2006.                                                 
|(12) | Incorporated by reference to the Companys Registration
      Statement on Form S-8 as filed on March 31, 2006.                                                 
|(13) | Incorporated by reference to the Companys Registration
      Statement on Form S-8 as filed on February 21,
2007.                                              

16

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

|                        | SILVERADO GOLD MINES LTD.                                    
|----------------------- | -------------------------------------------------------------
|                        |                                                              
|                        |                                                              
|**DATE: July 13, 2007** |                                                              
|                        |                                                              
|                        | /s/ Garry L. Anselmo                                         
|                        | Garry L. Anselmo                                             
|                        | President, Chief Executive Officer (Principal
      Executive
|                        | Officer), and Chief Financial Officer
      (Principal       
|                        | Financial and Accounting Officer)                            

17

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