---

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 28, 2007

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 | (I.R.S. Employer Identification No.)
|organization)                                    |                                     
|                                                 |                                     
|1111 West Georgia Street, Suite 505,             |                                     
|Vancouver, British Columbia, Canada              | V6E 4M3                             
|(Address of principal executive offices)         | (Zip Code)                          

Issuer's telephone number: (604) 689-1535

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 10, 2007: 672,448,478
  common shares.

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

---

PART I FINANCIAL INFORMATION

|ITEM 1. | FINANCIAL STATEMENTS
|------- | --------------------

|SILVERADO GOLD MINES LTD.              
|---------------------------------------
|(An Exploration Stage Company)         
|CONSOLIDATED BALANCE SHEETS            
|February 28, 2007 and November 30, 2006
|(Stated in United States Dollars)      

|ASSETS                                                      |   | 2007        |   |   | 2006        |  
|----------------------------------------------------------- | - | ----------- | - | - | ----------- | -
|                                                            |   | (Unaudited) |   |   |             |  
|Current                                                     |   |             |   |   |             |  
|Cash and cash equivalents                                   | $ | 2,211,633   |   | $ | 3,509,418   |  
|Gold inventory                                              |   | 356,215     |   |   | 511,629     |  
|Other receivables                                           |   | 16,533      |   |   | 9,972       |  
|                                                            |   |             |   |   |             |  
|                                                            |   | 2,584,382   |   |   | 4,031,019   |  
|Property, plant and equipment, net                          |   | 1,243,445   |   |   | 1,053,533   |  
|                                                            |   |             |   |   |             |  
|                                                            | $ | 3,827,827   |   | $ | 5,084,552   |  
|                                                            |   |             |   |   |             |  
|LIABILITIES                                                 |  
|Current                                                     |   |             |   |   |             |  
|Accounts payable and
      accrued liabilities              | $ | 224,428     |   | $ | 332,229     |  
|Mineral claims royalty payable                              |   | 460,000     |   |   | 380,000     |  
|Payable to related
      companies                          |   | 808,939     |   |   | 359,834     |  
|Convertible debentures                                      |   | 140,000     |   |   | 140,000     |  
|Capital lease
      obligation, current portion             |   | 292,470     |   |   | 129,286     |  
|                                                            |   |             |   |   |             |  
|                                                            |   | 1,925,837   |   |   | 1,341,349   |  
|Asset retirement obligation                                 |   | 527,572     |   |   | 521,058     |  
|Capital lease obligations                                   |   | -           |   |   | 247,129     |  
|                                                            |   |             |   |   |             |  
|                                                            |   | 2,453,408   |   |   | 2,109,536   |  
|                                                            |   |             |   |   |             |  
|SHAREHOLDERS
      EQUITY                                  |  
|Capital stock                                               |   |             |   |   |             |  
|Authorized: unlimited common shares with no
      par value |   |             |   |   |             |  
|Issued and outstanding:                                     |   |             |   |   |             |  
|650,060,052 common
      shares (2006: 630,785,052)         |   | 83,466,848  |   |   | 82,538,598  |  
|Additional paid-in capital stock based compensation         |   | 1,200,408   |   |   | 466,314     |  
|Subscriptions received                                      |   | 109,401     |   |   | 273,600     |  
|Accumulated deficit during exploration stage                |   | (83,402,238 | ) |   | (80,303,496 | )
|                                                            |   |             |   |   |             |  
|                                                            |   | 1,374,419   |   |   | 2,975,016   |  
|                                                            |   |             |   |   |             |  
|                                                            | $ | 3,827,827   |   | $ | 5,084,552   |  

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL
STATEMENTS

2

---

|SILVERADO GOLD MINES LTD.                                               
|------------------------------------------------------------------------
|(An Exploration Stage Company)                                          
|CONSOLIDATED STATEMENTS OF OPERATIONS & OTHER
      COMPREHENSIVE INCOME
|for the three months ended February 28, 2007 and February
      28, 2006
|(Stated in United States Dollars)                                       

|                                                             |   |                                |   |   |                  |   |   | Period Since         |  
|------------------------------------------------------------ | - | ------------------------------ | - | - | ---------------- | - | - | -------------------- | -
|                                                             |   |                                |   |   |                  |   |   | Recommencement       |  
|                                                             |   |                                |   |   |                  |   |   | Of Exploration Stage |  
|                                                             |   | Three months ended February 28 |   |   | December 1, 2001 |  
|                                                             |   | 2007                           |   |   | 2006             |   |   | To                   |  
|                                                             |   | (Unaudited)                    |   |   | (Unaudited)      |   |   | February 28, 2007    |  
|                                                             |   |                                |   |   |                  |   |   |                      |  
|General and Administrative Expenses                          |   |                                |   |   |                  |   |   |                      |  
|Accounting and audit                                         | $ | 12,231                         |   | $ | 14,823           |   | $ | 295,868              |  
|Advertising and
      promotion                              |   | 104,687                        |   |   | 129,284          |   |   | 1,909,286            |  
|Consulting fees                                              |   | 310,390                        |   |   | 52,000           |   |   | 5,916,680            |  
|Depreciation, accretion
      and impairment                 |   | 61,950                         |   |   | 54,493           |   |   | 2,032,197            |  
|Exploration expenses                                         |   | 1,081,186                      |   |   | 855,943          |   |   | 12,960,866           |  
|Financing activities                                         |   | -                              |   |   | -                |   |   | 252,003              |  
|Interest on convertible debentures                           |   | 2,800                          |   |   | 3,258            |   |   | 687,407              |  
|Interest on capital
      lease obligations                  |   | 6,535                          |   |   | 12,892           |   |   | 307,311              |  
|Legal                                                        |   | 41,761                         |   |   | 32,045           |   |   | 577,418              |  
|Management services                                          |   | 309,843                        |   |   | 240,162          |   |   | 3,260,697            |  
|Office                                                       |   | 312,014                        |   |   | 225,630          |   |   | 3,040,330            |  
|Other interest and bank
      charges                        |   | 3,095                          |   |   | 2,640            |   |   | 39,577               |  
|Reporting and investor relations                             |   | 51,609                         |   |   | 37,467           |   |   | 363,395              |  
|Research                                                     |   | 46,575                         |   |   | 28,268           |   |   | 781,952              |  
|Stock based compensation                                     |   | 734,094                        |   |   | -                |   |   | 734,094              |  
|Transfer agent fees and
      mailing                        |   | 9,911                          |   |   | 10,236           |   |   | 161,948              |  
|Write-off of mineral claim expenditures                      |   | -                              |   |   | -                |   |   | 1,159,529            |  
|Write-down of property,
      plant and equipment            |   | -                              |   |   | -                |   |   | 285,875              |  
|                                                             |   |                                |   |   |                  |   |   |                      |  
|Total General and Administrative Expenses                    |   | 3,088,681                      |   |   | 1,699,141        |   |   | 34,766,433           |  
|                                                             |   |                                |   |   |                  |   |   |                      |  
|Loss from operations                                         |   | (3,088,681                     | ) |   | (1,699,141       | ) |   | (34,766,433          | )
|                                                             |   |                                |   |   |                  |   |   |                      |  
|Interest and other income                                    |   | 22,158                         |   |   | 6,425            |   |   | 260,137              |  
|                                                             |   |                                |   |   |                  |   |   |                      |  
|Cumulative effect of accounting change                       |   | -                              |   |   | -                |   |   | (153,226             | )
|                                                             |   |                                |   |   |                  |   |   |                      |  
|Other comprehensive income:                                  |   |                                |   |   |                  |   |   |                      |  
|                                                             |   |                                |   |   |                  |   |   |                      |  
|Gain (loss) on foreign
      currency translation adjustment |   | (32,219                        | ) |   | 22,457           |   |   | 105,976              |  
|                                                             |   |                                |   |   |                  |   |   |                      |  
|Loss and comprehensive loss for the period                   | $ | (3,098,742                     | ) | $ | (1,670,259       | ) | $ | (34,553,546          | )
|                                                             |   |                                |   |   |                  |   |   |                      |  
|Net loss per share                                           | $ | (0.00                          | ) | $ | (0.00            | ) |   |                      |  
|                                                             |   |                                |   |   |                  |   |   |                      |  
|Basic and diluted weighted average number
      of           |   |                                |   |   |                  |   |   |                      |  
|common shares outstanding                                    |   | 635,606,962                    |   |   | 412,932,891      |   |   |                      |  

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL
STATEMENTS

3

---

|SILVERADO GOLD MINES LTD.                                               
|------------------------------------------------------------------------
|(An Exploration Stage Company)                                          
|CONSOLIDATED STATEMENTS OF CASH FLOWS                                   
|for the three months ended February 28, 2007 and February
      28, 2006
|(Stated in United States Dollars)                                       

|                                                             |   |                                |   |   |                      |   |   | Period Since         |  
|------------------------------------------------------------ | - | ------------------------------ | - | - | -------------------- | - | - | -------------------- | -
|                                                             |   |                                |   |   |                      |   |   | Recommencement       |  
|                                                             |   | Three Months Ended February 28 |   |   | Of Exploration Stage |  
|                                                             |   | 2007                           |   |   | 2006                 |   |   | December 1, 2001     |  
|                                                             |   | (Unaudited)                    |   |   | (Unaudited)          |   |   | to February 28, 2007 |  
|Cash Flows used in Operating Activities                      |   |                                |   |   |                      |   |   |                      |  
|Net loss for the period                                      | $ | (3,098,742                     | ) | $ | (1,670,259           | ) | $ | (34,553,546          | )
|Adjustments to
      reconcile loss to net cash provided     |   |                                |   |   |                      |   |   |                      |  
|by (used in) operating
      activities:                     |   |                                |   |   |                      |   |   |                      |  
|Cumulative effect of accounting change                       |   | -                              |   |   | -                    |   |   | 153,226              |  
|Depreciation,
      accretion and impairment                 |   | 61,950                         |   |   | 54,493               |   |   | 2,032,197            |  
|Stock based compensation                                     |   | 734,094                        |   |   | -                    |   |   | 734,094              |  
|Stock based
      compensation for consulting services       |   | 109,401                        |   |   | 145,500              |   |   | 2,750,951            |  
|Stock issued for debenture                                   |   | -                              |   |   | -                    |   |   | 217,687              |  
|Non-cash
      consulting expense                            |   | 134,650                        |   |   | -                    |   |   | 1,763,940            |  
|Non-cash financing expense                                   |   | -                              |   |   | -                    |   |   | 252,003              |  
|Interest accrued                                             |   | -                              |   |   | -                    |   |   | 486,370              |  
|Write-off of mineral claim expenditures                      |   | -                              |   |   | -                    |   |   | 1,159,529            |  
|Write-down of
      property, plant and equipment            |   | -                              |   |   | -                    |   |   | 285,875              |  
|Changes in
      non-cash operating working capital:         |   |                                |   |   |                      |   |   |                      |  
|Other receivables                                            |   | (6,562                         | ) |   | (8,104               | ) |   | (13,659              | )
|Gold inventory                                               |   | 155,414                        |   |   | (2,346               | ) |   | (345,075             | )
|Accounts payable
      and accrued liabilities               |   | (107,801                       | ) |   | (7,047               | ) |   | (715,416             | )
|Asset retirement obligation                                  |   | 6,514                          |   |   | -                    |   |   | 331,572              |  
|Increase in
      mineral claims royalty payable             |   | 80,000                         |   |   | -                    |   |   | 143,500              |  
|                                                             |   |                                |   |   |                      |   |   |                      |  
|Net cash used in Operating Activities                        |   | (1,931,082                     | ) |   | (1,487,763           | ) |   | (25,316,752          | )
|                                                             |   |                                |   |   |                      |   |   |                      |  
|Cash Flows used in Investing Activities                      |   |                                |   |   |                      |   |   |                      |  
|Purchase of
      property, plant and equipment              |   | (251,862                       | ) |   | -                    |   |   | (1,636,171           | )
|Disposal of property, plant and
      equipment              |   | -                              |   |   | -                    |   |   | 207,289              |  
|                                                             |   |                                |   |   |                      |   |   |                      |  
|Net cash used in Investing Activities                        |   | (251,862                       | ) |   | -                    |   |   | (1,428,882           | )
|                                                             |   |                                |   |   |                      |   |   |                      |  
|Cash Flows from Financing Activities                         |   |                                |   |   |                      |   |   |                      |  
|Common stock
      issued for cash (net of share issue cost) |   | 520,000                        |   |   | 2,449,770            |   |   | 29,372,413           |  
|Repayment of convertible
      debentures                    |   | -                              |   |   | -                    |   |   | (74,999              | )
|Repayment of
      loans payable                             |   | -                              |   |   | -                    |   |   | (35,729              | )
|Repayment of capital lease
      obligations                 |   | (83,945                        | ) |   | (104,261             | ) |   | (839,137             | )
|Advances from
      related companies                        |   | 449,104                        |   |   | 163,593              |   |   | 517,626              |  
|                                                             |   |                                |   |   |                      |   |   |                      |  
|Net cash provided from Financing Activities                  |   | 885,159                        |   |   | 2,509,102            |   |   | 28,940,174           |  
|                                                             |   |                                |   |   |                      |   |   |                      |  
|Increase (decrease) in cash and cash
      equivalents       |   | (1,297,785                     | ) |   | 1,021,339            |   |   | 2,194,540            |  
|                                                             |   |                                |   |   |                      |   |   |                      |  
|Cash and cash equivalents, beginning of
      period         |   | 3,509,418                      |   |   | 408,589              |   |   | 17,093               |  
|                                                             |   |                                |   |   |                      |   |   |                      |  
|Cash at end of the period                                    | $ | 2,211,633                      |   | $ | 1,429,928            |   | $ | 2,211,633            |  

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL
STATEMENTS

4

---

|SILVERADO GOLD MINES LTD.                 
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|(Unaudited)                               
|(Stated in United States Dollars)         

Three months ended February 28, 2007 and February 28, 2006

|1. | Basis of presentation:
|-- | ----------------------

The unaudited 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. These statements have been prepared in accordance with United States
generally accepted accounting principles for interim financial information.
These financial statements also comply, in all material respects, with generally
accepted accounting principles in the United States.

The accompanying unaudited consolidated
financial statements do not include all information and footnote disclosures
required under United States generally accepted accounting principles. In our
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 at February 28, 2007, 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 28, 2007, and
February 28, 2006, are not necessarily indicative of the results that can 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 our annual report on Form 10-KSB for the fiscal year ended November
30, 2006.

|2. | Related party transactions:
|-- | ---------------------------

The Company had related party
transactions with Tri-Con Mining Ltd., Tri-Con Mining Inc., Tri-Con Mining
Alaska Inc. (collectively Tri-Con), all of which are controlled by a director
of ours.

Tri-Con are operations and exploration
  contractors, and has been employed by the Company under contract since 1972
  to carry out all of its fieldwork and to provide administrative and management
  services. Under our current contract dated January 1, 1997 work is charged at
  cost plus 25% for exploration and cost plus 15% for development and mining.
  Cost includes out of pocket or actual cost plus 15% charge for office overhead
  including stand by and contingencies. There is no mark up on capital purchases.
  At February 28, 2007, we owe $808,939 to Tri-Con for exploration and administration
  services to be performed during the current fiscal year on behalf of the Company.
  Tri-Cons services for the current fiscal year are focusing mainly on our
  Low-Rank Coal-Water Fuel program as well as corporate planning and preparation
  for year round production on our Nolan property and administration services
  at both our field and corporate offices.

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

5

---

|SILVERADO GOLD MINES LTD.                 
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|(Unaudited)                               
|(Stated in United States Dollars)         

Three months ended February 28, 2007 and February 28, 2006

|2. | Related party transactions (continued):
|-- | ---------------------------------------

| |                                                                      |   | February 28, |  |   | February 28, | 
| | -------------------------------------------------------------------- | - | ------------ |  | - | ------------ | 
| |                                                                      |   | 2007         |  |   | 2006         | 
| |                                                                      |   |              |  |   |              | 
| | Exploration services                                                 | $ | 1,079,322    |  | $ | 695,062      | 
| | Administrative and management services                               |   | 309,843      |  |   | 240,162      | 
| | Research                                                             |   | 46,575       |  |   | 28,268       | 
| |                                                                      | $ | 1,435,740    |  | $ | 963,492      | 
| |                                                                      |   |              |  |   |              | 
| | Amount of total charges in excess of
      Tri-Cons costs incurred  | $ | 228,908      |  | $ | 140,740      | 
| |                                                                      |   |              |  |   |              | 
| | Excess amount charged as a percentage of
      actual costs incurred |   | 15.9%        |  |   | 14.6%        | 

|3. | 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.

|4. | Supplementary cash flow information:
|-- | ------------------------------------

Supplemental non-cash investing and
financing activities:

| |                                         |   | February 28, |  |   | February 28, | 
| | --------------------------------------- | - | ------------ |  | - | ------------ | 
| |                                         |   | 2007         |  |   | 2006         | 
| |                                         |   |              |  |   |              | 
| | Issuance of shares for:                 |   |              |  |   |              | 
| | Consulting services                     | $ | 134,650      |  | $ | -            | 
| | Interest on
      capital lease         | $ | 6,535        |  | $ | 12,892       | 
| | Non cash stock based
      compensation | $ | 734,094      |  | $ | -            | 

6

---

|SILVERADO GOLD MINES LTD.                 
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|(Unaudited)                               
|(Stated in United States Dollars)         

Three months ended February 28, 2007 and February 28, 2006

|5. | Debentures:
|-- | -----------

On March 1, 2001, we completed
negotiations to restructure our $2,000,000 convertible debentures. We 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.

As of November 30, 2004 the replacement
debentures have been repaid in full. Remaining debentures of $140,000 and
accrued interest of $101,227 is 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.

|6. | Lease purchase agreement:
|-- | -------------------------

The assets and liabilities under
capital leases are recorded at the lower of the present value of the minimum
lease payments or the fair value of the asset. The assets are amortized over
their estimated productive lives which are estimated to be 10 years.
Amortization on assets under capital leases charged to expense during the period
ended February 28, 2007 was $42,237 (2006: $44,964).

Minimum future lease payments under
capital leases as of February 28, 2007:

| |                              |   | 2007    |  
| | ---------------------------- | - | ------- | -
| | November 30, 2007            | $ | 299,005 |  
| | Total minimum lease payments |   | 299,005 |  
| | Less: interest               |   |         |  
| |                              |   | (6,535  | )
| | Current portion              | $ | 292,470 |  

7

---

|SILVERADO GOLD MINES LTD.                 
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|(Unaudited)                               
|(Stated in United States Dollars)         

Three months ended February 28, 2007 and February 28, 2006

|7. | Common shares:
|-- | --------------

| | a) | During the period ending February 28, 2007 the Company
      had the following common shares transactions:
| | -- | ----------------------------------------------------------------------------------------------------------

| | Date              |  |  | Description     |  |  | No. of shares |  |   | Price per share |  |   | Proceeds   | 
| | ----------------- |  |  | --------------- |  |  | ------------- |  | - | --------------- |  | - | ---------- | 
| | November 30, 2006 |  |  | Balance forward |  |  | 630,785,052   |  | $ | -               |  | $ | 83,004,912 | 
| | December 12, 2006 |  |  | Stock Options   |  |  | 500,000       |  |   | 0.0500          |  |   | 25,000     | 
| | December 15, 2006 |  |  | Consulting      |  |  | 200,000       |  |   | 0.1300          |  |   | 26,000     | 
| | January 1, 2007   |  |  | Consulting      |  |  | 375,000       |  |   | 0.0700          |  |   | 26,250     | 
| | January 11, 2007  |  |  | Consulting      |  |  | 3,800,000     |  |   | 0.0800          |  |   | 304,000    | 
| | January 15, 2007  |  |  | Consulting      |  |  | 200,000       |  |   | 0.1300          |  |   | 26,000     | 
| | January 18, 2007  |  |  | Warrants        |  |  | 2,500,000     |  |   | 0.0600          |  |   | 150,000    | 
| | February 17, 2007 |  |  | Consulting      |  |  | 200,000       |  |   | 0.1300          |  |   | 26,000     | 
| | February 23, 2007 |  |  | Warrants        |  |  | 11,500,000    |  |   | 0.0300          |  |   | 345,000    | 
| | February 28, 2007 |  |  |                 |  |  | 650,060,052   |  | $ | -               |  | $ | 83,933,162 | 

| | b) | Stock options:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Effective December 1, 2006, the Company adopted the
      provisions of SFAS 123(R). SFAS 123(R) requiring equity awards granted
      under its stock option plan to be accounted for under the fair value
      method. Accordingly, share-based compensation is measured at grant date,
      based on the fair value of the award. Prior to December 1, 2006, the
      Company accounted for awards granted under its stock option plans
      utilizing the intrinsic value method prescribed by Accounting Principles
      Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees
      (APB 25), and related interpretations, and provided the required pro forma
      disclosures prescribed by SFAS 123, Accounting for Stock-Based
      Compensation (SFAS 123), as amended. Under the existing stock option
      plans, all options vest entirely on the grant date. Therefore, there were
      no partially vested options outstanding as of the SFAS 123(R) adoption
      date.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | During the period ending February 28, 2007, 21,500,000
      stock options were granted at an exercise price of $0.07 with a six year
      term expiring January 11, 2013. The prevailing market price of the
      Companys shares on the date of grant was $0.067. The Company recognized
      stock compensation expense of $734,094 based on the Black-Scholes option
      pricing model.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

8

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The Black-Scholes option pricing model
input variables are as follows:

| | Risk free interest rate       | 5.10%  
| | ----------------------------- | -------
| | Dividend free yield           | 0%     
| | Expected volatility           | 74.5%  
| | Expected term of stock option | 3 years

The exercise price of all options
issued under our 2007 Stock Option Plan was $0.07 per share. The expected term
was calculated using the simplified approach as outlined in SAB 107.

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

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

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

|8. | Subsequent events:
|-- | ------------------

Subsequent to February 28, 2007, the
Company issued an aggregate of 1,170,067 common shares at $0.0935 per share
totaling $109,401.28 pursuant to a consulting agreement.

Subsequent to February 28, 2007, the
Company issued an aggregate of 3,300,000 common shares at $0.05 totaling
$165,000 pursuant to stock options exercised.

Subsequent to February 28, 2007, the
Company issued an aggregate of 17,343,359 common shares at $0.07 totaling
$1,214,035 pursuant to warrants exercised.

Subsequent to February 28, 2007, the
Company issued an aggregate of 375,000 common shares at $0.09 totaling $33,750
pursuant to a consulting agreement.

Subsequent to February 28, 2007, the
Company issued an aggregate of 200,000 common shares at $0.07 totaling $14,000
pursuant to a consulting agreement.

Subsequent to February 28, 2007, the
Company issued payment of $359,834 to related companies. It is expected that an
amount of $449,104 will also be paid to related companies by the end of April
2007.

9

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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 our 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", "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 we file with the SEC. These
factors may cause our actual results to differ materially from any
forward-looking statement. We disclaim 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

We are engaged in the acquisition and exploration of mineral
properties in the State of Alaska. Precious metals, primarily gold, are our main
interest. We have more than 30 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 placer and lode gold deposits. Our primary
focus is presently on the exploration of our Nolan Gold Project, located 175
miles north of Fairbanks, Alaska. Our plan of operations is to continue with
exploration activities at the Nolan Gold Project. These plans include
exploration for both placer gold deposits and lode gold deposits at the Nolan
Gold Project. Our exploration activities include lode drilling and trenching,
geochemical and geophysical surveys, placer drilling, and bulk placer test
mining work that we carry out as part of our exploration programs.

We hold interests in four groups of mineral properties in
Alaska, as described below:

|1. | our Nolan Gold Project;        
|-- | -------------------------------
|   |                                
|2. | our Ester Dome Gold properties;
|   |                                
|3. | our Hammond properties; and    
|   |                                
|4. | our Eagle Creek properties.    

We are an exploration stage company. All of our properties are
presently in the exploration stage. We do not have any commercially viable
reserves on any of our properties. There is no assurance that a commercially
viable mineral deposit exists on any of our mineral properties. Further
exploration will be required before a final evaluation of the feasibility of
commercial mining on any of our 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 our mineral properties.

10

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PLAN OF OPERATIONS

Our plan of operation for the next three months through the
remainder of our fiscal year is discussed below:

The Nolan Creek Project

During the first three months of our fiscal year exploration
and mining concentrated on bulk sampling of the remaining sections of the Swede
Channel, which were removed by underground retreat mining methods, and
stockpiled for summer processing. The Swede project was completed by the middle
of January 2007. A total of 8,963 LCY was stockpiled from the remaining Swede
Channel. During early January 2007, crews installed a portal into Marys East,
and began an underground drift into the Marys East deposit. This is a
horizontal opening utilizing the same equipment as was used for the Swede
Channel. The tunnel will be advanced as far into the deposit as time will permit
before the warm spring weather arrives. The portals will be sealed for the
summer, and the Swede and Marys East stockpiles will be processed at the
existing sluice plant location, which was installed in 2006. The sluicing
operations during 2007 will be a turn key operation as the necessary equipment,
pipelines and pond systems remain in place from 2006 operations.

There is no assurance that either the Swede Channel or the
Marys East Bulk sampling projects will recover gold with a value greater than
the costs associated with extraction and processing. There is no assurance that
a commercially viable mineral deposit exists on any of our 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.
There is no assurance that further exploration will result in a final evaluation
that a commercially viable mineral deposit exists on any of our mineral
properties.

The Nolan Gold Project

We will continue with our bulk sampling program of the Marys
East Deposit as long as time will permit before the warm spring weather arrives.
It is estimated that up to 9,000 LCY will be stockpiled from Marys East.

We plan to continue with the exploration at the Nolan Placer
and Nolan Lode properties within the Nolan Gold Project. Our planned geological
exploration program is described in detail in the section of our Annual Report
on Form 10-KSB for the year ended November 30, 2006 entitled Description of
Properties  Nolan Gold Project. The objective of this geological exploration
program is to further define both placer and lode gold occurrences in order to
provide a basis for future exploration activities, including test mining
activities, at the Nolan Gold Project. Our lode exploration work is intended to
increase our geologic knowledge on the Solomon Shear Trend and other lode gold
occurrences on the properties.

We plan to spend approximately $740,000 during the next three
months on ourexploration activities for the Nolan Gold Project. Of this
amount, we anticipate approximately $140,000 will be spent on test mining and
preparation activities, with the balance of $600,000 being spent on other
exploration activities, including a placer drilling program and continued
exploration for lode gold occurrences. The placer drilling will be performed by
a drill contractor, and is planned to be concentrated along the left limit of
Nolan Creek to explore both north and south of the Marys East and Swede Channel
deposits. In-fill drilling will take place within the area between the Marys
East/Swede Channel and the Topnotch Prospect. All of the targets are well above
the elevation of Nolan Creek.

The actual amount that we spend on exploration will depend on
the actual amount of funds that we have available for exploration. While the
costs of exploration and test mining may be off-set by recoveries from sales of
gold that we may achieve, these recoveries may not exceed the costs of our
exploration programs including our test mining activities. See the discussion of
our cash resources and working capital under Liquidity and Financial Condition
below.

We do not have any commercially viable reserves on any of our
properties that comprise the Nolan Gold Project or any of our other properties.
As we have not established commercially viable reserves on the Nolan Gold
Project, there is no assurance that any recoveries of gold from test mining
activities will be sufficient to pay for the full cost of exploration. There is
no assurance that our test mining activities will result in a final evaluation

11

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that a commercially viable mineral deposit exists on any of our
mineral properties that comprise the Nolan Gold Project.

Eagle Creek Property

Annual assessment work will be completed 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. Additional work will also be completed on the Number One Vein.
The Number One Vein was the lode quartz gold structure which has been mined
commercially for antimony.

Completing the 2007 work plan will be contingent on available
funding. Even if funding becomes available, there is no assurance that a
commercial gold-silver-antimony deposit will be defined. A commercially viable
economic mineral deposit has not been defined on the property, and there is no
assurance that a commercially viable economic mineral deposit exists on the
property.

Hammond Property

A series of drill holes on the Hammond Property are planned
during the summer of 2007 to explore for the extension of the Slisco Channel to
the south. Presently, it has been traced for 1,800 feet. The drill program will
also seek to define any gold bearing tributaries to the Slisco Channel.

This project may require additional funding for the company.
Even if funding is acquired, there is no guarantee that a commercial gold
bearing placer deposit will be developed. Even 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.

Ester Dome Property

Reclamation work to complete the closure of the Grant Mill
Tailings Pond is to be done during the summer of 2007. This pond is filled to
capacity, and will be capped and decommissioned after a final approval of the
tailings pond closure plan is received from State of Alaska regulatory agencies.
A meaningful program is expected to be completed during the summer months to
explore for and identify small high-grade gold anomalies as well as larger
low-grade gold anomalies. Several large scale projects have been proposed over
the past ten years, but shelved either as a result of poor market conditions or
due to internal decisions to favor shifting financial and manpower resources to
the Nolan Project.

Low-Rank Coal-Water Fuel Project

We anticipate spending approximately $300,000during the
current fiscal year on our work to seek funding from the United States federal
governments and state governments in connection with establishment of the
demonstration facility in Mississippi . We will also pursue financing for this
project from private sources. There is no assurance that any financing will be
obtained from either government of private sources to fund this project. It is
the case however, that two divisions of the state of Mississippi government have
agreed to begin funding the start-up of our demonstration facility subject to
certain terms and conditions as outlined in a recently signed agreement between
ourselves and part of the State of Mississippi.

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.

12

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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
financial statements.

|ITEM 3. | CONTROLS AND PROCEDURES
|------- | -----------------------

(a) Evaluation of Disclosure Controls and Procedures.
Regulations under the Securities Exchange Act of 1934, as amended (the "Exchange
Act") require public companies to maintain "disclosure controls and procedures,"
which are defined to mean a company's controls and other procedures that are
designed to ensure that information required to be disclosed in the reports that
it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Exchange Act. Our Chief
Executive Officer and Chief Financial Officer carried out an evaluation of the
effectiveness of our disclosure controls and procedures as of the end of the
period covered by this report. Based on those evaluations, our Chief Executive
Officer and Chief Financial Officer concluded that:

(i) that our disclosure controls and
procedures are designed to ensure that information required to be disclosed by
us in the reports we file under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the Exchange Act
and that such information is accumulated and communicated to our management,
including the CEO and CFO, as appropriate to allow timely decisions regarding
required disclosure; and

(ii) that our disclosure controls and
procedures are effective.

(b) Changes in Internal Controls. There were no
significant changes in our internal controls or, to our knowledge, in other
factors that could significantly affect our internal controls subsequent to the
evaluation date. While management believes that our disclosure controls and
procedures and our internal control over financial reporting are effective, no
system of controls can prevent all error and all fraud. A control system, no
matter how well designed and operated, can provide only reasonable, not
absolute, assurance that the control system's objectives will be met. Further,
the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their
costs. Because of the inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control issues and instances
of fraud, if any, within our company have been detected. These inherent
limitations include the realities that judgments in decision-making can be
faulty, and that breakdowns can occur because of simple error or mistake.
Controls can also be circumvented by the individual acts of some persons, by
collusion of two or more people, or by management override of the controls. The
design of any system of controls is based in part upon certain assumptions about
the likelihood of future events, and there can be no assurance that any design
will succeed in achieving its stated goals under all potential future
conditions. Over time, controls may become inadequate because of changes in
conditions or deterioration in the degree of compliance with its policies or
procedures. Because of the inherent limitations in a cost-effective control
system, misstatements due to error or fraud may occur and not be detected

13

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PART IIOTHER INFORMATION

|ITEM 1. | LEGAL PROCEEDINGS
|------- | -----------------

We are not a party to any pending legal proceedings.

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

We have not sold any unregistered securities other than those
previously reported on a Current Report on Form 8-K and filed with the
Securities and Exchange Commission.

|ITEM 3. | DEFAULT UPON SENIOR SECURITIES
|------- | ------------------------------

We are currently in default of obligations pursuant to
convertible debentures in the aggregate principal amount of $140,000, plus
accrued interest of $101,227. There is no agreement to exchange this amount of
remaining original convertible debentures into replacement debentures.

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

None.

|ITEM 5. | OTHER INFORMATION
|------- | -----------------

None.

|ITEM 6. | EXHIBITS
|------- | --------

|Exhibit |                                                                                                                                                                                         
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description of Exhibit                                                                                                                                                                  
|3.1     | Articles of the Company
      (1)                                                                                                                                                       
|3.2     | Amendment to Articles of the Company (2)                                                                                                                                                
|3.3     | Altered Memorandum of the Company (3)                                                                                                                                                   
|3.4     | Amendment to Articles of the Company (8)                                                                                                                                                
|4.1     | Share certificate representing common shares of the
      capital of the Company (1)                                                                                                    
|10.1    | Agreement for Conditional Purchase and Sale of Mining
      Property between the Company and Roger C. Burggraf dated October 6, 1978 
      Grant Mine Property (1)                    
|10.2    | Agreement for Conditional Purchase and Sale of Mining
      Property between the Company and Paul Barelka, Donald May and Mark
      Thoennes dated May 12, 1979  St. Paul Property (1)
|10.3    | Lease of Mining Claims with Option to Purchase between
      the Company and Alaska Mining Company, Inc. dated February 3, 1995 
      Hammond Property (4)                            
|10.4    | Change of Control Agreement between the Company and Garry
      L. Anselmo dated May, 1995(6)                                                                                           
|10.5    | Change of Control Agreement between the Company and James
      Dixon dated May, 1995 (6)                                                                                               
|10.6    | Amendment to Change of Control Agreement between the
      Company and Garry L. Anselmo (6)                                                                                             
|10.7    | Operating Agreement between the Company and Tri-Con
      Mining Ltd. dated January 1, 1997 (5)                                                                                         
|10.8    | Operating Agreement between the Company and Tri-Con
      Mining Inc. dated January 1, 1997 (6)                                                                                         
|10.9    | Operating Agreement between the Company and Tri-Con
      Mining Alaska Inc. dated January 1, 1997 (6)                                                                                  
|10.10   | 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   | 2003 Stock Option Plan (7)                                                                                                                                                              

14

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|10.13 | Form of Warrant Exercise Agreement
      between the Company and certain of the selling security holders (9)                      
|----- | ----------------------------------------------------------------------------------------------------------------------------------
|10.14 | Consultant Agreement between the Company and CEOcast,
      Inc. dated April 21, 2004 (9)                                         
|10.15 | Subscription Agreement between
      the Company and Christoph Bruning dated May 10, 2004 (9)                                     
|10.16 | Consultant Agreement between the Company and Smith
      Canciglia Consulting, Inc. dated May 16, 2004 (9)                        
|10.17 | Form of Delay Agreement between
      the Company and certain of the Selling Shareholders.(9)                                     
|10.18 | 2004 Stock Option Plan (10)                                                                                                       
|10.19 | 2006 Stock Option Plan (11)                                                                                                       
|10.20 | 2006-II Stock Option Plan (12)                                                                                                    
|10.21 | 2007 Stock Option Plan (13)                                                                                                       
|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
      Schedule 14A Proxy Statement filed April 29, 2003.                                     
|(8)   | Filed as an exhibit to the Companys Current
      Report on Form 8-K filed on June 13, 2003.                                     
|(9)   | Filed as an exhibit to the Companys
      Registration Statement on Form SB-2 filed on May 19, 2004;                             
|(10)  | Filed as an exhibit to the Companys Quarterly
      Report on Form 10-QSB filed on July 15, 2004.                                
|(11)  | Filed as an exhibit to the Companys
      Registration Statement on Form S-8 filed on April 11, 2006.                            
|(12)  | Filed as an exhibit to the Companys Registration
      Statement on Form S-8 filed on March 31, 2006.                            
|(13)  | Filed as an exhibit to the Companys
      Registration Statement on Form S-8 filed on February 21, 2007.                         

15

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SIGNATURES

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

|                     | SILVERADO GOLD MINES LTD.                      
|-------------------- | -----------------------------------------------
|                     |                                                
|                     |                                                
|DATE: April 17, 2007 | /s/ Garry L. Anselmo                           
|                     | Garry L. Anselmo                               
|                     | President, Chief Executive Officer (Principal  
|                     | Executive Officer), and Chief Financial Officer
|                     | (Principal Financial and Accounting Officer)   

16

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