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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: February 29, 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 the past 12 months (or for
  such shorter period that the registrant was required to file such reports),
  and (2) has been subject to such filing requirements for the past 90 days. Yes
  [X]   No [   ]

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

Number of shares outstanding as of April 11, 2008: 926,270,430 common
  shares.

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

1

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

Period Ended February 29, 2008

|               |                           |                                                                                                                                                                                                                                                            | Page
|-------------- | ------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----
|               |                           |                                                                                                                                                                                                                                                            |     
|PART I         | **FINANCIAL INFORMATION** |                                                                                                                                                                                                                                                           
|               |                           |                                                                                                                                                                                                                                                            |     
|               | ITEM 1                    | FINANCIAL STATEMENTS                                                                                                                                                                                                                                       |     
|               |                           |                                                                                                                                                                                                                                                            |     
|               |                           | Condensed Consolidated Balance Sheets as of February 29,
      2008 (unaudited) and November 30, 2007                                                                                                                                                      | 3   
|               |                           |                                                                                                                                                                                                                                                            |     
|               |                           | Condensed Consolidated Statements of Operations for the three
      months ended February 29, 2008 and February 28, 2007, and for the period
      from December 1, 2001 (Recommencement of Exploration Stage) through February
      29, 2008 (unaudited) | 4   
|               |                           |                                                                                                                                                                                                                                                            |     
|               |                           | Condensed Consolidated Statements of Cash Flows for the three
      months ended February 29,2008 and February 28, 2007, and for the period
      from December 1, 2001 (Recommencement of Exploration Stage) through February
      29, 2008 (unaudited)  | 5   
|               |                           |                                                                                                                                                                                                                                                            |     
|               |                           | Notes to the Condensed Consolidated Financial Statements
      as of February 29, 2008 (unaudited)                                                                                                                                                         | 6   
|               |                           |                                                                                                                                                                                                                                                            |     
|               | ITEM 2                    | MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION                                                                                                                                                                                                  | 11  
|               |                           |                                                                                                                                                                                                                                                            |     
|               | ITEM 3                    | CONTROLS AND PROCEDURES                                                                                                                                                                                                                                    | 15  
|               |                           |                                                                                                                                                                                                                                                            |     
|PART II        | **OTHER INFORMATION**     |                                                                                                                                                                                                                                                           
|               |                           |                                                                                                                                                                                                                                                            |     
|               | ITEM 1                    | LEGAL PROCEEDINGS                                                                                                                                                                                                                                          | 16  
|               |                           |                                                                                                                                                                                                                                                            |     
|               | ITEM 2                    | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                                                                                                                                                                                | 16  
|               |                           |                                                                                                                                                                                                                                                            |     
|               | ITEM 3                    | DEFAULTS UPON SENIOR SECURITIES                                                                                                                                                                                                                            | 16  
|               |                           |                                                                                                                                                                                                                                                            |     
|               | ITEM 4                    | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                                                                                                                                                                                        | 16  
|               |                           |                                                                                                                                                                                                                                                            |     
|               | ITEM 5                    | OTHER INFORMATION                                                                                                                                                                                                                                          | 16  
|               |                           |                                                                                                                                                                                                                                                            |     
|               | ITEM 6                    | EXHIBITS                                                                                                                                                                                                                                                   | 16  
|               |                           |                                                                                                                                                                                                                                                            |     
|**SIGNATURES** | 18                       

2

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PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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

|                                                   |   | February 29, |   |   | November 30, |  
|-------------------------------------------------- | - | ------------ | - | - | ------------ | -
|                                                   |   | 2008         |   |   | 2007         |  
|                                                   |   | (Unaudited)  |   |   |              |  
|ASSETS                                             |  
|Current Assets                                     |   |              |   |   |              |  
|Cash
      and cash equivalents                    | $ | 3,769,461    |   | $ | 1,073,457    |  
|Gold inventory                                     |   | 2,465,092    |   |   | 2,347,946    |  
|Other
      receivables                            |   | -            |   |   | 294,505      |  
|Total Current Assets                               |   | 6,234,553    |   |   | 3,715,908    |  
|                                                   |   |              |   |   |              |  
|Property, plant and equipment, net                 |   | 2,102,858    |   |   | 2,158,379    |  
|TOTAL ASSETS                                       | $ | 8,337,411    |   | $ | 5,874,287    |  
|                                                   |   |              |   |   |              |  
|LIABILITIES                                        |  
|Current Liabilities                                |   |              |   |   |              |  
|Accounts
      payable and accrued liabilities     | $ | 233,019      |   | $ | 210,404      |  
|Mineral claims royalty
      payable               |   | 390,000      |   |   | 360,000      |  
|Payable
      to related party                     |   | 1,411,208    |   |   | 1,214,717    |  
|Convertible debentures, current portion            |   | 140,000      |   |   | 140,000      |  
|Capital lease obligation, current portion          |   | 1,047        |   |   | 31,013       |  
|Total Current Liabilities                          |   | 2,175,275    |   |   | 1,956,134    |  
|                                                   |   |              |   |   |              |  
|Asset retirement obligation                        |   | 535,824      |   |   | 529,311      |  
|Total Liabilities                                  |   | 2,711,098    |   |   | 2,485,445    |  
|                                                   |   |              |   |   |              |  
|STOCKHOLDERS' EQUITY                               |  
|Common stock                                       |   |              |   |   |              |  
|Authorized:                                        |   |              |   |   |              |  
|Unlimited common shares
      with no par value    |   |              |   |   |              |  
|Issued
      and outstanding:                      |   |              |   |   |              |  
|926,270,430 common
      shares (2007:785,607,717) |   | 94,063,084   |   |   | 89,374,641   |  
|Additional paid-in capital                         |   | 1,200,408    |   |   | 1,200,408    |  
|Common stock to be issued                          |   | 51,958       |   |   | 275,136      |  
|Accumulated deficit during exploration
      stage |   | (89,689,137  | ) |   | (87,461,343  | )
|Total Stockholders Equity                         |   | 5,626,313    |   |   | 3,388,842    |  
|TOTAL LIABILITIES AND STOCKHOLDERS
      EQUITY   | $ | 8,337,411    |   | $ | 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.(An Exploration Stage Company) 
  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER 
  COMPREHENSIVE LOSS (UNAUDITED) (Stated In United States Dollars)

|                                                           |   |                          |   |   |                |   |   | Period Since     |  
|---------------------------------------------------------- | - | ------------------------ | - | - | -------------- | - | - | ---------------- | -
|                                                           |   |                          |   |   |                |   |   | Recommencement   |  
|                                                           |   | Three
      months ended |   |   | of Exploration |  
|                                                           |   |                          |   |   |                |   |   | Stage            |  
|                                                           |   | February 29,             |   |   | February 28,   |   |   | December 1, 2001 |  
|                                                           |   | 2008                     |   |   | 2007           |   |   | to February 29,  |  
|                                                           |   |                          |   |   |                |   |   | 2008             |  
|General and administrative expenses                        |   |                          |   |   |                |   |   |                  |  
|Accounting
      and audit                                 | $ | 73,590                   |   | $ | 12,231         |   | $ | 463,525          |  
|Advertising
      and promotion                            |   | 146,235                  |   |   | 104,687        |   |   | 2,879,250        |  
|Consulting
      fees                                      |   | 375,410                  |   |   | 310,390        |   |   | 7,139,269        |  
|Depreciation,
      amortization, accretion and impairment |   | 104,559                  |   |   | 61,950         |   |   | 2,330,070        |  
|Exploration
      expenses                                 |   |                          |   |   |                |   |   |                  |  
|Net of gold proceeds of $372,593 (2007:nil)                |   |                          |   |   |                |   |   |                  |  
|and inventory change of $117,146 (2007: nil)               |   | 350,871                  |   |   | 1,081,186      |   |   | 13,471,732       |  
|Financing
      activities                                 |   | 271,992                  |   |   |               |   |   | 573,995          |  
|Interest on
      capital lease obligations                |   | 194                      |   |   | 6,535          |   |   | 317,489          |  
|Interest
      on convertible debentures                   |   | 2,800                    |   |   | 2,800          |   |   | 698,607          |  
|Legal                                                      |   | 36,771                   |   |   | 41,761         |   |   | 748,186          |  
|Management
      services                                  |   | 234,022                  |   |   | 309,843        |   |   | 4,552,528        |  
|Office Expenses                                            |   | 446,374                  |   |   | 312,014        |   |   | 4,216,484        |  
|Other
      interest and bank charges                      |   | 3,942                    |   |   | 3,095          |   |   | 51,414           |  
|Reporting and
      investor relations                     |   | 79,841                   |   |   | 51,609         |   |   | 620,231          |  
|Research                                                   |   | 18,000                   |   |   | 46,575         |   |   | 787,690          |  
|Stock-based
      compensation                             |   |                         |   |   | 734,094        |   |   | 734,094          |  
|Transfer
      agent fees and mailing                      |   | 21,471                   |   |   | 9,911          |   |   | 232,951          |  
|Write-down
      of property, plant and equipment          |   |                         |   |   |               |   |   | 285,875          |  
|Write-off
      of mineral claim expenditures              |   |                         |   |   |               |   |   | 1,159,529        |  
|                                                           |   | 2,166,072                |   |   | 3,088,681      |   |   | 41,262,919       |  
|                                                           |   |                          |   |   |                |   |   |                  |  
|Loss from operations                                       |   | (2,166,072               | ) |   | (3,088,681     | ) |   | (41,262,919      | )
|                                                           |   |                          |   |   |                |   |   |                  |  
|Interest and other income                                  |   | 41                       |   |   | 22,158         |   |   | 256,709          |  
|                                                           |   |                          |   |   |                |   |   |                  |  
|Cumulative effect of accounting change                     |   |                         |   |   |               |   |   | (153,226         | )
|                                                           |   |                          |   |   |                |   |   |                  |  
|(Loss) Gain on foreign exchange                            |   | (61,763                  | ) |   | (32,219        | ) |   | 318,991          |  
|                                                           |   |                          |   |   |                |   |   |                  |  
|Comprehensive loss for the period                          | $ | (2,227,794               | ) | $ | (3,098,742     | ) | $ | (40,840,445      | )
|                                                           |   |                          |   |   |                |   |   |                  |  
|Net loss per share                                         | $ | ( - )                    |   | $ | ( - )          |   |   |                  |  
|                                                           |   |                          |   |   |                |   |   |                  |  
|Basic and diluted weighted average number of common        |   |                          |   |   |                |   |   |                  |  
|shares outstanding                                         |   | 840,859,504              |   |   | 635,606,962    |   |   |                  |  

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)

|                                                              |   | Three
      months ended |   |   | Period Since |  
|------------------------------------------------------------- | - | ------------------------ | - | - | ------------ | -
|                                                              |   |                          |   |   |              |  
|                                                              |   |                          |   |   |              |  
|                                                              |   |                          |   |   |              |  
|                                                              |   | February                 |   |   | February 28, |  
|                                                              |   | 29, 2008                 |   |   | 2007         |  
|CASH PROVIDED BY (USED FOR):                                  |   |                          |   |   |              |  
|Operating activities:                                         |   |                          |   |   |              |  
|Net Loss for the
      period                                 | $ | (2,227,794               | ) | $ | (3,098,742   | )
|Adjustments to reconcile net loss
      to net cash used in   |   |                          |   |   |              |  
|operating activities:                                         |   |                          |   |   |              |  
|Cumulative
      effect of accounting change                  |   | -                        |   |   | -            |  
|Depreciation,
      amortization, accretion and impairment    |   | 104,559                  |   |   | 61,950       |  
|Stock-based
      compensation                                |   | -                        |   |   | 734,094      |  
|Stock
      issued for debenture                              |   | -                        |   |   | -            |  
|Non-cash consulting
      expense                             |   | 240,000                  |   |   | 244,051      |  
|Non-cash
      financing expense                              |   | -                        |   |   | -            |  
|Interest accrued                                              |   | -                        |   |   | -            |  
|Write-off
      of mineral claim expenditures                 |   | -                        |   |   | -            |  
|Write-down
      of property, plant and equipment             |   | -                        |   |   | -            |  
|Changes in operating assets and
      liabilities:            |   |                          |   |   |              |  
|Gold inventory                                                |   | (117,146                 | ) |   | 155,414      |  
|Other receivables                                             |   | 294,505                  |   |   | (6,562       | )
|Accounts payable
      and accrued liabilities                |   | 22,615                   |   |   | (107,801     | )
|Asset retirement
      obligation                             |   | 6,513                    |   |   | 6,514        |  
|Mineral claims
      royalty payable                          |   | 30,000                   |   |   | 80,000       |  
|Net cash used in Operating Activities                         |   | (1,646,748               | ) |   | (1,931,082   | )
|                                                              |   |                          |   |   |              |  
|Investing activities:                                         |   |                          |   |   |              |  
|Purchase of property, plant and
      equipment               |   | (49,038                  | ) |   | (251,862     | )
|Disposal of property, plant and
      equipment               |   | -                        |   |   | -            |  
|Net cash used in Investing Activities                         |   | (49,038                  | ) |   | (251,862     | )
|                                                              |   |                          |   |   |              |  
|Financing activities:                                         |   |                          |   |   |              |  
|Advances from related party                                   |   | 196,491                  |   |   | 449,104      |  
|Repayment of loans payable                                    |   | -                        |   |   | -            |  
|Share subscriptions issued                                    |   | (223,178                 | ) |   | -            |  
|Repayment of capital lease obligation                         |   | (29,966                  | ) |   | (83,945      | )
|Repayment of convertible debentures                           |   | -                        |   |   | -            |  
|Common stock issued for cash (net
      of share issue costs) |   | 4,448,443                |   |   | 520,000      |  
|Net Cash provided by Financing Activities                     |   | 4,391,790                |   |   | 885,159      |  
|                                                              |   |                          |   |   |              |  
|Increase (decrease) in cash and cash equivalents              |   | 2,696,004                |   |   | (1,297,785   | )
|Cash and cash equivalents at beginning of the period          |   | 1,073,457                |   |   | 3,509,418    |  
|Cash and cash equivalents at end of the period                | $ | 3,769,461                |   | $ | 2,211,633    |  

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

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SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES(An Exploration Stage Company) 
  NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
  as of February 29, 2008 (Stated In United States Dollars)

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). These statements
have been prepared in accordance with United States generally accepted
accounting principles for interim financial information.

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, results of
operations and cash flows as of February 29, 2008, and for all periods
presented, have been included. Readers of these financial statements should note
that interim results for the three-month periods ended February 29, 2008 and
February 28, 2007 are not necessarily indicative of the results that can be
expected for the 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.

Recent Accounting Pronouncements and Interpretations

In February 2007, the FASB issued 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 is evaluating the potential impact of
the adoption of SFAS No. 159 on the Companys consolidated financial statements.

In September 2006 the Financial Accounting Standards Board
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. Implementation of SFAS 157 is required on December 1,
2007. The Company is evaluating the potential impact of the adoption of SFAS No.
157 on the Companys consolidated financial statements.

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.

6

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SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES(An Exploration Stage Company) 
  NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
  as of February 29, 2008 (Stated In United States Dollars)

Fair Value of Financial Instruments

The carrying value of cash and cash equivalents, gold
inventory, 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 sheet 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.

2. Related Party Transactions:

Silverado has related party transactions with Tri-Con Mining
Ltd., Tri-Con Mining Inc., Tri-Con Mining Alaska Inc. (collectively Tri-Con 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 employed 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 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.

At February 29, 2008, Silverado owed $1,411,208 to Tri-Con for
  exploration and administration services performed on behalf of Silverado. There
  are no formal terms of repayment and as such this amount is due on demand and
  bears no interest. Tri-Cons services for the current fiscal year are focusing
  mainly on Silverados Low-Rank Coal- Water Fuel program, as well as corporate
  planning and preparation for year-round operations on the Nolan property and
  administration services at both field and corporate offices.

The aggregate amounts owed to Tri-Con each period include:
services rendered for the three months ended February 29, 2008 by Tri-Con
personnel working on Silverado projects; disbursements incurred; and interest on
the outstanding balance at Tri-Cons cost of borrowing for the following
categories:

7

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SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES(An Exploration Stage Company) 
  NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
  as of February 29, 2008 (Stated In United States Dollars)

| |                                                                      |   | February 29, |  |   | February 28, | 
| | -------------------------------------------------------------------- | - | ------------ |  | - | ------------ | 
| |                                                                      |   | 2008         |  |   | 2007         | 
| |                                                                      |   | (Unaudited)  |  |   | (Unaudited)  | 
| | Exploration Services                                                 | $ | 730,221      |  | $ | 1,079,322    | 
| | Administration and management services                               |   | 528,594      |  |   | 309,843      | 
| | Research                                                             |   | -            |  |   | 46,575       | 
| |                                                                      | $ | 1,258,815    |  | $ | 1,435,740    | 
| |                                                                      |   |              |  |   |              | 
| | Amount of total charges in excess of Tri-Cons costs
      incurred  | $ | 231,682      |  | $ | 228,908      | 
| |                                                                      |   |              |  |   |              | 
| | Excess amount charged as a percentage of actual costs
      incurred |   | 18.4%        |  |   | 15.9%        | 

3. Basic and Diluted Loss per Share:

Basic loss per share is computed by dividing the loss for the
year by the weighted average number of common shares outstanding during the
year. Diluted earnings per share reflect the potential dilution that could occur
if potentially dilutive securities were exercised or converted to common stock.
The dilutive effect of options and warrants and their equivalent is computed by
application of the treasury stock method and the effect of convertible
securities by the if converted method. Fully diluted amounts are not presented
when the effects of the computations are anti-dilutive due to the losses
incurred. Accordingly, there is no difference in the amounts presented for basic
and diluted loss per share.

4. Gold Inventory

The Company values its inventory using the spot gold price at
the end of the reporting period. 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 (wearing quality). Historically, the Companys gold nuggets
have sold above the spot gold price.

Troy Ounces
    
    
    Spot price
    
    
    BalanceGold InventoryBalance,
        November 30, 2007
    
    2,996.74
    
    $
    783.50
    
    $
    2,347,946Gold sold
        during the three months
    
    (465.89
    )ended February 29, 2008Balance,
        February 29, 2008
    
    2,530.85
    
    $
    974.30
    
    $
    2,465,092


Proceeds from sales of gold extracted during exploration and
test mining are recorded as a reduction of exploration costs as the Company is
in the exploration stage. In addition, the net change in the value of inventory
at February 29, 2008 of $117,146 (2007: Nil) has been directly applied as a
reduction of exploration costs.

8

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SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES(An Exploration Stage Company) 
  NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
  as of February 29, 2008 (Stated In United States Dollars)

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.

February 29,2008
      
      
      November 30,(Unaudited)
      
      
      2007OfficesOffice leasehold
        improvements
    $
    612,117
    
    $
    612,177Computer Equipment and software
    
    107,661
    
    
      105,737Furniture
        and Fittings
    
    394,358
    
    
    394,358Mining ProjectNolan Gold Project buildings
    
    63,000
    
    
    63,000Leasehold
        improvements
    
    48,123
    
    
    48,123Nolan mining equipment
    
    2,307,987
    
    
    1,489,962Nolan mining
        equipment under capital lease
    
    -
    
    
    819,842Other equipment
    
    27,200
    
    
    27,200Capital assets in construction
    
    48,9913,609,437
    
    
      3,560,399Accumulated depreciation and amortization
    
    (1,506,579
    )
    
    (1,402,020
    )Net Book Value
    $
    2,102,858
    
    $
      2,158,379


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.

9

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SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES(An Exploration Stage Company) 
  NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
  as of February 29, 2008 (Stated In United States Dollars)

Remaining original convertible debentures totaling $140,000 and
accrued interest of $112,427 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.

7. Common Stock

During the three months ended February 29, 2008 the Company has
the following common stock transactions:

DescriptionPricePrivate
      
      
      
      Warrants
      
      Total No. of
      perActivity
      Date
      Placements
      
      Consulting
      
      Converted
      
      Shares
      Share
      Capital
        StockBalance, November 30,
        2007
      
      
      
      
      
      
      785,607,717
      
      $ 89,374,641Shares Issued
      December 17, 2007
      
      
      
      
      16,513,024
      
      16,513,024
      $ 0.0350
      577,956Shares Issued
      December 31, 2007
      13,000,000
      
      
      
      
      
      13,000,000
      $ 0.0300
      390,000Shares Issued
      January 11, 2008
      22,000,000
      
      
      
      
      
      22,000,000
      $ 0.0300
      660,000Shares Issued
      January 17, 2008
      
      
      500,000
      
      
      
      500,000
      $ 0.0600
      30,000Shares Issued
      January 21, 2008
      
      
      
      
      1,484,563
      
      1,484,563
      $ 0.0350
      51,960Shares Issued
      January 22, 2008
      461,538
      
      
      
      
      
      461,538
      $ 0.0325
      15,000Shares Issued
      January 23, 2008
      21,538,461
      
      
      
      
      
      21,538,461
      $ 0.0325
      700,000Shares Issued
      February 1, 2008
      
      
      1,800,000
      
      4,166,667
      
      5,966,667
      $ 0.0546
      325,831Shares Issued
      February 8, 2008
      461,538
      
      
      
      
      
      461,538
      $ 0.0325
      15,000Shares Issued
      February 12, 2008
      23,076,923
      
      
      
      
      
      23,076,923
      $ 0.0325
      750,000Shares Issued
      February 13, 2008
      22,852,307
      
      
      
      
      
      22,852,307
      $ 0.0325
      742,700Shares Issued
      February 14, 2008
      12,307,692
      
      
      
      
      
      12,307,692
      $ 0.0325
      399,994Shares Issued
      February 21, 2008
      
      
      500,000
      
      
      
      500,000
      $ 0.0600
      30,000Balance, February 29,
        2008 (unaudited)
      115,698,459
      
      2,800,000
      
      22,164,254
      
      926,270,430
      
      $ 94,063,084


8. Commitments

The Company:

| | a) | Entered into a new seven-year lease expiring August 2014
        for its Vancouver, BC office when obliged to vacate its previous lease
        location at the expiry of the lease. The annual lease commitment is as
        follows:
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Years ending November 30, 2008  2011
    $
    494,728Year ending November 30, 2012
    
    125,664Year ending November 30, 2013
    
    128,439Year ending November 30, 2014
    
    74,923$
    823,754


| | b) | Entered into a five-year lease expiring February 2012 for
        its Fairbanks, AK office at an annual lease cost of $18,660, subject to
        a 4% increase per year.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10

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SILVERADO GOLD MINES LTD. AND ITS SUBSIDIARIES(An Exploration Stage Company) 
  NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
  as of February 29, 2008 (Stated In United States Dollars)

| | c) | Entered into a lease purchase agreement in December 2007
        to purchase mining equipment valued at $555,385. The agreement requires
        payment upon signature of $55,538 (paid), and 36 equal payments commencing
        upon delivery. The annual percentage rate implicit in the lease will be
        the rate prevailing at the time of delivery.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

11

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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 and Silverado) are engaged in the
acquisition and exploration of mineral properties in the State of Alaska.
Precious metals, primarily gold, is the main interest. Silverado has more than
35 years of experience in all aspects of the gold mining industry, from
grass-roots exploration, to state of the art mining and processing technologies,
for both lode and placer gold deposits. The primary focus is presently on the
continued exploration of the Nolan Gold Project, located 175 air miles north of
Fairbanks, Alaska. These plans include exploration for both lode gold deposits
and placer gold deposits at the Nolan Gold Project. The exploration activities
include lode diamond drilling and trenching, geochemical and geophysical
surveys, placer rotary drilling, and placer test mining work carried out as part
of Silverados exploration programs.

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

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

12

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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 Placer Gold Mine, the nature of all deposits
encountered to date are small (4,000 to 14,000 bank cubic yards) but high grade
in nature. Silverado mines them, processes the gold bearing gravels and sells
this gold even though the criteria for a proven reserve has not been met. There
are many profitable mines in the U.S. and Canada today that have no proven
reserves.

II. LOW-RANK COAL WATER FUEL

Silverado has been working for six years through its Low-Rank
Coal-Water Fuel (Green Fuel) division on the development of Green Fuel, a
non-toxic liquid fuel product derived from sub-bituminous and lignite coal. In
its finished form the fuel is a non-toxic, non-hazardous environmentally
friendly strategic (liquid) fuel. The primary focus of the Company is presently
to secure financing to proceed with the construction of a commercial production
facility to manufacture the low-rank coal water fuel as a replacement for oil
fired boilers and utility generators.

PLAN OF OPERATIONS

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

I. MINING

1. NOLAN GOLD PROPERTY- Lode and
Placer Exploration

During the first three months of our fiscal year, exploration
concentrated on the Workmans Bench gold and antimony mineralized zones on our
Nolan Property. During December 2007 and January 2008, the Company drove an
exploration tunnel (totaling 553 feet) into the Workman's Bench mineralized
zones to intersect the gold bearing antimony-quartz vein systems. During this
first phase underground exploration program, numerous quartz and antimony-quartz
veins were exposed. To date three main mineralized zones have been identified
through the correlations between the underground observations with the drill
intercepts from the 2007 Workman's Bench drilling program. The Workman's Bench
mineralized zones have been confirmed over a strike length of 600 feet and are
open laterally and at depth.

A total of 28 samples from quartz and antimony-quartz veins
exposed in the mineralized zones underground were collected at 12 sample
locations, and were sent to ALS Chemex in Fairbanks for analysis. Gold and
antimony values from samples collected from individual veins at various points
between sample locations 1 to 12 assayed as high as 1.04 troy ounces gold per
ton (35.8 g/t Au) and 64.34% antimony. These assays confirm that high grade gold
and antimony mineralization occurs in the Workman's Bench

There is no assurance that a commercially viable mineral
deposit exists on any of the Companys mineral properties. Further exploration
will be required before a final evaluation as to the economic and legal
feasibility of mining of any of our properties is determined. Although the
results to date are extremely encouraging, at this point there is no assurance
that further exploration will result in a final evaluation that a commercially
viable mineral deposit exists on any of the Companys mineral properties.

13

---

Further to the Company's geological, geochemical and
geophysical discoveries from the 2007 exploration season, the Company plans to
continue with follow-up exploration at the Nolan Lode properties within the
Nolan Gold Project. The objective of this follow-up exploration program is to
further define and, where warranted, assess lode gold and antimony occurrences
at the Nolan Gold Project. The Companys follow-up lode exploration work is
intended to increase our geological knowledge on the Solomon Shear Zone, the
Fortress Zone, and other lode gold/antimony occurrences on the property, and
ascertain whether or not they have economic potential.

Initial drilling will be conducted on the Workman's Bench and
Pringle Bench portions of the Solomon Shear Zone to determine whether or not we
can proceed to additional test mining, and eventually to commercial mining.

In the next twelve months Silverado plans to spend more than
$280,000 of its approximate $3,000,000 2008 project budget for activities
involved in Nolan lode exploration. As weather conditions permit, the work will
ramp up to include diamond core drilling, field exploration that includes very
low frequency - electromagnetic (VLF-EM) ground geophysical surveys, and
follow-up geochemical sampling and geological mapping. The Company has the full
annual project budget in hand to complete these activities.

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. 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 will be carried out on the property to
keep the mining claims in good standing. Assessment work will be focused on the
northwest part of the claim block, where drilling and trenching has defined an
intrusive host rock, thought to be a sill, containing low grade gold, silver and
antimony mineralization. If funding permits, the Company will design a drilling
program to further investigate the gold and by-product mineral distribution of
the intrusive and the Number One Vein system.

Funding has been advocated for the 2008 work plan. Whereas
historic commercially viable mining took place on the Number One (or
"Scrafford") Vein, and whereas Silverado has successfully drilled and hit
significant widths of high-grade or massive stibnite (antimony sulfide) and
significant widths with good gold grades, it has nonetheless yet to complete a
definitive drilling program sufficient to indicate reserves, and therefore there
is no assurance that a commercially viable economic mineral deposit exists on
the property.

14

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4. ESTER DOME PROPERTY

Reclamation work to complete the closure of the Grant Mill
Tailings Pond is expected to be done during the summer of 2008. This pond is
filled to capacity, and will be capped and decommissioned after final approval
of the tailings pond closure plan is received from State of Alaska regulatory
agencies.

Furthermore with respect to other areas on this property,
several large scale projects have been proposed over the past ten years and
remain warranted, but for the time being are deferred due to internal decisions
that favor shifting financial and manpower resources to the Nolan Gold and Eagle
Creek projects.

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

II. LOW-RANK COAL WATER FUEL PROJECT

Management anticipates spending approximately $300,000 during
the current fiscal year on bench testing of Mississippi lignite coal and the
first phase of a feasibility analysis of the construction of a commercial plant.
While there are no assurances that financing will be obtained, Silverado has
initiated the permitting process, and will continue with other related work as
it proceeds to arrange sufficient funds to begin construction of a commercial
facility of a size yet to be determined.

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 February 29, 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.

15

---

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 three months ended February 29, 2008, there were no
changes that had a material effect on, or are reasonably likely to affect, our
internal control over financial reporting.

16

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PART II

OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

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.

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)                                                                                         

17

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|10.9   | Operating Agreement
        between the Company and Tri-Con Mining Alaska Inc. dated January 1, 1997
        (6)                      
|------ | --------------------------------------------------------------------------------------------------------------------------------------
|10.10  | Contract between the Company
        and Dr. Warrack Willson dated March 19, 2001 (6)                                                 
|10.11  | Equipment Lease
        Agreement between the Company and Airport Equipment Rentals Inc. dated
        October 11, 2002 (6)           
|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)                                         
|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 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             
|*    | Filed herewith.                                                                                                          



18

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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: April 14, 2008** | /s/ *Garry
      L. Anselmo*                   
|                         | Garry L. Anselmo                               
|                         | President, Chief Executive Officer (Principal  
|                         | Executive Officer), and Chief Financial Officer
|                         | (Principal Financial and Accounting Officer)   

19

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