<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

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

        For  the  quarterly  period  ended  August  31,  2002


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


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


                            SILVERADO GOLD MINES LTD.

          (Exact name of small Business Issuer as specified in its charter)

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


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

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

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

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

State the number of shares outstanding of each of the issuer's classes of common
stock,  as  of  the  latest practicable date:  94,001,635 shares of no par value
Common  Stock  outstanding  as  of  Sept  30,  2002.

                                       1


<PAGE>


                         PART 1 - FINANCIAL INFORMATION

Item  1.          Financial  Statements

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

                                       2


<PAGE>


SILVERADO  GOLD  MINES  LTD.
Consolidated  Balance  Sheets
(Expressed  in  United  States  Dollars)
<TABLE>
<CAPTION>


                                        August 31,     November 30,
                                            2002          2001
                                       -------------  -------------
                                        (unaudited)
<S>                                    <C>            <C>
Assets                                            -              -
Current assets:
 Cash and cash equivalents             $  2,272,187   $     17,093
 Gold inventory                              10,169         11,140
 Accounts receivable (note 3)
 Receivable from related                    109,939          2,876
  party (note 3)                            697,086
                                       -------------  -------------
                                          3,089,381         31,109

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

Buildings, plant and equipment            2,983,190      2,980,200
  Accumulated depreciation               (2,390,090)    (2,185,947)
                                       -------------  -------------
                                            593,100        794,253
                                       -------------  -------------
                                       $  4,842,010   $  1,984,891
Liabilities and Stockholders'
Deficiency

Current liabilities:
  Bank indebtedness                    $          -   $          -
  Accounts payable and
   accrued liabilities                      868,039        792,395
  Loans payable secured
   by gold inventory                         35,729         35,729
  Mineral claims payable                    285,500        316,500
  Due to related party (note 3)                   -        291,310
  Debentures, current
   portion (note 2)                         140,000        140,000
  Debenture, current
   portion (note 2)                          75,000         75,000
  Debentures, current
   portion (note 2)                         703,572        476,978
                                       -------------  -------------
                                          2,107,840      2,127,912

Debentures (note 2)                       1,121,310      1,705,638



Stockholders' equity:
Common stock:
  Authorized: 100,000,000 common
   shares
  Issued and outstanding:
    August 31, 2002 - 90,391,856 shares;
    November 30, 2001 -
     42,423,988 shares                   52,706,321     47,000,034

Accumulated deficit                     (51,093,461)   (48,848,693)
                                       -------------  -------------

                                          1,612,860     (1,848,659)
                                       -------------  -------------

                                       $  4,842,010   $  1,984,891
                                       -------------  -------------

</TABLE>



Continuing  operations  (note  2)
Contingencies  (notes  2  and  5)
Subsequent  events  (note  8)

                                      F-1

<PAGE>

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



                                   Nine months     Nine months
                                      ended          ended
                                    August 31,     August 31,
                                       2002          2001
                                    ------------  ------------
                                    (unaudited)   (unaudited)
<S>                                 <C>           <C>
                                              -             -
Revenue from gold sales             $       971   $     1,786
    Less: mining, processing, and
     development costs                   18,229       122,448
    Pre-production planning and
     engineering costs                  198,477
  Interest and other income
  (note 6)                               74,337             -

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

Loss before the undernoted              141,398       120,662

Other expenses:

  Accounting and audit                   17,335        31,210
  Advertising and Promotion             118,700       100,015
  Consulting Fees                     1,019,168             -
  Depreciation                          204,143       222,873
  General exploration                    82,184        57,866
  Interest on debentures                127,860       163,693
  Legal                                  18,937        29,656
  Loss (gain) on foreign
   exchange                               8,728         2,966
  Management services from
   related party                        147,055       143,928
  Office expenses                       141,193       184,809
  Other interest and
   bank charges                           3,562         1,076
  Transfer agent fees and
   mailing expenses                      12,472        35,614
  Research                              202,034       209,656
                                    ------------  ------------

                                      2,103,371     1,183,362
                                    ------------  ------------

Loss and comprehensive loss
 for the period                     $(2,244,769)  $(1,304,024)
                                    ------------  ------------

Loss per share - basic
 and diluted                        $     (0.04)        (0.04)
Weighted average number
 of common shares outstanding        61,730,463    30,884,175
                                    ------------  ------------

</TABLE>


                                      F-2


<PAGE>

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


                                     Three months  Three months
                                        ended         ended
                                      August 31,     August 31,
                                        2002          2001
                                     ------------  ------------
                                     (unaudited)   (unaudited)
<S>                                  <C>           <C>
Revenue from gold sales              $         -   $       131
    Less: mining, processing,
    and development costs
Pre-production planning                        -        50,771
and engineering costs                    106,880             -
Interest and other income (note 6)         3,140             -

Loss before the undernoted               103,740        50,640

Other expenses:

  Accounting and audit                     5,442         8,332
  Advertising and Promotion               84,270         7,837
  Consulting Fees                        639,023             -
  Depreciation                            62,244        74,261
  General exploration                     41,989        41,492
  Interest on debentures                  40,235        41,590
  Legal                                    8,922             9
  Loss (gain) on foreign exchange          2,779          (402)
  Management services from
   related party                          48,405        46,594
  Office expenses                         63,329        77,356
  Other interest and bank
   charges                                   570          (762)
  Transfer agent fees and
   mailing expenses                        4,313        13,824
  Research                                96,924        60,405
                                     ------------  ------------

                                       1,098,445       370,594
                                     ------------  ------------

Loss and comprehensive
loss for the period                  $(1,202,185)  $  (421,196)
                                     ------------  ------------

Loss per share - basic and diluted   $     (0.01)        (0.02)
Weighted average number of
common shares outstanding             83,592,612    35,023,478
                                     ------------  ------------

</TABLE>


                                      F-3

<PAGE>

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


                                  Nine months     Nine months
                                     ended          ended
                                   August 31,     August 31,
                                      2002          2001
                                  ------------  ------------
                                  (unaudited)     (unaudited)
<S>                               <C>           <C>

Cash provided by (used in):

Operating activities:
  Loss for the period             $(2,244,769)  $(1,304,024)
  Adjustments to reconcile loss
   to net cash used by
   operating activities:
  Depreciation
  Stock based compensation
  Interest on debentures              204,143       220,481
  Write down of fixed                 559,750             -
   assets                             123,802             -
  Realized loss on sale                     -         3,509
   of equipment                             -           832
  Changes in non-cash
   operating working capital:
  Accounts receivable                (107,063)      (19,995)
  Gold inventory                          971         1,740
  Receivable from related party      (697,086)            -
  Accounts payable and
   accrued liabilities:                75,645       (32,041)
  Decrease in mineral claims
   payable                            (31,000)            -
                                  ------------  ------------

                                   (2,115,607)   (1,129,498)
Financing activities:
  Bank indebtedness                         -        (3,007)
  Shares issued for cash            4,665,001       954,183
  Repayment of loans payable                -          (600)
  Share subscriptions received              -        50,000
  Due to related party
  Cash received from                 (291,310)      138,554
   sale of equipment                        -           500
                                  ------------  ------------

                                    4,373,691     1,129,630
Investing activities:
       Purchase of equipment           (2,990)            -


Increase in cash                    2,255,094        10,132
                                  ------------  ------------

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

Cash, end of the period           $ 2,272,187   $    10,132

Supplementary disclosure with
respect to cash flow (note 5)
                                  ------------  ------------

</TABLE>



                                      F-4

<PAGE>

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


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

Cash provided by (used in):

Operating activities:
  Loss for the period                         $(1,202,185)  $(421,196)
  Adjustments to reconcile loss
   to net cash used by
   operating activities:

  Depreciation
  Write down of fixed assets                       62,244      71,889
  Stock based compensation                              -       3,475
  Interest on debentures                          235,833           -
  Realized loss on sale                            38,883           -
   of equipment                                         -         832
Changes in non-cash operating
working capital:
    Accounts receivable                            88,190        (169)
    Gold inventory                                      -         131
    Receivable from related party                (127,240)          -
    Accounts payable and
     accrued liabilities:                         347,245     (72,849)
    Decrease in mineral claims
     payable                                      (21,000)          -
                                               ------------  ----------


                                                 (578,030)   (417,887)
Financing activities:
  Bank indebtedness                                     -           -
  Shares issued for cash                        2,470,000     304,182
  Repayment of loans payable                            -           -
  Share subscriptions received                          -      50,000
  Due to related party
  Cash received from sale                               -      38,699
   of equipment                                         -         500
                                              ------------  ----------

                                                2,470,000     393,381

Increase in cash                                1,891,970     (24,506)
                                              ------------  ----------

Cash, beginning of period                         380,217      34,638

                                              ------------  ----------
Cash, end of the period                       $ 2,272,187   $  10,132

Supplementary disclosure with
 respect to cash flow (note 5)
                                              ------------  ----------

</TABLE>



                                      F-5

<PAGE>

SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Stockholders'  Equity  (Deficiency)
(Expressed  in  United  States  Dollars)
Nine  months  ended  August  31,  2002  and  year  ended  November  30,  2001
<TABLE>
<CAPTION>


                                       Number                     Share           Accu-
                                       of common    Share         subscriptions   mulated
                                       shares       Capital       received        deficit      Total
                                     -----------  ------------  -----------  -------------  ------------
<S>                                  <C>          <C>           <C>          <C>            <C>
Balance, November 30, 2000           30,589,891   $45,669,977   $   20,000   $(47,170,719)  $(1,480,742)
 Year ended November 30, 2001
  Loss for the year                           -             -            -     (1,677,974)   (1,677,974)
  Shares issued:
  On exercise of options for cash       600,000        60,000            -              -        60,000

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

  Shares issued for
   subscriptions received
   in prior year                          4,418        20,000      (20,000)             -             -
  Private placements for cash         4,522,249       470,000            -              -       470,000
  Shares issued in
   lieu of cash
   payments for
   replacement debentures             1,647,430       281,257            -              -       281,257
--------------------------------------------------------------------------------------------------------


                                     11,834,097     1,330,057      (20,000)    (1,677,974)     (367,917)
--------------------------------------------------------------------------------------------------------

Balance, November 30, 2001           42,423,988    47,000,034            -    (48,848,693)   (1,848,659)
    Loss for the period ended
    August 31, 2002                           -             -            -     (2,244,768)   (2,244,768)
    Shares issued:
    On exercise of options
     for cash                         6,900,000       925,000      925,000
    Shares to be issued                                             50,000                       50,000
    On exercise of warrants
     for cash                        16,250,000     1,970,000    1,970,000
    Shares issued for
     consulting fees                  3,266,667       559,750      559,750
    Shares issued for
     subscriptions
     received in
     prior period                                                  (50,000)                     (50,000)
    Private placements for cash      17,250,000     1,770,000                                 1,770,000
    Shares issued in lieu
     of payment for
     debentures                       4,301,201       481,537                                   481,537
--------------------------------------------------------------------------------------------------------


                                     47,967,868     5,706,287            -     (2,244,768)    3,416,519
--------------------------------------------------------------------------------------------------------
Balance, August 31,2002 (unaudited)  90,391,856   $52,706,321   $  275,919   $(51,093,462)  $ 1,612,860
--------------------------------------------------------------------------------------------------------

</TABLE>


See  accompanying  notes  to  unaudited  consolidated  financial  statements.

                                      F-6


<PAGE>



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

Nine  months  ended  August  31,  2002,  and  August  31,  2001


1.     Basis  of  presentation:

The  unaudited  consolidated  balance  sheet  and  the  unaudited  consolidated
statements  of  operations,  stockholders'  equity  (deficiency)  and cash flows
include  the  accounts  of  the Company and its wholly-owned subsidiary company.
These  statements  have been prepared in accordance with United States generally
accepted  accounting  principles  for  interim  financial  information.  These
financial  statements  comply, in all material respects, with generally accepted
accounting  principles  in  Canada.
The  accompanying unaudited consolidated financial statements do not include all
information  and  footnote  disclosures required under United States or Canadian
generally  accepted  accounting  principles.  In  the opinion of management, all
adjustments  (consisting  solely  of  normal  recurring  accruals)  considered
necessary  for  a  fair  presentation  of  the  financial  position,  results of
operations  and cash flows as at August 31, 2002, and for all periods presented,
have  been  included.  Readers  of  these  financial statements should note that
interim results for the nine-month periods ended August 31, 2002, and August 31,
2001, are not necessarily indicative of the results that may be expected for the
fiscal  year  as  a  whole.

These  financial  statements should be read in conjunction with the consolidated
financial  statements  and notes thereto included in the Company's annual report
on  Form  10-KSB  for  the  fiscal  year  ended  November  30,  2001.


2.     Continuing  operations:

At  August  31, 2002, the Company has working capital of $981,541 from a working
capital  deficiency of $2,096,803 at November 30, 2001, primarily as a result of
renegotiating  the  repayment  terms  of a portion of the $2,000,000 convertible
debentures  and  related  interest and the Company securing equity financing for
its Nolan Gold Project. The Company is in arrears of required mineral claims and
option payments for certain of its mineral properties at August 31, 2002, in the
amount  of $285,500 and therefore, the Company's rights to these properties with
a  carrying  value  of  $315,000  may be adversely affected as a result of these
non-payments.  The  Company  understands  that  it  has  the  forbearance of the
property  owners  and  is  not  in default of the agreements in respect of these
properties.  The  unpaid  mineral  claims  and  option  payments are included in
current  liabilities  at  August  31,  2002.


                                      F-7



<PAGE>


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

Nine  months  ended  August  31,  2002,  and  August  31,  2001

2.   Continuing  operations  (continued):

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

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

The  replacement  debentures bear interest of 8.0% per annum and mature March 1,
2006.  Principal payments are due at the end of each month.  Interest is due and
payable on a quarterly basis on February 28, May 31, August 31, and November 30.
If  the  Company fails to make any payment of principal or interest, the Company
must  issue  shares  equivalent  in value to the unpaid amounts at 20% below the
average  market price. On December 11, 2001, the Company issued 1,628,971 shares
at the average market price of $0.10 to the holders of the replacement debenture
to  satisfy  the  quarterly  payments  due  November  30, 2001. The value of the
transaction  consists of $119,244 of principal and $43,653 of interest. On March
11,  2002,  the  Company  issued 1,234,710 shares at the average market price of
$0.13  to satisfy the quarterly payments of principal and interest. The value of
this  transaction  totals  $160,512  and  consists  of $119,245 of principal and
$41,267 of interest. On June 11, 2002 the Company issued 1,437,520 shares at the
average  market  price  of  $0.11  to  satisfy  the

                                      F-8



<PAGE>


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

Nine  months  ended  August  31,  2002,  and  August  31,  2001


2.   Continuing  operations  (continued):

quarterly  payments  of  principal and interest. The transaction totals $158,128
and  consists  of  $119,245  of  principal and $38,883 of interest. As at August
31,2002,  $1,860,000  plus  $524,892  of  accrued interest as been exchanged for
replacement  debentures.  Of  its  aggregate  amount  $1,824,882,  $703,572  is
classified  as  a  current  liability  and  $1,121,310  has  been  classified as
non-current.  Under  the  terms  of  the  replacement debenture agreement if the
Company's  cash  flow  exceeds  $1,000,000 in any quarter then the payments must
equal 40% of the Company's cash flow. The Company adjusted its current liability
to  the  debenture holders to reflect the 40% stipulation. Remaining convertible
debentures  of  $140,000,  plus  accrued  interest  of  $50,826  are in default,
however,  it  is  unclear  whether  they  will  be  exchanged  for  replacement
debentures.  In  February  1999  the Company issued a debenture for $75,000 with
interest  payable at a rate of 5.0% per annum. The debenture is unsecured and is
due  February  28,  2002. On March 27, 2002 the Company made its annual interest
payment  of  $3,750  to  the  holder  of  the  debenture.



3.     Related  party  transactions:

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

The  Tri-Con  Mining  Group  are  operations,  exploration,  and  development
contractors,  and have been employed by the Company under contract since 1972 to
carry  out  all  of  its  fieldwork and to provide administrative and management
services. Under its current contract dated January, 1997 work is charged at cost
plus  15% for operations and cost plus 25% for exploration and development. Cost
includes  a  15%  charge  for  office overhead. Services of the directors of the
Tri-Con Mining Group are charged at a rate of Cdn. $75 per hour. Services of the
directors  of the Tri-Con Mining Group who are also directors of the Company are
not  charged.  At  August  31,  2002,  the  Company had advanced $776,521 to the
Tri-Con Mining Group for exploration, development and administration services to
be  performed  during  the  current  fiscal  year  on behalf of the Company. The
Tri-Con  Mining Group's services for the current fiscal year are focusing mainly
on  the Company's low rank coal water fuel program as well as corporate planning
and  preparation  for  year  round  production  on  its  Nolan  property,  and
administration  services  at  both  its  field  and  corporate  offices.

                                      F-9


<PAGE>


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

Nine  months  ended  August  31,2002,  and  August  31,  2001

3.     Related  party  transactions  (continued):

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

                                          August 31,   August 31,
                                             2002        2001
-----------------------------------------------------------------------------
Operations and field services             $  10,212   $   9,251
Exploration and development services        237,598      87,253
Administrative and management services      144,819     135,524
Research                                    202,034     209,656
                                          $ 594,663   $ 540,517
-----------------------------------------------------------------------------

Amount of total charges in excess
of Tri-Con costs incurred                 $ 110,147   $  98,833
-----------------------------------------------------------------------------

Excess amount charged as a percentage
 of actual costs incurred                     22.7%       22.4%
-----------------------------------------------------------------------------


4.     Loss  per  share:

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


5.   Supplementary  cash  flow  information:

Supplemental  non-cash  investing  and  financing  activities:

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

                                              August 31,   August 31,
                                                 2002        2001
------------------------------------------------------------------------------
Related party advances                       $370,000          -
Debentures                                    357,734     377,525
Interest on debentures                        123,803       3,750
Consulting services                           559,750           -
--------------------------------------------------------------------------------

                                      F-10

<PAGE>


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

Nine  months  ended  August  31,2002,  and  August  31,  2001

6.   Litigation:

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



7.  Interest  and  other  income

On  April 4, 2002, the Company purchased a $300,000 one-year term deposit, which
pays  interest  daily at a rate of 1% per annum. At August 31, 2002, the Company
had  earned  $4,130  of  interest. The term deposit principal is included in the
Company's  cash  total.
During the nine-months ended August 31, 2002, the Company had settled several of
its  outstanding  accounts  payable  for  less  than face value and recorded the
difference  of  $70,715  as  forgiveness  of  debt.

8.     Subsequent  events:

(a)  On  Sept  1,  2002  the Company entered into a consulting agreement with an
     individual  for  corporate  planning and business development regarding the
     Company's fuel technology division. Services will include identification of
     available financing, assisting in preparation of applications to applicable
     government  agencies  for  grants and other financial assistance to develop
     the  Company's  fuel  technology.  The  Company  will,  in return, issue an
     aggregate  maximum  number  of  common shares totaling 300,000 over the two
     years  of  the  agreement  with  an  option  to  purchase 600,000 shares to
     February  29, 2004. It is expected that a registration statement on form S8
     will  be  filed  to  register  this  agreement.

(b)  On  Sept  9,  2002,  the  Company  held  an  extraordinary  meeting  of the
     shareholders  to increase its authorized capital to 200,000,000 shares. The
     shareholders approved the increase to the Company's authorized capital and,
     on  Sept  10,  2002,  a  memorandum  was  filed  on  form 8-K to report the
     increase.

(c)  Also  subsequent  to  August  31,  2002,  966,672 shares were issued to the
     consultants  for  a  portion  of  their  services  under  the  terms of the
     agreements  registered  on  form  S8.

(d)  On  September  11,  2002,  2,643,107  shares were issued to the replacement
     debenture  holders  at the price of $0.28 to satisfy the quarterly payments
     of  principal and interest. The transaction totals $740,070 and consists of
     the  $703,572  of  interest  and  $36,498  of  interest.

                                      F-11

<PAGE>

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

FORWARD  LOOKING  STATEMENTS

The  information  in  this discussion contains forward-looking statements within
the  meaning  of  Section  27A  of  the  Securities Act of 1933, as amended, and
Section  21E  of  the Securities Exchange Act of 1934, as amended (the "Exchange
Act").  These  forward-looking  statements  involve  risks  and  uncertainties,
including  statements  regarding  the Company's capital needs, business strategy
and  expectations.  Any  statements  contained herein that are not statements of
historical  facts may be deemed to be forward-looking statements. In some cases,
you  can  identify  forward-looking  statements  by  terminology  such as "may",
"will",  "should",  "expect",  "plan",  "intend",  "anticipate",  "believe",
"estimate",  "predict", "potential" or "continue", the negative of such terms or
other comparable terminology. Actual events or results may differ materially. In
evaluating  these statements, you should consider various factors, including the
risks outlined below, and, from time to time, in other reports the Company files
with  the  SEC.  These  factors may cause the Company's actual results to differ
materially  from  any  forward-looking  statement.  The  Company  disclaims  any
obligation  to  publicly  update  these  statements,  or disclose any difference
between  its  actual  results  and  those  reflected  in  these  statements. The
information  constitutes  forward-looking  statements  within the meaning of the
Private  Securities  Litigation  Reform  Act  of  1995.

PLAN  OF  OPERATIONS

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

The Company's plan of operations for the next twelve months includes its plan to
place  the Nolan gold project into commercial production.  The Company estimates
that  it  will  cost in the range of approximately $3,000,000 to place the Nolan
gold  project  into  year  round gold production.  The elements of the Company's
plan  to  place  the  Nolan  gold  project  into  commercial  production and the
anticipated  range of budgeted cost and the projected timetable for each element
for  the  next  twelve  month  period  are  set  forth  below:



Description  of  Element     Budget  Cost     Projected  Time  for  Completion
------------------------     ------------     --------------------------------
Acquisition  of  Equipment
for Mining Operations,
including drilling equipment,
front-end  loaders,          $1,300,000     October  2002  to  November  2002
-------------------          ----------     ---------------------------------
Mining  Operations           $2,500,000     November 2002  to  October  2003
-------------------          ----------     ---------------------------------
Acquisition  of  Equipment
for  Processing
of Gold Mined during
Winter of 2002                 $100,000     May  2003
-------------------          ----------     ---------------------------------
Processing  of  Gold
Mined  during Winter
of 2002                        $200,000     June 2003 to August  2003
-------------------          ----------     ---------------------------------


The Company had cash in the amount of $2,272,187 and working capital of $981,541
as at August 31, 2002 and is proceeding with its plan of operations to place the
Nolan  gold project into commercial production. The Company has begun hiring the
necessary  geologists,  engineers,  and  staff  and  is  acquiring the equipment
necessary  to  begin  production.  Surface  preparation  and  construction is in
progress at this time. The Company is targeting the commencement of mining to be
November  1,  2002.  Once  completed,  mining  is planned to proceed through the
winter  until  spring  when  processing  of  mined material would commence. Once
processing  commences,  the  Company  anticipates  achieving gold production and
sales by the end of June, 2003. The Company will require additional financing in
order  to  achieve  the  plan  of  operations for the Nolan gold project. If the
Company  is  not  able to achieve this increased level of financing, the Company
will  scale  back  expenditures  at the Nolan gold project with the objective of
ensuring  that  production  can  be  achieved  using  available  funds.

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


                                   Page 12 of 23

<PAGE>

year  to  complete  at  an  estimated  cost  of  $10,000,000.

The  Company  currently  has  sufficient  funds  to  proceed  with  its  plan of
operation.  The  total  aggregate amount is $2,272,187. Accordingly, the Company
will  require  additional  financing in order to finance its current operations.
See  the  discussion  of  the Company's cash resources and working capital below
under  Liquidity  and  Financial  Condition.

TRI-CON  MINING  GROUP

Silverado's  exploration and development activities are managed and conducted by
an  affiliated  company,  Tri-Con  Mining Ltd. ("Tri-Con") pursuant to a written
operating  agreement.  Tri-Con  is  a  privately owned corporation controlled by
Garry  L.  Anselmo, who is President, Chairman, CEO and a Director of Silverado.
In  addition,  Mr.  Edward  J. Armstrong, president of the Company's subsidiary,
Silverado  Green  Fuel Inc., is the president of Tri-Con Mining Inc. and Tri-Con
Mining  (Alaska)  Inc.

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 its
fieldwork  and  to  provide  administrative  and  management services. Under the
current  contract  dated  January,  1997,  work  is charged at cost plus 15% for
operations  and  cost  plus  25  percent  for  exploration and development. Cost
includes  a  15 percent charge for office overhead. Services of the directors of
the  Tri-Con  Group  are charged at a rate of Cdn. $75 per hour. Services of the
directors  of  the  Tri-Con  Group who are also directors of the Company are not
charged.  In  addition,  the  Company  pays  to  Tri-Con  Mining  Ltd. a monthly
administrative  fee  of $10,000 CDN per month. At November 30, 2001, the Company
had  prepaid  $nil  to  the  Tri-Con  Group  for  exploration,  development  and
administration  services to be performed during the next fiscal period on behalf
of  the Company. For the year, 2001, the Tri-Con Mining Group's services focused
mainly  on  the  Company's  low  rank  coal  water  fuel  program  as  well  as
administrative  services  at  both  its  field  and  corporate  offices.

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

                                                           August 31, August 31,
                                                                2002      2001
--------------------------------------------------------------------------------
Operations  and  field  services
                                                              $10,212     $9,251
Exploration  and  development  services
                                                              237,598     87,253
Administrative  and  management  services
                                                             144,819     135,524
Research                                                     202,034     209,656

                                                            $594,663    $540,517
--------------------------------------------------------------------------------

Amount of total charges in excess of
 Tri-Con costs incurred                                     $110,147     $98,833

Excess amount charged as a percentage of actual costs          22.7%       22.4%
 incurred

As at August 31, 2002, the Company had prepaid $697,086 to the Tri-Con Group for
exploration,  development  and administration services to be performed on behalf
of  the  Company.  The  Company  anticipates that these prepaid expenses will be
applied  to expenses incurred to placing the Nolan gold project into production,
as  outlined  above.  As  at November 30, 2001, the Company owed $291,130 to the
Tri-Con Group for exploration, development and administration services performed
by  the Tri-Con Group during the year ended November 30, 2001. These liabilities
were  repaid  in  full  during  the  nine  months  ended  August  31,  2002.

The  work  to  be  completed  by the Tri-Con Group on behalf of the Company also
includes  property  maintenance,  work related to its Department of Energy grant
application,  and  general  administration.

RESULTS  OF  OPERATIONS

Nine  months  ended August 31, 2002 compared to the nine months ended August 31,
2001

Revenues

Revenue  from  gold sales decreased to $971 for the nine months ended August 31,
2002  from  $1,786  for the ended nine months ended August 31, 2001. Revenues in
each  nine-month  period  were attributable to sales of existing gold inventory.

                                   Page 13 of 23

<PAGE>

The Company anticipates that significant revenues will not be achieved until the
Company  is  able to place the Nolan gold project into production and gold sales
are  realized  from  gold  produced  at the Nolan gold project.   The Company is
targeting November 1, 2002 as the date for the commencement of mining operations
at the Nolan gold project.   Processing of material mined during the winter will
not  commence  until  late-spring in 2003.  Accordingly, the Company anticipates
that  revenues  from  gold sales will not be achieved until the third quarter of
2003.

The  Company  anticipates  that  revenues  from  the  Company's
low-rank-coal-water-fuel  business  will  not  be  achieved  until  commercial
feasibility  of  this  technology  has  been  established.

Revenues  from  the Nolan gold project and the low rank coal water fuel business
are  contingent  upon  the  Company  achieving  additional  financing.

Mining,  processing,  and  development  costs

Mining,  processing,  and  development  costs  decreased to $18,229 for the nine
months  ended August 31, 2002 from $122,488 for the nine months ended August 31,
2001,  representing  a  decrease  of  $104,259.  No  mining,  processing,  and
development  costs  were incurred during the three months ended August 31, 2002,
compared  to  $50,771 for the three months ended August 31, 2001.  The decreases
are reflective of the fact that the Company had minimal mining operations during
the  nine  months  ended  August  31,  2002.

The  Company  anticipates  these  mining, processing, and development costs will
increase  as  the  Nolan  gold  project  goes  into  production.

Pre-production  planning  and  engineering  costs

Pre-production  planning and engineering costs were $198,477 for the nine months
ended  August  31, 2002 and $106,880 for the three months ended August 31, 2002.
No  pre-production  planning  and  engineering  costs  were  incurred during the
corresponding  periods  ended  August  31,  2001.  The  pre-production  planning
engineering  costs  include  planning  and  engineering  expenses that relate to
preparing  the Nolan gold project for year round production. These costs include
costs  associated  with  mapping,  testing,  engineering,  and  administration.

The Company anticipates that these pre-production planning and engineering costs
will  decrease  once  the  Nolan  gold  project  goes  into  production.

Interest  and  other  income

The  Company realized interest and other income in the amount of $74,337 for the
nine  months ended August 31, 2002.  Interest income included $4,130 of interest
earned  from  a  $300,000 one-year term deposit purchased on April 4, 2002.  The
term  deposit  principal  is  included in the Company's cash balance. During the
nine-months  ended  August  31,  2002,  the  Company  had settled several of its
outstanding  accounts  payable  for  less  than  face  value  and  recorded  the
difference  of  $70,715  as  forgiveness  of  debt.

Other  Expenses

Other expenses increased to $2,103,371 for the nine months ended August 31, 2002
from  $1,183,362 for the nine months ended August 31, 2001. This increase in the
amount  of  $920,009  was  primarily  due to a $1,019,168 increase in consulting
costs. Other expenses for the three-month period ended August 31, 2002 increased
to  $1,098,445  from  $370,594  for the three months ended August 31, 2001. This
increase  of  $727,851  is  primarily  due to an increase in consulting costs of
$639,023,  an  increase  in  advertising  and promotion costs of $76,433, and an
increase  in  research  costs  of  $36,519

Management services expenses attributable to the activities of the Tri-Con Group
increased  to  $147,055  for the nine months ended August 31, 2002 from $143,928
for  the  nine  months  ended  August  31, 2001, representing an increase in the
amount of $3,127. These expenses represent administrative costs at the Company's
corporate  and  field  offices. Management services for the quarter ended August
31,  2002  were  $48,405  up from $46,594 for the quarter ended August 31, 2001.

General  exploration  expenses  on  the  Eagle  Creek,  Ester  Dome,  and  Nolan
properties  increased  to  $82,184  for the nine months ended August 31, 2002 up
from  $57,866  for the nine months ended August 31, 2001. These expenses include
mineral  claims  costs, assessment work and water rights fees for the purpose of
maintaining the rights to these properties. General exploration expenses for the
three  months  ended  August  31, 2002 increased to $41,989 from $41,492 for the
three months ended August 31, 2001.  The Company anticipates that these expenses
will continue to increase if the Company is able to achieve additional financing
to  increase  its  exploration  activities  on  its  mineral  properties.

Research  activities  attributable  to  the  Company's  low-rank coal water fuel
technology  decreased to $202,034 for the nine months ended August 31, 2002 from
$209,656  for  the nine months ended August 31, 2001,


                                   Page 14 of 23

<PAGE>

representing  a decrease in the amount of $7,622. This decrease is primarily the
result  of  the  Company's  determination  to focus its capital resources on its
efforts to put its Nolan gold project into year-round production. Research costs
for  the  three-month period ended August 31, 2002, were $96,924 up from $60,405
for  the  three-month  period  ended  August  31,  2001.  This  increase  in the
three-month  period  is  primarily  the  result of the Company's focus on timely
filing  of its application for a $10,000,000 grant from the Department of Energy
to  complete its demonstration project in Alaska. The announcement of awards for
successful grants submitted under the Clean Coal Power Initiative is expected to
take  place  in  early  January  2003.  There is no assurance that the Company's
applicable  for  funding  will  be  successful.

Office expenses decreased to $141,193 for the nine months ended August 31, 2002,
from $184,809 for the nine months ended August 31, 2001, representing a decrease
in  office  expenses  of  $43,616.  Office expenses decreased to $63,329 for the
three  months  ended  August  31,  2002, from $77,356 for the three months ended
August  31, 2001, representing a decrease in office expenses of $14,027.  Office
expenses  relate  to  the  general  operations  of  the  Company.

Consulting fees in the amount of $1,019,168 were incurred during the nine months
ended  August  31, 2002 and $639,023 for the three months ended August 31, 2002.
No  amounts  for  consulting fees were incurred during the corresponding periods
ended  April  30,  2001.  Consulting  fees  relate  to consulting agreements for
corporate  planning, marketing, and business development services.  Of the total
consulting  fees paid during the nine months ended August 31, 2002, $559,750 was
satisfied  by  the  issue  of shares to certain consultants as consideration for
their  services.   Of  the  total  consulting  fees paid during the three months
ended  August 31, 2002, $235,833 was satisfied by the issue of shares to certain
consultants  as  consideration for their services.   The expense attributable to
these  services  has  been  calculated  by  using  the  number  of shares issued
multiplied  by  the  market  price  per  share  as  of  the  issuing  date.

Loss



The  Company's loss increased to $2,244,769 for the nine months ended August 31,
2002, from $1,304,024 for the nine months ended August 31, 2001, representing an
increased  loss  of  $940,745.Loss  for the third quarter ended August 31, 2002,
increased  to  $1,202,185  from  $421,196 for the third quarter ended August 31,
2001  representing  an  increased  loss  of  $780,989.  These  increases  in the
Company's  losses  were  primarily attributable to increases in consulting costs
and increased pre-production planning and engineering costs, as discussed above.

The Company anticipates that it will continue to incur a loss until such time as
the  Company  can  achieve  significant  revenues  from  its Nolan gold project.


LIQUIDITY  AND  FINANCIAL  CONDITION

Cash  and  Working  Capital

The  Company  had  cash and cash equivalents of $2,272,187 as at August 31, 2002
compared  to  cash  and cash equivalents of $17,093 as at November 30, 2001. The
Company  had  working  capital  of  $981,541 as at August 31, 2002 compared to a
working  capital  deficiency of $2,096,803 as at November 30, 2001. The increase
in  the  Company's cash and working capital position was primarily the result of
equity  financings  completed  during  the nine months ended August 31, 2002, as
discussed  below.

Cash  Used  in  Operating  Activities

Cash  used  in  operating activities increased to $2,115,607 for the nine months
ended  August  31, 2002, compared to $1,129,498 for the nine months ended August
31,  2001.  The  increase  in cash used in operating activities in the amount of
$986,109  was  primarily  attributable  to  an  increase  in the advances to the
Tri-Con Group in the amount of $697,086. and an increase in accounts payable and
accrued  liabilities in the amount of $75,645.  This increase in advances to the
Tri-Con  Group  is  due  primarily to current and ongoing work on the Nolan gold
project  in  anticipation of placing the Nolan gold project into production. The
Company  funded  the  net  cash outflow from operating activities of $2,115,607,
primarily  through  equity  sales  of  its  common  shares.

In December, 2001, the Company paid its balance owed to the Tri-Con Group in the
amount  of  $291,310. Between December 1, 2001, and August 31, 2002, the Company
advanced  to  the  Tri-Con  Group  $776,521 for Nolan pre-production engineering
costs,  property  maintenance, as well all current and ongoing work necessary to
commercialize  its  low-rank  coal  water  fuel  technology.



Cash  Provided  by  Financing  Activities

Cash  provided  by  financing  activities  increased  to $4,373,691 for the nine
months  ended  August 31, 2002, compared to $1,129,630 for the nine months ended
August  31,  2001.  Of  the  cash  provided  by financing activities, a total of
$4,665,001  was provided by private placement equity financings of the Company's
common  shares  and  share  purchase  warrants.  Cash  provided  by  financing
activities  was  reduced by an amount of $291,310 on account of the reduction of
the  liability  payable to the Tri-Con Group.  Accordingly, the Company financed
its  operating activities during the nine months ended August 31, 2002 primarily
through  equity


                                   Page 15 of 23

<PAGE>

issuances  of  its  common  shares.

Convertible  Debentures

On  March  1,  2001,  the  Company  completed  negotiations  to  restructure its
$2,000,000  convertible debentures. The Company issued replacement debentures in
the  aggregate  amount  of  $2,564,400  in  consideration of cancellation of the
$2,000,000 principal amount plus all accrued interest on the original debentures
to March 1, 2001. The replacement debentures bear interest of 8.0% per annum and
mature  March  1,  2006.  Principal  payments  are due at the end of each month.
Interest  is due and payable on a quarterly basis on February 28, May 31, August
31,  and  November  30. If the Company fails to make any payment of principal or
interest,  the  Company  must  issue  shares  equivalent  in value to the unpaid
amounts at 20% below the average market price.  The Company has to date not been
in  a  position to make cash payment of any amount on account of the replacement
debentures.  Accordingly,  the  Company has completed the following issuances of
shares  in  satisfaction  of  amounts  of  principal  and interest due under the
replacement  debentures  during  the  current  fiscal  year:

(a)  On  December  11,  2001, the Company issued 1,628,971 shares at the average
     market price of $0.10 per share to the holders of the replacement debenture
     to  satisfy  the quarterly payments due November 30, 2001. The value of the
     transaction  consists  of  $119,244  of  principal and $43,653 of interest.

(b)  On  March  11,  2002,  the  Company  issued 1,234,710 shares at the average
     market  price  of  $0.13  per  share  to  satisfy the quarterly payments of
     principal and interest due February 28, 2002. The value of this transaction
     totals  $160,512  and  consists  of  $119,245  of  principal and $41,267 of
     interest.

(c)  On June 11, 2002, the Company issued 1,437,520 shares at the average market
     price  of $0.11per share to satisfy the quarterly payments of principal and
     interest  due  May  31, 2002. The value of this transaction totals $158,128
     and  consists  of  $119,245  of  principal  and  $38,883  of  interest.

As  at  August 31, 2002, the amount of the replacement debentures outstanding is
$1,824,882.  Of  this  amount  $1,824,882,  $703,572  is classified as a current
liability  and  $1,121,310  has  been  classified  as  non-current.

Under  the  terms  of the replacement debenture agreement, if the Company's cash
flow  exceeds  $1,000,000 in any quarter than the payments must equal 40% of the
Company's cash flow. The Company adjusted its current liability to the debenture
holders  to  reflect  the  40%  stipulation.

Remaining  convertible  debentures of $140,000, plus accrued interest of $50,826
are  in  default,  however,  it  is  unclear  whether they will be exchanged for
replacement  debentures.

The  Company  is  also in arrears of required mineral property claims and option
payments  of  $285,500  and  therefore  the  rights  to  these properties with a
carrying  value  of  $315,000 may be adversely affected. The Company understands
that  it has the forbearance of the property owners and is not in default of the
agreements  in respect of these properties. The unpaid mineral claims and option
payments  are  included  in  current  liabilities  at  August  31,  2002.

Future  Financings

The  Company  is pursuing negotiations for lease financing to enable the Company
to  finance  the  purchase of approximately $1,300,000 of equipment required for
mining  operations  at  the  Nolan  gold  project.  The  objective  of the lease
financing  would be to reduce the amount of up-front capital payment required to
be  made  by  the  Company  to  acquire  the  necessary  equipment.  There is no
assurance  that  this  financing  will  be  completed.

The  Company  also  anticipates continuing to rely on equity sales of its common
shares  in  order  to  continue  to  fund its business operations.  Issuances of
additional  shares  will  result  in  dilution  to  existing shareholders of the
Company.  In  addition, the Company has applied to obtain a grant of $10,000,000
in  order to proceed with establishing the commercial viability of the Company's
low  rank coal water fuel business.  There is no assurance that the Company will
achieve  any of additional sales of its equity securities or arrange for debt or
other  financing  for  its  planned  business  expansion.

The  Company's  ability  to  continue as a going concern and recover the amounts
recorded  as  mineral  properties  is  dependant  on  its  ability to obtain the
continued  forbearance  of its creditors, to obtain additional financing and/ or
the  entering  into  joint  venture  agreements  with  third parties in order to
complete  exploration, development and production of its mineral properties, the


continued  delineation  of  reserves  on  its  properties  and the attainment of
profitable operations.  There is no assurance that such items can be obtained by
the  Company.  Failure  to  obtain  these may cause the Company to significantly
decrease its level of exploration and operations and to possibly sell or abandon
certain mineral properties or capital assets to reduce commitments or raise cash
as  required.


                                   Page 16 of 23

<PAGE>


ITEM  3.     Controls  and  Procedures

As  required  by  Rule 13a-15 under the Exchange Act, the Company carried out an
evaluation  of  the  effectiveness  of the design and operation of the Company's
disclosure  controls  and procedures within the 90 days prior to the filing date
of  this report.  This evaluation was carried out under the supervision and with
the  participation of the Company's management, including Mr. Garry Anselmo, the
Company's  Chief Executive Officer and Company's Chief Financial Officer.  Based
upon  that evaluation, the Company's Chief Executive Officer and Chief Financial
Officer  concluded  that  the  Company's  disclosure controls and procedures are
effective.  There  have  been  no  significant changes in the Company's internal
controls or in other factors, which could significantly affect internal controls
subsequent  to  the  date  the  Company  carried  out  its  evaluation.

Disclosure  controls  and  procedures are controls and other procedures that are
designed  to ensure that information required to be disclosed in Company reports
filed or submitted under the Exchange Act is recorded, processed, summarized and
reported,  within  the  time  periods  specified  in the Securities and Exchange
Commission's  rules  and  forms.  Disclosure  controls  and  procedures include,
without  limitation, controls and procedures designed to ensure that information
required  to  be  disclosed  in  Company reports filed under the Exchange Act is
accumulated  and  communicated  to  management,  including  the  Company's Chief
Executive  Officer  and  Chief  Financial  Officer,  to  allow  timely decisions
regarding  required  disclosure.



                           PART II - OTHER INFORMATION

ITEM  1.          Legal  Proceedings

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


ITEM  2.          Changes  in  Securities  and  Use  of  Proceeds.

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

1.   On June 5, 2002, 1,000,000 common share purchase warrants were exercised at
     a  price  of $0.10 per share and the Company issued 1,000,000 common shares
     from  the  treasury  for  proceeds of $100,000. No commissions or fees were
     paid  in  connection  with  the  issuance  of  the  shares.  The sales were
     completed  pursuant  to  Regulation  S  of  the  Act on the basis that each
     investor  is  a  non-U.S. person, as defined under Regulation S of the Act.
     All  securities  issued  were endorsed with a restrictive legend confirming
     that the securities had been issued pursuant to Regulation S of the Act and
     were  "restricted securities" under the Act and could not be resold without
     registration under the Act or an applicable exemption from the registration
     requirements  of  the  Act.

2.   On June 5, 2002, 1,000,000 common share purchase warrants were exercised at
     a  price  of $0.10 per share and the Company issued 1,000,000 common shares
     from  the  treasury  for  proceeds of $100,000. No commissions or fees were
     paid  in  connection  with  the  issuance  of  the  shares.  The sales were
     completed  pursuant  to  Regulation  S  of  the  Act on the basis that each
     investor  is  a  non-U.S. person, as defined under Regulation S of the Act.
     All  securities  issued  were endorsed with a restrictive legend confirming
     that the securities had been issued pursuant to Regulation S of the Act and
     were  "restricted securities" under the Act and could not be resold without
     registration under the Act or an applicable exemption from the registration
     requirements  of  the  Act.

3.   On June 11, 2002, the Company issued 1,437,520 shares at the average market
     price  of $0.11 per share to the debenture holders to satisfy the quarterly
     payments  of principal and interest due under the replacement debentures of
     May  31,  2002. These payments totaled $158,128 and consisted of payment of
     principal  in the amount of $119,245 and interest in the amount of $38,883.
     No  commissions  or  fees  were paid in connection with the issuance of the
     shares. The sales were completed pursuant to Regulation S of the Act on the
     basis  that each holder of the replacement debentures is a non-U.S. person,
     as  defined  under  Regulation  S  of  the  Act. All securities issued were
     endorsed  with a restrictive legend confirming that the securities had been
     issued pursuant to Regulation S of the Act and were "restricted securities"
     under the Act and could not be resold without registration under the Act or
     an  applicable  exemption  from  the  registration requirements of the Act.

4.   On  June  24,  2002,  the  Company  completed a private placement, with one
     investor,  of  2,000,000  units  at  a  price  of  $0.15 per unit for total
     proceeds  of  $300,000. Each unit consists of one common share and one-half
     of  a  common  share  purchase  warrant. Each common share purchase warrant



                                   Page 17 of 23

<PAGE>

     entitles  the  warrant  holder  to  purchase one common share at a price of
     $0.20  until  December  24,  2002.  No  commissions  or  fees  were paid in
     connection  with  the  offering.  The  sales  were  completed  pursuant  to
     Regulation  S  of  the  Act  on the basis that each purchaser is a non-U.S.
     person,  as  defined  under  Regulation S of the Act. All securities issued
     were  endorsed with a restrictive legend confirming that the securities had
     been  issued  pursuant  to  Regulation  S  of  the Act and were "restricted
     securities"  under  the  Act  and  could not be resold without registration
     under the Act or an applicable exemption from the registration requirements
     of  the  Act.

5.   On  June  24,  2002,  the  Company  completed a private placement, with one
     investor,  of  2,000,000  units  at  a  price  of  $0.15 per unit for total
     proceeds  of  $300,000. Each unit consists of one common share and one-half
     of  a  common  share  purchase  warrant. Each common share purchase warrant
     entitles  the  warrant  holder  to  purchase one common share at a price of
     $0.20  until  December  24,  2002.  No  commissions  or  fees  were paid in
     connection  with  the  offering.  The  sales  were  completed  pursuant  to
     Regulation  S  of  the  Act  on the basis that each purchaser is a non-U.S.
     person,  as  defined  under  Regulation S of the Act. All securities issued
     were  endorsed with a restrictive legend confirming that the securities had
     been  issued  pursuant  to  Regulation  S  of  the Act and were "restricted
     securities"  under  the  Act  and  could not be resold without registration
     under the Act or an applicable exemption from the registration requirements
     of  the  Act.

6.   On  July  14,  2002,  the  Company  completed a private placement, with one
     investor,  of 250,000 units at a price of $0.26 per unit for total proceeds
     of  $65,000.  Each  unit  consists  of one common share and one-half common
     share  purchase  warrant.  Each  common share purchase warrant entitles the
     warrant  holder  to  purchase  one  common  share at a price of $0.35 until
     January  10,  2003. No commissions or fees were paid in connection with the
     offering.  The  sales were completed pursuant to Regulation D of the Act on
     the basis that each purchaser is U.S. person, as defined under Regulation D
     of  the  Act. All securities issued were endorsed with a restrictive legend
     confirming  that  the  securities  could not be resold without registration
     under the Act or an applicable exemption from the registration requirements
     of  the  Act.

7.   On  July  16,  2002,  the  Company  completed a private placement, with one
     investor,  of  1,200,000  units  at  a  price  of  $0.30 per unit for total
     proceeds  of  $360,000.  Each unit consists of one common share and one and
     one-half  of  a  common  share purchase warrant. Each common share purchase
     warrant entitles the warrant holder to purchase one common share at a price
     of  $0.35  until  September  15,  2002. No commissions or fees were paid in
     connection  with  the  offering.  The  sales  were  completed  pursuant  to
     Regulation  S  of  the  Act  on the basis that each purchaser is a non-U.S.
     person,  as  defined  under  Regulation S of the Act. All securities issued
     were  endorsed with a restrictive legend confirming that the securities had
     been  issued  pursuant  to  Regulation  S  of  the Act and were "restricted
     securities"  under  the  Act  and  could not be resold without registration
     under the Act or an applicable exemption from the registration requirements
     of  the  Act.

8.   On July 19, 2002 1,000,000 common share purchase warrants were exercised at
     a  price  of $0.20 per share and the Company issued 1,000,000 common shares
     from  the  treasury  for  proceeds of $200,000. No commissions or fees were
     paid  in  connection  with  the  issuance  of  the  shares.  The sales were
     completed  pursuant  to  Regulation  S  of  the  Act on the basis that each
     investor  is  a  non-U.S. person, as defined under Regulation S of the Act.
     All  securities  issued  were endorsed with a restrictive legend confirming
     that the securities had been issued pursuant to Regulation S of the Act and
     were  "restricted securities" under the Act and could not be resold without
     registration under the Act or an applicable exemption from the registration
     requirements  of  the  Act.

9.   On July 19, 2002 1,000,000 common share purchase warrants were exercised at
     a  price  of $0.20 per share and the Company issued 1,000,000 common shares
     from  the  treasury  for  proceeds of $200,000. No commissions or fees were
     paid  in  connection  with  the  issuance  of  the  shares.  The sales were
     completed  pursuant  to  Regulation  S  of  the  Act on the basis that each
     investor  is  a  non-U.S. person, as defined under Regulation S of the Act.
     All  securities  issued  were endorsed with a restrictive legend confirming
     that the securities had been issued pursuant to Regulation S of the Act and
     were  "restricted securities" under the Act and could not be resold without
     registration under the Act or an applicable exemption from the registration
     requirements  of  the  Act.

10.  On  July  23, 2002, 1,800,000 common share purchase warrants were exercised
     at  a  price  of  $0.35  per  share and the Company issued 1,800,000 common
     shares  from  the treasury for proceeds of $630,000. No commissions or fees
     were  paid  in  connection  with the issuance of the shares. The sales were
     completed  pursuant  to  Regulation  S  of  the  Act on the basis that each
     investor  is  a  non-U.S. person, as defined under Regulation S of the Act.
     All  securities  issued  were endorsed with a restrictive legend confirming
     that the securities had been issued pursuant to Regulation S of the Act and
     were  "restricted securities" under the Act and could not be resold without
     registration under the Act or an applicable exemption from the registration
     requirements  of  the  Act.

11.  On  July 25, 2002, 500,000 common share purchase warrants were exercised at
     a  price of $0.10 per share and the Company issued 500,000 shares for total
     proceeds  of  $50,000.  No commissions or fees were paid in connection with
     the  offering. The sales were completed

                                   Page 18 of 23

<PAGE>


     pursuant  to  Regulation S of the Act on the basis that each purchaser is a
     non-U.S.  person,  as defined under Regulation S of the Act. All securities
     issued  were  endorsed  with  a  restrictive  legend  confirming  that  the
     securities  had  been  issued  pursuant to Regulation S of the Act and were
     "restricted  securities"  under  the  Act  and  could not be resold without
     registration under the Act or an applicable exemption from the registration
     requirements  of  the  Act.

12.  On  August 1, 2002, 1,000,000 common share purchase warrants were exercised
     at  a  price of $0.10 per share and the Company issued 1,000,000 shares for
     total  proceeds of $100,000. No commissions or fees were paid in connection
     with the offering. The sales were completed pursuant to Regulation D of the
     Act  on  the  basis  that each purchaser is a U.S. person, as defined under
     Regulation  D  of  the  Act.  All  securities  issued  were endorsed with a
     restrictive  legend  confirming  that  the  securities  could not be resold
     without  registration  under  the  Act  or an applicable exemption from the
     registration  requirements  of  the  Act.

13.  On August 8, 2002, 650,000 common share purchase warrants were exercised at
     a  price of $0.10 per share and the Company issued 650,000 shares for total
     proceeds  of  $65,000.  No commissions or fees were paid in connection with
     the  offering. The sales were completed pursuant to Regulation S of the Act
     on  the  basis  that  each purchaser is a non-U.S. person, as defined under
     Regulation  S  of  the  Act.  All  securities  issued  were endorsed with a
     restrictive  legend confirming that the securities had been issued pursuant
     to  Regulation  S of the Act and were "restricted securities" under the Act
     and could not be resold without registration under the Act or an applicable
     exemption  from  the  registration  requirements  of  the  Act.


Item  3.          Default  Upon  Senior  Securities

The  Company  is in default of obligations pursuant to convertible debentures in
the  aggregate  principal  amount of $140,000, plus accrued interest of $50,826.
The Company is attempting to negotiate the issuance of replacement debentures in
exchange  for  the  amount  of  indebtedness  owed to the investor.  There is no
assurance  that  these  negotiations  will  be  successful.


Item  4.          Submission  of  Matters  to  a  Vote  of  Security  Holders

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

The  shareholders  of  the  Company  have approved the increase to the Company's
authorized  capital  to  200,000,000  common  shares  without  par  value at the
Company's  extraordinary meeting of shareholders held on September 9, 2002.  The
increase  to  the authorized capital was effective as of September 10, 2002 upon
the filing of an amendment to the Company's Memorandum with the British Columbia
Registrar of Companies.  A copy of the Company's amended Memorandum was attached
to  the  Company's  Current  Report  on  Form  8-K filed with the Securities and
Exchange  Commission  on  September  12,  2002.


Item  5.          Other  Information

None.


                                   Page 19 of 23

<PAGE>


Item  6.          Exhibits  and  Reports  on  Form  8-K



EXHIBITS  REQUIRED  BY  ITEM  601  OF  FORM  8-K




Exhibit
Number         Description of Exhibit
------         ----------------------

99.1           Certification  of  Chief  Executive  Officer  and Chief Financial
               Officer  pursuant  to  pursuant  to  18  U.S.C.  Section 1350, as
               adopted  pursuant  to  Section  906  of the Sarbanes-Oxley Act of
               2002(1)


 (1)           Filed  as  an  Exhibit  to  this  Quarterly Report on Form 10-QSB



REPORTS  ON  FORM  8-K

We  did not file any Current Reports on Form 8-K during the fiscal quarter ended
August  31,  2002.

The  following  reports  on  Form  8-K  have  been  filed since August 31, 2002.

                     Date of Filing
Date of Form 8-K     with the SEC            Description  of  the  Form  8-K
--------------------------------------------------------------------------------
September  9,  2002  September 12, 2002      Disclosure  of  the increase to the
                                             Company's  authorized  capital  to
                                             200,000,000  common  shares without
                                             par  value  at  the  Company's
                                             extraordinary  meeting  of
                                             shareholders  held  on September 9,
                                             2002.





                                   Page 20 of 23

<PAGE>



                                   SIGNATURES

In  accordance with the requirements of the Securities and Exchange Act of 1934,
the  Registrant  has  duly  caused this report to be signed on its behalf by the
undersigned,  thereunto  duly  authorized.

SILVERADO  GOLD  MINES  LTD.

Date:     October  9,  2002


By:  /s/ GARRY  L.  ANSELMO
     -------------------------
     GARRY  L.  ANSELMO
     CHIEF  EXECUTIVE  OFFICER,
     PRESIDENT,  CHIEF  FINANCIAL  OFFICER
     AND  DIRECTOR



                                   Page 21 of 23

<PAGE>


                                 CERTIFICATIONS

I,  GARRY  L.  ANSELMO,  certify  that;

1.   I have reviewed this quarterly report on Form10-QSB of Silverado Gold Mines
     Ltd.;

2.   Based  on  my  knowledge, this quarterly report does not contain any untrue
     statement  of a material fact or omit to state a material fact necessary to
     make  the  statements  made, in light of the circumstances under which such
     statements  were made, not misleading with respect to the period covered by
     this  quarterly  report;

3.   Based  on  my  knowledge,  the  financial  statements,  and other financial
     information  included  in  this  quarterly  report,  fairly  present in all
     material  respects  the financial condition, results of operations and cash
     flows  of  the  registrant  as  of,  and for, the periods presented in this
     quarterly  report;

4.   The  registrant's  other  certifying  officers  and  I  are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in  Exchange  Act  Rules  13a-14  and  15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to  ensure that
          material  information  relating  to  the  registrant,  including  its
          consolidated  subsidiaries, is made known to us by others within those
          entities,  particularly  during  the  period  in  which this quarterly
          report  is  being  prepared;

     b)   evaluated  the  effectiveness  of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this  quarterly  report  (the  "Evaluation  Date");  and

     c)   presented  in  this  quarterly  report  our  conclusions  about  the
          effectiveness  of  the disclosure controls and procedures based on our
          evaluation  as  of  the  Evaluation  Date;

5.   The  registrant's  other certifying officers and I have disclosed, based on
     our  most  recent  evaluation,  to  the registrant's auditors and the audit
     committee  of  registrant's  board  of directors (or persons performing the
     equivalent  functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which  could  adversely  affect  the registrant's ability to
          record,  process,  summarize  and  report  financial  data  and  have
          identified  for  the  registrant's auditors any material weaknesses in
          internal  controls;  and

     b)   any  fraud, whether or not material, that involves management or other
          employees  who  have  a  significant role in the registrant's internal
          controls;  and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly  report whether or not there were significant changes in internal
     controls  or  in  other  facts  that  could  significantly  affect internal
     controls  subsequent  to  the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date:   October  9,  2002          /s/ GARRY  L.  ANSELMO
                                   ___________________________________
                                   (Signature)
                                   Chief  Executive  Officer
                                   and  Chief  Financial  Officer
                                   ___________________________________
                                   (Title)





                                   Page 23 of 23