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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-QSB

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended: **August 31, 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
      organization) | (I.R.S. Employer Identification No.)
|                                                                     |                                     
|1111 West Georgia Street, Suite 1820,                                |                                     
|Vancouver, British Columbia, Canada                                  | V6E 4M3                             
|(Address of principal executive offices)                             | (Zip Code)                          

Issuer's telephone number: (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 October 22, 2007: 778,607,717
common shares.

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

1

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SILVERADO GOLD MINES LTD. AND SUBSIDIARIES(An
Exploration Stage Company) INDEX Period Ended August 31, 2007

|               |                           |                                                                                                                                                                                                                                                    | Page
|-------------- | ------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----
|               |                           |                                                                                                                                                                                                                                                    |     
|PART I         | **FINANCIAL INFORMATION** |                                                                                                                                                                                                                                                   
|               |                           |                                                                                                                                                                                                                                                    |     
|               | ITEM 1                    | FINANCIAL STATEMENTS                                                                                                                                                                                                                               |     
|               |                           |                                                                                                                                                                                                                                                    |     
|               |                           | Condensed Consolidated Balance Sheets as of August 31, 2007
      (unaudited) and November 30, 2006                                                                                                                                                | 3   
|               |                           |                                                                                                                                                                                                                                                    |     
|               |                           | Condensed Consolidated Statements of Operations for the three
      and nine months ended August 31, 2007 and 2006, and for the period from
      December 1, 2001 (Recommencement of Exploration Stage) through August 31,
      2007 (unaudited) | 4   
|               |                           |                                                                                                                                                                                                                                                    |     
|               |                           | Condensed Consolidated Statements of Cash Flows for the nine
      months ended August 31, 2007 and 2006 and for the period from December 1,
      2001 (Recommencement of Exploration Stage) through August 31, 2007 (unaudited)                  | 5   
|               |                           |                                                                                                                                                                                                                                                    |     
|               |                           | Notes to the Condensed Consolidated Financial Statements
      as of August 31, 2007 (unaudited)                                                                                                                                                   | 6   
|               |                           |                                                                                                                                                                                                                                                    |     
|               | ITEM 2                    | MANAGEMENT'S DISCUSSION OR ANALYSIS OR PLAN OF OPERATION                                                                                                                                                                                           | 10  
|               |                           |                                                                                                                                                                                                                                                    |     
|               | ITEM 3                    | CONTROLS AND PROCEDURES                                                                                                                                                                                                                            | 14  
|               |                           |                                                                                                                                                                                                                                                    |     
|PART II        | **OTHER INFORMATION**     |                                                                                                                                                                                                                                                   
|               |                           |                                                                                                                                                                                                                                                    |     
|               | ITEM 1                    | LEGAL PROCEEDINGS                                                                                                                                                                                                                                  | 15  
|               |                           |                                                                                                                                                                                                                                                    |     
|               | ITEM 2                    | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                                                                                                                                                                        | 15  
|               |                           |                                                                                                                                                                                                                                                    |     
|               | ITEM 3                    | DEFAULTS UPON SENIOR SECURITIES                                                                                                                                                                                                                    | 15  
|               |                           |                                                                                                                                                                                                                                                    |     
|               | ITEM 4                    | SUBMISISON OF MATTERS TO A VOTE OF SECURITY HOLDERS                                                                                                                                                                                                | 15  
|               |                           |                                                                                                                                                                                                                                                    |     
|               | ITEM 5                    | OTHER INFORMATION                                                                                                                                                                                                                                  | 15  
|               |                           |                                                                                                                                                                                                                                                    |     
|               | ITEM 6                    | EXHIBITS                                                                                                                                                                                                                                           | 15  
|               |                           |                                                                                                                                                                                                                                                    |     
|**SIGNATURES** | 17                       

2

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PART I FINANCIAL INFORMATION

ITEM
1.                              
FINANCIAL STATEMENTS

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

|                                                    |   | August.31   |   |   | November 30, |  
|--------------------------------------------------- | - | ----------- | - | - | ------------ | -
|                                                    |   | 2007        |   |   | 2006         |  
|                                                    |   | (unaudited) |   |   |              |  
|ASSETS                                              |  
|Current Assets                                      |   |             |   |   |              |  
|Cash and cash equivalents                           | $ | 647,416     |   | $ | 3,509,418    |  
|Gold inventory                                      |   | 2,597,877   |   |   | 511,629      |  
|Other receivables                                   |   | 138,604     |   |   | 9,972        |  
|                                                    |   | 3,383,897   |   |   | 4,031,019    |  
|Property, plant and equipment, net                  |   | 2,186,336   |   |   | 1,053,533    |  
|                                                    | $ | 5,570,233   |   | $ | 5,084,552    |  
|LIABILITIES                                         |  
|Current Liabilities                                 |   |             |   |   |              |  
|Accounts payable
      and accrued liabilities      | $ | 302,806     |   | $ | 332,229      |  
|Mineral claims royalty payable                      |   | 410,000     |   |   | 380,000      |  
|Payable to related
      party                      |   | 1,052,104   |   |   | 359,834      |  
|Convertible debentures                              |   | 140,000     |   |   | 140,000      |  
|Capital lease obligation,
      current portion     |   | 119,800     |   |   | 129,286      |  
|                                                    |   | 2,024,710   |   |   | 1,341,349    |  
|Asset retirement obligation                         |   | 540,598     |   |   | 521,058      |  
|Capital lease obligations                           |   | -           |   |   | 247,129      |  
|                                                    |   | 2,565,308   |   |   | 2,109,536    |  
|STOCKHOLDERS' EQUITY                                |  
|Stockholders' Equity                                |   |             |   |   |              |  
|Common stock, authorized:                           |   |             |   |   |              |  
|Unlimited
      common shares with no par value;    |   |             |   |   |              |  
|Issued
        and outstanding:                     |   |             |   |   |              |  
|717,448,757
      common shares (2006: 594,722,333) |   | 87,125,782  |   |   | 82,538,598   |  
|Additional paid-in capital                          |   | 1,200,408   |   |   | 466,314      |  
|Subscriptions received                              |   | 312,460     |   |   | 273,600      |  
|Accumulated deficit during exploration stage        |   | (85,633,725 | ) |   | (80,303,496  | )
|                                                    |   | 3,004,925   |   |   | 2,975,016    |  
|                                                    | $ | 5,570,233   |   | $ | 5,084,552    |  

The accompanying footnotes are an integral part of the condensed
consolidated financial statements

3

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SILVERADOGOLDMINESLTD. ANDSUBSIDIARIES(An Exploration Stage Company) 
  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME
  
  (Stated in United States Dollars)

|                                                           |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   | Period Since             |  
|---------------------------------------------------------- | - | ---------------------------------- | - | - | --------------------------------- | - | - | ----------- | - | - | ----------- | - | - | ------------------------ | -
|                                                           |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   | Recommencement           |  
|                                                           |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   | of Exploration           |  
|                                                           |   | Three
      months ended August 31 |   |   | Nine
      months ended August 31 |   |   | Stage       |  
|                                                           |   | 2007                               |   |   | 2006                              |   |   | 2007        |   |   | 2006        |   |   | December 1, 2001         |  
|                                                           |   | (Unaudited)                        |   |   | (Unaudited)                       |   |   | (Unaudited) |   |   | (Unaudited) |   |   | to August
      31, 2007 |  
|                                                           |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   |                          |  
|General and administrative expenses                        |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   |                          |  
|Accounting and audit                                       | $ | 29,794                             |   | $ | 11,287                            |   | $ | 83,929      |   | $ | 83,053      |   | $ | 367,566                  |  
|Advertising and promotion                                  |   | 171,242                            |   |   | 36,038                            |   |   | 722,009     |   |   | 218,744     |   |   | 2,526,608                |  
|Consulting fees                                            |   | 229,818                            |   |   | 175,724                           |   |   | 891,982     |   |   | 788,501     |   |   | 6,498,272                |  
|Depreciation, amortization,
      accretion and impairment |   | 54,142                             |   |   | 57,412                            |   |   | 147,370     |   |   | 167,073     |   |   | 2,117,617                |  
|Exploration expenses (net of gold proceeds:
      $284,753 |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   |                          |  
|and $489,190 and inventory
      change: $2,241,664 and    |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   |                          |  
|$2,086,248 for the 3 and
      9 months, respectively)     |   | (1,347,878                         | ) |   | 767,864                           |   |   | 879,756     |   |   | 2,100,326   |   |   | 12,759,436               |  
|Financing activities                                       |   |                                   |   |   |                                  |   |   |            |   |   |            |   |   | 252,003                  |  
|Interest on capital lease obligations                      |   | 3,338                              |   |   | 9,616                             |   |   | 14,825      |   |   | 33,621      |   |   | 315,601                  |  
|Interest on convertible debentures                         |   | 2,800                              |   |   | 2,800                             |   |   | 8,400       |   |   | 8,400       |   |   | 693,007                  |  
|Legal                                                      |   | 68,073                             |   |   | 5,775                             |   |   | 174,118     |   |   | 191,237     |   |   | 709,775                  |  
|Management services                                        |   | 339,806                            |   |   | 263,089                           |   |   | 967,609     |   |   | 745,859     |   |   | 3,918,463                |  
|Office                                                     |   | 253,673                            |   |   | 84,949                            |   |   | 668,367     |   |   | 569,048     |   |   | 3,396,683                |  
|Other interest and bank charges                            |   | 1,962                              |   |   | 2,560                             |   |   | 8,546       |   |   | 8,143       |   |   | 45,028                   |  
|Reporting and investor relations                           |   | 65,721                             |   |   | 96,281                            |   |   | 191,584     |   |   | 164,763     |   |   | 503,370                  |  
|Research                                                   |   | 13,500                             |   |   | 20,441                            |   |   | 71,888      |   |   | 86,358      |   |   | 807,265                  |  
|Stock-based compensation                                   |   |                                   |   |   |                                  |   |   | 734,094     |   |   |            |   |   | 734,094                  |  
|Transfer agent fees and mailing                            |   | 10,185                             |   |   | 8,014                             |   |   | 38,049      |   |   | 27,615      |   |   | 190,086                  |  
|Write-down of property, plant and equipment                |   |                                   |   |   |                                  |   |   |            |   |   |            |   |   | 285,875                  |  
|Write-off of mineral claim expenditures                    |   |                                   |   |   |                                  |   |   |            |   |   |            |   |   | 1,159,529                |  
|Total
      Expenses                                       |   | (103,824                           | ) |   | 1,541,850                         |   |   | 5,602,526   |   |   | 5,192,741   |   |   | 37,280,278               |  
|                                                           |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   |                          |  
|Income (loss) from operations                              |   | 103,824                            |   |   | (1,541,850                        | ) |   | (5,602,526  | ) |   | (5,192,741  | ) |   | (37,280,278              | )
|Interest and other income                                  |   | 10,009                             |   |   | 91,531                            |   |   | 58,652      |   |   | 108,105     |   |   | 296,631                  |  
|Cumulative effect of accounting change                     |   |                                   |   |   |                                  |   |   |            |   |   |            |   |   | (153,226                 | )
|Other comprehensive income                                 |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   |                          |  
|Gain (loss) on foreign exchange                            |   | (25,160                            | ) |   | 840                               |   |   | 213,645     |   |   | 75,454      |   |   | 351,840                  |  
|                                                           |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   |                          |  
|Comprehensive income (loss) for the period                 | $ | 88,673                             |   | $ | (1,449,479                        | ) | $ | (5,330,229  | ) | $ | (5,009,182  | ) | $ | (36,785,033              | )
|                                                           |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   |                          |  
|Net income (loss) per share, basic and diluted             | $ | 0.000124                           |   | $ | (0.002542                         | ) | $ | (0.007873   | ) | $ | (0.009894   | ) |   |                          |  
|                                                           |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   |                          |  
|Weighted average number of common shares                   |   |                                    |   |   |                                   |   |   |             |   |   |             |   |   |                          |  
|outstanding, basic and diluted                             |   | 716,459,626                        |   |   | 570,301,569                       |   |   | 677,014,546 |   |   | 506,289,678 |   |   |                          |  

The accompanying footnotes are an integral part of the condensed
consolidated financial statements

4

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

|                                                                  |   |                   |   |   |                   |   |   | Period Since         |  
|----------------------------------------------------------------- | - | ----------------- | - | - | ----------------- | - | - | -------------------- | -
|                                                                  |   |                   |   |   |                   |   |   | Recommencement       |  
|                                                                  |   | Nine Months Ended |   |   | Nine Months Ended |   |   | of Exploration Stage |  
|                                                                  |   |                   |   |   |                   |   |   |                      |  
|                                                                  |   | August 31, 2007   |   |   | August 31, 2006   |   |   | December 1, 2001 to  |  
|                                                                  |   | (unaudited)       |   |   | (unaudited)       |   |   | August 31, 2007      |  
|                                                                  |   |                   |   |   |                   |   |   |                      |  
|                                                                  |   |                   |   |   |                   |   |   |                      |  
|CASH PROVIDED BY (USED FOR):                                      |   |                   |   |   |                   |   |   |                      |  
|                                                                  |   |                   |   |   |                   |   |   |                      |  
|Operating activities:                                             |   |                   |   |   |                   |   |   |                      |  
|Loss for the period                                               | $ | (5,330,229        | ) | $ | (5,009,182        | ) | $ | (36,785,033          | )
|Adjustments to reconcile
      loss to net cash used in operating |   |                   |   |   |                   |   |   |                      |  
|activities:                                                       |   |                   |   |   |                   |   |   |                      |  
|Common stock issued, non-cash expenses                            |   | 868,058           |   |   | 663,000           |   |   | 5,138,898            |  
|Cumulative
      effect of accounting change                      |   |                  |   |   |                  |   |   | 153,226              |  
|Depreciation, amortization, accretion and impairment              |   | 147,370           |   |   | 167,073           |   |   | 2,117,617            |  
|Interest
      accrued                                            |   |                  |   |   |                  |   |   | 486,370              |  
|Non-cash financing expense                                        |   |                  |   |   |                  |   |   | 252,003              |  
|Stock-based
      compensation                                    |   | 734,094           |   |   |                  |   |   | 734,094              |  
|Write-down of property, plant and equipment                       |   |                  |   |   |                  |   |   | 285,875              |  
|Write-off
      of mineral claim expenditures                     |   |                  |   |   | (50,000           | ) |   | 1,159,529            |  
|Changes in non-cash
      operating working capital:              |   |                   |   |   |                   |   |   |                      |  
|Increase
      in gold inventory                                  |   | (2,086,248        | ) |   | (590,695          | ) |   | (2,586,737           | )
|Increase in other receivables                                     |   | (128,632          | ) |   | (4,496            | ) |   | (135,729             | )
|Increase
      in accounts payable and accrued liabilities        |   | (9,883            | ) |   | (137,772          | ) |   | (292,440             | )
|Increase in mineral claims royalty payable                        |   | 30,000            |   |   |                  |   |   | 93,500               |  
|                                                                  |   | (5,775,470        | ) |   | (4,962,072        | ) |   | (29,378,827          | )
|                                                                  |   |                   |   |   |                   |   |   |                      |  
|Investing activities:                                             |   |                   |   |   |                   |   |   |                      |  
|Purchase of property,
      plant and equipment                   |   | (1,280,173        | ) |   | (42,864           | ) |   | (2,664,482           | )
|Disposal of property, plant and
      equipment                   |   |                  |   |   |                  |   |   | 207,289              |  
|                                                                  |   | (1,280,173        | ) |   | (42,864           | ) |   | (2,457,193           | )
|                                                                  |   |                   |   |   |                   |   |   |                      |  
|Financing activities:                                             |   |                   |   |   |                   |   |   |                      |  
|Advances from related party                                       |   | 692,270           |   |   | 174,599           |   |   | 760,792              |  
|Repayment of loans
      payable                                  |   |                  |   |   |                  |   |   | (35,729              | )
|Repayment of capital lease obligation                             |   | (256,615          | ) |   | (262,819          | ) |   | (1,011,807           | )
|Repayment of convertible
      debentures                         |   |                  |   |   | (36,652           | ) |   | (74,999              | )
|Common stock issued for debentures                                |   |                  |   |   |                  |   |   | 217,687              |  
|Common stock issued
      for cash (net of share issue costs)     |   | 3,757,986         |   |   | 9,290,110         |   |   | 32,610,399           |  
|                                                                  |   | 4,193,641         |   |   | 9,165,238         |   |   | 32,466,343           |  
|                                                                  |   |                   |   |   |                   |   |   |                      |  
|Increase (decrease) in cash                                       |   | (2,862,002        | ) |   | 4,160,302         |   |   | 630,323              |  
|                                                                  |   |                   |   |   |                   |   |   |                      |  
|                                                                  |   |                   |   |   |                   |   |   |                      |  
|Cash at beginning of the period                                   |   | 3,509,418         |   |   | 408,589           |   |   | 17,093               |  
|                                                                  |   |                   |   |   |                   |   |   |                      |  
|Cash at end of the period                                         | $ | 647,416           |   | $ | 4,568,891         |   | $ | 647,416              |  
|                                                                  |   |                   |   |   |                   |   |   |                      |  
|Supplemental cash flow information                                |   |                   |   |   |                   |   |   |                      |  
|Non-cash financing activity                                       |   |                   |   |   |                   |   |   |                      |  
|Issuance of shares
      for non-cash expenses                    | $ | 868,058           |   | $ | 559,000           |   |   |                      |  

The accompanying footnotes are an integral part of the condensed
consolidated financial statements

5

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SILVERADO GOLD MINES LTD. AND SUBSIDIARIES(An
Exploration Stage Company) NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS as of August 31, 2007 (Unaudited) (Stated in United
States Dollars)

|1. | **Basis of Presentation, Recent Accounting Pronouncements and Significant
      Accounting Policies**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Basis of Presentation:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The unaudited condensed consolidated financial statements
        include the accounts of Silverado Gold Mines Ltd. and its wholly-owned
        subsidiaries Silverado Gold Mines Inc. and Silverado Green Fuel Inc. (collectively
        Silverado). These statements have been prepared in accordance
        with United States generally accepted accounting principles for interim
        financial information.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The unaudited condensed consolidated financial statements
        do not include all information and footnote disclosures required under
        United States generally accepted accounting principles. In Managements
        opinion, all adjustments (consisting solely of normal recurring accruals)
        considered necessary for a fair presentation of the financial position,
        results of operations and cash flows as of August 31, 2007, 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, 2007, and August 31, 2006, are not necessarily indicative of the results
        that can be expected for the fiscal year as a whole.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | These condensed consolidated financial statements should
        be read in conjunction with the consolidated financial statements and
        notes thereto included in Silverados annual report on Form 10-KSB
        for the fiscal year ended November 30, 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Recent Accounting Pronouncements and Interpretations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | In February 2007, the FASB issued SFAS No. 159, Establishing
        the Fair Value Option for Financial Assets and Liabilities (SFAS
        No. 159). SFAS No. 159 was to permit all entities to choose to elect,
        at specified election dates, to measure eligible financial instruments
        at fair value. An entity shall report unrealized gains and losses on items
        for which the fair value option has been elected in earnings at each subsequent
        reporting date, and recognize upfront costs and fees related to those
        items in earnings as incurred and not deferred. SFAS No. 159 applies to
        fiscal years beginning after November 15, 2007, with early adoption permitted
        for an equity that has also elected to apply the provisions of SFAS No.
        157, Fair Value Measurements. An entity is prohibited from
        retrospectively applying SFAS No. 159, unless it chooses early adoption.
        SFAS No. 159 also applies to eligible items existing at November 15, 2007
        (or early adoption date). The Company is evaluating the impact of the
        adoption of SFAS No. 159 could have on the Companys consolidated
        financial statements.                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | In December 2006, the Financial Accounting Standards
        Board (FASB) issued Staff Position (FSP) EITF 00-19-2, Accounting
        for Registration Payment Arrangements. This FSP specifies that the
        contingent obligation to make future payments or otherwise transfer consideration
        under a registration payment arrangement, whether issued as a separate
        agreement or included as a provision of a financial instrument or other
        agreement, should be separately recognized and measured in accordance
        with FASB Statement No. 5, Accounting for Contingencies. The
        guidance is effective for fiscal years beginning December 15, 2006. The
        Company is evaluating what the impact of the adoption of SFAS No. 159
        could have on the Companys consolidated financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | FASB Statement of Financial Accounting Standards (SFAS)
        No. 157, Fair Value Measurements, issued in September 2006, establishes
        a formal framework for measuring fair value under GAAP. It defines and
        codifies the many definitions of fair value included among various other
        authoritative literature, clarifies and, in some instances, expands on
        the guidance for implementing fair value measurements, and increases the
        level of disclosure required for fair value measurements. Although SFAS
        No. 157 applies to and amends the provisions of existing FASB and AICPA
        pronouncements, it does not, of itself, require any new fair value measurements,
        nor does it establish valuation standards. SFAS No. 157 applies to all
        other accounting pronouncements requiring or permitting fair value measurements,
        except for; SFAS No. 123 (R), share-based payment and related pronouncements,
        the practicability exceptions to fair value determinations allowed by
        various other authoritative pronouncements, and AICPA Statements of Position
        97-2 and 98-9 that deal with software revenue recognition. This statement
        is effective for financial statements issued for fiscal years beginning
        after November 15, 2007, and interim periods within those fiscal years.
        The Company is evaluating the impact of SFAS 157 on its consolidated financial
        statements.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | In June 2006, FASB issued FIN 48 (“FIN48”).
        “Accounting for Uncertainty in Income Taxes” was issued, which
        clarifies the accounting for uncertainty in income taxes recognized in
        an enterprise’s financial statements in accordance with FASB Statement
        No. 109, Accounting for Income Taxes. FIN 48 prescribes a recognition
        threshold                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

5

---

SILVERADO GOLD MINES LTD. AND SUBSIDIARIES(An
Exploration Stage Company) NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS as of August 31, 2007 (Unaudited) (Stated in United
States Dollars)

|   | and measurement attribute for the financial statement
        recognition and measurement of a tax position taken or expected to be
        taken in a tax return. FASB 48 also provides guidance on de-recognition,
        classification, interest and penalties, accounting in interim periods,
        disclosure, and transition. FIN 48 is effective for fiscal years beginning
        after December 15, 2006, and earlier application of the provision of FIN
        48 is encouraged if the enterprise has not yet issued financial statements,
        including interim financial statements, in the period that FIN 48 is adopted.
        The Company is evaluating the impact of the adoption of FIN 48, and the
        effect it could have on its consolidated financial statements.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | Use of Estimates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | The preparation of financial statements in conformity
      with accounting principles generally accepted in the United States of
      America requires management to make estimates and assumptions that affect
      the reported amount of assets and liabilities and disclosure of contingent
      assets and liabilities at the date of the financial statements and the
      reported amounts of revenues and expenses during the reporting period.
      Actual results could vary from these estimates.                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | Fair Value of Financial Instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | The carrying value of cash and cash equivalents, accounts
      payable and accrued liabilities and loans payable secured by gold
      inventory approximate fair value because of the short-term maturity of
      these instruments. The carrying amounts reported in the balance sheet for
      convertible debentures approximate their fair values as they bear interest
      at rates which approximate market rates. Unless otherwise noted, it is
      managements opinion that the Company is not exposed to significant
      interest, currency or credit risks arising from these financial
      instruments.                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|2. | Related Party Transactions:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | Silverado has related party transactions with Tri-Con
      Mining Ltd., Tri-Con Mining Inc., Tri-Con Mining Alaska Inc. (collectively
      Tri-Con), all of which are controlled by a director of
  Silverado.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | The Tri-Con Group provides operations, exploration and
      development contractors and has been employed by the Company under
      contract since 1972 to carry out all the Companys fieldwork and to
      provide administrative and management services. The current contract dated
      January 1, 1997 specifies work is charged at cost plus 25% for exploration
      and cost plus 15% for development and mining services. 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 August 31, 2007, Silverado owed $1,052,104 to Tri-Con
      for exploration and administration services performed on behalf of
      Silverado. Tri-Cons services for the current fiscal year are focusing
      mainly on Silverados Low-Rank Coal- Water Fuel program, as well as
      corporate planning and preparation for year-round operations on the Nolan
      property and administration services at both field and corporate
      offices.                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | The aggregate amounts owed to Tri-Con each period
      include: services rendered for the nine months ended August 31, 2007 by
      Tri-Con personnel working on Silverado projects such as the Nolan Gold
      Project; disbursements incurred; and, interest on the outstanding balance
      at Tri-Cons cost of borrowing for the following
  categories:                                                                                                                                                                                                                                                                                                                                                                                                                                       

| |                                                                        |   | Nine Months      |  |   | Nine Months      | 
| | ---------------------------------------------------------------------- | - | ---------------- |  | - | ---------------- | 
| |                                                                        |   | Ended August 31, |  |   | Ended August 31, | 
| |                                                                        |   | 2007             |  |   | 2006             | 
| |                                                                        |   | (unaudited)      |  |   | (unaudited)      | 
| |                                                                        |   |                  |  |   |                  | 
| | Exploration services (before gold proceeds
      and inventory change) | $ | 3,216,511        |  | $ | 2,100,326        | 
| | Administrative and management services                                 |   | 967,609          |  |   | 1,140,150        | 
| | Research                                                               |   | 71,888           |  |   | 86,358           | 
| |                                                                        | $ | 4,256,008        |  | $ | 3,326,834        | 

6

---

SILVERADO GOLD MINES LTD. AND SUBSIDIARIES(An
Exploration Stage Company) NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS as of August 31, 2007 (Unaudited) (Stated in United
States Dollars)

|3. | Basic and Diluted Loss per Share:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | Basic loss per share is computed by dividing the loss for
      the year by the weighted average number of common shares outstanding
      during the year. Diluted earnings per share reflect the potential dilution
      that could occur if potentially dilutive securities were exercised or
      converted to common stock. The dilutive effect of options and warrants and
      their equivalent is computed by application of the treasury stock method
      and the effect of convertible securities by the if converted method.
      Fully diluted amounts are not presented when the effects of the
      computations are anti-dilutive due to the losses incurred. Accordingly,
      there is no difference in the amounts presented for basic and diluted loss
      per share.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|4. | Gold Inventory:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | The Company values its inventory using the spot gold
        price at the end of the reporting period. On average, the Company’s
        test production of past years has yielded 50% gold dust and 50% gold nuggets.
        Gold dust has brought a sales price equivalent to the spot gold price.
        Gold nuggets, however, are considered to be gem or jewelry items. They
        are valued according to weight, purity, character, and relative flatness
        (wearing quality). Historically, the Company’s gold nuggets have
        sold above the spot gold price.                                                                                                                                                                                                              

| |                                                |  | Troy Ounces |   |   | Spot Price |  |   | Balance   | 
| | ---------------------------------------------- |  | ----------- | - | - | ---------- |  | - | --------- | 
| | Gold Inventory                                 |  |             |   |   |            |  |   |           | 
| | Balance,
      November 30, 2006, at spot rate |  | 791.14      |   | $ | 646.70     |  | $ | 511,629   | 
| | ****Gold extraction, Quarter 3                 |  | 3,726.80    |   |   |            |  |   |           | 
| | ****Gold sold, Quarter 1                       |  | (254.83     | ) |   |            |  |   |           | 
| | ****Gold sold, Quarter 2                       |  |            |   |   |            |  |   |           | 
| | ****Gold sold, Quarter 3                       |  | (397.22     | ) |   |            |  |   |           | 
| | ****Gold sold, YTD                             |  | (652.05     | ) |   |            |  |   |           | 
| | Balance, August
      31, 2007, at spot rate   |  | 3,865.88    |   | $ | 672.00     |  | $ | 2,597,877 | 

|   | Proceeds from gold sales from gold extracted during test
      mining are recorded as a reduction of exploration costs during the period
      the Company is in the exploration stage. The Company sold 652.05 troy
      ounces of gold for gross proceeds of $489,190 (at an average price of
      $750.23 per troy ounce) which have been directly applied as a reduction to
      exploration costs. Furthermore the net change of $2,086,248 in the final
      valuation of inventory has been directly applied as a reduction to
      exploration costs as well.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|5. | Property, Plant and Equipment:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Property, plant and equipment are stated at cost.
      Depreciation and amortization is provided on a straight line basis as
      follows:                                                                                                                                                                                                                                                                                                                                                                                                                              

| | Building, plant and equipment        | 3 to 20 years     
| | ------------------------------------ | ------------------
| | Mining equipment under capital lease | 10 years          
| | Auto and trucks                      | 5 years           
| | Computer equipment                   | 3 years           
| | Leaseholds improvements              | Length of lease(s)

Property, plant and equipment primarily
include mining equipment and camp facilities at the Nolan Gold Project.
Leasehold improvements are for both the Vancouver, BC and Fairbanks, AK offices.

Assets currently in construction are
segregated and will be reclassified as depreciable assets as soon as they are
put into use.

7

---

SILVERADO GOLD MINES LTD. AND SUBSIDIARIES(An
Exploration Stage Company) NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS as of August 31, 2007 (Unaudited) (Stated in United
States Dollars)

| |                                                                        |   | August 31, 2007 |   |   | November 30, 2006 |  
| | ---------------------------------------------------------------------- | - | --------------- | - | - | ----------------- | -
| | Depreciable assets, in use                                             |   |                 |   |   |                   |  
| | Nolan buildings                                                        | $ | 63,000          |   | $ | 63,000            |  
| | Nolan mining equipment                                                 |   | 1,472,443       |   |   | 869,630           |  
| | Nolan mining
      equipment under capital lease                       |   | 819,842         |   |   | 819,842           |  
| | Other equipment                                                        |   | 502,047         |   |   | 447,047           |  
| | Leasehold
      improvements                                           |   | 619,404         |   |   |                  |  
| |                                                                        |   | 3,476,736       |   |   | 2,199,519         |  
| | Assets in construction                                                 |   |                 |   |   |                   |  
| | Equipment and facilities,
      deposits and construction in progress  |   | 2,956           |   |   |                  |  
| |                                                                        |   | 3,479,692       |   |   | 2,199,519         |  
| | Accumulated depreciation, amortization, accretion and
      impairment |   | (1,293,356      | ) |   | (1,145,986        | )
| |                                                                        | $ | 2,186,336       |   | $ | 1,053,533         |  

|6. | Debentures:                                                                                                                                                                                                                                                                                                                                                                                                                       
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | On March 1, 2001, Silverado completed negotiations to
      restructure convertible debentures totaling $2,000,000. Replacement
      debentures totaling $2,564,400 were issued in consideration of
      cancellation of the original debentures plus all accrued interest to March
      1, 2001. As of November 30, 2004 the replacement debentures were repaid in
      full.                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | Remaining original convertible debentures totaling
      $140,000 and accrued interest of $106,827 are in default, however, it is
      unclear whether they will be exchanged for replacement debentures as
      Silverado has been unsuccessful in its extensive attempts to locate the
      holders.                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|7. | Capital Lease Obligation:                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | 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.
      Depreciation of assets under capital leases charged to expense during the
      period ended August 31, 2007 was $81,984 (2006: $134,893).
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | The components of the capital lease obligation as of
      August 31, 2007 and November 30, 2006 are as
follows:                                                                                                                                                                                                                                                                                                                  

| |                             |   | August 31, 2007 |   |   | November 30, 2006 |  
| | --------------------------- | - | --------------- | - | - | ----------------- | -
| |                             |   |                 |   |   |                   |  
| | Total future lease payments | $ | 121,687         |   | $ | 419,602           |  
| | Less: interest              |   | (1,887          | ) |   | (43,187           | )
| |                             |   | 119,800         |   |   | 376,415           |  
| | Less: current portion       |   | (119,800        | ) |   | (129,286          | )
| | Long-term portion           | $ |                |   | $ | 247,129           |  

8

---

SILVERADOGOLDMINESLTD. ANDSUBSIDIARIES(An Exploration Stage Company) NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS as of August 31, 2007
(Unaudited) (Stated in United States Dollars )

|8. | Common Shares:                                                                                             
|-- | -----------------------------------------------------------------------------------------------------------
|   |                                                                                                            
|   | During the nine months ended August 31, 2007 the Company
      had the following common share transactions:

|                                             |                    |   | Description |           |            |           |          
|-------------------------------------------- | ------------------ | - | ----------- | --------- | ---------- | --------- | ---------
|                                             |                    |   |             |           |            |           |          
|                                             |                    |   | Private     |           |            |           | Options  
|Activity                                     | Date               |   |             |           | Consulting |           |          
|                                             |                    |   | Placements  |           |            |           | Exercised
|                                             |                    |   |             |           |            |           |          
|Balance, November
      31, 2006             |                    |   |             |           |            |           |          
|Shares issued                                | December 12, 2006  |   |             |           |            |           | 500,000  
|Shares issued                                | December 15, 2006  |   |             |           | 200,000    |           |          
|Shares issued                                | January 2, 2007    |   |             |           | 375,000    |           |          
|Shares issued                                | January 5, 2007    |   |             |           | 3,800,000  |           |          
|Shares issued                                | January 16, 2007   |   |             |           |            |           |          
|Shares issued                                | January 17, 2007   |   |             |           | 200,000    |           |          
|Shares issued                                | February 21, 2007  |   |             |           | 200,000    |           |          
|Shares issued                                | February 23, 2007  |   |             |           |            |           |          
|3
      month period ended February 28, 2007 |                    |  |             | 4,775,000 |            | 500,000   |          
|Shares issued                                | March 1, 2007      |   |             |           | 1,170,067  |           |          
|Shares issued                                | March 7, 2007      |   |             |           |            |           |          
|Shares issued                                | March 7, 2007      |   |             |           | 200,000    |           |          
|Shares issued                                | March 8, 2007      |   |             |           |            |           |          
|Shares issued                                | March 16, 2007     |   |             |           |            |           |          
|Shares issued                                | March 22, 2007     |   |             |           |            |           |          
|Shares issued                                | April 1, 2007      |   |             |           | 375,000    |           |          
|Shares issued                                | April 16, 2007     |   |             |           |            |           | 4,300,000
|Shares issued                                | April 16, 2007     |   |             |           | 200,000    |           |          
|Shares issued                                | April 20, 2007     |   |             |           |            |           | 200,000  
|Shares issued                                | April 25, 2007     |   |             |           |            |           | 2,000,000
|Shares issued                                | April 30, 2007     |   |             |           |            |           | 2,000,000
|Shares issued                                | May 9, 2007        |   |             |           |            |           | 1,280,000
|Shares issued                                | May 11, 2007       |   |             |           | 634,251    |           |          
|Shares issued                                | May 15, 2007       |   |             |           | 200,000    |           |          
|Shares issued                                | May 18, 2007       |   |             |           |            |           |          
|Shares issued                                | May 22, 2007       |   |             |           |            |           |          
|Share issue costs                            | May 31,
      2007 |   |             |           |            |           |          
|3 month period
      ended May 31, 2007      |                    |  |             | 2,779,318 |            | 9,780,000 |          
|Shares issued                                | June 18, 2007      |   |             |           | 200,000    |           |          
|Shares issued                                | July 11, 2007      |   |             |           | 375,000    |           |          
|Shares issued                                | July 16, 2007      |   |             |           | 600,000    |           |          
|Shares issued                                | August 16, 2007    |   |             |           | 600,000    |           |          
|3
      month period ended August 31, 2007   |                    |  |             | 1,775,000 |            |          |          
|Balance, August
      31, 2007               |                    |   |             |           |            |           |          

---

SILVERADO GOLD MINES LTD. AND SUBSIDIARIES(An
Exploration Stage Company) NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS as of August 31, 2007 (Unaudited) (Stated in United
States Dollars)

|9. | Commitments:                                                                                                                                                                                                                               
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                            
|   | The Company entered into a new seven-year lease expiring
      August 2014 for its Vancouver, BC office when obliged to vacate its
      previous lease location at the expiry of the lease. The annual lease
      commitment is $130,658.
|   |                                                                                                                                                                                                                                            
|   | The Company entered into a five-year lease expiring
      February 2012 for its Fairbanks, AK office at an annual lease cost of
      $18,000 subject to a 4% increase per year.                                                           

| |        | Vancouver, BC |  | Fairbanks, AK
| | ------ | ------------- |  | -------------
| | Year 1 | $ 130,658     |  | $ 18,000     
| | Year 2 | $ 130,658     |  | $ 18,720     
| | Year 3 | $ 130,658     |  | $ 19,469     
| | Year 4 | $ 130,658     |  | $ 20,248     
| | Year 5 | $ 130,658     |  | $ 21,057     

|10. | Subsequent Events:                                                                                                                                                     
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                        
|    | The Company issued an aggregate of 61,158,960 common
      shares totaling $2,033,460 as follows:                                                                      
|    |                                                                                                                                                                        
|    | •                                                                                                                                                                      
|    | •                                                                                                                                                                      
|    | •                                                                                                                                                                      
|    |                                                                                                                                                                        
|    | On October 1, 2007, the Company sold 915.06 troy ounces
      of gold at $742.50 per troy ounce yielding gross proceeds of
    $679,432.                               
|    |                                                                                                                                                                        
|    | On October 2, 2007, the Company paid $50,000 for mineral
      claims royalties in connection with the Hammond Property in the Wiseman
      Mining District of Alaska.

---

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

FORWARD-LOOKING STATEMENTS

The information in this Quarterly Report on Form 10-QSB
contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements involve risks and
uncertainties, including statements regarding Silverados capital needs,
business plans and expectations. Such forward-looking statements involve risks
and uncertainties regarding the market price of gold, availability of funds,
government regulations, common share prices, operating costs, capital costs,
outcomes of gold recovery activities and other factors. Forward-looking
statements are made, without limitation, in relation to operating plans,
property exploration and gold recovery activities, availability of funds,
environmental reclamation, operating costs and permit acquisition. Any
statements contained herein that are not statements of historical facts may be
deemed to be forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as "may", "seek", "should",
"expect", "plan", "intend", "anticipate", "believe", "estimate", "predict",
"potential" or target", the negative of such terms or other comparable
terminology. Actual events or results may differ materially. In evaluating these
statements, you should consider various factors, including the risks outlined
below, and, from time to time, in other reports Silverado files with the
Securities Exchange Commission (the SEC). These factors may cause actual
results to differ materially from any forward-looking statement. Management
disclaims any obligation to publicly update these statements, or disclose any
difference between its actual results and those reflected in these statements.
The information constitutes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Given these uncertainties,
readers are cautioned not to place undue reliance on such forward-looking
statements.

OVERVIEW

I. MINING

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

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

| | 1. | Nolan Gold Property;                                   
| | -- | -------------------------------------------------------
| |    | a Nolan Test Mining  Swede Channel &
      Marys East
| |    | b. Nolan Lode and Placer Exploration                   
| |    |                                                        
| | 2. | Hammond Property;                                      
| |    |                                                        
| | 3. | Eagle Creek Property; and                              
| |    |                                                        
| | 4. | Ester Dome Property.                                   

As an exploration stage company, all of the properties are
presently in the exploration stage. Silverado does not have any commercially
viable reserves on any of the properties, and there is no assurance that
commercially viable mineral deposits exist on any of the mineral properties.
Further exploration will be required before a final evaluation of the
feasibility of commercial mining on any of the properties is determined. There
is no assurance that further exploration will result in a final evaluation that
determines a commercially viable mineral deposit exists on any of the mineral
properties.

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

10

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II. LOW-RANK COAL WATER FUEL

Silverado has been working for six years through its Low-Rank
Coal-Water Fuel (Green Fuel) division on the development of Green Fuel, a
non-toxic liquid fuel product derived from low-rank coals. In its finished form
the fuel is a non-toxic, non-hazardous environmentally friendly strategic
(liquid) fuel. The primary focus of the Company is presently to secure financing
to proceed with the establishment of a demonstration facility in Mississippi
designed to document the combustion characteristics of Green Fuel using low-rank
lignite coal and to obtain scale-up parameters for the building of a full
scale commercial production facility. A successful demonstration project could
lead to the construction of a commercial production facility to manufacture the
low-rank coal-water fuel for further processing to yield a host of additional
fuels and energy products such as hydrogen.

PLAN OF OPERATIONS

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

I. MINING

1.NOLANGOLDPROPERTY

a. The Nolan Test Mining  Swede
Channel and Marys East

During the period covered by this
report, mining concentrated on washing and processing the Swede Channel and
Marys East 2006 stockpiles, which consisted of 18,320 loose cubic yards (LCY)
of gold-bearing gravels. A total of 2,811.74 ounces of nugget gold 1⁄4 and larger
were recovered during the sluicing operations this summer. These large nuggets
were systematically removed from the upper portions of the wash plant
gold-recovery system throughout the past three months. The nugget gold recovered
this year ranges from 1/10th of an ounce to 18.32 ounces.

In addition, 207.23 pounds of
concentrate that contains gold particles smaller than 1⁄4 in size were separated
and delivered for refining in October 2007 yielding 915.06 troy ounces of gold
and 65.12 troy ounces of silver, for a combined season total of 3,726.8 troy
ounces of gold. The 2007 expected gold recoveries will be nearly four times that
of 2006. Management is hopeful that gold recovery may exceed annual costs
associated with extraction and processing, especially since this years costs
are relatively lower that those of 2006 in which upfront investment was required
before extraction and processing could occur.

Exploration costs comprising
exploration, test mining extraction and processing activities are recorded as
incurred in an exploration stage company; thus may fluctuate widely due to
activity levels of the period and gold recoveries posted.

Exploration costs are not only reduced
by gold proceeds from the sale of gold inventory, but also by the value of the
gold inventory held by the Company. The net increase in the inventory balance at
August 31, 2007 was also deducted from exploration costs of the company,
resulting in negative exploration costs for the quarter. Any future spot rate
increases or decreases from the August 31, 2007 level of $672 will be deducted
from or added to the exploration costs, respectively, in the future period in
which inventory is re-valued or the gold is sold.

b. Nolan Lode and Placer
Exploration

During June, July and August, lode
exploration focused on soil sampling, ground geophysical surveying, trenching
and drilling on its Nolan property.

Silverado undertook backhoe trenching
on its Nolan Creek property, resulting in the excavation of seven trenches
totaling 1,420 feet to further investigate the gold-antimony-bearing quartz vein
systems in Zone 1, Zone 2 and Zone 3 of the southern portion of the five-mile
long Solomons Shear zone. A total of 168 combined select chip and continuous
chip rock samples were collected during the trenching program and submitted to
ALS Chemex in Fairbanks for analysis. Of the 136 samples analyzed to date, 16
are still being quantitatively assayed for total antimony. Gold values analyzed
thus far reach as high as 5.22 ounces gold per ton and antimony values reach as
high as 48.07% .

The company also conducted
reconnaissance work in other areas on its Nolan Creek property.

11

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A total of 989 soil samples were
collected during the 2007 ground geochemical survey and have been sent to ALS
Chemex in Fairbanks for analysis. The 417 samples analyzed to date show a
distinct arsenic and antimony anomalous trend on the eastern part of the Solomon
Shear trend. Arsenic anomalies are strong indicators of the presence of gold,
and these arsenic and co-incident geophysical anomalies, in part, exist uphill
from the areas where Silverado in past years has recovered its largest gold
nuggets, the largest over 41 troy ounces alone.

Along with the soil sampling campaign,
Silverado conducted an extensive very low frequency electromagnetic (VLF-EM)
ground geophysical survey to identify structures such as shear zones, faults,
and veins that occur within the bedrock.

Exploration drilling started in mid
August using the companys recently purchased diamond drill rig. By the end of
the third quarter of the fiscal year, a total of 680 feet had been drilled. The
drilling program focuses on an area North of Smith Creek, where company backhoe
trenching previously identified three zones that contain gold-antimony bearing
quartz vein systems.

The Company plans to continue with
exploration at the Nolan Lode and Placer properties within the Nolan Gold
Project. The objective of this geological exploration program is to further
define both lode and placer gold occurrences in order to provide a basis for
future exploration activities, test-mining and eventually continuous mining
activities at the Nolan Gold Project. Silverados lode exploration work is
intended to increase Silverados geological knowledge on the Solomon Shear Trend
and other lode gold occurrences on the properties.

Silverado plans to spend approximately
$800,000 during the next three months on its exploration activities connected
with the Nolan Gold Project. It is anticipated approximately $300,000 will be
spent on test mining activities and bulk sampling, and $500,000 will be spent on
exploration activities, including a placer and diamond core drilling exploration
program for exploration for lode gold and antimony occurrences.

2.HAMMONDPROPERTY

The Company has paid $50,000 towards
annual rentals to date and paid another $50,000 in September 2007 to keep the
mining claims in good standing.

3.EAGLECREEKPROPERTY

The Number One Vein on this property
was the lode quartz gold structure that was mined commercially for antimony in
the past, earning the property the title of Alaskas second largest antimony
producer.

Annual assessment work was carried out
on the property thereby keeping the mining claims in good standing. Assessment
work was focused on the Northwest part of the claim block, where drilling and
trenching has defined an intrusive host rock, thought to be a sill, containing
low grade gold, silver and antimony mineralization. If funding permits in the
future, the Company anticipates that it would design a drilling program to
further investigate the gold and by-product mineral distribution of the
intrusive.

Claim survey work was undertaken on all
Eagle Creek claims to ensure they are in complete compliance with the most
stringent maintenance regulations concerning mineral claims.

4.ESTERDOMEPROPERTY

Significant drilling, underground and
  open-cut mining and sporadic milling of this property led to resource definition
  and the production and sale of some $10,000,000 in gold/silver bouillon bars
  in the past by Silverado.

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

With respect to other areas on this
property, several large scale projects have been proposed over the past ten
years, but deferred either as a result of poor market conditions or due to
internal decisions that favored shifting financial and manpower resources to the
Nolan Gold Project.

12

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There is no assurance that the Silverados test mining
activities will result in a final evaluation that a commercially viable mineral
deposit exists on any of the Companys mineral properties that comprise the
Nolan Gold Project.

With respect to Nolan Gold Project along with the Hammond,
Eagle Creek, and Ester Dome Properties, additional exploration will be required
before a final evaluation as to the economic and legal feasibility of mining
these properties can be determined. There is no assurance that further
exploration will result in a final evaluation that a commercially viable mineral
deposit exists on any of Silverados properties.

The actual amount that Silverado spends on exploration will
depend on the actual amount of funds that it has available for exploration. The
costs of exploration and test mining are offset by the inventorying of gold and
selling of gold, the values of which have surpassed costs during the period
covered by this report.

II. LOW-RANK COAL WATER FUEL PROJECT

Management anticipates spending approximately $200,000 during
the next quarter on continued work to seek funding from the United States
federal and state governments in connection with the establishment of the
$26,000,000 demonstration Green Fuel facility in Mississippi.

While there are no assurances that financing will be obtained,
  Silverado has begun the construction permitting process and has initiated a
  $140,000 study of the Red Hills lignite coal in order to assist with permitting.

The Company anticipates its current cash, gold inventory, and
  recent financing to be sufficient funding for the current plan of operations.
  Any need for additional funding will be contingent on the results of exploration
  and test mining activities of the next quarter.

OFF-BALANCE SHEET ARRANGEMENTS

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

CRITICAL ACCOUNTING POLICIES

Critical accounting policies (the policies Management believes
are the most important to the presentation of Silverados financial statements
and require the most difficult, subjective and complex judgments) are outlined
in the notes to the consolidated financial statements.

13

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ITEM
3.                              
CONTROLS AND PROCEDURES

| | (a) | 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.
      Silverados Chief Executive Officer and Chief Financial Officer (the
      Certifying Officers) carried out an evaluation of the effectiveness of
      the Companys disclosure controls and procedures as of the end of the
      period covered by this report. Based on those evaluations, the Certifying
      Officers concluded that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | (b) | Changes in Internal Control Over Financial
      Reporting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     | During the period covered by this report, there were no
      changes in Silverados internal controls or, to Managements knowledge, in
      other factors that have materially affected, or are reasonably likely to
      materially affect, Silverados internal control over financial reporting.
      While Management believes that Silverados disclosure controls and
      procedures and its 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
      Silverado 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

14

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PART IIOTHER INFORMATION

ITEM
1.                              
LEGAL PROCEEDINGS

There are no other past, pending or, to our knowledge,
threatened legal proceedings or administrative actions which are expected to
have a material adverse effect upon Silverados business, prospects financial
condition or operations.

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

Silverado has not sold any unregistered securities during the
period covered by this report other than those previously reported on a Current
Report on Form 8-K and filed with the Securities and Exchange Commission.

ITEM
3.                              
DEFAULTS UPON SENIOR SECURITIES

Silverado is not currently in default of obligations that
exceed 5% of total assets of the Company.

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)                                                                                                              
|        |  |                                                                                                                                                                                                     
|4.2     |  | Form of Subscription
        Agreement (Regulation D) (15)                                                                                                                                          
|        |  |                                                                                                                                                                                                     
|4.3     |  | Form of Subscription
        Agreement (Regulation S) (15)                                                                                                                                          
|        |  |                                                                                                                                                                                                     
|4.5     |  | Form of Warrant
        (Regulation D) (15)                                                                                                                                                         
|        |  |                                                                                                                                                                                                     
|4.6     |  | Form of Warrant
        (Regulation S) (15)                                                                                                                                                         
|        |  |                                                                                                                                                                                                     
|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,                                                                                                     

15

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|      |  | 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)                                                                                                                    
|      |  |                                                                                                                                                       
|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)                                                                                                                   
|      |  |                                                                                                                                                       
|10.22 |  | 2007-1 Equity Compensation
        Plan(14)                                                                                                           
|      |  |                                                                                                                                                       
|10.23 |  | Consulting Agreement with
        Smith Canciglia Consulting, Inc., as amended July 11, 2007(16)                                                      
|      |  |                                                                                                                                                       
|10.24 |  | Lease Agreement with TA
        Properties (Canada) Ltd. dated March 30, 2007(16)                                                                     
|      |  |                                                                                                                                                       
|10.25 |  | Lease Agreement between
        Tri Con Mining, Inc. and the Hurlbuts, dated February 6, 2007(16)                                                     
|      |  |                                                                                                                                                       
|31.1  |  | Certification
        Pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002, filed herewith.                                                      
|      |  |                                                                                                                                                       
|31.2  |  | Certification
        Pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002, filed herewith.                                                      
|      |  |                                                                                                                                                       
|32.1  |  | Certification
        Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906
        of the Sarbanes-Oxley Act Of 2002, filed herewith

|(1)  | Incorporated by reference to the Companys Registration
      Statement on Form 10S filed on May 11, 1984.                                                      
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2)  | Incorporated by reference to the Companys Quarterly
      Report on Form 10-Q filed on July 15, 1997.                                                          
|(3)  | Incorporated by reference to the Companys Current Report
      on Form 8-K filed on September 11, 2002.                                                        
|(4)  | Incorporated by reference to the Companys Annual Report
      on Form 10-K for the year ended November 30, 1995 as an Exhibit.                                 
|(5)  | Incorporated by reference to the Companys Annual Report
      on Form 10-K for the year ended November 30, 1996 as an Exhibit filed on
      February 28, 1997.
|(6)  | Incorporated by reference to the Companys Annual Report
      on Form 10-KSB for the year ended November 30, 2002 as filed on February
      28, 2003.         
|(7)  | Incorporated by reference to the Companys Schedule 14A
      Proxy Statement as filed on April 29, 2003.                                                       
|(8)  | Incorporated by reference to the Companys Current Report
      on Form 8-K as filed on June 13, 2003.                                                          
|(9)  | Incorporated by reference to the Companys Registration
      Statement on Form SB-2 as filed on May 19, 2004.                                                  
|(10) | Incorporated by reference to the Companys Quarterly
      Report on Form 10-QSB as filed on July 15, 2004.                                                     
|(11) | Incorporated by reference to the Companys Registration
      Statement on Form S-8 as filed on April 11, 2006.                                                 
|(12) | Incorporated by reference to the Companys Registration
      Statement on Form S-8 as filed on March 31, 2006.                                                 
|(13) | Incorporated by reference to the Companys Registration
      Statement on Form S-8 as filed on February 21, 2007.                                              
|(14) | Incorporated by reference to the Companys Registration
      Statement on Form S-8 as filed on September 7, 2007.                                              
|(15) | Incorporated by reference to the Companys Current Report
      on Form 8-K, as amended, as filed October 16, 2007.                                             
|(16) | Incorporated by reference to the Companys Report on Form
      10-QSB filed July, 16, 2007.                                                                    

16

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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: October 22, 2007** |                                                              
|                           |                                                              
|                           | /s/ Garry L. Anselmo                                         
|                           | Garry L. Anselmo                                             
|                           | President, Chief Executive Officer (Principal
      Executive
|                           | Officer), and Chief Financial Officer
      (Principal       
|                           | Financial and Accounting Officer)                            

17

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