FORM 10Q


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549





[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE
ACT OF 1934 FOR THE QUARTER ENDED February 28, 1999

                                       OR


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


Commission file number 0-12132


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


British Columbia, Canada                           
--------------------------------------------------------------          
(State or other jurisdiction of incorporation or organization) 

98 -0045034
--------------------------
(I.R.S. Employer I.D. No.)

Suite 505, 1111 West Georgia Street Vancouver, British Columbia, Canada V6E 4M3
-------------------------------------------------------------------------------
(Address  of  Principal  Executive Offices)

 (604)689-1535 
 ------------------------------- 
 (Registrant's telephone number)

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

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.

Class                                               Outstanding at April 1, 1999
--------------------                                ----------------------------
(Common stock (npv))                                12,077,557

<PAGE>

<TABLE>
<CAPTION>
SILVERADO GOLD MINES LTD.
CONSOLIDATED BALANCE SHEETS
(EXPRESSED IN U.S. DOLLARS) (UNAUDITED)                                                  As at
                                                                             February 28,     November 30,
                                                                                1999             1998
                                                                             ------------     ------------
<S>                                                                          <C>               <C> 

Assets
Current Assets
   Cash                                                                      $      3,865      $      --
   Gold inventory                                                                   8,847           23,448
   Accounts receivable                                                              7,843            3,760
   Prepaid expenses paid to related parties                                       269,307          363,667
                                                                              ------------     ------------ 
                                                                                  289,862          390,875

Mineral Properties and Development                                              2,667,335        2,667,335
   Less accumulated amortization                                                 (743,586)        (743,586)
                                                                              ------------     ------------
                                                                                1,923,749        1,923,749

Buildings, Plant and Equipment                                                  3,107,938        3,114,784
   Less accumulated depreciation                                               (1,365,576)      (1,289,882)
                                                                              ------------     ------------
                                                                                1,742,362        1,824,902

Deferred Financing Fees (net of amortization of $170,738: 1998-$161,438)           15,262           24,562
                                                                              ------------     ------------ 
                                                                               $3,971,235       $4,164,088
                                                                             =============      ===========

Liabilities and Shareholders' Equity
Current Liabilities
   Bank indebtedness                                                         $       --       $      4,396
   Accounts payable and accrued liabilities (Note 5)                              905,595          904,568
   Loans payable                                                                   88,795             --
   Mineral claims payable                                                         342,000          342,000
   Convertible debenture                                                        2,000,000        2,000,000
                                                                              ------------     ------------
                                                                                3,336,390        3,250,964
Shareholders' Equity
   Share capital
   Authorized: 100,000,000 common shares
   Issued and outstanding:  February 28, 1999 - 11,864,557 shares              44,204,520       44,074,920
                            November 30, 1998 - 10,997,890  shares
   Deficit                                                                    (43,569,675)     (43,161,796)
                                                                              ------------     ------------
                                                                                  634,845          913,124
                                                                              ------------     ------------
                                                                             $  3,971,235       $4,164,088
                                                                             =============      ===========
                                                                            


See accompanying notes to consolidated financial statements.
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
SILVERADO GOLD MINES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND ACCUMULATED DEFICIT                                             Three month ended
(EXPRESSED IN U.S. DOLLARS) (UNAUDITED) 
                                                                February 28,   February 28,
                                                                   1999           1998
                                                               -----------------------------
<S>                                                             <C>            <C> 

Revenue from gold sales                                         $     15,859   $     13,723
    Less mining and processing costs                                  14,601         16,232
                                                               -----------------------------                   
Gain (loss) from Operations                                            1,258         (2,509)

Exploration and development expenditures                             175,011           --

Administrative expenditures                                          234,126        521,676

Loss for the period                                                 (407,879)      (524,185)

Accumulated deficit at beginning of the period                   (43,161,796)   (26,910,309)
                                                               ----------------------------- 

Accumulated deficit at end of the period                        $(43,569,675)  $(27,434,494)
                                                               -----------------------------

Loss per share                                                  $     (0.035)  $      (0.10)
                                                               -----------------------------
See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>
<TABLE>
<CAPTION>
SILVERADO GOLD MINES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(EXPRESSED IN U.S. DOLLARS) (UNAUDITED)                                    Three month ended

                                                                        February 28,  February 28,
                                                                            1999          1998
<S>                                                                     <C>          <C>    
CASH PROVIDED BY (USED FOR):
Operations:
  Loss for the year                                                     $  (407,879) $ (524,185)
  Items not involving cash:
     Employment contract expense                                               --        63,994
     Depreciation                                                            75,694     121,567
     Amortization of deferred financing fees                                  9,300       9,300
     Loss on disposal of buildings, plant and equipment                        --        22,115
  Changes in non-cash operating working capital:
     Increase in accounts receivable                                         (4,083)     (3,557)
     Decrease in gold inventory                                              14,601      16,233
     Decrease (increase) in prepaid expenses paid to related parties         94,360     (14,916)
     Increase in accounts payable and accrued liabilities                     1,027      85,621
                                                                           ---------   ---------
                                                                            (216,980)   (223,828)

Financing:
     Shares issued for cash                                                 129,600     258,500
     Increase in loans payable                                               88,795      60,000
     Decrease in capital lease obligation                                      --       (18,208)
                                                                           ---------   ---------            
                                                                            218,395     300,292

Investments:
     Mineral claims and options expenditures, net of recoveries                --        71,325
     Deferred exploration and development expenditures                         --      (423,483)
     Proceeds from sale of equipment                                          6,846     290,300
     Purchases of equipment                                                    --        (1,220)
                                                                           ---------   ---------  
                                                                              6,846     (63,078)

Increase (decrease) in cash                                                   8,261      13,386
Cash (bank indebtedness) at beginning of the period                          (4,396)     20,914
                                                                           ---------   ---------
Cash at end of the period                                               $     3,865 $    34,300
                                                                        =========== ===========

Supplemental cash flow information
     Interest paid                                                      $      --   $    20,000
                                                                        =========== ===========
     Issue of shares for purchase of mineral property, a non-cash
     investing activity not reflected in the Statements of Cashflows    $      --   $   250,000
                                                                        =========== ===========

See accompanying notes to consolidated financial statements.
</TABLE>

<PAGE>
SILVERADO GOLD MINES LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(EXPRESSED IN U.S. DOLLARS) (UNAUDITED) FEBRUARY 28, 1999


1.   Basis of Presentation

     The  financial  information  at  February  28, 1999 and for the three month
     period ended  February 28, 1999 and  February 28, 1998  included  herein is
     unaudited;  however, such information reflects all adjustments  (consisting
     solely of normal  recurring  adjustments)  which  are,  in the  opinion  of
     management,  necessary  for a fair  statement  of results  for the  interim
     periods.   These  consolidated   financial   statements  are  presented  in
     accordance  with  generally  accepted  accounting  principles in the United
     States. The results of operations for the three month period ended February
     28, 1999 are not  necessarily  indicative of the results to be expected for
     the full year.

2.   Gold Inventory

     Gold inventory is valued at the lower of weighted average cost or estimated
     net realizable  value.  At February 28, 1999 and February 28, 1998, gold is
     valued at net realizable value.

3.   Mineral Properties and Development

     Costs of acquiring  mineral claims and options are  capitalized  until such
     time  as  the  properties  are  placed  into  production.  Exploration  and
     development expenditures are expensed as incurred.

4.   Buildings Plant and Equipment

     Buildings, plant and equipment are stated at cost. Depreciation is provided
     on buildings,  plant and equipment using the straight-line  method based on
     estimated lives of 3 to 20 years.

5.   Accounts Payable

     Accounts  payable and accrued  liabilities  are delineated in the following
     table:

                                       FEBRUARY 28,            NOVEMBER 30,
                                          1998                    1998
                           
     Accounts payable                  $522,929                $561,902
     Accrued interest                   186,666                 146,666
     Accrued reclamation expenses       196,000                 196,000
                                       ------------            -----------
                                       $905,595                $904,568
                                       ------------            -----------

6.   Convertible Debenture

     In July,  1994,  the Company issued a convertible  callable  debenture with
     interest  payable at the rate of 8.0% per annum on  December 31 and June 30
     each year.  The debenture is unsecured and is due July 2, 1999,  subject to
     prior redemption or conversion.  The debenture may be converted in whole or
     in part by the holder  into common  shares of the  Company at a  conversion
     price of $18.57  U.S.  per share (the  "Conversion  Price").  In  addition,
     conversion of the debenture may be called by the Company  provided that the
     average trading

<PAGE>


     price of the  Company's  common stock has exceeded  125% of the  Conversion
     Price for the period of 20  consecutive  trading days.  Financing fees paid
     related to the debenture  have been  deferred and are being  amortized on a
     straight line basis over the debenture  term of 60 months.  The Company was
     granted a deferral  of these  payments  based on monthly  progress  updates
     until financing is in place.  Total interest  payable at February 28, 1999,
     amounting to $186,666 has been recorded as a current liability.

7.   Share Capital

     (a) Common  Shares.  Authorized:  100,000,000  common  shares,  without par
     value.

     (b) Directors Options. The Company has reserved 4,000,000 common shares for
     issuance,  exercisable  until August 14, 2004, in accordance with the terms
     and  conditions  of its December 12,  1994,  Stock Option Plan;  and 48,462
     common shares for issuance for issuance  exercisable until June 1, 2002, in
     accordance with the terms and conditions of its June 1, 1992,  Stock Option
     Plan. The Company accounts for stock  compensation  arising from options to
     directors  in  accordance  with APB 25,  "Accounting  for  Stock  Issued to
     Employees".

     (c) Employee Options.  From time to time the Company issues options for the
     purchase  of common  shares to  selected  part  time  independent  contract
     employees as sole  compensation for contracted  services in accordance with
     the terms and  conditions  of its April 20,  1994,  Stock  Option and Stock
     Bonus Plan.  The  Company  accounts  for  compensation  arising  from these
     options in  accordance  with  Statement  of  Financial  Standards  No. 123,
     "Accounting  for Stock Based  Compensation".  Under this  statement,  stock
     compensation  cost to contract  employees  is measured at the grant date of
     the stock option based on the value of the award and is recognized over the
     service period.

     (d) Warrants. In connection with the private placement of common shares the
     Company has  outstanding at February 28, 1999,  warrants for 866,667 common
     shares exercisable until December 2000.

     (e) Other  Share  Transactions.  The Company has  reserved  107,701  common
     shares  for  issuance  upon  the  potential  conversion  of  a  convertible
     debenture;  and  110,000  common  shares  for  issuance  with  respect to a
     potential purchase of property.

8.   Commitments and Contingencies

     The  Company has a lease  agreement  for office  premises  for a term of 10
     years commencing April 1, 1994, with an approximate annual rate of $120,000
     (Cdn.) including operating costs.

9.   Litigation

     A former  employee of the Tri-Con  Group has initiated a claim against that
     company  for  wrongful  dismissal/breach  of  contract  in  the  amount  of
     $150,000.  The Company  has been named as a  co-defendant  in the suit.  No
     provision for this litigation has been made in these  financial  statements
     and the amount of the loss,  if any, for this  lawsuit,  would be accounted
     for prospectively.

10.  Subsequent Events

     On March 31, 1999,  the Company  entered  into an agreement  with a warrant
     holder to amend amounts,  prices and dates.  The warrant  holder  exercised
     213,000 share purchase warrants, exercisable at $0.07 per common shares for
     gross proceeds of $14,910.



<PAGE>



                      MANAGEMENT DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is  management's  discussion and analysis of certain factors which
have  significantly  affected the  Company's  financial  position and  operating
results during the period included in the  accompanying  condensed  consolidated
financial statements.

Three Months 1999 v. 1998

The Company continued to engage in mining activities during the first quarter of
1999. Revenues were received from sales of existing gold inventory. In preparing
for gold recovery,  expenditures were made towards  exploration and development.
Current  assets  decreased  due to the decrease of prepaid  expenses  during the
quarter.  Current liabilities increased as a function of an increase in accounts
payable, and short-term loans. The Company's $2 million convertible debenture is
due July 1999 and the Mineral claims payable remained unchanged.  Administrative
expenses  were  reduced,  reflecting  the reduced  level of activity  within the
Company.

Liquidity and Capital Resources at February 28, 1999

During the first three months of 1999, the Company  received cash from a private
placement  of common  shares,  sale of gold,  sale of equipment  and  short-term
loans.  At February 28,  1999,  the  Company's  cash  position was minimal.  The
Company  plans to continue  to raise  capital  through  private  placements  and
warrant  issues  and/or  through  the  completion  of  property  ventures on its
Fairbanks  properties.  The arctic Nolan gold recovery from winter production is
set to begin after the thaw of snow in May-June  and the  Company  expects  gold
sales to supplement financing  activities.

Results of Operations

(a) Nolan Gold Project:  At the 100% owned Nolan property in arctic Alaska,  the
Company has resumed its mining activities on known gold bearing zones defined in
exploration  and  development   programs  conducted  in  1998.  The  Company  is
continuing  these  activities  and is  preparing  operations  for gold  recovery
beginning with the thaw of snow in late May and early June.

(b) Other Properties:  The Company continued to maintain its other properties in
good standing,  pending  further  exploration  and  development,  subject to the
availability of financing.

                                OTHER INFORMATION

Item 5 Other Information.

Subsequent to quarter end, the Company  entered into an agreement with a warrant
folder to amend amounts,  prices and dates. The warrant holder exercised 213,000
share  purchase  warrants,  exercisable  at $0.07 per  common  shares  for gross
proceeds of $14,910.

Item 6 Exhibits and Reports on Form 8K

During the quarter  ended  February  28, 1999,  the Company  filed a Form 8-K on
December  9,  1998.  No  financial  statements  were  filed  with  this  report.

--------------------------------------------------------------------------------
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.

                                        /s/ G.L. Anselmo

                                        G.L. Anselmo
                                        President / CEO / CFO

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