<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

     [X]     Quarterly  Report pursuant to Section 13 or 15(d) of the Securities
             Exchange  Act  of  1934

             For  the  quarterly  period  ended  May  31,  2002


    [__]     Transition  Report  pursuant  to 13 or 15(d) of the Securities
             Exchange Act  of  1934

    For  the  transition  period      to


Commission  File  Number     0-12132
                             -------

                            SILVERADO GOLD MINES LTD.
          -----------------------------------------------------------------
          (Exact name of small Business Issuer as specified in its charter)

BRITISH COLUMBIA                                        98-0045034
--------------------------------                        --------------
(State or other jurisdiction of                         (IRS  Employer
incorporation  or  organization)                        Identification  No.)


Suite 505, 1111 West Georgia Street
Vancouver, British Columbia
Canada                                                  V6E 4M3
----------------------------------------                --------------
(Address of principal executive offices)                (Zip Code)

Issuer's telephone number, including area code:         604-689-1535
                                                        --------------

                                      None
          -----------------------------------------------------
          (Former  name, former address and former fiscal year,
                      if changed since last  report)

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

State the number of shares outstanding of each of the issuer's classes of common
stock,  as  of  the  latest practicable date:  82,566,856 shares of no par value
Common  Stock  outstanding  as  of  June  30,  2002.


<PAGE>

                         PART 1 - FINANCIAL INFORMATION

Item  1.          Financial  Statements

The accompanying unaudited financial statements have been prepared in accordance
with  the  instructions  to Form 10-QSB and Item 310 (b) of Regulation S-B, and,
therefore, do not include all information and footnotes necessary for a complete
presentation  of  financial  position,  results  of  operations, cash flows, and
stockholders'  equity  in  conformity  with  generally  accepted  accounting
principles.  In  the opinion of management, all adjustments considered necessary
for a fair presentation of the results of operations and financial position have
been  included  and  all  such  adjustments  are  of  a normal recurring nature.
Operating  results  for  the  six  months ended May 31, 2002 are not necessarily
indicative  of the results that can be expected for the year ending November 30,
2002.


<PAGE>

<TABLE>
<CAPTION>

SILVERADO  GOLD  MINES  LTD.
Consolidated  Balance  Sheets
(Expressed  in  United  States  Dollars)


-----------------------------------------------------------------------
                                              May 31,     November 30,
                                                 2002             2001
-----------------------------------------------------------------------
                                            (unaudited)
<S>                                        <C>            <C>
Assets

Current assets:
  Cash and cash equivalents                $    380,217   $     17,093
  Gold inventory                                 10,169         11,140
  Accounts receivable (note 3)                  198,129          2,876
  Receivable from related party (note 3)        569,846
-----------------------------------------------------------------------
                                              1,158,361         31,109

Mineral properties (note 2)                   1,159,529      1,159,529

Buildings, plant and equipment                2,983,190      2,980,200
Accumulated depreciation                     (2,327,846)    (2,185,947)
-----------------------------------------------------------------------
                                                655,344        794,253
-----------------------------------------------------------------------
                                           $  2,973,234   $  1,984,891
-----------------------------------------------------------------------

Liabilities and Stockholders' Deficiency

Current liabilities:
  Bank indebtedness                        $          -   $          -
  Accounts payable and accrued liabilities      520,795        792,395
  Loans payable secured by gold inventory        35,729         35,729
  Mineral claims payable                        306,500        316,500
  Due to related party (note 3)                       -        291,310
  Debentures, current portion (note 2)          140,000        140,000
  Debenture, current portion (note 2)            75,000         75,000
  Debenture, current portion (note 2)           238,490        476,978
-----------------------------------------------------------------------
                                              1,316,514      2,127,912

Debentures (note 2)                           1,705,638      1,705,638



Stockholders' deficiency:
  Common stock:
    Authorized: 100,000,000 common shares
    Issued and outstanding:
      May 31, 2002 - 74,779,336 shares;
      November 30, 2001 - 42,423,988         49,842,360     47,000,034

  Accumulated deficit                       (49,891,278)   (48,848,693)
-----------------------------------------------------------------------
                                                (48,918)    (1,848,659)
-----------------------------------------------------------------------

                                           $  2,973,234   $  1,984,891
-----------------------------------------------------------------------
</TABLE>


Continuing  operations  (note  2)
Contingencies  (notes  2  and  5)
Subsequent  events  (note  7)


                                                                              1

<PAGE>


<TABLE>
<CAPTION>

SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Operations
(Expressed  in  United  States  Dollars)


---------------------------------------------------------------------------------
                                                        Six months     Six months
                                                             ended          ended
                                                           May 31,        May 31,
                                                              2002           2001
---------------------------------------------------------------------------------
                                                        (unaudited)   (unaudited)
<S>                                                    <C>           <C>

Revenue from gold sales                                $       971   $     1,655
  Less: mining, processing, and development costs           18,229        71,677
  Pre-production planning and engineering costs             91,597
Interest and other income (note 6)                          71,197             -
---------------------------------------------------------------------------------

Loss before the undernoted                                  37,658        70,022

Other expenses:

  Accounting and audit                                      11,893        22,878
  Advertising and Promotion                                 34,430        92,178
  Consulting Fees                                          380,144             -
  Depreciation                                             141,899       148,592
  General exploration                                       40,195        16,374
  Interest on convertible debentures                        87,625       122,102
  Legal                                                     10,015        29,647
  Loss (gain) on foreign exchange                            5,949         3,368
  Management services from related party                    98,650        97,334
  Office expenses                                           77,866       107,454
  Other interest and bank charges                            2,992         1,838
  Transfer agent fees and mailing expenses                   8,159        21,790
  Research                                                 105,110       149,251
---------------------------------------------------------------------------------
                                                         1,004,927       812,806

Loss and comprehensive loss for the period             $(1,042,585)  $  (882,828)
---------------------------------------------------------------------------------

Loss per share - basic and diluted                     $     (0.02)        (0.03)
Weighted average number of common shares outstanding    51,164,761    32,854,122
---------------------------------------------------------------------------------

</TABLE>



                                                                              2

<PAGE>


<TABLE>
<CAPTION>

SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Operations
(Expressed  in  United  States  Dollars)


---------------------------------------------------------------------------------
                                                       Three months  Three months
                                                              ended         ended
                                                            May 31,       May 31,
                                                               2002          2001
---------------------------------------------------------------------------------
                                                         (unaudited)  (unaudited)
<S>                                                    <C>           <C>

Revenue from gold sales                                $         -   $         -
  Less: mining, processing, and development costs                -        31,017
Pre-production planning and engineering costs               91,597             -
Interest and other income (note 6)                          71,197             -
---------------------------------------------------------------------------------

Loss before the undernoted                                  20,400        31,017

Other expenses:

  Accounting and audit                                       5,711        13,021
  Advertising and Promotion                                 20,534        92,178
  Consulting Fees                                          144,060             -
  Depreciation                                              67,379        74,296
  General exploration                                        7,963        10,088
  Interest on convertible debentures                        42,620        81,164
  Legal                                                     10,216        14,933
  Loss (gain) on foreign exchange                           12,292         3,562
  Management services from related party                    53,599        57,412
  Office expenses                                           35,648        74,282
  Other interest and bank charges                              421           617
  Transfer agent fees and mailing expenses                   4,182        17,898
  Research                                                  49,822        75,354
---------------------------------------------------------------------------------
                                                           454,447       514,806

Loss and comprehensive loss for the period             $  (474,847)  $  (545,823)
---------------------------------------------------------------------------------

Loss per share - basic and diluted                     $     (0.01)        (0.02)
Weighted average number of common shares outstanding    68,721,472    35,023,478
---------------------------------------------------------------------------------
</TABLE>


                                                                              3

<PAGE>

<TABLE>
<CAPTION>

SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Cash  Flows
(Expressed  in  United  States  Dollars)


-----------------------------------------------------------------------------------------
                                                                   Six months  Six months
                                                                        ended       ended
                                                                      May 31,     May 31,
                                                                         2002        2001
-----------------------------------------------------------------------------------------
                                                                  (unaudited) (unaudited)
<S>                                                              <C>          <C>

Cash provided by (used in):

Operating activities:
  Loss for the period                                            $(1,042,585) $ (882,828)
  Depreciation, an item not involving cash                           141,899     148,592
  Write down of fixed assets                                                          34
  Changes in non-cash operating working capital:
    Accounts receivable                                             (195,253)     (1,990)
    Gold inventory                                                       971       1,571
    Receivable from related party                                   (569,846)          -
    Accounts payable and accrued liabilities:                       (271,600)     23,011
    Decrease in mineral claims payable                               (10,000)          -
-----------------------------------------------------------------------------------------
                                                                  (1,946,414)   (711,610)
Financing activities:
  Bank indebtedness                                                        -      (3,007)
  Shares issued for cash                                           2,603,837     650,000
  Repayment of loans payable                                               -        (600)
  Share subscriptions received                                             -           -
  Due to related party                                              (291,310)     99,855
-----------------------------------------------------------------------------------------
                                                                   2,312,527     746,248
Investing activities:
  Purchase of equipment                                               (2,990)          -

Increase in cash                                                     363,124      34,638
-----------------------------------------------------------------------------------------

Cash, beginning of period                                             17,093           -
-----------------------------------------------------------------------------------------

Cash, end of the period                                          $   380,217  $   34,638

Supplementary cash flow information
Interest paid                                                         45,017       3,750
-----------------------------------------------------------------------------------------
Non-cash activities not reflected in statements of cash flows:
Exchange of convertible debenture for replacement debenture                   $1,495,000
Issue of shares for share subscriptions received in prior
periods                                                          $    30,000
Exercise of stock options for reduction in amount due to
related party                                                    $   925,000           -
Issue of shares in lieu of required payment on replacement
debenture                                                            323,409
Issue of shares for consulting services                              323,917           -
Exchange of interest payable for replacement debenture                     -     421,889
-----------------------------------------------------------------------------------------

</TABLE>


                                                                              4

<PAGE>

<TABLE>
<CAPTION>

SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Cash  Flows
(Expressed  in  United  States  Dollars)


------------------------------------------------------------------------------------------
                                                                Three months  Three months
                                                                       ended         ended
                                                                     May 31,       May 31,
                                                                        2002          2001
------------------------------------------------------------------------------------------
                                                                  (unaudited)  (unaudited)
<S>                                                              <C>          <C>

Cash provided by (used in):

Operating activities:
  Loss for the period                                            $  (474,847) $ (545,823)
  Depreciation, an item not involving cash                            67,379      74,296
  Write down of fixed assets                                               -          34
  Changes in non-cash operating working capital:
    Accounts receivable                                               49,102      (2,088)
    Gold inventory                                                         -           -
    Receivable from related party                                   (691,236)          -
    Accounts payable and accrued liabilities:                       (160,870)    (20,058)
    Decrease in mineral claims payable                               (10,000)          -
------------------------------------------------------------------------------------------
                                                                  (1,220,473)   (493,639)
Financing activities:
  Bank indebtedness                                                        -           -
  Shares issued for cash                                           1,384,880     551,000
  Repayment of loans payable                                               -           -
  Share subscriptions received                                       (30,000)          -
  Due to related party                                                     -     (23,781)
------------------------------------------------------------------------------------------
                                                                   1,354,880     527,219
Investing activities:
  Purchase of equipment                                               (1,830)          -


Increase in cash                                                     132,578      33,580
------------------------------------------------------------------------------------------

Cash, beginning of period                                            247,639       1,058
------------------------------------------------------------------------------------------

Cash, end of the period                                          $   380,217  $   34,638

Supplementary cash flow information

Interest paid                                                    $    45,017       3,750
------------------------------------------------------------------------------------------
Non-cash activities not reflected in statements of cash flows:
Exchange of convertible debenture for replacement debenture                   $1,495,000
Issue of shares for share subscriptions received in prior
periods                                                          $    30,000   $  20,000
Exercise of stock options for reduction in amount due to
related party                                                    $   370,000           -
Issue of shares in lieu of required payment on replacement
debenture                                                            160,512
Issue of shares for consulting services                              140,833           -
Exchange of interest payable for replacement debenture                     -     421,889
------------------------------------------------------------------------------------------
</TABLE>


                                                                              5

<PAGE>

<TABLE>
<CAPTION>

SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Stockholders'  Equity  (Deficiency)
(Expressed  in  United  States  Dollars)
Six  months  ended  May  31,  2002  and  year  ended  November  30,  2001


------------------------------------------------------------------------------------------------------
                                   Number of                          Share
                                      common         Share    subscriptions  Accumulated
                                      shares       Capital         received      deficit        Total
------------------------------------------------------------------------------------------------------
<S>                                 <C>          <C>           <C>         <C>            <C>

Balance, November 30, 2000          30,589,891   $45,669,977   $  20,000   $(47,170,719)  $(1,480,742)
Year ended November 30, 2001
 Loss for the year                           -             -           -     (1,677,974)   (1,677,974)
 Shares issued:
  On exercise of options for cash      600,000        60,000           -              -        60,000

  On exercise of warrants for cash   5,060,000       498,800                          -       498,800

  Shares issued for subscriptions
   received in prior year                4,418        20,000     (20,000)             -             -
  Private placements for cash        4,522,249       470,000           -              -       470,000
  Shares issued in lieu of cash
   payments for replacement
   debentures                        1,647,430       281,257           -              -       281,257
------------------------------------------------------------------------------------------------------
                                    11,834,097     1,330,057     (20,000)    (1,677,974)     (367,917)
------------------------------------------------------------------------------------------------------

Balance, November 30, 2001          42,423,988    47,000,034           -    (48,848,693)   (1,848,659)
  Loss for the period ended
  May 31, 2002                               -             -           -     (1,042,585)   (1,042,585)
  Shares issued:
  On exercise of options for cash    6,900,000       925,000                                  925,000
  Cash received for shares to be
  issued                                                          50,000                       50,000
  On exercise of warrants for cash   8,300,000       525,000                                  525,000
  Shares issued for consulting fees  2,491,667       323,917                                  323,917
  Shares issued for subscriptions
  received in prior period                                       (50,000)                     (50,000)
  Private placements for cash       11,800,000       745,000                                  745,000
  Shares issued in lieu of payment
  for debentures                     2,863,681       323,409                                  323,409
------------------------------------------------------------------------------------------------------
                                    32,355,348     2,842,326           -     (1,042,586)    1,809,414
------------------------------------------------------------------------------------------------------

Balance, May 31, 2002 (unaudited)   74,779,336   $49,842,360   $       -   $(49,891,279)  $   (48,918)
------------------------------------------------------------------------------------------------------
</TABLE>


See  accompanying  notes  to  unaudited  consolidated  financial  statements.


                                                                              6
<PAGE>

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Unaudited)
(Expressed  in  United  States  Dollars)

Six  months  ended  May  31,  2002,  and  May  31,  2001


1.     Basis  of  presentation:

The  unaudited  consolidated  balance  sheet  and  the  unaudited  consolidated
statements  of  operations,  stockholders'  equity  (deficiency)  and cash flows
include  the  accounts  of  the Company and its wholly-owned subsidiary company.
These  statements  have been prepared in accordance with United States generally
accepted  accounting  principles  for  interim  financial  information.  These
financial  statements  comply, in all material respects, with generally accepted
accounting  principles  in  Canada.

The  accompanying unaudited consolidated financial statements do not include all
information  and  footnote  disclosures required under United States or Canadian
generally  accepted  accounting  principles.  In  the opinion of management, 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, 2002, 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, 2002, and May 31, 2001,
are  not  necessarily  indicative  of  the  results that may 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 the Company's annual report
on  Form  10-K  for  the  fiscal  year  ended  November  30,  2001.


2.     Continuing  operations:

At  May 31, 2002, the Company has a working capital deficiency of $158,153, down
from  $2,096,803  at  May  31,  2001, primarily as a result of renegotiating the
repayment  terms  of  a  portion  of  the  $2,000,000 convertible debentures and
related  interest.  The  Company  is  in  arrears of required mineral claims and
option  payments  for  certain of its mineral properties at May 31, 2002, in the
amount  of $306,500 and therefore, the Company's rights to these properties with
a  carrying  value  of  $315,000  may be adversely affected as a result of these
non-payments.  The  Company  understands  that  it  has  the  forbearance of the
property  owners  and  is  not  in default of the agreements in respect of these
properties.  The  unpaid  mineral  claims  and  option  payments are included in
current  liabilities  at  May  31,  2002.

These  financial  statements  have been prepared on a going concern basis, which
assumes  the  realization  of assets and settlement of liabilities in the normal
course  of  business.  The  application  of  the  going  concern concept and the
recovery  of  amounts  recorded  as  mineral properties and buildings, plant and
equipment  is  dependent  on  the  Company's  ability  to  obtain  the continued
forbearance  of  certain  creditors,  to obtain additional financing to fund its
operations  and  acquisition,  exploration  and  development  activities,  the
discovery  of economically recoverable ore on its properties, and the attainment
of  profitable  operations.  Current  uncertainty  with  regard to these matters
raises  substantial  doubt  about  the  Company's ability to continue as a going
concern.


                                                                              7

<PAGE>

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Unaudited)
(Expressed  in  United  States  Dollars)


Six  months  ended  May  31,  2002,  and  May  31,  2001

2.     Continuing  operations  (continued):

These financial statements do not include any adjustments that might result from
the  outcome of this uncertainty. The Company plans to continue to raise capital
through private placements and warrant issues.  The Company also plans to option
to  third  parties  the Ester Dome and Marshall Dome properties, near Fairbanks,
Alaska.  No  specific  third  parties  have  been identified and there can be no
certainty  that any such parties will be identified in the future.  In addition,
the  Company is exploring other business opportunities including the development
of  low  rank  coal  water  fuel  as a replacement fuel for oil fired industrial
boilers  and  utility  generators.  On  March  1,  2001,  the  Company completed
negotiations  to  restructure its $2,000,000 convertible debentures. The Company
issued  replacement  debentures  in  the  aggregate  amount  of  $2,564,400
consideration  of  cancellation  of  the  $2,000,000  principal  amount plus all
accrued  interest  on  the  original  debentures  to  March  1,  2001.

The  replacement  debentures bear interest of 8.0% per annum and mature March 1,
2006.  Principal payments are due at the end of each month.  Interest is due and
payable on a quarterly basis on February 28, May 31, August 31, and November 30.
If  the  Company fails to make any payment of principal or interest, the Company
must  issue  shares  equivalent  in value to the unpaid amounts at 20% below the
average  market price. On December 11, 2001, the Company issued 1,628,971 shares
at the average market price of $0.10 to the holders of the replacement debenture
to  satisfy  the  quarterly  payments  due  November  30, 2001. The value of the
transaction  consists of $119,244 of principal and $43,653 of interest. On March
11,  2002,  the  Company  issued 1,234,710 shares at the average market price of
$0.13  to satisfy the quarterly payments of principal and interest. The value of
this  transaction  totals  $160,512  and  consists  of $119,245 of principal and
$41,267  of  interest.  As  at May 31, 2002, $1,860,000 plus $524,892 of accrued
interest  as  been exchanged for replacement debentures. Of its aggregate amount
$1,944,127,  $238,490  is  classified  as a current liability and $1,705,638 has
been  classified  as non-current. Remaining debentures of $140,000, plus accrued
interest  of $48,026 are in default, however, it is unclear whether they will be
exchanged  for  replacement  debentures.  In  February 1999 the Company issued a
debenture  for  $75,000  with  interest payable at a rate of 5.0% per annum. The
debenture  is  unsecured  and is due May 31, 2002. On March 27, 2002 the Company
made  its  annual  interest  payment  of  $3,750 to the holder of the debenture.


                                                                              8

<PAGE>

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Unaudited)
(Expressed  in  United  States  Dollars)

Six  months  ended  May  31,  2002,  and  May  31,  2001

3.     Related  party  transactions:

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

The  Tri-Con  Mining  Group  are  operations,  exploration,  and  development
contractors,  and have been employed by the Company under contract since 1972 to
carry  out  all  of  its  fieldwork and to provide administrative and management
services. Under its current contract dated January, 1997 work is charged at cost
plus  15% for operations and cost plus 25% for exploration and development. Cost
includes  a  15%  charge  for  office overhead. Services of the directors of the
Tri-Con Mining Group are charged at a rate of Cdn. $75 per hour. Services of the
directors  of the Tri-Con Mining Group who are also directors of the Company are
not  charged.  At May 31, 2002, the Company had advanced $564,325 to the Tri-Con
Mining  Group  for  exploration,  development  and administration services to be
performed  during  the current fiscal year on behalf of the Company. The Tri-Con
Mining  Group's  services for the current fiscal year are focusing mainly on the
Company's  low  rank  coal  water fuel program as well as corporate planning and
preparation  for year round production on its Nolan property, and administration
services  at  both  its  field  and  corporate  offices.

The  aggregate  amounts  paid  to  the  Tri-Con  Group  each period by category,
including  amounts  relating to the Grant Mine Project and Nolan properties, for
disbursements  and  for services rendered by the Tri-Con Group personnel working
on the Company's projects, and including interest charged on outstanding balance
at  the  Tri-Con  Group's  borrowing  costs  are  shown  below:


--------------------------------------------------------------------------------
                                                             May 31,     May 31,
                                                                2002       2001
--------------------------------------------------------------------------------

Operations and field services                               $  3,442   $  5,662
Exploration and development services                          65,482     24,436
Administrative and management services                        99,511     84,246
Research                                                     105,110    149,251
--------------------------------------------------------------------------------
                                                            $273,545   $266,595

Amount of total charges in excess of Tri-Con
 costs incurred                                             $ 56,543   $ 58,345
--------------------------------------------------------------------------------

Excess amount charged as a percentage of actual
 costs incurred                                                 20.7%      21.9%
--------------------------------------------------------------------------------


                                                                              9

<PAGE>

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Unaudited)
(Expressed  in  United  States  Dollars)

Six  months  ended  May  31,2002,  and  May  31,  2001


4.     Loss  per  share:

Basic  loss  per  share has been calculated using the weighted average number of
common  shares outstanding for each period.  Loss per share does not include the
effect  of  the potential exercise of options and warrants and the conversion of
debentures  as  their  effect  is  anti-dilutive.

5.     Litigation:

On  February  8,  2002,  the  Company  settled  its  litigation  with  Bundy and
Christenson,  an  association of professional law corporations, for $30,000. The
litigation  pertained  to  monies owed for quiet title action on mining property
and  the  enforcement  rights  under  an  agreement to purchase mining property.

6.     Interest  and  other  income:

On  April 4, 2002, the Company purchased a $300,000 one-year term deposit, which
pays  interest daily at a rate of 1% per annum. At May 31, 2002, the Company had
earned $482 of interest. The term deposit principal is included in the Company's
cash  total.  During  the six-months ended May 31, 2002, the Company had settled
several  of  its  outstanding  accounts  payable  for  less  than face value and
recorded  the  difference  of  $70,715  as  forgiveness  of  debt.

7.     Subsequent  events:

(a)  Subsequent  to  May 31, 2002, 1,000,000 common share purchase warrants were
     exercised  at  a  price  of  $0.10  and the Company issued 1,000,000 common
     shares  from  the  treasury  for  total  proceeds  of  $100,000.

(b)  On June 5, 2002, 1,000,000 common share purchase warrants were exercised at
     a  price  of  $0.10 and the Company issued 1,000,000 common shares from the
     treasury  for  total  proceeds  of  $100,000.

(c)  Subsequent  to  May 31, 2002, 350,000 shares were issued to the consultants
     for  a  portion  of  their  services  under  the  terms  of  the agreements
     registered  on  form  S8.

(d)  On  June  11,  2002,  the  Company  issued  1,437,520 to the holders of the
     replacement  debentures  at  the  price  of  $0.11 to satisfy the quarterly
     payment of principal and interest. The value of the transaction is $158,128
     and  consists  of  $119,245  of  principal  and  $38,883  of  interest.


                                                                              10

<PAGE>

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Unaudited)
(Expressed  in  United  States  Dollars)

Six  months  ended  May  31,  2002,  and  May  31,  2001

7.  Subsequent  events  (Continued):

(e)  On  June  24,  2002, the Company completed a private placement of 2,000,000
     units  at  a  price  of $0.15 per unit for total proceeds of $300,000. Each
     unit  consists  of  one  share  of common stock and 1 common stock purchase
     warrant. Each common stock purchase warrant entitles the holder to purchase
     one  share  of  common  stock  at a price of $0.20 until December 24, 2002.

(f)  On  June  24,  2002, the Company completed a private placement of 2,000,000
     units  at  a  price  of $0.15 per unit for total proceeds of $300,000. Each
     unit  consists  of  one  share  of common stock and 1 common stock purchase
     warrant. Each common stock purchase warrant entitles the holder to purchase
     one  share  of  common  stock  at a price of $0.20 until December 24, 2002.



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

FORWARD  LOOKING  STATEMENTS

The  information  in  this discussion 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  the  Company's capital needs, business strategy and expectations. 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", "will", "should",
"expect",  "plan",  "intend",  "anticipate",  "believe",  "estimate", "predict",
"potential"  or  "continue",  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 the Company files with the SEC.
These  factors  may cause the Company's actual results to differ materially from
any  forward-looking statement. The Company 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.

PLAN  OF  OPERATIONS

Silverado  Gold  Mines  Ltd.  ("Silverado"  or the "Company"), is engaged in the
acquisition,  exploration  and development of mineral properties in the State of
Alaska  and  the  development  of  low-rank  coal-water  fuel  technology  as  a
replacement  for  oil  fired  boilers  and utility generators. The Company holds
interests  in  four  groups of mineral properties in Alaska.  The Company's main
projects are exploration and development of the Ester Dome Gold Project, located
10 miles northwest of Fairbanks, Alaska, and the Nolan Gold Project, located 175
miles  north  of  Fairbanks,  Alaska.


                                                                              11

<PAGE>

The Company's plan of operations for the next twelve months includes its plan to
place  the Nolan gold project into commercial production.  The Company estimates
that  it  will  cost  approximately  $3,000,000 in order to place the Nolan gold
project  into  year  round  gold  production.  The Company is currently pursuing
financings  in  the  aggregate  of  amount  of $3,000,000 in order to enable the
Company  to  proceed  with this plan of operations.   There is no assurance that
financing in the aggregate required amount will be completed.  If the Company is
successful  in  completing  the  required  financings  by  August 2002, then the
Company  believes  that it could achieve gold production and sales by the end of
June  2003.

The  Company  also  plans  to  proceed with its plan to establish the commercial
viability  of the low-rank coal-water-fuel technology.  In order to commence the
tests  necessary  to establish commercial viability, the Company has applied for
an  $8,000,000  grant  from  the  U.S.  Department of Energy. If this funding is
achieved,  the Company plans to convert its Grant Mill located on the Ester Dome
property  into  the  world's first demonstration facility for producing low rank
coal water fuel. The conversion would take approximately one year to complete at
an  estimated  cost  of  $10,000,000.

The  Company  currently  does  not  have  sufficient  cash or working capital to
proceed  with  its plan of operation.  As discussed above, the Company's plan of
operation  is  subject  to  achieving  the required financing.  In addition, the
Company will require funding in the amount of approximately $900,000 in order to
fund  its  ongoing operating expenses over the next twelve months.  Accordingly,
the  Company  will  require additional financing in order to finance its current
operations.  See  the  discussion  of  the  Company's cash resources and working
capital  below  under  Liquidity  and  Financial  Condition.

Silverado's  exploration and development activities are managed and conducted by
an  affiliated  company,  Tri-Con  Mining Ltd. ("Tri-Con") pursuant to a written
operating  agreement.  Tri-Con  is  a  privately owned corporation controlled by
Garry  L.  Anselmo, who is President, Chairman, CEO and a Director of Silverado.

RESULTS  OF  OPERATIONS

Six  months  ended  May  31,  2002 compared to the six months ended May 31, 2001

Revenues

Revenue from gold sales decreased to $971 for the six months ended May 31, 2002,
from  $1,655  for  the  six months ended May 31, 2001. Revenues in the six-month
period  were  attributable  to  sales  of  existing  gold  inventory.

The Company anticipates that significant revenues will not be achieved until the
Company  is  able  to  place the Nolan gold project into production. The Company
anticipates  that  revenues from the Company's low-rank-coal-water-fuel business
will  not  be  achieved until commercial feasibility of this technology has been
established.  Revenues  from  the Nolan gold project and the low rank coal water
fuel  business  are  contingent upon the Company achieving additional financing.

Mining,  processing,  and  development  costs

Mining,  processing,  and  development  costs  decreased  to $18,229 for the six
months  ended May 31, 2002,  from $71,667 for the six months ended May 31, 2001,
representing  a  decrease  of $53,430. Mining, processing, and development costs
for  the  three  months  ended were $nil. down from $31,017 for the three months
ended  May  31,  2001.  These  mining,  processing,  and  development costs will
increase  as  the  Nolan  gold  project  goes  into  production.

Pre-production  planning  and  engineering  costs

Pre-production planning engineering costs are planning and engineering expenses,
which  relate  to  preparing  the  Nolan gold project for year round production.
These  costs  include  mapping,  testing,  engineering,  and  administration.
Pre-production  planning  and  engineering costs were $91,597 for the six months
ended  May 31, 2002. Pre-production planning and engineering costs for the three
months  ended May 31, 2002, were $91,597. These costs are primarily attributable
to  pre-production and engineering costs at the Company's mining operations. The
Company anticipates that these pre-production and


                                                                              12

<PAGE>

engineering  costs  are  only for the preparation of the Nolan gold property for
year  round  production.  The  costs will decrease once the Company as the Nolan
gold  project  goes  into  production.

Interest  And  Other  Income

The  Company realized interest and other income in the amount of $71,197 for the
six  months  ended  May  31,  2002.  On  April  4, 2002, the Company purchased a
$300,000  one-year  term  deposit, which pays interest daily at a rate of 1% per
annum.  At  May  31,  2002,  the  Company  had earned $482 of interest. The term
deposit  principal  is  included  in  the  Company's  cash  balance.  During the
six-months  ended  May  31,  2002,  the  Company  had  settled  several  of  its
outstanding  accounts  payable  for  less  than  face  value  and  recorded  the
difference  of  $70,715  as  forgiveness  of  debt.

Other  Expenses

Other  expenses increased to $1,004,927 for the six months ended May 31, 2002 up
from $812,806 for the six months ended May 31, 2001. This increase in the amount
of  $192,121  was  primarily due to increased consulting costs and a decrease in
interest  on long-term debt. Other expenses for the three-month period ended May
31,  2002,  were  $454,447 down from $514,806 for the three months ended May 31,
2001.

Management  services  attributable  to  the  activities  of  the  Tri-Con  Group
increased  to $98,650 for the six months ended May 31, 2002 from $97,334 for the
six months ended May 31, 2001, representing an increase in the amount of $1,316.
These  expenses  are  administrative  costs at the Company's corporate and field
offices.  Management  services  for  the quarter ended May 31, 2002 were $53,599
down  from  $57,412  for  the  quarter  ended  May 31, 2001. General exploration
expenses  on  the  Eagle Creek and Nolan properties increased to $40,195 for the
six  months  ended May 31, 2002 up from $16,374 for the six months ended May 31,
2001.  These  expenses  are  mineral  claims costs and water rights fees for the
purpose  of  maintaining  the  rights  to  these properties. General exploration
expenses for the three months ended May 31, 2002, were $7,963 down from $10,088.
The  Company  anticipates  that  these expenses will continue to increase if the
Company  is  able  to achieve additional financing to increase its activities on
its  mineral  properties.

Research  activities  attributable  to  the  Company's  low-rank coal water fuel
technology  decreased  to  $105,110  for  the six months ended May 31, 2002 from
$149,251  for  the six months ended May 31, 2001, representing a decrease in the
amount of $44,141. Research costs for the three-month period ended May 31, 2002,
were  $49,822  down  from $75,354 for the three-month period ended May 31, 2001.
This  decrease  is  primarily the result of the Company's determination to focus
its  limited capital resources on its efforts to put its Nolan gold project into
year-round production. The Company is still very determined to commercialize its
low-rank  coal  water  fuel  technology.

Office expenses decreased to $77,866 for the six months ended May 31, 2002, from
$107,454  for  the  six  months  ended May 31, 2001, representing an increase in
office expenses of $29,588.  Office expenses relate to the general operations of
the  Company.

Consulting  fees  in  the amount of $380,144 were incurred during the six months
ended  May  31,  2002  and  $144,060  for  the  three months ended May 31, 2002.
Consulting  fees  relate  to  consulting  agreements  for  corporate  planning,
marketing, and business development services. The consultants were issued shares
as  consideration  for  their  services  and  the  expense attributable to these
services  has been calculated by using the number of shares issued multiplied by
the  market  price  per  share  as  of  the  issuing  date.

Loss

The Company's loss increased to $1,042,585 for the six months ended May 31, 2002
from $882,828 for the six months ended May 31, 2001, representing an increase of
$159,757.  This increase in the Company's loss was primarily attributable to the
increase  in  consulting  costs  in the amount of $380,144 that was off-set by a
decrease  in  advertising  and  promotion  expenses  of  $57,748,  a decrease in
research  costs  of  $44,141,  and  a  decrease  in  long term interest costs of
$34,477.  Loss for the second quarter ended May 31, 2002, was $474,847 down from
$545,823  for the three-month period ended May 31, 2001. The Company anticipates
that it will continue to incur a loss until such time as the Company can achieve
significant  revenues  from  its  Nolan  gold  project.


                                                                              13

<PAGE>

LIQUIDITY  AND  FINANCIAL  CONDITION

The  Company  had  a  working capital deficiency of $158,153 as at May 31, 2002,
compared  to a working capital deficiency of $2,096,803 as at November 30, 2001.
The  decrease in the Company's working capital deficiency was primarily a result
of  financings  completed  during  the  six  months  ended  May  31,  2002.

Cash  used  in  operating  activities increased to $1,946,414 for the six months
ended  May 31, 2002, compared to $711,610 for the six months ended May 31, 2001.
The  increase  in  cash used in operating activities in the amount of $1,234,804
was  primarily  attributable  to an increase in the advances to Tri-Con Group in
the  amount  of  $569,846  and  a  reduction  in  accounts  payable  and accrued
liabilities in the amount of $271,600.  This increase in advances to the Tri-Con
Group  is due primarily to current and ongoing work on the Nolan gold project as
well  as  continued  work on its coal water fuel project. The Company funded the
net  cash  outflow  from  operating  activities  of $1,946,414 primarily through
equity  sales  of  its  common  shares.

In December, 2001, the Company paid its balance owed to the Tri-Con Group in the
amount  of  $291,310.  Between  December  1, 2001, and May 31, 2002, the Company
advanced  to  the  Tri-Con  Group  $569,846 for Nolan pre-production engineering
costs,  property  maintenance, as well all current and ongoing work necessary to
commercialize  its  low-rank  coal water fuel technology. This includes property
maintenance,  work  related  to  its department of Energy grant application, and
general  administration.

Cash provided by financing activities increased to $2,312,528 for the six months
ended  May 31, 2002, compared to $746,248 for the six months ended May 31, 2001.
Of the cash provided by financing activities, a total of $2,603,838 was provided
by  share  issuances.  Cash  provided  by financing activities was reduced by an
amount  of  $291,310  on  account  of the reduction of the amount payable to the
Tri-Con  Group.  Accordingly,  the  Company  financed  its  operating activities
during  the  six months ended May 31, 2002 primarily through equity issuances of
its  common  shares.

On  March  1,  2001,  the  Company  completed  negotiations  to  restructure its
$2,000,000  convertible debentures. The Company issued replacement debentures in
the  aggregate  amount  of  $2,564,400  in  consideration of cancellation of the
$2,000,000 principal amount plus all accrued interest on the original debentures
to March 1, 2001. The replacement debentures bear interest of 8.0% per annum and
mature  March  1,  2006.  Principal  payments  are due at the end of each month.
Interest  is due and payable on a quarterly basis on February 28, May 31, August
31,  and  November  30. If the Company fails to make any payment of principal or
interest,  the  Company  must  issue  shares  equivalent  in value to the unpaid
amounts at 20% below the average market price. On December 11, 2001, the Company
issued  1,628,971  shares at the average market price of $0.10 to the holders of
the  replacement  debenture  to  satisfy the quarterly payments due November 30,
2001. The value of the transaction consists of $119,244 of principal and $43,653
of  interest.  On  March  11,  2002,  the Company issued 1,234,710 shares at the
average market price of $0.13 to satisfy the quarterly payments of principal and
interest  due  February  28, 2002. The value of this transaction totals $160,512
and  consists  of  $119,245  of principal and $41,267 of interest. As at May 31,
2002,  $1,860,000  plus  $524,892  of  accrued  interest  as  been exchanged for
replacement  debentures.  Of  its  aggregate  amount  $1,944,127,  $238,490  is
classified  as  a  current  liability  and  $1,705,638  has  been  classified as
non-current. Remaining convertible debentures of $140,000, plus accrued interest
of $48,026 are in default, however, it is unclear whether they will be exchanged
for  replacement  debentures.

The  Company  is  also in arrears of required mineral property claims and option
payments  of  $306,500  and  therefore  the  rights  to  these properties with a
carrying  value  of  $315,000  may  be  adversely  affected.

The  Company anticipates continuing to rely on equity sales of its common shares
in  order  to continue to fund its business operations.  Issuances of additional
shares  will  result  in  dilution to existing shareholders of the Company.  The
Company  is  pursuing  debt  financing  in the principal amount of $3,000,000 in
order  to place the Nolan gold project into commercial production.  The terms of
any  debt  financing  for the Nolan gold project have not been finalized and may
include the granting of security against future gold revenues.  In addition, the
Company  is attempting to obtain a grant of $10,000,000 in order to proceed with
establishing  the commercial viability of the Company's low rank coal water fuel
business.  There is no


                                                                              14

<PAGE>

assurance  that  the  Company will achieve any of additional sales of its equity
securities  or  arrange  for  debt  or  other financing for its planned business
expansion.

Uncertainty  as to the Company's ability to meet its liabilities and commitments
as they become payable causes doubt about the Company's ability to continue as a
going concern.  The Company's ability to continue as a going concern and recover
the amounts recorded as mineral properties is dependant on its ability to obtain
the  continued forbearance of its creditors, to obtain additional financing and/
or  the  entering  into  joint venture agreements with third parties in order to
complete  exploration, development and production of its mineral properties, the
continued  delineation  of  reserves  on  its  properties  and the attainment of
profitable operations.  There is no assurance that such items can be obtained by
the  Company.  Failure  to  obtain  these may cause the Company to significantly
decrease its level of exploration and operations and to possibly sell or abandon
certain mineral properties or capital assets to reduce commitments or raise cash
as  required.




                                                                              15

<PAGE>

                           PART II - OTHER INFORMATION

Item  1     Legal  Proceedings

The  Company  currently is not a party to any material legal proceedings and, to
the  Company's  knowledge,  no  such proceedings are threatened or contemplated.


Item  2     Changes  in  Securities  and  Use  of  Proceeds.

The  Company completed the following unregistered sales of its securities during
the  three  months  ended  May  31,  2002:

1.     On  March  11,  2002,  the Company issued 1,234,710 shares at the average
market price of $0.13 to the debenture holders to satisfy the quarterly payments
of  principal  and interest due under the replacement debentures of February 28,
2002.  No  commissions  or fees were paid in connection with the issuance of the
shares.  The  sales  were  completed  pursuant to Regulation S of the Act on the
basis  that  each  holder of the replacement debentures is a non-U.S. person, as
defined  under  Regulation  S  of  the  Act.

2.     On March 1, 2002, 1,000,000 common share purchase warrants were exercised
at  a  price  of  $0.05  and the Company issued 1,000,000 common shares from the
treasury  for  total  proceeds  of  $50,000. No commissions or fees were paid in
connection with the issuance of the shares. The sales were completed pursuant to
Regulation S of the Act on the basis that each investor is a non-U.S. person, as
defined  under  Regulation  S  of  the  Act.

3.     On April 2, 2002, 2,000,000 common share purchase warrants were exercised
at  a  price  of  $0.08 per share and the Company issued 2,000,000 common shares
from  the treasury for proceeds of $160,000. No commissions or fees were paid in
connection with the issuance of the shares. The sales were completed pursuant to
Regulation S of the Act on the basis that each investor is a non-U.S. person, as
defined  under  Regulation  S  of  the  Act.

4.     On  April  2,  2002,  the Company completed a private placement, with one
investor,  of 1,000,000 units at a price of $0.09 per unit for total proceeds of
$90,000.  Each  unit  consists of one common share and one common share purchase
warrant.  Each  common  share  purchase  warrant  entitles the warrant holder to
purchase  one  common  share  at  a  price  of $0.15 until September 3, 2002. No
commissions  or  fees  were paid in connection with the offering. The sales were
completed  pursuant  to Regulation S of the Act on the basis that each purchaser
is  a  non-U.S.  person,  as  defined  under  Regulation  S  of  the  Act.

5.     On  April  2,  2002,  the Company completed a private placement, with one
investor,  of 1,000,000 units at a price of $0.09 per unit for total proceeds of
$90,000.  Each  unit  consists of one common share and one common share purchase
warrant.  Each  common  share  purchase  warrant  entitles the warrant holder to
purchase  one  common  share  at  a  price  of $0.15 until September 3, 2002. No
commissions  or  fees  were paid in connection with the offering. The sales were
completed  pursuant  to Regulation S of the Act on the basis that each purchaser
is  a  non-U.S.  person,  as  defined  under  Regulation  S  of  the  Act.

6.     On April 26, 2002 2,000,000 shares were issued to Edward J. Armstrong, an
officer  of  the  Company,  and an officer of the Tri-Con Group, for proceeds of
$220,000.  These  shares  were  issued  pursuant  to  Section  4(2)  of the Act.

7.     On  May  1,  2002,  the  Company  completed a private placement, with one
investor,  of 1,000,000 units at a price of $0.10 per unit for total proceeds of
$100,000.  Each  unit consists of one common share and one common share purchase
warrant.  Each common share purchase warrant entitles the holder to purchase one
common  share at a price of $0.20 until May 1, 2003. No commissions were paid in
connection with the offering. The sale was completed pursuant to Regulation D of
the  Act  on  the  basis  that  the purchaser is a U.S. person, as defined under
Regulation  D  of  the  Act.


                                                                              16

<PAGE>

8.     On  May 17, 2002, the Company issued 1,200,000 shares to Warrack Willson,
an  officer of the Company, and an officer of the Tri-Con Group, for proceeds of
$150,000.  These  shares  were  issued  pursuant  to  Section  4(2)  of the Act.

9.     On May 17, 2002, 500,000 common share purchase warrants were exercised at
a  price  of  $0.10  per  share  and the Company issued 500,000 shares for total
proceeds  of  $50,000.  No  commissions or fees were paid in connection with the
offering.  The  sales  were completed pursuant to Regulation S of the Act on the
basis that each purchaser is a non-U.S. person, as defined under Regulation S of
the  Act.

10.     On  May  30, 2002, 500,000 common share purchase warrants were exercised
at  a  price  of $0.10 per share and the Company issued 500,000 shares for total
proceeds  of  $50,000.  No  commissions or fees were paid in connection with the
offering.  The  sales  were completed pursuant to Regulation S of the Act on the
basis that each purchaser is a non-U.S. person, as defined under Regulation S of
the  Act.


Item  3          Default  Upon  Senior  Securities

The  Company  is in default of obligations pursuant to convertible debentures in
the  aggregate  principal  amount of $140,000, plus accrued interest of $48,026.
The Company is attempting to negotiate the issuance of replacement debentures in
exchange  for  the  amount  of  indebtedness  owed to the investor.  There is no
assurance  that  these  negotiations  will  be  successful.


Item  4          Submission  of  Matters  to  a  Vote  of  Security  Holders

No  matters  were submitted to our security holders for a vote during our second
quarter  ended  May  31,  2002.


Item  5          Other  Information

None.


Item  6          Exhibits  and  Reports  on  Form  8-K

None.



                                                                              17

<PAGE>

                                   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 10, 2002                     /s/ Garry L. Anselmo

                                         G.L. Anselmo
                                         President
                                         Chief Executive Officer
                                         (Principal Executive Officer)
                                         Chief Financial Officer
                                         (Principal Financial Officer)