<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

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

         For  the  quarterly  period  ended     FEBRUARY  28,  2003


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


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

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

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



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

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

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

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

State the number of shares outstanding of each of the issuer's classes of common
stock,  as  of  the  latest practicable date: 111,108,986 Shares of no par value
Common  Stock  outstanding  as  of  April  9,  2003




<PAGE>

--------------------------------------------------------------------------------
SILVERADO  GOLD  MINES  LTD.
Consolidated  Balance  Sheets
(Expressed  in  United  States  Dollars)
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>

----------------------------------------------------------------------------
                                               February 28,     November 30,
                                                  2003             2002
----------------------------------------------------------------------------
                                               (unaudited)
<S>                                           <C>            <C>
Assets
Current assets:
  Cash                                        $  2,435,727   $    905,000
  Gold inventory                                    10,149         10,149
  Accounts receivable                                6,655          8,348
                                              ----------------------------


                                                 2,452,531        923,497

Exploration and development advances
(note 3)                                           490,433        579,745
Mineral properties                               3,815,262      2,274,027
                                              ----------------------------


                                                 6,758,226      3,777,269
                                              ----------------------------


Buildings, plant and equipment                   4,957,072      4,696,903
  Accumulated depreciation                      (2,352,444)    (2,291,919)
                                              ----------------------------


                                                 2,604,628      2,404,984
                                              ----------------------------


                                              $  9,362,854   $  6,182,253
                                              ----------------------------

Liabilities and Stockholders' Equity
Current liabilities:
  Accounts payable and accrued liabilities         560,960        660,248
  Loans payable secured by gold inventory           35,729         35,729
  Mineral claims payable                                 -        140,000
  Debentures, current portion (note 6 (a))         140,000        140,000
  Debenture, current portion (note 6 (b))           75,000         75,000
  Current portion of capital lease obligation
   (note 7)                                        125,000              -
  Replacement debentures, current portion
  (note 3)                                         612,295        476,978
                                              ----------------------------


                                                 1,548,984      1,527,955
                                              ----------------------------

Debentures (note 6 (a))                            389,770        644,331

Capital lease obligations (note 7)                 966,320        946,150

Stockholders' equity:
  Common stock:
   Authorized: 200,000,000 common shares
   Issued and outstanding:
    February 28, 2003- 107,725,788
    November 30, 2002 - 98,086,631              59,872,362     55,271,191
  Shares to be issued                              654,405        268,613
  Other capital                                    228,277        128,107
  Accumulated deficit                          (54,297,264)   (52,604,094)
                                              ----------------------------


                                                 6,457,780      3,063,817
                                              ----------------------------


                                              $  9,362,854   $  6,182,253
--------------------------------------------------------------------------

</TABLE>



Continuing  operations  (note  2)
Subsequent  events  (note  10)
See  accompanying  notes  to  unaudited  consolidated  financial  statements.



<PAGE>

--------------------------------------------------------------------------------
SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Operations
(Expressed  in  United  States  Dollars)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>


-----------------------------------------------------------------------
                                           Three months   Three months
                                              ended          ended
                                            February 28,  February 28,
                                               2003          2002
                                            (unaudited)   (unaudited)
-----------------------------------------------------------------------
<S>                                         <C>           <C>
Revenue from gold sales                     $         -   $       971

Mining,  processing, and development
 costs                                                -        18,229
                                            --------------------------



Total operating costs                                 -        18,229
Interest and other income                         3,950             -
                                            --------------------------
Income (loss) before the
undernoted                                        3,950       (17,257)

Other expenses:

  Accounting and audit                            4,629         6,182
  Advertising and Promotion                     217,891        13,896
  Consulting Fees                               993,171       236,084
  Depreciation                                   60,524        74,519
  General exploration                                 -        32,232
  Interest on debentures                         23,779        45,005
  Legal                                          26,151          (201)
  Loss (gain) on foreign exchange               (13,161)       (6,343)
  Management services from related
  party                                          63,183        45,051
  Office expenses                               253,450        42,219
  Other interest and bank charges                   980         2,571
  Reporting and investor relations                2,034             -
  Research                                       59,154        55,288
  Transfer agent fees and mailing
  expenses                                        5,335         3,977
----------------------------------------------------------------------
                                              1,697,120       550,480

Loss and comprehensive loss for the period  $(1,693,170)  $  (567,737)
----------------------------------------------------------------------

Loss per share - basic and diluted          $     (0.02)  $     (0.01)


Weighted average number of
common shares outstanding                    99,673,318    44,536,354
----------------------------------------------------------------------




</TABLE>




<PAGE>

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


SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Cash  Flows
(Expressed  in  United  States  Dollars)
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>



                                          Three months   Three months
                                             ended          ended
                                           February 28,  February 28,
                                              2003           2002
                                           (unaudited)   (unaudited)
                                           ------------  ------------
<S>                                        <C>           <C>
Cash provided by (used in):

Operating activities:
Loss for the period                        $(1,693,170)  $  (567,737)
Adjustments to reconcile loss to net
cash used by operating activities
  Depreciation, an item not
  involving cash                                60,524        74,519
  Stock based compensation                     602,712             -
  Changes in non-cash operating
   working capital:
    Accounts receivable                          1,693      (244,355)
    Gold inventory                                   -           971
    Receivable from related party                    -       121,390
    Accounts payable and accrued
    liabilities:                               (76,863)     (110,729)
    Increase (decrease) in mineral
    claims payable:                           (140,000)            -
----------------------------------------------------------------------
                                            (1,245,104)     (725,941)
Financing activities:
  Shares issued for cash                     4,342,750     1,218,957
  Share subscriptions received                       -        30,000
  Due to related party                               -      (291,310)
----------------------------------------------------------------------
                                             4,342,750       957,647
Investing activities:
  Advances for Exploration and
  development                                   89,312             -
  Mineral claims and options expenditures,
  net of recoveries                         (1,541,235)            -
  Purchase of equipment                       (114,996)       (1,160)
                                            --------------------------

                                            (1,566,919)       (1,160)

Increase in cash                             1,530,727       230,546
----------------------------------------------------------------------
Cash, beginning of period                      905,000        17,093
----------------------------------------------------------------------

Cash, end of the period                    $ 2,435,727   $   247,639
----------------------------------------------------------------------

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


</TABLE>




<PAGE>


--------------------------------------------------------------------------------
SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Stockholders'  Equity
(Expressed  in  U.S.  Dollars)
Three months ended February 28, 2003 and Year ended November 30, 2002
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>


                            ----------------------------------------------------
                                               COMMON  STOCK
                            ----------------------------------------------------
                                Number                             Additional
                                of                     Shares      Paid
                                common     Share       to be       in
                                shares     Capital     issued      Capital
                            ----------------------------------------------------
<S>                         <C>          <C>          <C>       <C>
Balance,
November 30, 2001            42,423,988  $47,000,034         -
--------------------------------------------------------------------------------
Year ended November 30, 2002

 Loss for the year                    -            -         -

 Shares issued:

  On exercise of options for
  cash                        6,900,000      925,000

  Shares to be issued                                  268,613

  On exercise of warrants
  for cash                   16,250,000    1,970,000

  Shares issued for
  consulting fees             4,793,335    1,232,551

  Private placements for
  cash                       20,775,000    2,922,000

  Shares issued in lieu of
  payment for debentures      6,944,308    1,221,606

  Stock option grants                                            292,320
                            ---------------------------------------------
                             55,662,643    8,271,157   268,613   292,320
                            ---------------------------------------------
Balance, November 30, 2002   98,086,631  $55,271,191  $268,613  $292,320

Three months ended
 February 28, 2003

 Loss for the period                  -            -         -

 Shares issued:

  On exercise of options for
  cash                        2,525,582    1,070,000

 Shares to be issued                                   385,792
  On exercise of warrants
  for cash                       65,000       22,750
  Shares issued for
  consulting fees               266,666      116,750
  Private placements for
  cash                        6,409,091    3,250,000
  Shares issued in lieu of
  payment for debentures        372,818      141,671
  Stock option grants
                              9,639,157    4,601,171   385,792         -
                            ---------------------------------------------
Balance, February 28, 2003  107,725,788  $59,872,362  $654,405  $292,320
-------------------------------------------------------------------------

</TABLE>


<TABLE>
<CAPTION>

                            ---------------------------------------------
                                      OTHER  CAPITAL
                            ---------------------------------------------
                               Deferred    Accumu-
                               Compen-     lated
                               sation      deficit         Total
                            ---------------------------------------------
<S>                         <C>            <C>            <C>
Balance, November 30, 2001                   $(48,848,693)  $ (1,848,659)
                            ---------------------------------------------
Year ended November 30, 2002

  Loss for the year                            (3,755,401)    (3,755,401)

  Shares issued:

  On exercise of options for
  cash                                                           925,000

  Shares to be issued                                            268,613
  On exercise of warrants
  for cash                                                     1,970,000

  Shares issued for
  consulting fees                                              1,232,551

  Private placements for
  cash                                                         2,922,000

  Shares issued in lieu of
  payment for debentures                                       1,221,606

  Stock option grants           (164,213)                        128,107
                            ---------------------------------------------

Balance, November 30, 2002      (164,213)      (3,755,401)     4,912,476
                            ---------------------------------------------
                            $   (164,213)    $(52,604,094)  $  3,063,817

Three months ended  February 28, 2003

  Loss for the period                          (1,693,170)    (1,693,170)

  Shares issued:
  On exercise of options for
  cash                                                         1,070,000

  Shares to be issued                                            385,792

  On exercise of warrants
   for cash                                                       22,750

  Shares issued for
  consulting fees                                                116,750

  Private placements for
  cash                                                         3,250,000

  Shares issued in lieu of
  payment for debentures                                         141,671

  Stock option grants            100,170                         100,170
                            ---------------------------------------------
                                 100,170       (1,693,170)     3,393,963
                            ---------------------------------------------
Balance, February 28, 2003  $   ((64,043)    $(54,297,264)    $6,457,780
-------------------------------------------------------------------------
</TABLE>


See  accompanying  notes  to  the  consolidated  financial  statements

<PAGE>




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

Three  months  ended  February  28,  2003  and  February  28,  2002


1.     Basis  of  presentation:

The  unaudited  consolidated  balance  sheet  and  the  unaudited  consolidated
statements  of  operations,  stockholders'  equity  (deficiency)  and cash flows
include  the  accounts  of  the Company and its wholly-owned subsidiary company.
These  statements  have been prepared in accordance with United States generally
accepted  accounting  principles  for  interim  financial  information.  These
financial  statements  comply, in all material respects, with generally accepted
accounting  principles  in  Canada.

The  accompanying unaudited consolidated financial statements do not include all
information  and  footnote  disclosures required under United States or Canadian
generally  accepted  accounting  principles.  In  the opinion of management, all
adjustments  (consisting  solely  of  normal  recurring  accruals)  considered
necessary  for  a  fair  presentation  of  the  financial  position,  results of
operations  and  cash  flows  as  at  February  28,  2003,  and  for all periods
presented,  have  been  included.  Readers  of these financial statements should
note  that  interim results for the three-month periods ended February 28, 2003,
and February 28, 2002, are not necessarily indicative of the results that may be
expected  for  the  fiscal  year  as  a  whole.

These  financial  statements should be read in conjunction with the consolidated
financial  statements  and notes thereto included in the Company's annual report
on  Form  10-KSB  for  the  fiscal  year  ended  November  30,  2002.



2.     Continuing  operations:

At  February  28,  2003,  the Company had working capital of $903,547, up from a
working  capital  deficiency  of  $604,459  at November 30, 2002, primarily as a
result  of  increased  funding  from issuances of common stock and a significant
reduction  of  its debt. The Company paid the arrears of required mineral claims
and option payments on certain of its mineral properties on January 27, 2003, in
the  amount  of  $140,000.

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


                                                                          5

<PAGE>


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

Three  months  ended  February  28,  2003,  and  February  28,  2002

2.     Continuing  operations  (continued):

The  Company  plans  to continue to raise capital through private placements and
warrant  issues. The Company is exploring other business opportunities including
the  development of low rank coal water fuel as a replacement fuel for oil fired
industrial  boilers  and  utility  generators.

3.     Related  party  transactions:

The Company has had related party transactions with Tri-Con Mining Ltd., Tri-Con
Mining  Inc.,  Tri-Con  Mining  Alaska  Inc.  (collectively  the "Tri-Con Mining
Group")  All  of  which are controlled by a director of the Company. The Tri-Con
Mining  Group are operations, exploration, and development contractors, and have
been  employed  by the Company under contract since 1972 to carry out all of its
fieldwork  and  to  provide  administrative  and  management services. Under its
current  contract  dated  January,  1997  work  is  charged at cost plus 15% for
operations and cost plus 25% for exploration and development. Cost includes a 15
%  charge  for  office overhead. Services of the directors of the Tri-Con Mining
Group  are  charged at a rate of Cdn. $75 per hour. Services of the directors of
the  Tri-Con Mining Group who are also directors of the Company are not charged.
At  February  28,  2003,  the Company had prepaid $490,433 to the Tri-Con Mining
Group  for  exploration, development and administration services to be performed
during  the  current  fiscal  year  on behalf of the Company. The Tri-Con Mining
Group's  services  for  the  current  fiscal  year  are  focusing  mainly on the
Company's  low  rank  coal  water fuel program as well as corporate planning and
preparation  for year round production on its Nolan property, and administration
services  at  both  its  field  and  corporate  offices.



                                                                          6

<PAGE>



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

Three  months  ended  February  28,  2003,  and  February  28,  2002

3.     Related  party  transactions  (continued):
The  aggregate  amounts  paid  to  the  Tri-Con  Group  each period by category,
including  amounts  relating to the Grant Mine Project and Nolan properties, for
disbursements  and  for services rendered by the Tri-Con Group personnel working
on the Company's projects, and including interest charged on outstanding balance
at  the  Tri-Con  Group's  borrowing  costs  are  shown  below:
<TABLE>
<CAPTION>

-----------------------------------------------------------------
                                       February 28,  February 28,
                                            2003       2002
-----------------------------------------------------------------
<S>                                    <C>          <C>
Operations and field services                   -   $  3,168
Exploration and development services    1,009,269     49,811
Administrative and management
services                                   56,482     44,950
Research                                   59,154     55,288
---------------------------------------------------------------
                                       $1,124,905   $153,217

Amount of total charges in excess of
 Tri-Con costs incurred                $  457,186   $ 35,155
---------------------------------------------------------------

Excess amount charged as a percentage
of actual costs incurred                     40.6%      22.9%
---------------------------------------------------------------
</TABLE>



                                                                          7

<PAGE>





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

Three  months  ended  February  28,  2003,  and  February  28,  2002


4.     Loss  per  share:

Basic  loss  per  share has been calculated using the weighted average number of
common  shares outstanding for each period.  Loss per share does not include the
effect  of  the potential exercise of options and warrants and the conversion of
debentures  as  their  effect  is  anti-dilutive.
5.     Supplementary  cash  flow  information:
Supplemental  non-cash  investing  and  financing  activities:
<TABLE>
<CAPTION>

                          ---------------------------
                          February 28,  February 28,
                              2003        2002
                          ---------------------------
<S>                       <C>         <C>
Purchase of fixed assets
 under capital lease      $(145,170)  $      -
Related party advances            -    555,000
Issuance of shares for:
Debentures                  119,245    162,897
Interest on debentures       22,426          -
Consulting services         116,750    183,084
Capital lease obligation    145,170          -
</TABLE>



6.     Debentures:

On  March  1,  2001,  the  Company  completed  negotiations  to  restructure its
$2,000,000  convertible debentures. The Company issued replacement debentures in
the  aggregate  amount  of  $2,564,400  consideration  of  cancellation  of  the
$2,000,000 principal amount plus all accrued interest on the original debentures
to  March  1,  2001.

(a)     The  replacement  debentures  bear interest of 8.0% per annum and mature
March 1, 2006. Principal payments are due at the end of each month.  Interest is
due  and  payable  on  a  quarterly basis on February 28, May 31, August 31, and
November  30. If the Company fails to make any payment of principal or interest,
the  Company  must issue shares equivalent in value to the unpaid amounts at 20%
below the average market price. On December 11, 2002, the Company issued 372,818
shares  at  the  average market price of $0.38 to the holders of the replacement
debenture  to satisfy the quarterly payments due November 30, 2001. The value of
the transaction consists of $119,245 of principal and $22,426 of interest. As at
February  28,  2003,  $1,860,000  plus  $524,892  of  accrued  interest has been
exchanged  for  replacement  debentures.  Of  its  aggregate  amount $1,002,065,
$612,295  is  classified as a current liability and $389,770 has been classified
as  non-current.  Remaining  debentures  of  $140,000,  plus accrued interest of
$56,426  are  in  default, however, it is unclear whether they will be exchanged
for  replacement  debentures.

(b)     In  February  1999  the  Company  issued  a  debenture  for $75,000 with
interest payable at a rate of 5.0% per annum. The debenture is unsecured and was
due  February  28,  2002.  However, subsequent to February 28, 2003, the Company
began  re-payment  of  the  $75,000  debenture.


                                                                          8

<PAGE>


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

Three  months  ended  February  28,  2003,  and  February  28,  2002

7.   Lease  purchase  agreement:

On October 11, 2002, the Company entered into a lease purchase agreement whereby
the Company would purchase three dump trucks, an underground loader, two surface
loaders,  and  other  equipment  valued  at a total of $1,496,150. The agreement
required  payment  upon signing of $550,000 (paid) and future payments beginning
on  December  1,  2003  for the balance of the purchase price plus interest. The
payment  schedule requires the payment of $100,000 on or before December 1, 2003
and  24  equal  payments thereafter in an amount to be determined. The amount of
the  payments shall be determined based on the amount of the equipment and other
expenses which are added to the lease before December 1, 2003. The payments will
be  sufficient  to  amortize  the  total  balance outstanding once all costs are
included  over  the  24 payments. On February 14, 2003, the Company entered into
another  lease purchase agreement whereby the Company would purchase one grader,
one  dozer, three light towers and other equipment worth approximately $250,170.
The  agreement  required  a down payment upon signing of $105,000 which was paid
February  16,  2003,  one  payment of $25,000 due December 1, 2003, and 24 equal
payments  of  an  amount  to  be determined. The amount of the payments shall be
determined  based  on  the  amount of the equipment and other expenses which are
added  to  the lease before December 1, 2003. The payments will be sufficient to
amortize  the  total balance outstanding once all costs are included over the 24
payments.  As at February 28, 2003, the total amount outstanding under the lease
purchase  agreements  was  $1,091,320.  The  lease  payment  schedule  below  is
calculated  on this amount using an interest rate of 15% per annum as is implied
in  the  lease  agreement.  The Company is required to maintain the equipment in
good  working  order  and is also required to maintain adequate insurance on the
equipment.

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 life, which is estimated to
be  10  years. Amortization on assets under capital leases charged to expense in
the  three  months  ended  February  28,  2003  was  $43,658.

A  minimum future lease payment under capital leases as of February 28, 2003 for
each  of  the  next  five  years  and  in  the  aggregate  is:
<TABLE>
<CAPTION>


                                        Amount
                                     -----------
<S>                                  <C>
November 30, 2003                    $        -
November 30, 2004                       687,243
November 30, 2005                       562,243
November 30, 2006                             -
November 30, 2007                             -
                                     -----------
Total minimum lease payments          1,249,486
Less:  Amount representing interest     158,166
                                     -----------
                                      1,091,320
Less:  Current portion                  125,000
                                     -----------
                                     $  966,320
                                     ===========
</TABLE>



                                                                          9

<PAGE>


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

Three  months  ended  February  28,  2003,  and  February  28,  2002



8.     Litigation:

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


9.     Interest  and  other  income:

During  normal  course  of  business  the  Company  earns  interest  on its bank
deposits.  As at February 28, 2003, the Company had earned $3,950 of interest on
its  bank  deposits.

10.     Subsequent  events:

(a)     On  March  10, 2003, the Company released 35 claims on the Marshall Dome
Property  and  paid  a  settlement  of  $12,121  to  the  property  owners.

(b)     On March 12, 2003, the Company repaid $21,697 of principal to the holder
of  the  $75,000  debenture. In addition, the Company paid interest of $3,750 to
the  holder.

(c)     Also  on  March  12,  2003,  the  Company repaid a loan in the amount of
$27,856.  This  amount  is  included  in  the loans payable total in the balance
sheet.

(d)     Also  on  March  13,  2003,  the  Company  issued  108,333 shares to the
consultants for a portion of their services under the terms of the agreements as
reported  on  form  S-8.

(e)     On April 9, 2003, the Company issued 3,274,865 shares to the replacement
debenture  holders  at  the  price of $0.18 to satisfy the quarterly payments of
principal  and  interest.


                                                                          10

<PAGE>


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  ore  reserve
development  and  other  factors.  Forward-looking  statements are made, without
limitation,  in  relation  to  operating  plans,  property  exploration  and
development,  availability  of funds, environmental reclamation, operating costs
and permit acquisition.  Any statements contained herein that are not statements
of  historical  facts  may  be  deemed to be forward-looking statements. In some
cases, you can identify forward-looking statements by terminology such as "may",
"will",  "should",  "expect",  "plan",  "intend",  "anticipate",  "believe",
"estimate",  "predict", "potential" or "continue", the negative of such terms or
other comparable terminology. Actual events or results may differ materially. In
evaluating  these statements, you should consider various factors, including the
risks  outlined  below, and, from time to time, in other reports Silverado files
with  the  SEC.  These  factors  may  cause Silverado's actual results to differ
materially  from  any  forward-looking  statement.  Silverado  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.

PLAN  OF  OPERATIONS

Mining  Operations  at  the  Nolan  Gold  Project

The  Company's  plan  of  operations  for  the next twelve months is to continue
development  and mining activities at the Nolan Gold Project.  These development
and  mining activities are being carried out as part of a three year underground
mining  plan  for  the  Nolan  Gold  Project.  On  November 1, 2002, the Company
commenced  mining  operations  at  the Nolan Gold Project.  Mining is planned to
proceed  through  the  winter  until mid-summer of 2003 when processing of mined
material  is  scheduled  to  commence.  Once  processing  commences, the Company
believes  that  it  could  begin  gold  sales  by  the  end  summer  2003.

Subsequent  to  November  30,  2002,  the  Company  completed  additional equity
financings  that  enabled  the  Company  to  have  sufficient working capital to
proceed  with  its  plan of operations.  In addition to these funds, the Company
will  require funding in the amount of approximately $7,000,000 in order to fund
its  ongoing  operating and administrative expenses over the next twelve months.
This  amount  will  be  offset  by  expected  gold  revenues  from  summer  gold
production.  See  the  discussion  of  the  Company's cash resources and working
capital  below  under  Liquidity  and  Financial Condition and also see the Risk
Factors  described  below.


Planned  Exploration  Activities

The  Company  plans  to  conduct  further exploration of the Nolan Placer, Nolan
Lode,  Smith  Creek  Placer, and Slisco Bench properties that comprise the Nolan
Gold project. If gold prices continue to be strong and the Company has available
financing,  the  Company  may re-commence exploratory drilling on its Ester Dome
properties  with  the  objective  of  establishing  greater  reserves.

The  Company  plans  to  spend  approximately $825,000 on exploration activities
during the next twelve months. This amount will fluctuate depending on the funds
that  the  Company  has  available  for  exploration.  See the discussion of the
Company's cash resources and working capital below under Liquidity and Financial
Condition  and  also  see  the  Risk  Factors  described  below.


                                                                          11

<PAGE>


Low-Rank  Coal-Water  Fuel  Project

The  Company plans to re-submit its application for a grant to the Department of
Energy  under  the second round of grants under the Clean Coal Power Initiative.
The  Company's  application is planned to be re-submitted in September 2003 when
the  Department of Energy is anticipated to begin accepting applications.  There
is  no  assurance that any grant would be obtained from the Department of Energy
that  would  enable  the  Company  to  proceed  with  the  planned demonstration
facility.  If  a  grant  was received, funds would not be available until future
fiscal  years  and  any  funds  would be repayable under the terms of the grant.

The  Company  anticipates  spending  approximately  $200,000  during the current
fiscal  year on its application to the Department of Energy and on other work in
connection  with  establishment of the demonstration facility at the Grant Mine.


RESULTS  OF  OPERATIONS

Three months ended February 28, 2003 compared to the three months ended February
28,  2002.

Revenues

Revenue  from  gold  sales decreased to $nil for the three months ended February
28,  2003,  from  $971 for the three months ended February 28, 2002.  Revenue in
2002  was  attributable  to  sales  of  existing  gold  inventory.

The Company anticipates that significant revenues will not be achieved until the
Company  is  able  to  extract gold from the current ore that has been extracted
from  current mining operations at the Nolan Gold Project.  Revenues are planned
to  be  generated from gold extracted from the ore that is currently being mined
at  the Nolan Gold Project. Extraction activities will not commence until summer
2003  when  available  melt  water  will allow the processing of ore to separate
gold.  Revenues  are  not  anticipated  to be realized until the Company's third
quarter  at the earliest.  The Company cannot give investors estimates as to the
revenues  that  will  be realized from gold recoveries during fiscal 2003 due to
the  uncertainties  of  gold  mining.

The  Company  anticipates  that  it will not realize revenues during the current
fiscal  year  from  the  low-rank  coal-water  fuel  component  of  its  plan of
operations.  The Company will not be able to realize revenues from this business
until  the  Company has been able to proceed with the construction and operation
of  a  commercial-scale  demonstration facility for the low-rank coal-water fuel
technology.  There  is  no assurance that the Company will be able to secure the
financing  necessary to proceed with construction of this demonstration facility
and  or  that  the demonstration facility will prove the commercial viability of
the  process.

Operating  Costs

The  Company  did  not  incur  any operating costs during the three months ended
February  28,  2003, due to the fact that the Company did not achieve production
from  mining  activities  during the three-month period.  Operating costs during
the three months ended February 28, 2002 were $18,229.  When mining is achieved,
operating  costs are anticipated to be comprised primarily of mining, processing
and  development  costs  associated  with  the  Nolan  Gold  Project.

The  Company incurred development costs in the amount of $1,541,235 on the Nolan
Gold  Project during the three months ended February 28, 2003. These development
costs  were  incurred  in  connection  with  mining activities at the Nolan Gold
Project  that  are anticipated to allow the Company to go into production on the
property  with  revenue  expected  to  commence  by  the  summer  of 2003. These
development  costs  were  capitalized in accordance with the Company's policy to
capitalize development expenses prior to production. Development expenses at the
Nolan  Gold  Project  will be expensed as operating costs once production at the
Nolan  Gold  Project commences. As production is anticipated to commence in this
current  fiscal  year,  the  Company anticipates that it will report substantial
operating  costs  during  the  year  ended  November  30,  2003.


                                                                          12

<PAGE>


Other  Expenses

The  Company's other expenses increased to $1,697,120 for the three months ended
February  28,  2003 compared to $550,480 for the three months ended February 28,
2002,  representing  an  increase  of  $1,146,640 or 208%. The increase in other
expenses  was  primarily  attributable to increases in general overhead expenses
attributable  to  increased  development  activities and increases in consulting
fees  during  the  year  ended  November  30,  2002.

Management  services  attributable  to  the  activities  of  the  Tri-Con  Group
increased  to  $63,183  for the three months ended February 28, 2003 compared to
$45,051  for  the three months ended February 28, 2002, representing an increase
in  the  amount  of  $18,132  or  40%. This increase was primarily the result of
increased  activity  by  the  Company  on  its mineral properties, including the
start-up  of  development  operations  at  the  Nolan  Gold  Project.

The  Company  did  not incur any exploration expenses for the three months ended
February  28,  2003, compared to $32,232 for the three months ended February 28,
2002.  The  Company  anticipates that these expenses will increase in the summer
exploration  season  if  the  Company  proceeds  with  its  planned drilling and
exploration  activities  on  the Eagle Creek, Ester Dome and Hammond properties.

Research  activities  attributable  to  the  low-rank coal-water fuel technology
increased  to  $59,154  for the three months ended February 28, 2003 compared to
$55,288  for  the three months ended February 28, 2002, representing an increase
in  the amount of $3,866 or 7%. Research activities were primarily in connection
with  the  submission of the Company's application for a grant to the Department
of  Energy. The Company anticipates that these expenses will not increase during
the  current  fiscal  year  based  on  the  Company's  decision to re-submit its
application  for  the  second  round  of  financing. The Company does not expect
significant increases in research expenses as the Company continues to focus its
efforts  to  put  the  Nolan  Gold  Project  into  production.

Office  expenses  increased  to $253,450 for the three months ended February 28,
2003,  compared  to  $42,219  for  the  three  months  ended  February 28, 2002,
representing  an  increase  of  $211,231.  This  increase  related  to  general
operations  of  the Company and an increase in activity of the Company's offices
in  Fairbanks,  Alaska  relating to the Company's mining activities at the Nolan
Gold  Project.

Consulting  fees  increased  to $993,171 for the three months ended February 28,
2003  compared  to  $236,084  for  the  three  months  ended  February 28, 2002,
representing  an  increase  of  $757,087. The increase was attributable to stock
based  compensation  paid  to our consultants during the year.  Compensation was
recorded based on the quoted market price of the Company's shares as of the date
of  issue.

Loss

The  Company's  loss increased to $1,693,170 for the three months ended February
28,  2003  compared  to  $567,737  for  the three months ended February 28, 2002
representing  an increase of $1,125,433. This increase in the Company's loss was
primarily  attributable  to  the  increases  in the Company's other expenses, as
discussed  above.  The Company anticipates that it will continue to incur a loss
until  such  time  as the Company can achieve significant revenues from sales of
gold  processed  from  the Nolan Gold Project's gold sales later in 2003.  While
increased revenues are anticipated in the current fiscal year, revenues from the
Nolan Gold Project will be offset by mining and processing expenses that will be
triggered  once  the  Company  enters  production  at  the  Nolan  Gold Project.


LIQUIDITY  AND  FINANCIAL  CONDITION

Cash  and  Working  Capital

The  Company had cash of $2,435,727 as at February 28, 2003, compared to cash of
$905,000  as at November 30, 2002.  The Company had working capital of $903,547,
compared  to  a  working capital deficiency of $604,458 as of November 30, 2002.
The increase in the Company's working capital was primarily the result of equity
financings  completed  during  the  three  months  ended  February  28,  2003.


                                                                          13

<PAGE>


The Company will require additional financing during the current fiscal year due
to  its  plan  of operations for the Nolan Gold Project, its planned exploration
activities  and  its  plan to re-submit a grant application to the Department of
Energy.  The  Company  is  able  to  proceed  with  its  plan  of operations for
approximately  six  months  based on its current cash reserves.  While financing
requirements  will  be  off-set  by  revenues  generated  from gold sales, these
revenues  are not anticipated to cover all financing requirements.  In addition,
revenues  will  be  subject  to  the  quantity  of  gold  recovered.

Cash  used  in  operating  activities

Cash  used  in operating activities increased to $1,245,104 for the three months
ended  February  28,  2003,  compared  to  $725,941  for  the three months ended
February  28,  2002.  The  Company  funded the cash used in operating activities
primarily  through  equity  sales  of  its  common  shares.

Financing  Activities

Cash  provided  by  financing  activities  increased to $4,342,750 for the three
months  ended February 28, 2003, compared to $957,647 for the three months ended
February  28,  2002.  Of  the  cash  provided by financing activities during the
quarter,  a  total of $4,342,750 was provided by share issuances.  Cash provided
by  financing  activities was used to fund the Company's operating and financing
activities.  Equity  financings were completed with private purchasers at prices
that  were  reflective  of the market price of the Company's common shares as of
the  date  of  the  financing.

The  Company anticipates continuing to rely on equity sales of its common shares
in  order  to continue to fund its business operations.  Issuances of additional
shares  will  result  in  dilution  to  existing  shareholders  of  the Company.

Investing  Activities

The  Company  used  $1,566,919  in  investing activities during the three months
ended  February  28,  2003,  compared  to  $1,160  during the three months ended
February 28, 2002, representing an increase of $1,565,759.  The increase was due
to  the  determination  of  the  Company  to  proceed  with equipment leases and
development  activities  in  connection  with the mining operations at the Nolan
Gold  Project  and  the  capitalization  of  these  costs.

The  Company incurred development costs in the amount of $1,528,971 on the Nolan
Gold  Project  during  the  three months ended February 28, 2003.  These amounts
were  capitalized  and  are included in the Company's consolidated statements of
cash flows as investing activities under the caption "mineral claims and options
expenditures,  net  of  recoveries".

On October 11, 2002, the Company entered into a lease purchase agreement whereby
the Company would purchase three dump trucks, an underground loader, two surface
loaders,  and  other  equipment  valued at a total of $1,496,150.  The agreement
required  payment  upon signing of $550,000 (paid) and future payments beginning
on  December  1,  2003 for the balance of the purchase price plus interest.  The
payment  schedule requires the payment of $100,000 on or before December 1, 2003
and  24  equal payments thereafter in an amount to be determined.  The amount of
the  payments shall be determined based on the amount of the equipment and other
expenses  which  are  added  to the lease before December 1, 2003.  The payments
will  be sufficient to amortize the total balance outstanding once all costs are
included  over  the 24 payments.  On February 14, 2003, the Company entered into
another  lease purchase agreement whereby the Company would purchase one grader,
one  dozer, three light towers and other equipment worth approximately $250,170.
The  agreement  required  a down payment upon signing of $105,000 which was paid
February  16,  2003,  one  payment of $25,000 due December 1, 2003, and 24 equal
payments  of  an  amount  to  be determined. The amount of the payments shall be
determined  based  on  the  amount of the equipment and other expenses which are
added  to the lease before December 1, 2003.  The payments will be sufficient to
amortize  the  total balance outstanding once all costs are included over the 24
payments.  As at February 28, 2003, the total amount outstanding under the lease
purchase  agreements  was  $1,091,320.  The  lease  payment  schedule  below  is
calculated  on this amount using an interest rate of 15% per annum as is implied
in  the  lease  agreement.  The Company is required to maintain the equipment in
good  working  order  and is also required to maintain adequate insurance on the


                                                                          14

<PAGE>


equipment.  The  capital  lease payments will not impact the Company's operating
costs  until  its  2004 fiscal year.  The Company is required to complete future
lease  payments  of $687,243 during the 2004 fiscal year and $562,243 during the
2005  fiscal  year.

TRI-CON  MINING  GROUP

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

The  Tri-Con  Group are operations, exploration and development contractors, and
have been employed by the Company under contract since 1972 to carry out all its
fieldwork  and  to  provide  administrative  and management services.  Under the
current  contracts dated January, 1997, the Company pays to the Tri-Con Group an
amount equal to 115% of the costs incurred by the Tri-Con Group on behalf of the
Company.  The  costs  incurred  by the Tri-Con Group include actual costs plus a
support  charge  that  is  equal to 15% on operating expenditures and 25% on all
project  acquisition,  exploration  and  development  expenditures.  Capital
purchases are exempt from any support charges.  Services of the directors of the
Tri-Con  Group  are  charged  at  a  rate of Cdn. $75 per hour.  Services of the
directors of the Tri-Con Group who are also directors of the Company, namely Mr.
Anselmo,  are  not charged.  In addition, each agreement requires the Company to
pay  a  base  fee  of $10,000 CDN (equal to approximately $6500 US) per month to
each  of Tri-Con Mining Ltd., Tri-Con Mining Inc. and Tri-Con Mining Alaska Inc.
However,  the  Tri-Con Group has waived payment of the base fee under two of the
agreements  and  is  only paid $10,000 CDN (equal to approximately $6500 US) per
month  in  total.

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

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

                                       February 28,  February 28,
                                           2003         2002
                                        -----------------------
<S>                                     <C>          <C>
Operations and field services                    -   $  3,168
Exploration and development services     1,009,269     49,811
Administrative and management services      56,482     44,950
Research                                    59,154     55,288
                                        -----------------------
                                        $1,124,905   $153,217

Amount of total charges in excess of
Tri-Con costs incurred                  $  457,186   $ 35,155
                                        -----------------------

Excess amount charged as a percentage
of actual costs incurred                      40.6%      22.9%
                                        -----------------------

</TABLE>



Debt  Re-Structuring

On  March  1,  2001,  the  Company  completed  negotiations  to  restructure its
$2,000,000  convertible  debentures.  The  Company  approved  the  issuance  of
replacement debentures in the aggregate amount of $2,564,400 in consideration of
cancellation of the $2,000,000 principal amount of the original debentures, plus
all  accrued  interest  accrued on the original debentures to March 1, 2001. The
replacement debentures bear interest of 8.0% per annum and mature March 1, 2006.
Principal  payments  are  due  at  the  end  of each month.  Interest is due and
payable on a quarterly basis on February 28, May 31, August 31, and November 30.
If  the  Company fails to make any payment of principal or interest, the Company
must  issue  shares  equivalent  in value to the unpaid amounts at 20% below the
average market price for the 30 day period prior to the payment being made.  The
Company did not make any cash payments of principal or interest during the three
months  ended  February  28,  2003.  Accordingly,  the  Company  completed  the
following  issuances  of  shares  in  satisfaction  of  amounts of principal and
interest  due  under  the  replacement  debentures  during  2003:



                                                                          15

<PAGE>


a)     On December 11, 2002, the Company issued 372,818 shares to the holders of
the  replacement  debentures, at the average market price of $0.38 per share, to
satisfy  the quarterly payments of principal and interest due November 30, 2002.
The  transaction  consists  of  $119,245  of  principal and $22,426 of interest.

As  at  February  28,  2003,  original convertible debentures of $1,860,000 plus
$524,892  of  interest had been exchanged for replacement debentures. The amount
of  the  replacement  debentures  outstanding  as  of  February  28,  2003  was
$1,002,065,  of which $612,295 is classified as a current liability and $389,770
has  been  classified as a non-current liability. Remaining original convertible
debentures  of $140,000 plus accrued interest of $108,204 are in default and are
recorded  as current liabilities.  There is no agreement to exchange this amount
of  remaining  original  convertible  debentures  into  replacement  debentures.

Mineral  Properties

On  January  27,  2003, the Company completed its option payments on the Hammond
River property in the amount of $140,000 and, as a result of this payment all of
the  Company's  mineral  claims  and  options  are  current.

During  the  three  months  ended  February  28,  2003, the Company released its
interest in the 35 claims on the Marshall Dome Property that had been previously
acquired  by  the  Company  pursuant  to an agreement of purchase and sale.  The
Company  paid  a settlement of $12,121 to the property owners and has no further
liability  under  the agreement of purchase and sale and has no further interest
in  the  claims.

Future  Financings

The  Company  also  anticipates continuing to rely on equity sales of its common
shares  in  order  to  continue  to  fund its business operations.  Issuances of
additional  shares  will  result  in  dilution  to  existing shareholders of the
Company.  In  The  Company  is  continuing  in  its attempt to obtain a grant of
$10,000,000  in  order  to proceed with establishing the commercial viability of
the  Company's  low-rank  coal-water fuel business. The first round of grants on
the Clean Coal Power Initiative was released by the Department of Energy and the
Company's  application  for  a  grant  was  not  approved.  The Company plans to
re-submit  its  application  to the Department of Energy for the second round of
grants  in  September  of  2003.  There  is  no  assurance that the Company will
achieve  any of additional sales of its equity securities or arrange for debt or
other  financing  for  its  planned  business  expansion.

The  Company's  ability  to  continue as a going concern and recover the amounts
recorded  as  mineral  properties  is  dependant  on  its  ability to obtain the
continued  forbearance  of its creditors, to obtain additional financing and/ or
the  entering  into  joint  venture  agreements  with  third parties in order to
complete  exploration, development and production of its mineral properties, the
continued  delineation  of  reserves  on  its  properties  and the attainment of
profitable operations.  There is no assurance that such items can be obtained by
the  Company.  Failure  to  obtain  these may cause the Company to significantly
decrease its level of exploration and operations and to possibly sell or abandon
certain mineral properties or capital assets to reduce commitments or raise cash
as  required.

Low-Rank  Coal-Water  Fuel  Business

The  Company  is  continuing  in its attempt to obtain a grant of $10,000,000 in
order  to  proceed  with  establishing the commercial viability of the Company's
low-rank  coal-water  fuel business. The first round of grants on the Clean Coal
Power  Initiative  was  released  by  the Department of Energy and the Company's
application  for  a  grant was not approved.  The Company plans to re-submit its
application  to  the  Department  of  Energy  for  the second round of grants in
September  of  2003.  There is no assurance that the Company will be awarded any
grant  or  that  it  will be able to complete any additional sales of its equity
securities  or arrange for debt or other financing to fund this component of the
Company's  plan  of  operations.



                                                                          16

<PAGE>



CRITICAL  ACCOUNTING  POLICIES

Going  Concern

The  Company's financial statements have been prepared on a going concern basis,
which  assumes  the  realization  of assets and settlement of liabilities in the
normal course of business.  The application of the going concern concept and the
recovery  of  amounts  recorded as mineral properties and the capital assets are
dependent  on  the  Company's ability to obtain additional financing to fund its
operations  and  acquisition,  exploration  and  development  activities,  the
discovery  of economically recoverable ore on its properties, and the attainment
of  profitable  operations.   The  Company  plans  to  continue to raise capital
through  private  placements  and  warrant  issues.  In addition, the Company is
exploring  other  business  opportunities  including the development of low-rank
coal-water fuel as replacement fuel for oil fired industrial boilers and utility
generators.

Mineral  Properties

The  Company  confines  its  exploration activities to areas from which gold has
previously  been  produced  or to properties, which are contiguous to such areas
and  have  demonstrated  mineralization.  The  Company  capitalizes the costs of
acquiring  mineral  claims  until  such  time  as the properties are placed into
production  or abandoned. Expenditures for mine development are capitalized when
the  properties are determined to have economically recoverable, proven reserves
but  are  not  yet  producing  at  a  commercial  level. Once a property reaches
commercial  levels of production operating costs will be charged against related
revenues.  Based  on the application of this accounting policy, the expenditures
incurred  in  development of the Nolan Gold Project during fiscal 2002 and first
quarter  of  2003  were  capitalized.  Development  expenses  at  the Nolan Gold
Project  will  be  expensed as operating costs once production at the Nolan Gold
Project  commences.

Amortization  of  mineral property costs relating to properties in production is
provided during periods of production using the units-of-production method based
on  the  estimated  economic life of the ore reserves.  On an ongoing basis, the
Company  evaluates  each property for impairment based on exploration results to
date,  and  considering  facts and circumstances such as operating results, cash
flows  and  material  changes  in the business climate.  The carrying value of a
long-lived  asset  is  considered  impaired when the anticipated discounted cash
flow  from  such  asset is separately identifiable and is less than its carrying
value.  If  an  asset  is  impaired, a loss is recognized based on the amount by
which  the carrying value exceeds the fair market value of the long-lived asset.
Fair  market value is determined primarily using the anticipated discounted cash
flows with a discount rate commensurate with the risk involved.  Losses on other
long-lived  assets  to be disposed of are determined in a similar manner, except
that  fair  market  values  are  reduced  for  the  costs  of  disposal.

The  amounts  shown  for  mineral  properties and development which have not yet
commenced  commercial  production  represent  costs  incurred  to  date,  net of
recoveries  from  developmental  production,  and  are  not  intended to reflect
present  or  future  values.

Stock  Based  Compensation

For  stock  options granted to employees and directors, the Company accounts for
stock  compensation  arising  from  these  options in accordance with Accounting
Principles  Board  Opinion  No.  25,  "Accounting for Stock Issued to Employees"
("APB 25").  Compensation cost is the excess, if any, of the quoted market price
of  the  stock at grant date over the amount an employee or director must pay to
acquire  the  stock  and  is  recognized  over  the  service period. The Company
provides  pro-forma  disclosures  of net income and earnings per share as if the
fair  value  method  had  applied  in measuring compensation expense.  For stock
options  granted to independent contract employees, as well as shares issued for
services  rendered,  the  Company  accounts  for stock compensation arising from
these  options  and  stock  issuances, in accordance with Statement of Financial
Standards  No.  123,  "Accounting  for  Stock  Based  Compensation".  Under this
statement,  stock  compensation  cost  to contract employees, is measured at the
fair  value  of  the  options  granted  at  the  time  services  are  rendered.

RISK  FACTORS

Silverado  faces  risks  in completing its exploration and development plans and
achieving  revenues.  The  following  risks  are  material  risks that Silverado
faces.  Silverado  also  faces  the  risks identified elsewhere in the Company's



                                                                          17

<PAGE>


Annual  Report  on  Form  10-KSB  for  the year ended November 30, 2002, in this
Quarterly  Report  on  Form 10-QSB and its other filings with the Securities and
Exchange  Commission.  If  any  of  these risks occur, Silverado's business, its


ability  to achieve revenues, its ability to produce gold, its operating results
and  its  financial  condition  could  be  seriously  harmed.

If  Silverado is unable to achieve predicted gold recoveries from its Nolan Gold
Project,  then  its  financial  condition  and  its  revenues  will be adversely
affected.

Silverado  is  currently undertaking the development and the mining of the Nolan
Gold  Project.  The Company has undertaken substantial development activities to
date and is presently mining ore from the Nolan Deep Channel.  This ore is being
stockpiled  for  gold recovery to commence in the summer of 2003.  The Company's
determination to proceed with the mining of the Nolan Deep Channel is predicated
upon  geological exploration which predicted a certain recovery rate of gold per
volume  of  ore recovered.  If the ore that Silverado has mined does not contain
the concentration of gold predicted by geological exploration, then its revenues
from  the  current  mining  activity on the Nolan Gold Project will be less than
anticipated.  If revenues are less than anticipated, then Silverado's ability to
continue  operations  of the Nolan Gold Project, to continue further exploration
activities  on  its  other mineral properties and its ability to raise financing
for  further  development  may  be  adversely  impacted.

If  Silverado  does  not obtain new financings, the amount of funds available to
Silverado  to  pursue  development  of  the  Nolan  Gold  Project and to further
exploration  of  its  mineral  properties  will  be  reduced.

Silverado  has  relied on recent private placement financings in order to fund a
development of the Nolan Gold Project and its exploration activities.  Silverado
will continue to require additional financing to complete its plan of operations
to  achieve  gold  production  and  to carry out its exploration programs on its
other  mineral  properties.  While  Silverado's  financing  requirements  may be
reduced  when  gold  production is achieved, the inability of Silverado to raise
additional  funds  through  financings  will  reduce the available funds for the
development  and mining of the Nolan Gold Project and for additional exploration
activities, with the result that Silverado's plan of operations may be adversely
affected  and  potential  revenues  reduced  or  delayed.

If  the  price  of gold declines, Silverado's financial condition and ability to
obtain  future  financings  will  be  impaired.

Silverado's  business  is  extremely dependent on the price of gold. Silverado's
revenues  for  the  current  fiscal year are dependent on the price of gold.  If
gold prices decline prior to the production and sale of gold from the Nolan Gold
Project,  then  its revenues and financial condition will be adversely impacted.
Silverado has not undertaken any hedging transactions in order to protect itself
from  a  decline  in the price of gold.  A decline in the price of gold may also
decrease  the  ability  of  Silverado  to  obtain  future financings to fund its
planned  development  and  exploration  programs.

The  price  of  gold  is  affected  by numerous factors, all of which are beyond
Silverado's  control.  Factors  that tend to cause the price of gold to decrease
include  the  following:

(a)     Sales  of  leasing  of  gold  by  governments  and  central  banks;

(b)     A  low  rate  of  inflation  and  a  strong  US  dollar;

(c)     Speculative  trading;

(d)     Decreased demand of gold for industrial uses, including use in jewellery
and  investment;

(e)     High  supply  of gold from production, disinvestment, scrap and hedging;

(f)     Sales  by  gold  producers  and  foreign  transactions and other hedging
transactions;

(g)     Devaluing  local  currencies  (relative  to  gold  price  in US dollars)
leading  to  lower  production costs and higher production in certain major gold
producing  regions.



                                                                          18

<PAGE>


If  costs  of  production at the Nolan Gold Project are higher than anticipated,
then  the  Company's  profitability  will  be  adversely  affected.

The  Company has proceeded with the Nolan Gold Project on the basis of estimated
capital  and  operating  costs.  If capital and operating costs are greater than
anticipated,  then the profitability of the production at the Nolan Gold Project
will be adversely affected. This reduced profitability will cause the Company to
have less funds for other expenses, such as administrative and overhead expenses
and  exploration  of its other mineral properties and further development of the
Nolan  Gold  Project.

The  Company's  estimates  of  proven  and  probable  reserves  are  uncertain.

Estimates  of  proven  and  probable  reserves  are  subject  to  considerable
uncertainty.  These  estimates  of  proven  and  probable  reserves  include the
estimates  contained  in the Company's Annual Report for the year ended November
30,  2002.  Such  estimates  are arrived at using standard acceptable geological
techniques,  and  are  based  on the interpretations of geological data obtained
from  drill  holes  and  other  sampling techniques.  Geologists use feasibility
studies to derive estimates of cash operating costs based on anticipated tonnage
and  grades of ore to be mined and processed, the predicted configuration of the
ore  bodies,  expected recovery rates of metal from ore, comparable facility and
operating  costs  and  other  factors.  Actual cash operating costs and economic
returns  on  projects  may  differ  significantly  from  the original estimates,
primarily  due  to  fluctuations  in  the  current  prices  of metal commodities
extracted  from  the  deposits,  changes  in fuel costs, labor rates, changes in
permit requirements, and unforeseen variations in the characteristics of the ore
body.  Due  to  the  presence  of  these factors, there is no assurance that the
Company's  reported  proven  and  probable reserves reflect actual quantities of
gold  that  can  be  economically  processed  and  mined  by  the  Company.

If  Silverado  experiences mining accidents or other adverse events at its Nolan
Gold  Project, then its financial condition and profitability could be adversely
affected.

The Company's mining operations at the Nolan Gold Project are subject to adverse
operating  conditions.  Mining  accidents  or  other  adverse incidents, such as
cave-ins or flooding, could affect the Company's ability to continue development
and  production  of  the  Nolan Gold Project.  A particular concern at the Nolan
Gold Project is warm temperatures that can reduce the winter season during which
the Company can conduct underground mining activities.  The occurrence of any of
these  events  could  cause  a  delay  in production of gold or could reduce the
amount  of  gold  that  the Company is able to produce, with the result that its
ability  to  achieve  revenues  and  to  sustain  operations  would be adversely
impacted.  Mining  accidents  or  other  adverse  events could also result in an
adverse  environmental  impact to the land on which the Company's operations are
located  with  the result that the Company may become subject to the liabilities
for  environmental  clean  up  and  remediation.

If  Silverado is the subject of increased environmental laws and regulation, its
operating  expenses  may  increase.

The  Company's  development  and  production operations are regulated by both US
Federal and State of Alaska environmental laws that relate to the protection air
and  water  quality,  hazardous  waste  management  and mine reclamation.  These
regulations  impose operating costs on Silverado.  If the regulatory environment
for  Silverado's  operations  changes  in  a  manner  that  increases  costs  of
compliance and reclamation, Silverado's operating expenses will be increased and
its  financial  condition  adversely  affected.

Silverado  is  currently  not  earning  revenues.

Silverado's  financial  statements  included  with  this Annual Report have been
prepared  assuming that Silverado will continue as a going concern.  Silverado's
auditors  have made reference to the substantial doubt as to Silverado's ability
to  continue  as  a  going  concern in their audit report on Silverado's audited
financial  statements  for  the  year  ended  November  30,  2002.

Because  of  the  speculative  nature  of  exploration  of  mineral  exploration
properties,  there  is no assurance that Silverado's exploration activities will
discover  new commercially exploitable quantities of minerals



                                                                          19

<PAGE>


or  that the amount of Silverado's proven and probable reserves will increase as
a  result  of  new  exploration.

Silverado  plans  to continue exploration on its mineral properties.  The search
for  valuable  minerals as a business is extremely risky.  Silverado can provide
investors  with  no assurance that additional exploration on its properties will
establish that additional commercially exploitable reserves of gold exist on its
properties.  Problems  such  as  unusual  or  unexpected  formations  or  other
conditions  are  involved in exploration and often result in exploration efforts
being  unsuccessful.  The  additional  potential  problems  include, but are not
limited  to, unanticipated problems relating to exploration and additional costs
and  expenses  that  may  exceed  current estimates of exploration costs.  These
risks  may  result  in  Silverado  being  unable  to  establish  the presence of
additional  commercial  quantities  of ore on its mineral claims with the result
that  its  ability  to  fund  future  exploration  activities  may  be  impeded.

Silverado's  business  venture  into  the  low  rank coal water fuel business is
subject  to  failure.

The  Company's  business  venture  into  the low rank coal water fuel technology
business is at a very early stage and is subject to a high risk of failure.  The
low  rank  coal water fuel technology has not been proven by the Company to be a
commercially  viable  fuel  alternative.  In  order  to  establish  commercial
viability,  the Company will have to undertake the construction and operation of
the  contemplated demonstration facility.  The construction of the demonstration
facility  would  cost  in  excess  of  $10  million.  Even  if the demonstration
facility  were  constructed  and  operational,  there  is  no assurance that the
commercial  viability  of  this process would be established or that the Company
would  be able to expand the facility into a commercially viable operation or to
generate  revenues  from  this  technology.  The  Company  has  applied  to  the
Department  of  Energy for a grant to fund the construction of the demonstration
facility.  The  Company's  initial  application  has  been  rejected.  While the
Company  intends  to  resubmit for a second round of funding grants, there is no
assurance  that  the  Company's application will be accepted.  Even if the grant
were  obtained and the demonstration facility constructed, there is no assurance
that  the  Company  would  be  able  to  generate  profit  or  revenues from the
operations  or  be  able  to  repay  the  Department  of  Energy  grant.


                                                                          20

<PAGE>

                           PART II - OTHER INFORMATION

Item  1     Legal  Proceedings

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


Item  2     Changes  in  Securities  and  Use  of  Proceeds.

The  Company completed the following unregistered sales of its securities during
the  three  months  ended  February  28,  2003:

1.     On December 11, 2002, the Company issued 372,818 shares to the holders of
the  replacement debentures, at the average market price of $0.38 per share.  No
commissions or fees were paid in connection with the issuance of the shares. The
sales  were completed pursuant to Regulation S of the Act on the basis that each
holder  of  the  replacement  debentures  is a non-U.S. person, as defined under
Regulation  S  of  the  Act.

2.     On  December  16,  2002,  the  Company  completed  a private placement of
400,000  units at a price of $0.50 per unit for total proceeds of $200,000. Each
unit  consists  of  one  common  share  and  one-half of a common share purchase
warrant.  Each common share purchase warrant entitles the holder to purchase one
common  share  at a price of $0.75 until June 16, 2003. The sales were completed
pursuant  to Regulation S of the Act on the basis that the sales were made in an
off-shore  transaction,  that  the  investor  is  a  non-U.S. person and that no
directed  selling  efforts were made in the United States, each as defined under
Regulation  S  of  the  Act. A commission of $16,000, or 8% of the proceeds, was
paid  in connection with the offering.  All securities issued were endorsed with
a  restrictive legend confirming that the securities had been issued pursuant to
Regulation S of the Act and were "restricted securities" under the Act and could
not be resold without registration under the Act or an applicable exemption from
the  registration  requirements  of  the  Act.

3.     On  December  18,  2002,  the  Company  completed  a private placement of
2,000,000 units at a price of $0.50 per unit for total proceeds of $1,000,000 to
one  investor.  Each unit consisted of one common share and one-half of a common
share  purchase warrant.  Each common share purchase warrant entitles the holder
to  purchase  one common share at a price of $0.75 until December 20, 2003.  The
investor  was  granted the option to purchase an additional 1,162,791 units at a
price  of  $0.43  per  unit. Each option was exercisable up to the date that was
three  weeks  from  the date of the closing of the private placement.  Each unit
that was the subject of the option consisted of one common share and one-half of
a  common  share  purchase warrant.  Each common share purchase warrant entitled
the  holder  to purchase one common share at a price of $0.75 until December 20,
2003.  The sales were completed pursuant to Regulation S of the Act on the basis
that  the  sales  were  made  in  off-shore transactions, that the investor is a
non-U.S.  person  and  that  no directed selling efforts were made in the United
States, each as defined under Regulation S of the Act. A commission of $100,000,
or  10%  of  the  proceeds,  was  paid  in  connection  with  the offering.  All
securities  issued  were  endorsed with a restrictive legend confirming that the
securities  had  been  issued  pursuant  to  Regulation  S  of  the Act and were
"restricted  securities"  under  the  Act  and  could  not  be  resold  without
registration  under  the  Act  or  an applicable exemption from the registration
requirements  of  the  Act.

4.     On  December  18,  2002,  the  Company  completed  a private placement of
2,000,000 units at a price of $0.50 per unit for total proceeds of $1,000,000 to
one  investor.  Each unit consisted of one common share and one-half of a common
share  purchase warrant.  Each common share purchase warrant entitles the holder
to  purchase  one common share at a price of $0.75 until December 20, 2003.  The
investor  was  granted the option to purchase an additional 1,162,791 units at a
price  of  $0.43  per  unit. Each option was exercisable up to the date that was
three  weeks  from  the date of the closing of the private placement.  Each unit
that was the subject of the option consisted of one common share and one-half of
a  common  share  purchase warrant.  Each common share purchase warrant entitled
the  holder  to purchase one common share at a price of $0.75 until December 20,
2003.  The sales were



                                                                          21

<PAGE>


completed  pursuant  to Regulation S of the Act on the basis that the sales were
made  in off-shore transactions, that the investor is a non-U.S. person and that
no  directed  selling  efforts  were  made in the United States, each as defined
under Regulation S of the Act. A commission of $100,000, or 10% of the proceeds,
was  paid  in  connection with the offering. All securities issued were endorsed
with  a  restrictive  legend  confirming  that  the  securities  had been issued
pursuant  to  Regulation S of the Act and were "restricted securities" under the
Act  and could not be resold without registration under the Act or an applicable
exemption  from  the  registration  requirements  of  the  Act.

5.     On  December  23,  2002,  the  Company  completed  a private placement of
1,100,000  units  at  a  price of $0.50 per unit for total proceeds of $550,000.
Each  unit  consists of one common share and one-half of a common share purchase
warrant.  Each common share purchase warrant entitles the holder to purchase one
common  share  at  a  price  of  $0.75  until  December 18, 2003. The sales were
completed  pursuant  to Regulation S of the Act on the basis that the sales were
made  in  an  off-shore  transaction, that the investor is a non-U.S. person and
that no directed selling efforts were made in the United States, each as defined
under  Regulation  S  of the Act. No commissions or fees were paid in connection
with the offering. All securities issued were endorsed with a restrictive legend
confirming  that  the securities had been issued pursuant to Regulation S of the
Act  and  were  "restricted  securities"  under  the Act and could not be resold
without  registration  under  the  Act  or  an  applicable  exemption  from  the
registration  requirements  of  the  Act.

6.     On  January  9, 2003 65,000 common share purchase warrants were exercised
at  a price of $0.35 for total proceeds of $22,750 and the Company issued 65,000
common shares from the treasury. The sales were completed pursuant to Regulation
D of the Act on the basis that the purchaser was a U.S. person, as defined under


Regulation  D  of  the  Act.  No  commissions or fees were paid.  All securities
issued  were  endorsed  with a restrictive legend confirming that the securities
had been issued pursuant to exemptions from the registration requirements of the
Act  and could not be resold without registration under the Act or an applicable
exemption  from  the  registration  requirements  of  the  Act.

7.     On January 10, 2003, the Company completed a private placement of 909,091
units  at a price of $0.55 per unit.  Each unit consists of one common share and
one-half  of a common share purchase warrant. Each common share purchase warrant
entitles  the holder to purchase one common share at a price of $0.83 until July
2,  2003.  The  sales  were completed pursuant to Regulation S of the Act on the
basis that the sales were made in an off-shore transaction, that the investor is
a  non-U.S.  person and that no directed selling efforts were made in the United
States,  each as defined under Regulation S of the Act.   No commissions or fees
were  paid  in connection with the offering. All securities issued were endorsed
with  a  restrictive  legend  confirming  that  the  securities  had been issued
pursuant  to  Regulation S of the Act and were "restricted securities" under the
Act  and could not be resold without registration under the Act or an applicable
exemption  from  the  registration  requirements  of  the  Act.

8.     On January 14, 2003, 1,162,791 options were exercised at a price of $0.43
per unit for total proceeds of $500,000. Each unit of the option consists of one
common  share,  and  one-half  of  a common share purchase warrant.  Each common
share  purchase  warrant  entitles  the holder to purchase one common share at a
price  of  $0.75  until  December  20,  2003.  The option was originally granted
pursuant  to a private placement completed on December 18, 2002.  The sales were
completed  pursuant  to Regulation S of the Act on the basis that the sales were
made  in  an  off-shore  transaction, that the investor is a non-U.S. person and
that no directed selling efforts were made in the United States, each as defined
under  Regulation S of the Act. A commission of $50,000, or 10% of the proceeds,
was  paid in connection with the exercise of options. All securities issued were
endorsed  with  a  restrictive  legend  confirming  that the securities had been
issued  pursuant  to  Regulation  S  of the Act and were "restricted securities"
under  the  Act and could not be resold without registration under the Act or an
applicable  exemption  from  the  registration  requirements  of  the  Act.

9.     On January 14, 2003, 1,162,791 options were exercised at a price of $0.43
per unit for total proceeds of $500,000. Each unit of the option consists of one
common  share,  and  one-half  of  a common share purchase warrant.  Each common
share  purchase  warrant  entitles  the holder to purchase one common share at a
price  of  $0.75  until  December  20,  2003.  The option was originally



                                                                          22

<PAGE>

granted  pursuant  to  a  private  placement completed on December 18, 2002. The
sales  were  completed pursuant to Regulation S of the Act on the basis that the
sales  were  made  in  an off-shore transaction, that the investor is a non-U.S.
person and that no directed selling efforts were made in the United States, each
as defined under Regulation S of the Act. A commission of $50,000, or 10% of the
proceeds,  was  paid  in connection with the exercise of options. All securities
issued  were  endorsed  with a restrictive legend confirming that the securities
had  been  issued  pursuant  to  Regulation  S  of  the Act and were "restricted
securities" under the Act and could not be resold without registration under the
Act  or  an  applicable exemption from the registration requirements of the Act.

Item  3          Default  Upon  Senior  Securities

The  Company  is in default of obligations pursuant to convertible debentures in
the  aggregate  principal  amount of $140,000, plus accrued interest of $56,426.
There  is no agreement to exchange this amount of remaining original convertible
debentures  into  replacement  debentures


Item  4          Submission  of  Matters  to  a  Vote  of  Security  Holders

No  matters  were  submitted to our security holders for a vote during our first
quarter  ended  February  28,  2003.


Item  5          Other  Information

None.


Item  6          Exhibits  and  Reports  on  Form  8-K

(a)     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)
4.1     Share  certificate  representing  common  shares  of  the capital of the
        Company  (1)
10.1    Agreement  for Conditional Purchase and Sale of Mining Property between
        the  Company  and  Roger C. Burggraf dated October 6, 1978 - Grant Mine
        Property(1)
10.2    Agreement  for Conditional Purchase and Sale of Mining Property between
        the  Company and Paul Barelka, Donald May and Mark Thoennes dated
        May 12, 1979 - St.  Paul  Property  (1)
10.3    Lease  of Mining Claims with Option to Purchase between the Company and
        Alaska  Mining  Company,  Inc.  dated  February  3,  1995 - Hammond
        Property (4)
10.4    Agreement  for  the  Purchase  and  Sale  of  Mining Claims between the
        Company  and  Raymond  Moore  and Joe Hall dated October 9, 1995 -
        Marshall Dome Property  (4)
10.5    Change  of  Control  Agreement between the Company and Garry L. Anselmo
        dated  May,  1995  (6)
10.6    Change  of  Control Agreement between the Company and James Dixon dated
        May,  1995  (6)
10.7    Amendment  to Change of Control Agreement between the Company and Garry
        L.  Anselmo  (6)
10.8    Operating  Agreement  between the Company and Tri-Con Mining Ltd. dated
        January  1,  1997  (5)
10.9    Operating  Agreement  between the Company and Tri-Con Mining Inc. dated
        January  1,  1997  (6)
10.10   Operating Agreement between the Company and Tri-Con Mining Alaska Inc.
        dated  January  1,  1997  (6)



                                                                          23

<PAGE>


10.11   Contract  between  the Company and Dr. Warrack Willson dated March 19,
        2001  (6)
10.12   Equipment  Lease  Agreement  between the Company and Airport Equipment
        Rentals  Inc.  dated  October  11,  2002  (6)
99.1    Certification  of  Chief  Executive Officer and Chief Financial Officer
        pursuant  to  pursuant to 18 U.S.C. Section 1350, as adopted pursuant
        to Section 906  of  the  Sarbanes-Oxley  Act  of  2002  (7)
--------------------------------------------------------------------------------

(1)     Filed  as  an exhibit to the Company's Registration Statement on Form 10
        filed  initially  on  May  11,  1984,  as  amended.
(2)     Filed as an exhibit to the Company's Quarterly Report on Form 10-Q filed
        on  July  15,  1997.
(3)     Filed as an exhibit to the Company's Current Report on Form 8-K filed on
        September  11,  2002.
(4)     Filed  as an exhibit to the Company's Annual Report on Form 10-K for the
        year  ended  November  30,  1995.
(5)     Filed  as an exhibit to the Company's Annual Report on Form 10-K for the
        year  ended  November  30,  1996.
(6)     Filed  as  an  exhibit to the Company's Annual Report on Form 10-KSB for
        the  year  ended  November  30,  2002.
(7)     Filed  as  an  exhibit  to  this  Quarterly  Report  on  Form  10-QSB


REPORTS  ON  FORM  8-K

We  did not file any Current Reports on Form 8-K during the fiscal quarter ended
February  28,  2003.




                                                                          24

<PAGE>

                                   SIGNATURES

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


                                               SILVERADO  GOLD  MINES  LTD.


DATE:     April  14,  2003
                                               /s/ Garry  L.  Anselmo
                                               ____________________________
                                               Garry  L.  Anselmo
                                               President
                                               Chief  Executive  Officer
                                               (Principal  Executive  Officer)
                                               Chief  Financial  Officer
                                               (Principal  Financial  Officer)




                                                                          25

<PAGE>


                                 CERTIFICATIONS*

I,  Garry  L.  Anselmo,  Chief  Executive Officer and Chief Financial Officer of
Silverado  Gold  Mines  Ltd.,  certify  that;

1.   I  have  reviewed  this  quarterly  report on Form 10-QSB of Silverado Gold
     Mines  Ltd.;

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

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

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

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

     b)   evaluated  the  effectiveness  of the registrant's disclosure controls
          and procedures as of a date within 45 days prior to the filing date of
          this  quarterly  report  (the  "Evaluation  Date");  and

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

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

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

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

6.   The  registrant's  other  certifying  officers and I have indicated in this
     annual  report  whether there were significant changes in internal controls
     or  in  other  facts  that  could  significantly  affect  internal controls
     subsequent  to  the  date  of  our  most  recent  evaluation, including any
     corrective  actions  with  regard  to significant deficiencies and material
     weaknesses.


Date:     April  14,  2003     /s/ Garry  L.  Anselmo
                               ___________________________________________
                              (Signature)

                              Chief Executive Officer and
                              Chief Financial Officer
                              ___________________________________________
                              (Title)

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