FORM 10Q


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549





[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE QUARTER ENDED August 31, 1997.

                                       OR


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


     Commission file number 0-12132


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


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

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

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

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

--------------------------------------------------------------------------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 13(d) of the  Securities  and  Exchange Act of 1934
during the preceding 12 months (or for a shorter  period that the registrant was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

Yes [X] No [ ]

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

Class                                          Outstanding at September 24, 1997
--------------------                           ---------------------------------
(Common stock (npv))                           70,967,493

<PAGE>

<TABLE>
<CAPTION>
SILVERADO GOLD MINES LTD.
CONSOLIDATED BALANCE SHEETS                                                     As at
EXPRESSED IN U.S. DOLLARS                                             August 31      November 30
                                                                        1997            1996
                                                                    -------------   -------------

<S>                                                                 <C>             <C>    
Assets
Current Assets
  Cash and cash equivalents                                         $      90,471   $   1,925,469
  Gold inventory (Note 2)                                                  83,342         213,004
  Accounts receivable                                                      22,289          11,265
  Prepaid expenses to related parties                                     430,617         479,959
  Receivable from related parties                                         770,425            --
  Deferred employment contract expense                                       --           350,000
                                                                    -------------   -------------
                                                                      
                                                                        1,397,144       2,979,697

Mineral Properties and Development
  Claims and options                                                    2,326,971       2,327,025
  Deferred exploration and development expenditures                    13,088,532      11,286,816
                                                                    -------------   -------------
                                                                       15,415,503      13,613,841
  Less accumulated amortization                                        (1,384,338)     (1,384,338)
                                                                    -------------   -------------
                                                                      
                                                                       14,031,165      12,229,503

Building, Plant and Equipment                                           4,474,278       4,423,428
  Less accumulated depreciation                                        (1,273,262)       (920,246)
                                                                    -------------   -------------
                                                                        3,201,016       3,503,182

Deferred Financing Fees                                                    71,062          98,962
  (net of amortization of $114,938, 1996 - $87,038)                 -------------   -------------

                                                                    $  18,700,387   $  18,811,344
                                                                    =============   ============= 

Liabilities and Shareholders' Equity
Current Liabilities
  Accounts payable and accrued liabilities (Note 4)                 $     377,425   $     351,154
  Loans payable secured by gold inventory                                    --            66,511
  Loans payable unsecured                                                  15,000            --
  Current portion of mineral claims payable                                  --           179,000
  Capital lease obligations - current                                      30,310          64,939
                                                                    -------------   -------------
                                                                     
                                                                          422,735         661,604
Long Term Liabilities
  Capital lease obligations                                                92,214          92,214
  Convertible debenture (Note 6)                                        2,000,000       2,000,000
                                                                    -------------   -------------
                                                                        2,092,214       2,092,214
Shareholders' Equity
  Share capital (Note 5)
  Authorized: 100,000,000 common shares
  Issued and outstanding:  August 31, 1997 - 68,376,493 shares         41,660,366      38,553,063
                           November 30, 1996 - 56,406,493 shares
  Deficit                                                             (25,474,928)    (22,495,537)
                                                                    -------------   -------------
                                                                  
                                                                       16,185,438      16,057,526
                                                                    -------------   -------------
                                                                
                                                                    $  18,700,387   $  18,811,344
                                                                    =============   =============
                                                                      
</TABLE>

See accompanying notes to consolidated financial statements

<PAGE>

<TABLE>
<CAPTION>
SILVERADO GOLD MINES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND ACCUMULATED DEFICIT
EXPRESSED IN U.S. DOLLARS
                                                           Nine Months Ended
                                                      August 31        August 31
                                                         1997             1996
                                                    -------------    ------------- 
<S>                                                 <C>              <C>
Revenue from gold sales                             $     141,772    $     209,278
  Mining and processing costs                            (130,368)        (157,007)
  Amortization of property and development costs             --            (32,413)
                                                    -------------    ------------- 
Income from Operations                                     11,404           19,858

Administrative Expenditures                             1,857,042        1,272,965

Employment contract expense (Note 5c)                   1,133,753        2,291,471
                                                    -------------    ------------- 

Loss for the period                                    (2,979,391)      (3,544,578)

Accumulated deficit at beginning of period            (22,495,537)     (18,165,277)
                                                    -------------    ------------- 

Accumulated deficit at end of period                $ (25,474,928)   $ (21,709,855)
                                                    =============    ============= 

Loss per share                                      $      (0.046)   $      (0.085)
                                                    =============    ============= 
</TABLE>

See accompanying notes to consolidated financial statements
<TABLE>
<CAPTION>

                                                          Three Months Ended
                                                      August 31        August 31
                                                         1997             1996
                                                    -------------    ------------- 
<S>                                                 <C>              <C>
Revenue from gold sales                             $      64,290    $     110,630
  Mining and processing costs                             (85,533)         (77,889)
  Amortization of property and development costs             --            (32,413)
                                                    -------------    ------------- 
Income (loss) from Operations                             (21,243)             328

Administrative Expenditures                               631,360          471,584

Employment contract expense (Note 5c)                      70,333          634,693
                                                    -------------    ------------- 

Loss for the period                                      (722,936)      (1,105,949)

Accumulated deficit at beginning of period            (24,751,992)     (20,603,906)
                                                    -------------    ------------- 

Accumulated deficit at end of period                $ (25,474,928)   $ (21,709,855)
                                                    =============    ============= 

Loss per share                                      $      (0.007)   $      (0.025)
                                                    =============    ============= 

</TABLE>

See accompanying notes to consolidated financial statements

<PAGE>

<TABLE>
<CAPTION>
SILVERADO GOLD MINES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
EXPRESSED IN U.S. DOLLARS
                                                                              Nine Months Ended
                                                                           August 31       August 31
                                                                              1997           1996
                                                                         -------------   ------------- 
<S>                                                                      <C>             <C> 
CASH PROVIDED BY (USED FOR):

Operations:
  Loss for the period                                                    $ (2,979,391)   $ (2,438,629)
  Items not involving cash:
    Employment contract expense                                             1,133,753       1,656,778
    Depreciation                                                              353,016         100,281
    Amortization of deferred financing fees                                    27,900          18,600
  Changes in non-cash operating working capital:
    Increase in accounts receivable                                           (11,024)         (7,255)
    Increase in receivable from related parties                              (770,425)           --
    Decrease in gold inventory                                                129,662          79,118
    Decrease (increase) in prepaid expenses from related parties               49,342          40,490
    Increase (decrease) in accounts payable and accrued liabilities            64,108        (150,531)
                                                                         -------------   -------------     
                                                                           (2,003,059)       (701,148)
Financing:
  Shares issued for cash                                                    2,285,713       2,830,000
  Increase in unsecured loan                                                   15,000         100,000
  Decrease in loans payable secured by gold inventory                         (66,511)        (36,516)
  Decrease in payable to related parties                                         --          (829,723)
  Decrease in mineral claims payable                                         (179,000)       (211,000)
  Decrease in capital lease obligation                                        (34,629)        (84,173)
                                                                         -------------   -------------     
                                                                            2,020,573       1,768,588
Investments:
  Mineral claims and options                                                       54         (60,000)
  Deferred exploration and development expenditures                        (1,801,716)       (301,014)
  Purchases of equipment                                                      (50,850)         (3,413)
                                                                         -------------   -------------    
                                                                           (1,852,512)       (364,427)

Increase (decrease) in cash and cash equivalents                           (1,834,998)        703,013
Cash and cash equivalents at beginning of period                            1,925,469         155,849
                                                                         -------------   ------------- 
                                                                             
Cash and cash equivalents at end of the period                           $     90,471    $    858,862
                                                                         =============   =============     
Supplemental cash flow information
  Interest paid                                                          $     80,000    $     80,000
                                                                         =============   =============
                                                                                
</TABLE>

See accompanying notes to consolidated financial statements

<PAGE>

SILVERADO GOLD MINES LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(EXPRESSED IN U.S. DOLLARS) (UNAUDITED) AUGUST 31, 1997


1.   Basis of Presentation

     The financial information at August 31, 1997, and for the nine month period
     ended  August  31,  1997  included  herein  is  unaudited;   however,  such
     information reflects all adjustments (consisting solely of normal recurring
     adjustments) which are, in the opinion of management,  necessary for a fair
     statement of results for the interim periods.  These consolidated financial
     statements are presented in accordance with generally  accepted  accounting
     principles in the United  States.  The results of  operations  for the nine
     month period ended August 31, 1997 are not  necessarily  indicative  of the
     results to be expected for the full year.

2.   Inventories

     Gold inventory is valued at the lower of weighted average cost or estimated
     net realizable value.

3.   Deferred Production Expenditures

     Costs  associated  with waste removal and preparation for gold recovery are
     deferred and charged to production on a unit of production basis.

4.   Accounts Payable

     Accounts payable and accrued liabilities consists of:

                                                     AUGUST 31,   NOVEMBER 30,
                                                        1997         1996
                                                     -----------  -----------
     Accounts payable                                    287,420      118,858
     Accrued interest                                     26,666       64,065
     Accrued employment contract expense (Note 5c)        60,394       98,231
     Accrued reclamation expenses                          2,945       70,000
                                                     -----------  -----------
                                                     $   377,425  $   351,154
                                                     ===========  ===========

5.   Share Capital


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

     (b)  Directors  Options.  The Company  has  reserved  3,475,000  shares for
     issuance,  exercisable  until August 14, 2004, in accordance with the terms
     and  conditions  of its December 12, 1994,  Stock Option Plan;  and 450,000
     shares  for  issuance,  originally  exercisable  until  June  1,  1997  but
     subsequently  extended to June 1, 2002,  in  accordance  with the terms and
     conditions of its June 1, 1992, Stock Option Plan.

     (c) Employee Options. From time to time, the Company issues options for the
     purchase  of common  shares to  selected  part  time  independent  contract
     employees as sole  compensation for contracted  services in accordance with
     the terms and  conditions  of its April 20,  1994,  Stock  Option and Stock
     Bonus Plan.  The  

<PAGE>

     Company accounts for compensation  arising from these options in accordance
     with  APB 25.  If the  market  price of the  Company's  shares  exceed  the
     exercise  price of the options at the date the options  are  granted,  then
     this  excess  is  accrued  and  expensed  over the  term of the  employment
     contracts, on a straight line basis. When the options are exercised,  share
     capital is credited  based on the market price at the date the options were
     granted. The Company has reserved 304,750 shares for issuance,  exercisable
     until October 21, 1998, in accordance with the terms and conditions of this
     plan.

     (d) Warrants and Forward  Commitments.  The Company has reserved a total of
     4,200,000  shares for issuance with respect to a warrant for 600,000 shares
     exercisable until March 6, 1998; a warrant for 2,000,000 shares exercisable
     until  April 3, 1999;  a warrant for  1,000,000  shares  exercisable  until
     August  22,  1999;  and a warrant  for  600,000  shares  exercisable  until
     September 6, 1999.

     (e) Other Share Transactions. The Company has reserved 1,000,000 shares for
     issuance upon the potential  conversion  of a  convertible  debenture,  and
     709,725 shares for issuance under the terms of its 14-for-13  forward stock
     split of May 21, 1997. The Company has also reserved  1,100,000 shares with
     respect to its outstanding  offer to purchase the assets and liabilities of
     Kintana Resources Ltd.

6.   Convertible Debenture

     In July,  1994,  the Company issued an 8%  convertible  callable  debenture
     which is unsecured and is due July 2, 1999,  subject to prior redemption or
     conversion.  The  debenture  may be  converted  in  whole or in part by the
     holder into common shares of the Company at an original Conversion Price of
     $2.00 U.S. per share (the  "Conversion  Price"),  subsequently  modified to
     $1.857 as a result of the Company's  14/13 "forward  stock split"  approved
     May 21, 1997.  In  addition,  the Company may require the holder to convert
     the debenture at the Conversion  Price, in whole or in part, if the average
     market price of the Company's  shares has exceeded  125% of the  Conversion
     Price for a period of 20  consecutive  trading  days.  Financing  fees paid
     related  to the  debenture  have been  deferred  are being  amortized  on a
     straight line basis over the five year term of the debenture.


7.   Commitments and Contingencies


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


<PAGE>

                      MANAGEMENT DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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


Nine Months 1997 v. 1996
------------------------

Revenue during the first nine months of 1997 was received from the on-going sale
of gold from the Company's  existing gold inventory,  though the majority of the
Company's  cash was  raised  through  equity  funding of its  activities  by the
issuance of 3,500,000  additional  shares of its stock under the  provisions  of
Regulation "S". Current liabilities  continued to decrease from $661,604 and are
now at $422,735,  primarily as a function of a reduction in the current  portion
of mineral claims  payable as the Company paid off its remaining  obligations on
the Nolan Gold Property

Current  assets  decreased  from  $2,979,697  to $1,397,144 as a function of the
Company's  continued  commitment  of resources  to its drilling and  exploration
programs on its Fairbanks,  Alaska, properties - a process begun a year earlier.
In  particular,  the  Company  focused  its  resources  on its  "due  diligence"
investigation of the Ryan Lode Gold Property,  a prospective  acquisition stated
to contain  742,500 ounces of proven gold reserves.  Prepaid  expenses  remained
relatively  constant,   representing   contractual  payments  to  the  Company's
principal  Alaska  contractor to fund the exploration and development work being
conducted on the Company's  properties near Fairbanks,  while  receivables  from
related parties  increased as a function of the Company incurring legal expenses
on behalf of Kintana  Resources Ltd. in  anticipation of its purchase of Kintana
through issuance of shares (see Note 5 (e)). The Company's long term liabilities
consist primarily of a $2,000,000 convertible debenture.

Administrative  expenditures  increased by $584,077  primarily as a result of an
increase in management  services  expense,  and an increase in depreciation  and
amortization charges, attributable to the Grant Mine mill facilities. Employment
contract expenses decreased by $1,157,718 as few such contracts were issued (see
Note 5 (c)).


Liquidity and Capital Resources at August 31, 1997
--------------------------------------------------

At August 31, 1997,  the  Company's  cash  position was reduced to $90,471 as it
funded an intensive  drilling  program on the Ryan Lode  Property as part of its
"due  diligence"  investigation.  During  the  quarter  it  received  cash  from
continued sales of existing gold inventory, and from shares issued in accordance
with the provisions of Regulation "S". The Company expects to replenish its cash
reserves  through  the  issuance of  additional  shares in  accordance  with the
provisions of Regulation  "D", though it may also vend some of its properties or
consider a joint-venture,  or similar arrangement, with another company if it is
advantageous for it to do so.

<PAGE>

Results of Operations
---------------------

(a)  Ryan Lode Property
     The Company  entered into an agreement  with La Teko  Resources  Ltd.  ("La
     Teko") to  complete a $12  million - 5 year  buyout of La Teko's  Ryan Lode
     Property, located a mile southwest of the Company's Ester Dome Gold Project
     in Fairbanks,  Alaska.  This  property,  consisting of 63 federal and state
     claims,  contains a known gold reserve of 742,500  proven ounces and 79,500
     probable ounces, according to La Teko.

     The Company  believes  it is in a unique  position to process ore from this
     property  because of the close proximity of its existing mill facilities at
     the Grant Mine, on Ester Dome. If the Company's due diligence investigation
     confirms  the deposit to the  Company's  satisfaction  and  eliminates  any
     environmental  concerns,  it will issue a notice of  acceptance  to La Teko
     that  it  intends  to  proceed  with  acquisition  and  development  of the
     property.

(b)  Ester Dome Gold Project
     At Ester Dome,  also near Fairbanks,  Alaska,  the Company is continuing to
     define the St. Paul Gold Deposit through  drilling and trenching  programs.
     Surface  trenching has shown the St. Paul Gold Deposit to be at least 3,000
     feet long and open to extension in all directions.  Detailed  drilling on a
     700 foot long section of the deposit has shown  intersections  of 10 to 125
     feet and average  gold grades from 0.02 to 0.17 ounces per ton. The Company
     intends to continue  drilling  this  property for the purpose of proving-up
     minable gold deposits which it can then put into production.


(c)  Chatanika Property
     This property,  consisting of 774 mining claims and 24  prospecting  sites,
     was newly  staked by the  Company  in late 1996 in  response  to aerial and
     ground  anomalies  which it observed.  The Company plans to continue ground
     evaluation of these claims during the winter of 1997/98.


(d)  Nolan Gold Project
     At the Nolan  Gold  Project  in  northern  Alaska,  the  Company  completed
     approximately  30 acres of  reclamation,  restoring  most of the previously
     disturbed  ground.  Because the Company's  resources  are  presently  fully
     engaged  at the Ryan  Lode  Property,  it has  postponed  plans to  further
     develop its placer and lode deposits at this  location  until the spring of
     1998.

     Significantly,  and as reported  previously,  the Company was successful in
     reducing  its  cash  cost  of  production  (production  cost  exclusive  of
     depreciation and  amortization) at Nolan to $292 per ounce.  This reduction
     was  attributable  to the  amortization  of initial  start-up costs and the
     effect of cost cutting  measures the Company  implemented as it became more
     knowledgeable of the site.


(e)  Hammond Property
     This  property,  located  adjacent to the  Company's  Nolan Gold Project in
     northern  Alaska,  has a history of gold production which the Company plans
     to further explore and define in the spring of 1998 in conjunction with its
     activities on the Nolan Gold Project.

<PAGE>

                                OTHER INFORMATION

Item 5 Other Information:
-------------------------

Subsequent  to quarter  end,  the Company  undertook  the  following  actions to
replenish its cash reserves:

On September 5, 1997,  the Company  entered into a contract to issue  500,000 of
its shares with an option for 500,000 additional shares pursuant to a consulting
agreement.

During the period of September 8-24 1997,  the Company  issued  1,371,000 of its
shares,  at a price of $0.20 per share,  to an  individual  purchaser  under the
provisions of Rule 506 of Regulation D. The shares were sold for cash with an 8%
finders fee payable.

On September 9, 1997,  the Company  renegotiated  an  outstanding  600,000 share
warrant from $0.60 to $0.20,  in  consideration  for  immediate  exercise of the
warrant.

--------------------------------------------------------------------------------

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




                                                       SILVERADO GOLD MINES LTD.
                                                       /s/ G.L. Anselmo
                                                       -------------------------
                                                       G.L. Anselmo
                                                       President / CEO / CFO