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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, 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: August 31, 2008

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 1820,                                |                                     
|Vancouver, British Columbia, Canada                                  | V6E 4M3                             
|(Address of principal executive offices)                             | (Zip Code)                          

Issuer's telephone number: (800) 665-4646

Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during thepast 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 October 20, 2008: 959,437,101
common shares.

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

1

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

Quarterly Period Ended August 31, 2008

|               |                           |                                                                                                                                                                                                                                                                                 | Page
|-------------- | ------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----
|               |                           |                                                                                                                                                                                                                                                                                 |     
|PART I         | **FINANCIAL INFORMATION** |                                                                                                                                                                                                                                                                                
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               | ITEM 1                    | FINANCIAL STATEMENTS                                                                                                                                                                                                                                                            |     
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               |                           | Condensed Consolidated Balance Sheets as of August 31, 2008
      (unaudited) and November 30, 2007 (audited)                                                                                                                                                                   | 3   
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               |                           | Condensed Consolidated Statements of Operations and Other
      Comprehensive Loss for the three and nine months ended August 31, 2008 and
      2007, and for the period from December 1, 2001 (Recommencement of Exploration
      Stage) through August 31, 2008 (unaudited) | 4   
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               |                           | Condensed Consolidated Statements of Cash Flows for the nine
      months ended August 31, 2008 and 2007, and for the period from December
      1, 2001 (Recommencement of Exploration Stage) through August 31, 2008 (unaudited)                                              | 5   
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               |                           | Notes to the Condensed Consolidated Financial Statements
      as of August 31, 2008 (unaudited)                                                                                                                                                                                | 6   
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               | ITEM 2                    | MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION                                                                                                                                                                                                                       | 17  
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               | ITEM 3                    | CONTROLS AND PROCEDURES                                                                                                                                                                                                                                                         | 23  
|               |                           |                                                                                                                                                                                                                                                                                 |     
|PART II        | **OTHER INFORMATION**     |                                                                                                                                                                                                                                                                                
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               | ITEM 1                    | LEGAL PROCEEDINGS                                                                                                                                                                                                                                                               | 24  
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               | ITEM 2                    | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                                                                                                                                                                                                     | 24  
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               | ITEM 3                    | DEFAULTS UPON SENIOR SECURITIES                                                                                                                                                                                                                                                 | 24  
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               | ITEM 4                    | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                                                                                                                                                                                                             | 24  
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               | ITEM 5                    | OTHER INFORMATION                                                                                                                                                                                                                                                               | 24  
|               |                           |                                                                                                                                                                                                                                                                                 |     
|               | ITEM 6                    | EXHIBITS                                                                                                                                                                                                                                                                        | 25  
|               |                           |                                                                                                                                                                                                                                                                                 |     
|**SIGNATURES** | 27                       

2

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PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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

|                                                      |   | August 31, 2008 |   |   | November 30, 2007 |  
|----------------------------------------------------- | - | --------------- | - | - | ----------------- | -
|                                                      |   | (Unaudited)     |   |   | (Audited)         |  
|ASSETS                                                |   |                 |   |   |                   |  
|Current Assets                                        |   |                 |   |   |                   |  
|Cash and
      cash equivalents                       | $ | 239,938         |   | $ | 1,073,457         |  
|Gold inventory                                        |   | 154,105         |   |   | 2,347,946         |  
|Prepaid
      and other receivables                   |   | 40,014          |   |   | 294,505           |  
|Total Current Assets                                  |   | 434,057         |   |   | 3,715,908         |  
|Property, plant and
      equipment, net              |   | 2,209,968       |   |   | 2,158,379         |  
|TOTAL ASSETS                                          | $ | 2,644,025       |   | $ | 5,874,287         |  
|                                                      |   |                 |   |   |                   |  
|                                                      |   |                 |   |   |                   |  
|                                                      |   |                 |   |   |                   |  
|LIABILITIES                                           |   |                 |   |   |                   |  
|Current Liabilities                                   |   |                 |   |   |                   |  
|Accounts payable and
      accrued liabilities        | $ | 318,757         |   | $ | 210,404           |  
|Mineral
      claims royalty payable                  |   | 390,000         |   |   | 360,000           |  
|Due to related parties                                |   | 520,790         |   |   | 1,214,717         |  
|Convertible debentures, current portion               |   | 140,000         |   |   | 140,000           |  
|Capital lease obligation,
      current portion       |   | -               |   |   | 31,013            |  
|Total Current
      Liabilities                       |   | 1,369,547       |   |   | 1,956,134         |  
|Asset retirement obligation                           |   | 548,850         |   |   | 529,311           |  
|Total Liabilities                                     |   | 1,918,397       |   |   | 2,485,445         |  
|                                                      |   |                 |   |   |                   |  
|SHAREHOLDERS' EQUITY                                  |   |                 |   |   |                   |  
|Common stock                                          |   |                 |   |   |                   |  
|Authorized: unlimited common shares with no par value |   |                 |   |   |                   |  
|Issued and outstanding:                               |   |                 |   |   |                   |  
|934,270,430 common shares (2007:785,607,717)          |   | 93,911,823      |   |   | 89,374,641        |  
|Additional paid-in capital                            |   | 1,200,408       |   |   | 1,200,408         |  
|Subscriptions received                                |   | -               |   |   | 275,136           |  
|Accumulated deficit during exploration stage          |   | (94,386,603     | ) |   | (87,461,343       | )
|Total Stockholders'
      Equity                      |   | 725,628         |   |   | 3,388,842         |  
|TOTAL LIABILITIES AND STOCKHOLDERS'
      EQUITY      | $ | 2,644,025       |   | $ | 5,874,287         |  

The accompanying notes are an integral part of these condensed
consolidated financial statements 3

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

|                                                             |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   | Period Since               |  
|------------------------------------------------------------ | - | -------------------------- | - | - | ------------------------- | - | - | --------------- | - | - | --------------- | - | - | -------------------------- | -
|                                                             |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   | Recommencement of          |  
|                                                             |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   | Exploration Stage          |  
|                                                             |   | Three
        Months Ended |   |   | Nine
        Months Ended |   |   | from            |  
|                                                             |   | August 31, 2008            |   |   | August 31, 2007           |   |   | August 31, 2008 |   |   | August 31, 2007 |   |   | December 1, 2001           |  
|                                                             |   | (Unaudited)                |   |   | (Unaudited)               |   |   | (Unaudited)     |   |   | (Unaudited)     |   |   | to
        August 31, 2008 |  
|                                                             |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   |                            |  
|General and administrative expenses                          |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   |                            |  
|Accounting and audit                                         | $ | 107,175                    |   | $ | 29,794                    |   | $ | 283,099         |   | $ | 83,929          |   | $ | 673,034                    |  
|Advertising,
        promotion and travel                    |   | 47,250                     |   |   | 171,242                   |   |   | 184,234         |   |   | 722,009         |   |   | 2,917,249                  |  
|Consulting fees                                              |   | 350,941                    |   |   | 229,818                   |   |   | 847,062         |   |   | 891,982         |   |   | 7,610,921                  |  
|Depreciation,
        amortization, accretion and impairment |   | 91,523                     |   |   | 54,142                    |   |   | 256,440         |   |   | 147,370         |   |   | 2,481,951                  |  
|Exploration expenses                                         |   | 1,044,379                  |   |   | 945,767                   |   |   | 2,140,425       |   |   | 2,807,368       |   |   | 15,580,356                 |  
|Financing activities                                         |   | -                          |   |   | -                         |   |   | -               |   |   | -               |   |   | 302,003                    |  
|Legal                                                        |   | 174,620                    |   |   | 68,073                    |   |   | 278,411         |   |   | 174,118         |   |   | 989,826                    |  
|Management fees                                              |   | 307,439                    |   |   | 134,263                   |   |   | 593,145         |   |   | 1,404,514       |   |   | 5,357,852                  |  
|Office Expenses                                              |   | 285,558                    |   |   | 253,673                   |   |   | 651,777         |   |   | 668,367         |   |   | 4,421,887                  |  
|Related party
        charges in excess of costs incurred    |   | 411,062                    |   |   | 389,243                   |   |   | 940,654         |   |   | 945,015         |   |   | 4,707,596                  |  
|Reporting and investor relations                             |   | 199,970                    |   |   | 65,721                    |   |   | 382,926         |   |   | 191,584         |   |   | 923,316                    |  
|Research                                                     |   | 27,000                     |   |   | 13,500                    |   |   | 243,500         |   |   | 71,888          |   |   | 1,013,190                  |  
|Transfer agent and filing fees                               |   | 23,731                     |   |   | 10,185                    |   |   | 54,725          |   |   | 38,049          |   |   | 266,205                    |  
|Write-down of
        property, plant and equipment          |   | -                          |   |   | -                         |   |   | -               |   |   | -               |   |   | 285,875                    |  
|Write-off of mineral claim expenditures                      |   | -                          |   |   | -                         |   |   | -               |   |   | -               |   |   | 1,159,529                  |  
|Total expenses                                               |   | 3,070,648                  |   |   | 2,365,421                 |   |   | 6,856,398       |   |   | 8,146,193       |   |   | 48,690,790                 |  
|                                                             |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   |                            |  
|Loss from operations                                         |   | (3,070,648                 | ) |   | (2,365,421                | ) |   | (6,856,398      | ) |   | (8,146,193      | ) |   | (48,690,790                | )
|Other income (expenses)                                      |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   |                            |  
|Interest and
        other income                            |   | 597                        |   |   | 10,009                    |   |   | 20,941          |   |   | 58,652          |   |   | 277,609                    |  
|Interest expenses on capital
        lease obligations       |   | -                          |   |   | (3,338                    | ) |   | (6,611          | ) |   | (14,825         | ) |   | (323,905                   | )
|Interest expenses
        on convertible debentures (Note 6) |   | (2,800                     | ) |   | (2,800                    | ) |   | (8,400          | ) |   | (8,400          | ) |   | (704,207                   | )
|Other interest expenses and bank
        charges             |   | (3,309                     | ) |   | (1,962                    | ) |   | (11,274         | ) |   | (8,546          | ) |   | (58,746                    | )
|Gold sale proceeds
        during the exploration stage      |   | 1,748,149                  |   |   | 235,683                   |   |   | 2,121,064       |   |   | 489,190         |   |   | 3,582,377                  |  
|Gold inventory (decrease) / increase                         |   | (1,817,287                 | ) |   | 2,241,662                 |   |   | (2,193,841      | ) |   | 2,086,248       |   |   | 142,965                    |  
|                                                             |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   |                            |  
|Total other (expenses) / income                              |   | (74,650                    | ) |   | 2,479,254                 |   |   | (78,121         | ) |   | 2,602,319       |   |   | 2,916,093                  |  
|Net (loss) / income before cumulative
        effect of      |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   |                            |  
|accounting change                                            |   | (3,145,298                 | ) |   | 113,833                   |   |   | (6,934,519      | ) |   | (5,543,874      | ) |   | (45,774,697                | )
|Cumulative effect of accounting change                       |   | -                          |   |   | -                         |   |   | -               |   |   | -               |   |   | (153,226                   | )
|Net (loss) / income                                          |   | (3,145,298                 | ) |   | 113,833                   |   |   | (6,934,519      | ) |   | (5,543,874      | ) |   | (45,927,923                | )
|Other comprehensive income                                   |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   |                            |  
|Gain (loss) on foreign exchange                              |   | 139,297                    |   |   | (25,160                   | ) |   | 9,259           |   |   | 213,645         |   |   | 390,012                    |  
|                                                             |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   |                            |  
|Comprehensive (loss) / income for the period                 | $ | (3,006,001                 | ) | $ | 88,673                    |   | $ | (6,925,260      | ) | $ | (5,330,229      | ) | $ | (45,537,911                | )
|                                                             |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   |                            |  
|Net  (loss) / income per share                               | $ | (0.003                     | ) | $ | 0.000                     |   | $ | (0.008          | ) | $ | (0.008          | ) |   |                            |  
|                                                             |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   |                            |  
|Basic and diluted weighted average number                    |   |                            |   |   |                           |   |   |                 |   |   |                 |   |   |                            |  
|of common
        shares outstanding                         |   | 927,792,169                |   |   | 716,459,626               |   |   | 899,279,514     |   |   | 677,014,546     |   |   |                            |  

The accompanying notes are an integral part of these condensed
consolidated financial statements 4

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

|                                                                              |   |                         |   |   |                 |   |   | Period Since       |  
|----------------------------------------------------------------------------- | - | ----------------------- | - | - | --------------- | - | - | ------------------ | -
|                                                                              |   |                         |   |   |                 |   |   | Recommencement     |  
|                                                                              |   |                         |   |   |                 |   |   | of Exploration     |  
|                                                                              |   | Nine
      Months Ended |   |   | Stage from      |  
|                                                                              |   | August 31, 2008         |   |   | August 31, 2007 |   |   | December 1, 2001   |  
|                                                                              |   | (Unaudited)             |   |   | (Unaudited)     |   |   | to August 31, 2008 |  
|CASH PROVIDED BY (USED FOR):                                                  |   |                         |   |   |                 |   |   |                    |  
|Operating activities:                                                         |   |                         |   |   |                 |   |   |                    |  
|Net comprehensive loss
      for the period                                   | $ | (6,925,260              | ) | $ | (5,330,229      | ) | $ | (45,537,911        | )
|Adjustments to reconcile loss to net cash
      used in operating activities: |   |                         |   |   |                 |   |   |                    |  
|Cumulative
      effect of accounting change                                  |   | -                       |   |   | -               |   |   | 153,226            |  
|Depreciation, amortization,
      accretion and impairment                    |   | 256,440                 |   |   | 147,370         |   |   | 2,481,951          |  
|Stock-based
      compensation included in management fees                    |   | -                       |   |   | 734,094         |   |   | 3,375,644          |  
|Stock issued for debenture                                                    |   | -                       |   |   | -               |   |   | 217,687            |  
|Non-cash
      consulting and legal expenses                                  |   | 480,000                 |   |   | 868,058         |   |   | 3,217,706          |  
|Non-cash financing
      expense                                              |   | -                       |   |   | -               |   |   | 252,003            |  
|Interest
      accrued                                                        |   | 8,400                   |   |   | 8,400           |   |   | 494,770            |  
|Write-off of mineral
      claim expenditures                                 |   | -                       |   |   | -               |   |   | 1,159,529          |  
|Write-down
      of property, plant and equipment                             |   | -                       |   |   | -               |   |   | 285,875            |  
|Changes in non-cash operating working capital:                                |   |                         |   |   |                 |   |   |                    |  
|Gold
      inventory                                                          |   | 2,193,841               |   |   | (2,086,248      | ) |   | (142,965           | )
|Prepaid and other
      receivables                                           |   | 254,491                 |   |   | (128,632        | ) |   | (37,139            | )
|Accounts
      payable and accrued liabilities                                |   | 99,953                  |   |   | (18,283         | ) |   | (296,176           | )
|Asset retirement obligation                                                   |   | 19,539                  |   |   | -               |   |   | 19,539             |  
|Mineral
      claims royalty payable                                          |   | 30,000                  |   |   | 30,000          |   |   | 73,500             |  
|Net cash used in operating activities                                         |   | (3,582,596              | ) |   | (5,775,470      | ) |   | (34,282,761        | )
|                                                                              |   |                         |   |   |                 |   |   |                    |  
|Investing activities:                                                         |   |                         |   |   |                 |   |   |                    |  
|Purchase of property, plant
      and equipment                               |   | (308,029                | ) |   | (1,280,173      | ) |   | (3,052,448         | )
|Disposal of property, plant and equipment                                     |   | -                       |   |   | -               |   |   | 207,289            |  
|                                                                              |   |                         |   |   |                 |   |   |                    |  
|Net cash used in investing activities                                         |   | (308,029                | ) |   | (1,280,173      | ) |   | (2,845,159         | )
|                                                                              |   |                         |   |   |                 |   |   |                    |  
|Financing activities:                                                         |   |                         |   |   |                 |   |   |                    |  
|Advances (to) / from related
      party                                      |   | (693,927                | ) |   | 692,270         |   |   | 229,478            |  
|Repayment of loans payable                                                    |   | -                       |   |   | -               |   |   | (35,729            | )
|Repayment of capital lease
      obligation                                   |   | (31,013                 | ) |   | (256,615        | ) |   | (1,131,607         | )
|Repayment of convertible debentures                                           |   | -                       |   |   | -               |   |   | (74,999            | )
|Common stock issued for
      cash (net of share issue costs)                 |   | 3,782,046               |   |   | 3,757,986       |   |   | 38,363,622         |  
|                                                                              |   |                         |   |   |                 |   |   |                    |  
|Net cash provided by financing activities                                     |   | 3,057,106               |   |   | 4,193,641       |   |   | 37,350,765         |  
|                                                                              |   |                         |   |   |                 |   |   |                    |  
|(Decrease) / Increase in cash and cash equivalents                            |   | (833,519                | ) |   | (2,862,002      | ) |   | 222,845            |  
|                                                                              |   |                         |   |   |                 |   |   |                    |  
|Cash and cash equivalents, at beginning
      of the period                   |   | 1,073,457               |   |   | 3,509,418       |   |   | 17,093             |  
|                                                                              |   |                         |   |   |                 |   |   |                    |  
|Cash and cash equivalents, at end of the
      period                         | $ | 239,938                 |   | $ | 647,416         |   | $ | 239,938            |  
|                                                                              |   |                         |   |   |                 |   |   |                    |  
|Supplemental Cash Flow Information (Note
      9)                             |   |                         |   |   |                 |   |   |                    |  

The accompanying notes are an integral part of these condensed
consolidated financial statements 5

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Note 1  Basis of Presentation, Recent Accounting
Pronouncements and Significant Accounting Policies

Basis of Presentation

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

The unaudited condensed consolidated financial statements do
not include all information and footnote disclosures required under United
States generally accepted accounting principles. In managements opinion, all
adjustments (consisting solely of normal recurring accruals) considered
necessary for a fair presentation of the financial position as of August 31,
2008, and the results of operations and cash flows for all periods presented,
have been included. Readers of these financial statements should note that
interim results for the periods presented are not necessarily indicative of the
results that can be expected for the entire fiscal year as a whole.

These condensed consolidated financial statements should be
read in conjunction with the consolidated financial statements and notes thereto
included in Silverados annual report on Form 10-KSB for the fiscal year ended
November 30, 2007. Certain of the prior periods figures in the statement of
operations and cash flows have been reclassified to conform to the presentation
adopted in the current period.

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

The accompanying condensed consolidated financial statements
have been prepared assuming the Company will continue as a going concern. The
ability of the Company to continue as a going concern is dependent upon the
Companys ability to raise additional capital and implement its business plan.
The condensed consolidated financial statements do not include any adjustments
that may be necessary if the Company were unable to continue as a going
concern.

Recent Accounting Pronouncements and Interpretations

In February 2007, the FASB issued Statement of Financial
Accounting Standards (SFAS) No. 159, Establishing the Fair Value Option for
Financial Assets and Liabilities (SFAS No. 159). SFAS No. 159 was to permit
all entities to choose to elect, at specified election dates, to measure
eligible financial instruments at fair value. An entity shall report unrealized
gains and losses on items for which the fair value option has been elected in
earnings at each subsequent reporting date, and recognize upfront costs and fees
related to those items in earnings as incurred and not deferred. SFAS No. 159
applies to fiscal years beginning after November 15, 2007, with early adoption
permitted for an equity that has also elected to apply the provisions of SFAS
No. 157, Fair Value Measurements. An entity is prohibited from retrospectively
applying SFAS No. 159, unless it chooses early adoption. SFAS No. 159 also
applies to eligible items existing at November 15, 2007 (or early adoption
date). The Company does not expect that SFAS No. 159 will have a material impact
on the Companys consolidated financial statements.

6

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Note 1  Basis of Presentation, Recent Accounting
Pronouncements and Significant Accounting Policies (Continued)

Recent Accounting Pronouncements and Interpretations
(Continued)

In September 2006, the FASB issued Statement of Financial
Accounting Standards No. 157 Fair Value Measurements (SFAS 157), which
provides expanded guidance for using fair value to measure assets and
liabilities. SFAS 157 establishes a hierarchy for data used to value assets and
liabilities, and requires additional disclosures about the extent to which a
company measures assets and liabilities at fair value, the information used to
measure fair value, and the effect of fair value measurements on earnings. SFAS
157 is effective for fiscal years beginning after November 15, 2007, and all
interim periods within those fiscal years. However, in February 2008, the FASB
issued Staff Position 157-2 which delays the effective date of SFAS 157 for all
nonfinancial assets and nonfinancial liabilities, except those that are
recognized or disclosed at fair value in the financial statements on a recurring
basis. For items within its scope, this Staff Position defers the effective date
of SFAS 157 to fiscal years beginning after November 15, 2008. The Company is
evaluating the potential impact of the adoption of this standard on the
Companys consolidated financial statements.

Cash and Cash Equivalents

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

Accounting for the Impairment or Disposal of Long-Lived
Assets

In accordance with SFAS No. 144, Accounting for the Impairment
or Disposal of Long-Lived Assets, long-lived assets held and used by the
Company are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. The
Company recognizes impairment when the sum of the expected undiscounted future
cash flows is less than the carrying amount of the asset. Impairment losses, if
any are measured as the excess of the carrying amount of the asset over its
estimated fair value.

Income Taxes

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

7

---

Note 1  Basis of Presentation, Recent Accounting
Pronouncements and Significant Accounting Policies (Continued)

Income Taxes (Continued)

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

Gold Inventory

On average, the Companys test production in past years has
yielded gold dust and gold nuggets. Gold dust has brought a sales price
equivalent to the spot gold price. Gold nuggets, however, are considered to be
gem or jewelry items, which in the industry sell at a higher value than the spot
price. They are valued according to weight, purity, character, and relative
flatness. Historically, the Companys gold nuggets have sold above the spot gold
price.

The Company values its gold inventory using the gold spot price
at the end of the reporting period and books the revaluation difference to
Other income (loss) during the exploration stage.

In addition, the Company regularly reviews the Company's gold
inventory for potential decline in value and, if necessary, reduces inventory to
its net realizable value when it is apparent that the expected realizable value
falls below its carrying value. A reduction to gold inventory and a charge to
other income (loss) during the exploration stage is made when the estimated net
realizable value of specific inventory declines below carrying value.

Use of Estimates

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

Fair Value of Financial Instruments

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

8

---

Note 2  Related Party Transactions

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

The Tri-Con Group are operations, exploration and development
contractors and have been retained by the Company under contract since 1972 to
carry out all the Companys fieldwork and to provide field administrative and
management services. Under the current contract dated January 1, 1997, work is
charged at cost plus 25% for exploration and at cost plus 15% for development
and mining services. Cost includes out of pocket or actual cost plus 15% charge
for office and project overhead. There is no mark up on capital purchases. The
Tri-Con Group does not charge the Company for the services of its directors who
are also directors of the Company. Tri-Cons services for the current fiscal
year are focusing mainly on Silverados corporate planning and preparation for
year-round operations and administration services. The aggregate amounts billed
by Tri-Con each period are primarily for services rendered by Tri-Con personnel
and subcontractors working on Silverado projects, and disbursements incurred.

As of August 31, 2008, Silverado owed $520,790 (November 30,
2007: $1,214,717) to Tri-Con for exploration and administration services
performed on behalf of Silverado. The following is a summary of Tri-Con services
charges for the nine months ended August 31, 2008 and 2007:

|                                                                    |   | Nine
      Months Ended | 
|------------------------------------------------------------------- | - | ----------------------- | 
|                                                                    |   | August 31, 2008         | 
|                                                                    |   | (Unaudited)             | 
|                                                                    |   |                         | 
|Exploration Services                                                | $ | 3,093,085               | 
|Administration and management services                              |   | 956,668                 | 
|Research                                                            |   | -                       | 
|                                                                    |   |                         | 
|                                                                    | $ | 4,049,753               | 
|                                                                    |   |                         | 
|Amount of total charges in excess of Tri-Cons
      costs incurred | $ | 940,654                 | 
|                                                                    |   |                         | 
|Percentage of excess amount charged                                 |   | 23.23%                  | 

Note 3  Basic and Diluted  (Loss) / Income Per Share

Basic (loss)/income per share is computed by dividing the (loss)/income for the
period by the weighted average number of common shares outstanding during the
period. 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 income per share for the period when the Company acheived net income.

9

---

Note 4  Gold Inventory

For the nine months ended August 31, 2008, $2,121,064 (2007:
$489,190) of net proceeds from sales of gold extracted during exploration and
test mining are recorded as other income in the accompanying condensed
consolidated statements of operations. In addition, the net decrease in gold
inventory of $2,193,841 as of August 31, 2008 (2007: increase of $2,086,248) has
been recorded as a reduction of other income in the accompanying condensed
consolidated statements of operations. The following is a summary of gold
inventory as at August 31, 2008:

|                                       |  | Troy
      Ounces |   |   | Spot
      price |  |   | Balance   | 
|-------------------------------------- |  | ----------------- | - | - | ---------------- |  | - | --------- | 
|Gold Inventory                         |  |                   |   |   |                  |  |   |           | 
|Balance, November 30, 2007             |  | 2,996.74          |   | $ | 783.50           |  | $ | 2,347,946 | 
|Gold sold during
      the nine months |  |                   |   |   |                  |  |   |           | 
|ended August 31, 2008                  |  | (2,811.74         | ) |   |                  |  |   |           | 
|Balance, August
      31, 2008         |  | 185.00            |   | $ | 833.00           |  | $ | 154,105   | 

Note 5  Property, plant and equipment

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

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


Property, plant and equipment primarily include mining
equipment and camp facilities at the Nolan Gold Project. Leasehold improvements
are for both the Vancouver, BC and Fairbanks, AK offices. Assets currently in
construction are segregated and will be reclassified as depreciable assets as
soon as they are put into use. The following is a summary of property, plant and
equipment as at August 31, 2008 and November 30, 2007:

10

---

Note 5  Property, plant and equipment (Continued)

| |                                           |   | August 31, 2008 |   |   | November 30, |  
| | ----------------------------------------- | - | --------------- | - | - | ------------ | -
| |                                           |   | (Unaudited)     |   |   | 2007         |  
| |                                           |   |                 |   |   |              |  
| | Offices                                   |   |                 |   |   |              |  
| | Office leasehold improvements             | $ | 597,557         |   | $ | 612,117      |  
| | Computer
      Equipment and software     |   | 133,995         |   |   | 105,797      |  
| | Furniture and Fittings                    |   | 394,358         |   |   | 394,358      |  
| |                                           |   |                 |   |   |              |  
| | Mining Project                            |   |                 |   |   |              |  
| | Nolan Gold
      Project buildings        |   | 63,000          |   |   | 63,000       |  
| | Leasehold improvements                    |   | 48,123          |   |   | 48,123       |  
| | Nolan mining
      equipment              |   | 2,514,418       |   |   | 2,309,804    |  
| | Other equipment                           |   | 19,193          |   |   | 27,200       |  
| |                                           |   |                 |   |   |              |  
| | Capital assets in construction            |   | 79,784          |   |   | -            |  
| |                                           |   | 3,850,428       |   |   | 3,560,399    |  
| | Accumulated depreciation and amortization |   | (1,640,460      | ) |   | (1,402,020   | )
| | Net Book Value                            | $ | 2,209,968       |   | $ | 2,158,379    |  

Note 6  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 $118,027 as of August 31, 2008 are in default; however, it
is unclear whether they will be exchanged for replacement debentures as the
Company has been unsuccessful in its extensive attempts to locate the holders.

Note 7  Common Stock

During the nine month period ended August 31, 2008, the Company
completed private placements resulting in the issuance of an aggregate of
35,000,000 units at $0.03 per unit and 80,698,459 units at $0.0325 per unit.
Each unit consists of one share of the Companys restricted common stock and one
half-warrant, with a full warrant (consisting of two half-warrants) being
exercisable for a period of one year at a per share exercise price of $0.07. The
Company received gross proceeds of $3,672,700 from such private placements, of
which $275,136 cash was received before the fiscal year ended November 30, 2007.
In addition, the Company received $775,749 from the sale of restricted common
stock through warrant exercises during the nine month period ended August 31,
2008. The Company paid commission fees of $391,267, which was recorded as a
reduction of common stock.

During the nine month period ended August 31, 2008, the Company
issued an aggregate of 10,800,000 shares of the Companys common stock for
consulting fees. The following is a summary of the change in common stock for
the nine month period ended August 31, 2008 and for the fiscal year ended
November 30, 2007:

11

---

Note 7  Common Stock (Continued)

|                                                                        |  | Number of     |  |   | Common Shares |  
|----------------------------------------------------------------------- |  | ------------- |  | - | ------------- | -
|                                                                        |  | Common Shares |  |   | Amount        |  
|Balance as of November 30, 2006                                         |  | 630,785,052   |  | $ | 82,538,598    |  
|Shares issued for:                                                      |  |               |  |   |               |  
|Private placement at $0.0321 per share                                  |  | 59,166,669    |  |   | 1,900,000     |  
|Private placement at $0.035 per share                                   |  | 4,700,000     |  |   | 164,500       |  
|Common stock purchase warrants exercised at $0.03 - $0.07               |  | 65,754,387    |  |   | 3,429,586     |  
|Stock options exercised at $0.05 - $0.058                               |  | 12,680,000    |  |   | 642,000       |  
|Commissions paid                                                        |  | -             |  |   | (408,458      | )
|Shares issued for consulting fees at
      $0.07 - $0.1435              |  | 12,521,609    |  |   | 1,108,415     |  
|Balance as of November 30, 2007                                         |  | 785,607,717   |  |   | 89,374,641    |  
|Shares issued for cash:                                                 |  |               |  |   |               |  
|Private placement at $0.03 per share                                    |  | 35,000,000    |  |   | 1,050,000     |  
|Private placement at $0.0325 per share                                  |  | 80,698,459    |  |   | 2,622,700     |  
|Common stock purchase warrants exercised at $0.035, December
      2007 |  | 16,513,024    |  |   | 577,956       |  
|Common stock purchase warrants exercised at $0.035, January 2008        |  | 1,484,563     |  |   | 51,960        |  
|Common stock purchase warrants exercised at $0.035, February
      2008 |  | 4,166,667     |  |   | 145,833       |  
|Commissions paid                                                        |  | -             |  |   | (391,267      | )
|Shares issued for
      consulting fees at $0.06, January 2008          |  | 500,000       |  |   | 30,000        |  
|Shares issued for consulting fees at
      $0.10, February 2008         |  | 1,800,000     |  |   | 180,000       |  
|Shares issued for
      consulting fees at $0.06, February 2008         |  | 500,000       |  |   | 30,000        |  
|Shares issued for consulting fees at
      $0.03, August 2008           |  | 8,000,000     |  |   | 240,000       |  
|Balance as of August 31, 2008                                           |  | 934,270,430   |  | $ | 93,911,823    |  

Note 8  Stock Options and Common Stock Purchase Warrants

(a) Stock Options

There is no Stock Option Plan adopted for fiscal year 2008 and
no options granted and exercised during the nine months ended August 31,
2008.

On January 11, 2007, the Companys Board of Directors adopted
the 2007 Stock Option Plan (the 2007 Plan). The 2007 Plan authorizes the
issuance of options to purchase the Companys common stock to directors,
officers, employees, and eligible consultants. The Company reserved 25,000,000
shares of its common stock for awards to be made under the 2007 Plan. The 2007
Plan is to be administered by a committee of two or more members of the Board of
Directors. The 2007 Plan allows for the issuance of incentive stock options
(which can only be granted to employees) and non-qualified stock options. The
committee shall determine the type of option granted, the exercise price, the
option term (which may be no more than ten years), and terms and conditions of
exercisability.

On January 11, 2007, the Company granted 21,500,000 stock
options with an exercise price of $0.07 and expiry on January 11, 2013 under the
2007 Plan. The granted options were vested immediately. As of August 31, 2008,
3,500,000 options under the 2007 Plan are available for future awards.

A summary of the change in stock options for the nine month
period ended August 31, 2008 and for the fiscal year ended November 30, 2007 is
as follows:

12

---

Note 8  Stock Options and Common Stock Purchase Warrants
(Continued)

(a) Stock Options (Continued)

|                              |  |                 |   |                  |  |  | Weighted         | 
|----------------------------- |  | --------------- | - | ---------------- |  |  | ---------------- | 
|                              |  | Outstanding and |   |                  |  |  | Average          | 
|                              |  | Exercisable     |   | Weighted Average |  |  | Remaining        | 
|                              |  | Options         |   | Excercise Price  |  |  | Contractual Life | 
|Balance, November 30, 2006    |  | 63,180,000      |   | $ 0.07           |  |  | 4.80 years       | 
|Options granted               |  | 21,500,000      |   | 0.07             |  |  |                  | 
|Options exercised             |  | (12,180,000     | ) | 0.05             |  |  |                  | 
|Options cancelled and expired |  | -               |   | -                |  |  |                  | 
|Balance, November 30, 2007    |  | 72,500,000      |   | 0.06             |  |  | 4.43 years       | 
|Options granted               |  | -               |   | -                |  |  |                  | 
|Options exercised             |  | -               |   | -                |  |  |                  | 
|Options cancelled and expired |  | (2,100,000      | ) | 0.11             |  |  |                  | 
|Balance, August 31, 2008      |  | 70,400,000      |   | $ 0.06           |  |  | 3.72 years       | 

The balance of outstanding and exercisable common stock options
as at August 31, 2008 is as follows:

Number of Options
    
    
    
    
    
    RemainingOutstanding and
    
    
    
    
    
    Contractual LifeExercisable
    
    
    
    Exercise Price
    
    (Years)500,000
    
    
    
    $ 0.060
    
    0.2650,000,000
    
    
    
    0.050
    
    0.26 - 4.3519,900,000
    
    
    
    0.070
    
    4.3770,400,000


(b) Common Stock Purchase Warrants

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

In fiscal year 2006 and 2007, the Company completed private
placements resulting in the issuance of units consisting of one share of Company
restricted common stock and one half-warrant (with each whole warrant
exercisable for one share of Company restricted common stock). The warrants
referenced above were issued during such private placements. There was no value
assigned to these warrants when they were granted. The exercise price reduction
incentivized the holders to exercise the warrants, which assisted the Company in
meeting its working capital requirements. The Company received less proceeds
from these exercised warrants due to the price reductions, but the Company
believes these warrants would have been left to expire had the Company not
effected the exercise price reductions.

13

---

Note 8  Stock Options and Common Stock Purchase Warrants
(Continued)

(b) Common Stock Purchase Warrants (Continued)

A summary of the change in common stock purchase warrants for
the nine month period ended August 31, 2008 and for the fiscal year ended
November 30, 2007 is as follows:

|                           |  |             |   | Weighted        |  |  | Weighted Average | 
|-------------------------- |  | ----------- | - | --------------- |  |  | ---------------- | 
|                           |  | Outstanding |   | Average         |  |  | Remaining        | 
|                           |  | Warrants    |   | Excercise Price |  |  | Contractual Life | 
|Balance, November 30, 2006 |  | 138,579,724 |   | $ 0.098         |  |  | 0.83 years       | 
|Warrants issued            |  | 29,583,335  |   | 0.100           |  |  |                  | 
|Warrants
      exercised   |  | (65,754,387 | ) | 0.085           |  |  |                  | 
|Warrants expired           |  | (40,395,669 | ) | 0.100           |  |  |                  | 
|                           |  |             |   |                 |  |  |                  | 
|Balance, November 30, 2007 |  | 62,013,003  |   | 0.110           |  |  | 0.32 years       | 
|Warrants issued            |  | 57,849,234  |   | 0.070           |  |  |                  | 
|Warrants exercised         |  | (22,164,254 | ) | 0.035           |  |  |                  | 
|Warrants expired           |  | (14,432,081 | ) | 0.120           |  |  |                  | 
|Balance, August 31, 2008   |  | 83,265,902  |   | $ 0.079         |  |  | 0.29
      years | 

The balance of outstanding and exercisable common stock
warrants as at August 31, 2008 is as follows:

Number of
    
    
    
    
    
    
    RemainingWarrants
    
    
    
    
    
    
    Contractual LifeOutstanding
    
    
    
    Exercise Price
    
    
    (Years)8,333,334
    
    
    
    $ 0.100
    
    
    0.0110,833,334
    
    
    
    0.100
    
    
    0.056,250,000
    
    
    
    0.100
    
    
    0.0757,849,234
    
    
    
    0.070
    
    
    0.33
      - 0.4683,265,902


(c) Fair Value Determination

The fair value of stock options granted using the Black-Scholes
option pricing model was calculated using the following weighted average
assumptions:

| |                                        | Nine Months Ended August 31, | 
| | -------------------------------------- | ---------------------------- | 
| |                                        | 2008                         | 
| | Risk free interest rate                | -                            | 
| | Expected volatility                    | -                            | 
| | Expected term of stock option in years | -                            | 
| | Expected dividend yield                | -                            | 
| | Weighted average value per option      | -                            | 

14

---

Note 8  Stock Options and Common Stock Purchase Warrants
(Continued)

(c) Fair Value Determination (Continued)

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

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

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

For the nine months ended August 31, 2008, there were no stock
options granted. For the nine months ended August 31, 2007, 21,500,000 stock
options were granted in Q1 2007 to directors and officers as well as to
employees of Tri-Con Group at an exercise price of $0.07 with a six year term
expiring January 11, 2013. Based on the Black-Scholes option pricing model,
$734,094 of stock based compensation was recognized and included in the
statement of operations and other comprehensive income as management fees in Q1
2007. The details are as follows:

|                                        |  | Nine Months Ended August 31, | 
|--------------------------------------- |  | ---------------------------- | 
|                                        |  | 2008                         | 
|                                        |  |                              | 
|                                        |  | Number of                    | 
|                                        |  | Options                      | 
|Management fees:                        |  |                              | 
|Directors and Officers fees             |  | -                            | 
|Tri-Con Employees
      management fees |  | -                            | 
|Total                                   |  | -                            | 

Note 9  Supplemental Cash Flow Information

|                                                              |   | Nine Months Ended |  
|------------------------------------------------------------- | - | ----------------- | -
|                                                              |   | August 31, 2008   |  
|                                                              |   |                   |  
|Changes in non-cash financing and investing
      activities: |   |                   |  
|Common shares issued for services                             | $ | 480,000           |  
|Common shares issued for
      subscriptions received         |   | 275,136           |  
|Write-off equipment, cost                                     |   | (18,000           | )
|Write-off equipment, accumulated
      depreciation           |   | 18,000            |  
|                                                              |   |                   |  
|Other cash flow information:                                  |   |                   |  
|Interest paid                                                 | $ | 9,295             |  
|Gold sale proceeds                                            |   | 2,121,064         |  

15

---

Note 10  Commitments

| | a) | In March 2007, the Company entered into a new seven-year
      lease expiring August 2014 for its Vancouver, British Columbia office when
      obliged to vacate its previously leased location at the expiry of the
      lease. The annual lease commitment is as
follows:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Years ending November 30, 2008  2011
    $
    401,967Year ending November 30, 2012
    
    125,664Year ending November 30, 2013
    
    128,439Year ending November 30, 2014
    
    74,923$
    730,993


| | b) | In December 2007, the Company entered into a lease
      purchase agreement to purchase mining equipment valued at $555,385. The
      agreement required payment of $55,538 upon execution (paid), and 36 equal
      monthly payments of $13,889 commencing upon delivery. The annual
      percentage rate implicit in the lease will be the rate prevailing at the
      time of delivery.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                               
| |    | This mining equipment lease agreement was cancelled
      subsequent to August 31, 2008 and the Company received the refund of
      $55,538 down payment.                                                                                                                                                                                                                                    

Note 11  Subsequent Events

| | a) | Subsequent to August 31, 2008, the Company issued
      4,000,000 shares of the Companys common stock for consulting
  fees.                                                                                                                                                                                                                                                                 
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                               
| | b) | Subsequent to August 31, 2008, the Company reduced the
      exercise price of 3,666,667 of its common stock purchase warrants from
      $0.10 to $0.0125 per common share and 17,500,004 of its common stock
      purchase warrants from $0.07 to $0.0125 per common share to induce
      purchase of stock and accelerate cash flow. These warrants were exercised
      in October 2008.

Note 12  Legal Proceedings

On July 24, 2008, Smith Canciglia Consulting, Inc. (SCC)
filed a complaint against the Company and Garry L. Anselmo in Circuit Court,
Loudoun County, Virginia following a dispute concerning the terms of a
Consulting Agreement to which SCC and the Company were parties. The complaint
sought compensatory damages in the amount of $1,535,366 (plus prejudgment
interest), $3,000,000 in punitive damages, $3,450,000 as part of a trebling of
damages on a state unfair business act claim, and attorneys fees. The Company
and Mr. Anselmo thereafter caused the case to be successfully removed to the U.S. District
Court, Eastern District of Virginia, and filed a motion to dismiss with the
court. On September 30, 2008, SCC voluntarily dismissed the case against the
Company and Mr. Anselmo.

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

16

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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 or Silverado) are
engaged in the acquisition and exploration of mineral properties in the State of
Alaska. Precious metals, primarily gold, and antimony are the main interests.
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 Creek Property,
located 175 air miles north of Fairbanks, Alaska, where plans include
exploration for both placer and lode gold and antimony lode deposits at the
Nolan Gold & Antimony Project. The exploration activities include lode
diamond drilling and trenching, geochemical and geophysical surveys and test
mining work carried out as part of Silverados exploration programs.

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

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

17

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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 Creek Property, the nature of all deposits
encountered to date are small (4,000 to 14,000 bank cubic yards) but gold
bearing in nature. Although drill densities and exploration activities have
resulted in the discovery and test mining of individual placer gold deposits,
the Company has not yet identified a resource base sufficient for establishing
annual production levels over a sustained period of time. Silverado mines the
deposits, processes the gold bearing gravels and sells this gold even though the
criteria for a proven reserve have not been met. The Company may continue with
test mining of small placer gold deposits at the Nolan Creek property without
establishing that the placer gold deposits contain sustainable and commercially
viable mineral deposits. The Company is also drilling and developing a
gold/antimony lode resource on the Workmans Bench portion of the Nolan Creek
Property.

II. LOW-RANK COAL WATER FUEL

Silverado has been working for six years through its
subsidiary, Silverado Green Fuel Inc., on the development of low-rank coal water
fuel (LRCWF), a non-toxic liquid fuel product derived from
sub-bituminous and lignite coal. In its finished form, LRCWF is a non-toxic,
non-hazardous environmentally friendly strategic liquid fuel. The Companys
primary focus is to perform bench-scale testing on Mississippi lignite coal.
Bench-scale testing will, among other things, provide the Company with data that
may result in the Company deciding to proceed with an independent financial
analysis for building a production facility. There is no assurance that a full
independent financial analysis will be completed or that a production facility
will be constructed if at all.

PLAN OF OPERATIONS

Managements plan of operation for the next three months is
discussed below:

I. MINING

The ability of the Company to continue as a going concern and
to implement the following plan of operations is dependent upon the Companys
ability to raise additional capital. The Companys operations have been funded
primarily from sales of its stock and the sale of gold extracted during
exploration activities. As of August 31, 2008, the Company has $239,938 in cash,
$154,105 in gold inventory, and $935,490 in negative working capital. The
following plan of operations will require approximately $1,000,000 of additional
capital to properly implement and the Company is planning to raise $2,000,000
from sales of its stock for such purpose.

1. NOLAN CREEK PROPERTY - Lode and Placer
Exploration

During the third quarter of our fiscal year, exploration
concentrated on the Workmans Bench gold and antimony mineralized zones on our
Nolan Property. During June, July and August 2008, the Company drilled 28
diamond drill holes into the Workman's Bench mineralized zones, with a total
footage of 9,321 feet, to intersect the gold bearing antimony-quartz vein
systems. Drilling has extended the known lateral extent of the stibnite
(antimony)-gold vein systems on Workman's Bench from 600 feet to 1,000 feet.

18

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Workman's Bench is the Company's prime exploration target for a
lode gold and antimony deposit in the southwestern part of the Solomon Shear
Zone. The Solomon Shear Zone contains northeast striking gold antimony-quartz
vein systems which also occur in other areas on the Nolan Creek property,
including across Smith Creek on Pringle Bench and north of Smith Creek Dome.

A NI 43-101 Technical Report regarding the Nolan Creek
property, entitled Estimation of Lode and Placer Mineral Resources, Nolan Creek
Wiseman B-1 Quadrangle, Koyukuk Mining District, Northern Alaska dated July 29,
2008, has been prepared by Thomas K. Bundtzen of Pacific Rim Geological
Consulting Inc. and is available on SEDAR at www.sedar.com.

This years drilling on Workman's Bench has focused on defining
the lateral and vertical extent of the known gold and antimony mineralized
zones, in particular on the main exposed vein in underground exploration Tunnels
C and D. Information thus far indicates the gold and antimony mineralized zones
at Workman's Bench are open laterally and at depth.

Assay results for the 2008 drilling program received thus far
have been disclosed in two press releases dated July 21, 2008 and August 14,
2008, which can be found at the Companys website at www.silverado.com.

All diamond core drilling was performed by Tri-Con Mining Inc.
The core recovery averaged about 95% in most drill holes. All drill core was
logged and photographed by geologists, under the supervision of a professional
geologist. Once all technical data was derived from the core, the core was cut
lengthwise. The half-core was sampled by pre-determined intervals based on
geology, and placed in sealed sample bags and labeled with the assigned sample
number. All samples were delivered to ALS Chemex in Fairbanks for analysis. With
the shipment to the laboratory of every 20th sample, the Company submitted two
(2) standard samples, and one (1) blank sample for analysis. From time to time
the Company instructed the laboratory to assay duplicate samples of the pulp
from the drill core.

In June and July 2008, the Company conducted a VLF-EM ground
geophysical survey over Fortress and Saddle Zones on its Nolan property to
identify structures such as shear zones, faults, and veins that occur within the
bedrock. The Fortress and Saddle Zones disclosed additional strong conductors
(geological structures) to those located in 2007. These geological structures
exist at and around the northeast end of Solomon's Shear Zone and are at the
headwaters of Thompson Pup Creek where Silverado extracted many fresh
(sharp-edged) gold crystals as part of its previous operations.

The VLF-EM ground geophysical survey was conducted by Tri-Con
Mining Inc. Compilation of survey data, processing and interpretation was
performed by a professional geologist.

The Company is currently operating under multi-year (2008 
2010) Bureau of Land Management (BLM) approved Plan of Operations that
authorizes the collection of a bulk sample of mineralized vein material. Work
under this plan is anticipated to lead to the construction of an initial 150
ton/day gravity and water concentrator to process the bulk sample. Larger-scale
year round operations are concurrently under planning and analysis, and
preliminary discussions continue with the BLM on this subject. Further, a
contract has been awarded to SRK Consulting (U.S.), Inc. of Anchorage, Alaska to
characterize the bulk sample's waste rock and its potential to generate poor
quality drainage from a spoil pile. The products of this work will be a
geochemical characterization of the waste rock, a prediction of current and
future drainage quality with and without the implementation of management
measures, and the recommendation of preferred management measures to prevent the
release of water of unacceptable quality. Further, a program of Nolan Creek
background water sampling has been designed and is underway that samples the
creek at select locations for the application of numerous laboratory. The
combination of the waste rock characterization study and Nolan Creek background

19

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water quality work are intended to facilitate subsequent
larger-scale mining and processing operations as their feasibility is
determined.

There is no assurance that a commercially viable mineral
deposit exists at this time on the Nolan Creek property. Further exploration
will be required before a final evaluation as to the economic and legal
feasibility of mining this property is determined. Although the results to date
are encouraging, at this point there is no assurance that further exploration
will result in a determination that a commercially viable mineral deposit exists
on the property. Towards that end, a preliminary assessment is being conducted
on the Workmans Bench portion of the property.

Further to the Company's geological, geochemical and
geophysical discoveries from the 2007 exploration season, the Company is
following-up exploration at the Nolan Creek gold/antimony lode properties and
gold placer resource areas within the Nolan Creek Gold Project. This follow-up
exploration program is further defining and assessing lode gold and antimony
occurrences at the Nolan Creek Project. The Companys follow-up lode exploration
work is increasing our geological, geochemical and geophysical knowledge of the
Solomon Shear Zone, the Fortress Zone, and other lode gold/antimony occurrences
on the property, and will assist the Company in ascertaining whether or not they
have economic potential.

Continued drilling is being conducted on the Workman's Bench
portion of the Solomon Shear Zone to determine whether or not we can proceed
with confidence to additional test mining, and eventually to commercial
mining.

In the next three months, Silverado plans to concentrate on the
continued drilling and assessment of the Workmans Bench gold/antimony deposit
with the intent to place it into test production as soon as possible. Concurrent
with this, an analysis of the feasibility of additional winter placer mining
will be ongoing.

2. HAMMOND PROPERTY

Annual rentals have been paid to keep the mining claims in good
standing.

This property will require additional funding to continue its
development. At present there is no plan to work on this property. 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. EAGLE CREEK PROPERTY

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

Annual assessment work has been carried out on the property and
the mining claims are in good standing. Assessment work was focused on the
northwest part of the claim block, where drilling and trenching has defined an
intrusive host rock thought to be a sill that contains low-grade gold, silver
and antimony mineralization. Otherwise, no work is presently planned for this
property.

The Company has determined it is appropriate to expend its
funds for the foreseeable future on the Nolan Project as it presents the best
opportunity to initiate steady cash returns.

20

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4. ESTER DOME PROPERTY

Proposals have been solicited from qualified third-party
consultants to engage in the engineering design of the closure of the former
Grant Mine mill tailings pond. A contract award is anticipated to take place
during the fourth quarter of this year and design work is expected to be
completed by the close of the winter of 2008-2009. This tailings pond, currently
filled to capacity, will be capped and decommissioned after the final approval
of the tailings pond closure plan is gained from local and state regulatory
agencies.

Furthermore, with respect to other areas on this property,
several large scale projects have been proposed over the past ten years and
remain warranted, but for the time being the Company has determined it is
appropriate to expend its funds for the foreseeable future on the Nolan Creek
Project as it presents the best opportunity to initiate steady cash returns.

Further exploration will be required before a final evaluation
as to the economic and legal feasibility of mining the Nolan Creek or any of
Silverados properties is determined.

II. LOW-RANK COAL WATER FUEL PROJECT

The Memorandum of Understanding (MOU) dated December 18, 2006
among Silverado Green Fuel Inc., the State of Mississippi as represented by the
Mississippi Development Authority, Choctaw Country Board of Supervisors, and the
Choctaw Country Economic Development District, remains in place. No steps have
been taken to proceed with building the LRCWF demonstration facility
contemplated under the MOU as the Company is not currently pursuing the
construction of a demonstration facility in Mississippi. If the Company
determines, upon completion of a successful independent financial analysis, that
the construction of such facility is commercially viable, the Company may seek
an extension of the MOU to discuss the construction of a commercial facility. As
discussed below, there is no assurance that a full independent financial
analysis will be completed.

The Company has developed preliminary commercial models based
on various assumptions and estimates for the construction of commercial
production facilities and the cost of producing LRCWF using locally-mined coal
purchased from third parties. Estimated production costs may vary significantly,
as LRCWF production is dependent, among other factors, on coal quality, coal
price and location of the proposed commercial facility.

Whether the Company proceeds with the construction of a
commercial production facility is dependent on the completion of a successful
financial analysis with respect to a particular location and utilizing a
particular type of coal as an input. With respect to Mississippi lignite coal,
the Company anticipates spending approximately US$300,000 during the current
fiscal year on bench-scale testing. Bench-scale testing will, among other
things, provide the Company with data that may result in the Company deciding to
proceed with an independent financial analysis for building a production
facility.

Subsequent to the quarter end, the Company completed an
independent financial analysis and the Company has determined that construction
of a commercial production facility would be economically viable. However,
proceeding with the construction of such a facility will be dependent on several
factors including (i) determining the size and location of the facility, (ii)
acquiring land and transportation infrastructure, (iii) obtaining necessary
permitting, (iv) obtaining a long term supply agreement for coal, and (v)
obtaining sufficient financing. The Company's business venture into LRCWF is at
a very early stage and is subject to a high degree of risk. There is no
assurance that the Company will succeed in obtaining government or private
funding for this project or that a commercial facility based on a particular
financial analysis will be constructed at all. The Company may pursue other
initiatives including joint ventures, divestiture and licensing/royalty
arrangements.

21

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OFF-BALANCE SHEET ARRANGEMENTS

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

CRITICAL ACCOUNTING POLICIES

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

ITEM 3. CONTROLS AND PROCEDURES

As required by Rule 13a-15 under the Securities Exchange Act of
1934 (the Exchange Act), we carried out an evaluation of the effectiveness of
the design and operation of our disclosure controls and procedures and our
internal control over financial reporting as of August 31, 2008. This evaluation
was carried out under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer, Garry L. Anselmo. Based upon that
evaluation, our Chief Executive Officer and Chief Financial Officer concluded
that our disclosure controls and procedures and our internal control over
financial reporting are effective to ensure, among other things, that the
information required to be disclosed by us in the reports that we file or submit
under the Exchange Act is accumulated, recorded, processed, communicated, and
reported within the time periods specified by the rules and forms of the
Securities and Exchange Commission.

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

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

During the fiscal quarter ended August 31, 2008, there were no
changes that had a material effect on, or are reasonably likely to affect, our
internal control over financial reporting.

22

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PART II

OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

On July 24, 2008, Smith Canciglia Consulting, Inc. (SCC)
filed a complaint against the Company and Garry L. Anselmo in Circuit Court,
Loudoun County, Virginia following a dispute concerning the terms of a
Consulting Agreement to which SCC and the Company were parties. The complaint
sought compensatory damages in the amount of $1,535,366 (plus prejudgment
interest), $3,000,000 in punitive damages, $3,450,000 as part of a trebling of
damages on a state unfair business act claim, and attorneys fees. The Company
and Mr. Anselmo thereafter caused the case to be successfully removed to  the U.S. District
Court, Eastern District of Virginia, and filed a motion to dismiss with the
court. On September 30, 2008, SCC voluntarily dismissed the case against the
Company and Mr. Anselmo.

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

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

The Company has not sold any unregistered securities during the
period covered by this report 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

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

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

None.

ITEM 5.OTHER INFORMATION

None.

23

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ITEM 6.EXHIBITS

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

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

24

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|     | November 30, 1995.                                                                                          
|---- | ------------------------------------------------------------------------------------------------------------
|(5)  | Filed as an exhibit to the Companys Annual Report on
      Form 10-K for the year ended November 30, 1996. 
|(6)  | Filed as an exhibit to the Companys Annual Report on
      Form 10-KSB for the year ended November 30, 2002
|(7)  | Filed as an exhibit to the Companys Current Report on
      Form 8-K filed on June 13, 2003.               
|(8)  | Filed as an exhibit to the Companys Registration
      Statement on Form SB-2 filed on May 19, 2004.       
|(9)  | Filed as an exhibit to the Companys Quarterly Report on
      Form 10-QSB filed on July 15, 2004.          
|(10) | Filed as an exhibit to the Companys Registration
      Statement on Form S-8 filed on April 11, 2006.      
|(11) | Filed as an exhibit to the Companys Registration
      Statement on Form S-8 filed on March 31, 2006.      
|(12) | Filed as an exhibit to the Companys Registration
      Statement on Form S-8 filed on February 20, 2007.   
|(13) | Filed as an exhibit to the Companys Annual Report on
      Form 10-KSB for the year ended November 30, 2007
|(14) | Filed as an exhibit to the Companys Quarterly Report on
      Form 10-QSB filed on July 15, 2008           
|*    | Filed herewith.                                                                                             

25

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SIGNATURES

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

|                           | SILVERADO GOLD MINES LTD.                      
|-------------------------- | -----------------------------------------------
|                           |                                                
|                           |                                                
|**DATE: October 20, 2008** | /s/ Garry L. Anselmo                           
|                           | Garry L. Anselmo,                              
|                           | President, Chief Executive Officer (Principal  
|                           | Executive Officer), and Chief Financial Officer
|                           | (Principal Financial and Accounting Officer)   

26

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