<PAGE>



                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-KSB
(Mark  One)
[X]     Annual Report Pursuant To Section 13 Or 15(D) Of The Securities Exchange
        Act  Of  1934

For  the  fiscal  year  ended  NOVEMBER  30,  2002

[ ]     Transition  Report  Under  Section  13  Or  15(D)  Of  The Securities
        Exchange  Act  Of  1934

For  the  transition  period  from  _____  to  _____

COMMISSION  FILE  NUMBER:     0-12132
                              -------

                            SILVERADO GOLD MINES LTD.
                            -------------------------
                 (Name of small business issuer in its charter)

British  Columbia,  Canada                    98-0045034
--------------------------                    ----------
(State  or other jurisdiction of              (I.R.S. 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)


(604)  689-1535
---------------------------

Issuer's  telephone  number



Securities  registered  under  Section  12(b)  of  the  Exchange  Act:  NONE.
                                                                        -----

Securities  registered  under  Section  12(g)  of  the  Exchange  Act:

                           COMMON SHARES, NO PAR VALUE
                           ---------------------------

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

Check  if there is no disclosure of delinquent filers in response to Item 405 of
Regulation  S-B  is  not  contained  in  this  form,  and  no disclosure will be
contained,  to  the  best  of  registrant's  knowledge,  in  definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or  any  amendment  to  this  Form  10-KSB.  [  ]

State  issuer's  revenues  for  its  most  recent  fiscal  year  $991

State the aggregate market value of the voting and non-voting common equity held
by  non-affiliates computed by reference to the price at which the common equity
was  sold,  or  the  average  bid and asked price of such common equity, as of a
specified  date  within  the  past 60 days. (See definition of affiliate in Rule
12b-2 of the Exchange Act.) $22,774,326 as of February 11, 2003 State the number
of  shares  outstanding  of each of the issuer's classes of common equity, as of
the latest practicable date.   106,616,697 Common Shares as of February 11, 2003

Transitional  Small Business Disclosure Format (check one): Yes  [   ]   No  [X]

                                  Page 1 of 47

<PAGE>



                                     PART I

ITEM  1.     DESCRIPTION  OF  BUSINESS.

FORWARD-LOOKING  STATEMENTS

The  information  in  this Annual Report on Form 10-KSB 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.

INTRODUCTION

Silverado  Gold  Mines  Ltd.  ("Silverado"  or  "the Company") is engaged in the
acquisition,  exploration  and development of mineral properties in the State of
Alaska.  Silverado  is  currently  actively  engaged  in  mining and development
activities  at  its  Nolan Gold Project.  The Company's plan of operations is to
commence  gold extraction in the summer of 2003 from ore that is currently being
mined.  The  Company  also  plans  to  conduct  further exploration of its Nolan
properties  in  2003.  The  Company  is  also  seeking financing to enable it to
proceed  with  the  construction  of a commercial test facility to establish the
viability of the production of low-rank coal-water fuel as a replacement for oil
fired  boilers  and  utility  generators.

CORPORATE  ORGANIZATION

Silverado  was  incorporated under the laws of British Columbia, Canada, in June
1963.  Silverado  operates  in  the  United  States  through  its  wholly  owned
subsidiary,  Silverado  Green  Fuel  Inc.  (formerly Silverado Gold Mines Inc.).
Silverado  Green  Fuel  Inc.  was  incorporated  in the State of Alaska in 1981.

Silverado's  exploration and development activities are managed and conducted by
affiliated  companies,  Tri-Con Mining Ltd. ("Tri-Con"), Tri-Con Mining Inc. and
Tri-Con  Mining  Alaska  Inc. pursuant to written operating agreements.  Each of
Tri-Con,  Tri-Con Mining Inc. and Tri-Con Mining Alaska Inc. are privately owned
corporations  controlled  by  Garry  L.  Anselmo,  who  is  the president, chief
executive  officer,  chief  financial  officer,  chairman  and  a  director  of
Silverado.  See  Item  12  -  Certain  Relationships  and  Related Transactions.


MINERAL  EXPLORATION  AND  DEVELOPMENT  BUSINESS

The  Company  holds  interests  in  five groups of mineral properties in Alaska.
Silverado's  main  project  is currently the development and mining of its Nolan
mineral  properties, located 175 miles north of Fairbanks, Alaska.  This project
is referred to by the Company as the Nolan Gold Project.  The Company also holds
interests  in  the  following  groups  of mineral properties that are at various
stages  of  exploration:

1.   the  Ester  Dome  Gold properties, located 10 miles northwest of Fairbanks,
     Alaska;
2.   the  Marshall  Dome  properties,  located  approximately  20 miles north of
     Fairbanks,  Alaska;

                                  Page 2 of 47

<PAGE>


3.   the Hammond properties, located about 280 miles north of Fairbanks, Alaska;
     and
4.   the  Eagle  Creek  properties,  located  approximately  10  miles  north of
     Fairbanks,  Alaska.

The  Company's  plan  of  operations  for  these mineral properties is discussed
below:

1.     The  Nolan  Gold  Project

The  Company's primary area of exploration and development interest is the Nolan
Gold Project.  The properties comprising the Nolan Gold Project are discussed in
detail  under  Item  2  -  Description  of Properties of this Form 10-KSB Annual
Report.

The  Company's  plan  of  operation is to continue to develop and mine its Nolan
properties,  with  production  targeted  specifically for the Nolan Deep Channel
areas.  The  Company  received  an  engineer's report in the summer of 2002 that
outlined a three year plan to develop and mine the Nolan Deep Channel area.  The
Company  determined  to  proceed with this plan and is currently undertaking the
necessary  development  work that will enable it to start processing gold in the
summer  of  2003.  Revenues  are  expected  to  be  achieved from the Nolan Gold
Project  by  mid-summer  of  2003.

The  Company  began  its  mobilization  for  mining of the Nolan Deep Channel in
September 2002.  The Company acquired mining equipment with a value in excess of
$1,700,000,  by both purchase and lease, that was necessary to begin operations.
The  mining equipment includes two mini-bore jumbo drills, three DUX underground
haulage  trucks,  Caterpillar  tractor/dozer,  grader  and  front  end  loader
equipment, two underground loaders and various compressor, lightplant, generator
and  utility equipment.  The Nolan Mining camp was upgraded in order that mining
operations  could  resume.  The  upgrading  efforts  included  the  purchase and
installation  of  a  ten-room  housing  unit, the construction of an engineering
office,  the  upgrade  of  laboratory  facilities  and  the  installation  of
communications  facilities.

The  Company  completed  preparation  of  the  infrastructure  necessary for the
commencement  of  underground  mining  in the fall of 2002.  This infrastructure
included  the  following:

(a)  the  upgrade  and  construction  of  3,000  feet  of  haulage  road;

(b)  the construction of portals A, B and C, as required for the commencement of
     construction  of  the  A,  B  and  C  decline  tunnels;

(c)  the  construction  of  an  ore  storage  pad;

(d)  the  commencement  of  construction  of  settling  ponds and holding ponds;

(e)  the  construction  of  a  pad  for  the  location  of  the  wash  plant;

(f)  the  installation  of  culverts  for  creek control and roadway protection.

The  Company  began  construction of the decline tunnels necessary for accessing
the  Nolan Deep Channel in the third week of October, 2002.  The decline tunnels
are  the  underground  tunnels  that  start at portals at the surface and tunnel
downwards  to  the  targeted  ore body in the Nolan Deep Channel.  Work has been
carried  on  continuously  with two ten hour shifts working seven days per week.
By  the end of November, 2002, the "B" decline tunnel had progressed to the edge
of  the  Nolan  Deep  Channel  at a slope distance of 263 feet and about 90 feet
vertical  below the surface of the Nolan Creek.  By the end of January 2003, the
"B"  tunnel  decline  had been actively developed and continued within the Nolan
Deep  Channel.  After  intercepting  the Nolan Deep Channel, tunnels were turned
upstream,  advancing  426  feet  upstream  along  the  Nolan  Deep  Channel, and
downstream,  advancing a distance of 500 feet along the Nolan Deep Channel.  The
"C"  tunnel  decline  has  progressed a total slope distance of 475 feet and has
intercepted  the Nolan Deep Channel on the west side, approximately 8 feet above
the  projected  depth  of the bedrock.  Both the "C" and "B" workings have water
flows  and  seepage  that require continual pumping.  Mine water is collected in
underground sumps and pumped to the surface as required.  The "A" tunnel decline
was commenced by the Company in


                                  Page 3 of 47

<PAGE>


the fall of 2002, but was subsequently placed on hold due to frequent encounters
with  groundwater,  which  subsequently  caused thawing of the frozen ground and
created  the  potential of unstable working conditions. As at the end of January
2003, work on the "A" tunnel decline continued to be on hold due to the presence
of  water  and  is  not  expected  to be active for the remainder of this mining
season.

A total of approximately 8,500 bank cubic yards of development material has been
blasted  and  removed  from  the tunnels since mining began in the fall of 2002.
This  material  is  now  stored on the surface.  Of this material, approximately
7,000  bank cubic yards is gold bearing and has been placed on the ore stockpile
to  be  processed  in  the  summer  months.

The  Company's  plans for the remainder of the winter mining season at the Nolan
Deep  Channel  are  as  follows:

(a)  To  continue  advancement  of the "B" south development heading in order to
     connect  with  the  "C"  north  development  heading.

(b)  To  continue  advancement  of the "C" north development heading in order to
     connect  with  the  "B"  south  development  heading.

(c)  Once  the  "B"  tunnel  and  the "C" tunnel developments have connected, to
     proceed with systematic stope mining of the entire length of the Nolan Deep
     Channel between the "B" and "C" tunnel portals. The Company believes it has
     the  potential  to  mine  approximately 1,500 feet of channel length during
     this  winter  season.

(d)  To  finalize  the selection and the construction of the wash plant and gold
     recovery  systems  that  will be required to process gold during the summer
     months.

(e)  To outline a further drilling program on the Nolan property to be commenced
     in  late  spring  of  2003.

(f)  To  commence the processing of the mined ore stockpile for recovery of gold
     in  early  June  2003.

(g)  To  complete the recovery of gold from the mined ore stockpile by late July
     2003.

(h)  To  continue  reclamation  activities.

(i)  To  recommence  underground  development and mining activities in September
     2003  to  continue  until  the  end  of  Spring  2004.

The  Company's  plan  to  complete these programs in accordance with its planned
schedule  is  subject  to  weather conditions.  Under normal weather conditions,
winter  mining operations should be able to carry on through March 2003, or even
later.  However,  the Winter of 2002 - 2003 has thus far been one of the warmest
winters  in  modern  recorded  history  for  interior  Alaska.  Since subsurface
temperatures  within  the  workings are a constant 28 degrees F, all ventilation
air  pumped  into  the  mines  must  be less than that temperature in order that
thawing  and  ground  instability  does not occur.  An unusually early spring or
extended  warm  periods during the remaining winter months could cause delays in
schedules  or  modification  of  mining  plans.

On  September  1,  2002  the  Company retained a professional engineer to act as
project manager for both its mining and exploration activities during 2003.  The
Company  plans  to  retain  an  independent  engineer  to confirm and ratify the
Company's  methods  and  procedures  for  gold extraction during the summer gold
recovery  phase,  and  to assess the targeting and drilling of drill holes to be
completed  during  the  drilling  program  planned  for  2003.


                                  Page 4 of 47

<PAGE>



Exploration  Program  Planned  for  Nolan  during  2003

Beginning  in  the spring of 2003, and after the melt-water runoff has occurred;
the  Company  will commence additional exploration and development activities at
the  Nolan  project.  The  focus  of  exploration will be to further define gold
reserves  and  gold  resources in order to provide a basis for the assessment of
the  feasibility  of  future  additional  mining  at  the  Nolan  project.

While  final  plans  and  associated  budgeting  are  not  presently  finalized,
corporate  directives are to implement and achieve the following.  Project staff
is  developing  proposed  plans  for  corporate  review  and  approval.

a.   Improved  definition and delineation of gold reserves in the Phase One Deep
     Channel  Project.
b.   Further definition and delineation of gold reserves and resources contained
     in  the  Phase  Two  Deep  Channel  Project.
c.   Further definition of surface mineable gold reserve and gold resource areas
     of  the  property.
d.   Continued investigation for gold lode sources of the placer gold nuggets at
     Nolan  areas.

Completing  this  exploration  program  will  include  the  following.

a.   Hiring  of  exploration  geologists  and  drill  technicians.
b.   Hiring  laboratory  technicians.
c.   Retrofit  and  laboratory  upgrades.
d.   Oversight  by  an  independent  Professional  Mining  Engineer or Certified
     Geologist.
e.   Contract  drilling  services.
f.   Outside  laboratory  analysis,  particularly  for  lode  gold.
g.   In-house  and  external  review  of results, including feasibility studies.

The  facilities  and  infrastructure  at  Nolan  are  capable of supporting this
project  with  a  minimum  of expansion.  The primary expenses will be labor and
contract  costs,  including  transportation,  and  on  site  support.

2.     Ester  Dome  Property

The  properties  comprising  the Ester Dome gold project are discussed in detail
under Item 2 - Description of Properties of this Form 10-KSB Annual Report.  The
Company  currently  is  not  undertaking any exploration activities on the Ester
Dome  Gold  Project.

The  Company  plans  to  convert  the  Grant mine mill located on the Ester Dome
properties  into a research and development facility for the low-rank coal-water
fuel  business,  as  discussed  below.

3.     Marshall  Dome  Property

The  properties  comprising  the  Marshall Dome Property are discussed in detail
under  Item 2 - Description of Properties of this Form 10-KSB Annual Report. The
Company  currently is not undertaking any exploration activities on the Marshall
Dome  Property  due to the Company's determination to focus its resources on the
Nolan  Gold  Project.

4.     Hammond  Property

The  properties  comprising  the  Hammond property are discussed in detail under
Item  2  -  Description  of  Properties  of this Form 10-KSB Annual Report.  The
Company, as at November 30, 2002, was not undertaking any exploration activities
on  the  Hammond property. However, subsequent to November 30, 2002, the Company
has announced plans to resume exploration drilling on the Hammond Gold Property.
This  property  is  also  referred  to  as  the  "Slisco  Bench"  property.

                                  Page 5 of 47

<PAGE>


5.     Eagle  Creek  Property

The properties comprising the Eagle Creek property are discussed in detail under
Item  2  -  Description  of  Properties  of this Form 10-KSB Annual Report.  The
Company  is  not  currently  undertaking any exploration activities on the Eagle
Creek  property.


GOLD  USES  AND  PRICES

Gold has two main categories of use--product fabrication and bullion investment.
Gold  has  a  variety  of end uses, including jewellery, electronics, dentistry,
industrial  and  decorative  uses,  medals,  medallions and official coins. Gold
investors  buy  gold  bullion,  official  coins  and  high-karat  jewellery.

The  worldwide  supply  of gold consists of a combination of new production from
mining  and the draw-down of existing stocks of bullion and fabricated gold held
by  governments,  financial  institutions,  industrial organizations and private
individuals.  In  recent  years, mine production has accounted for 60% to 65% of
the  total  annual  supply  of  gold.

The  following  table presents the annual high, low and average afternoon fixing
prices over the past ten years, expressed in U.S. dollars, for gold per ounce on
the  London  Bullion  Market.
<TABLE>
<CAPTION>


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

          Yearly Low       Yearly              Average
          Price of Gold    High Price of Gold  Price of Gold
 Year     (US$ per ounce)  (US$ per ounce)     (US$ per ounce)
--------------------------------------------------------------

<S>       <C>              <C>                 <C>
1992              330.25            359.60          343.82
--------------------------------------------------------------


1993              326.10            405.60          359.77
--------------------------------------------------------------


1994              369.65            396.25          384.00
--------------------------------------------------------------


1995              372.40            395.55          383.79
--------------------------------------------------------------


1996              367.40            414.80          387.81
--------------------------------------------------------------


1997              283.00            362.15          331.02
--------------------------------------------------------------


1998              273.40            313.15          294.24
--------------------------------------------------------------


1999              252.80            325.50          278.98
--------------------------------------------------------------


2000              263.80            312.70          279.11
--------------------------------------------------------------


2001              256.25            293.25          271.04
--------------------------------------------------------------


2002              277.75            349.30          309.73
--------------------------------------------------------------
</TABLE>



Source  of  Data:  Kitco.com.

On  February  19,  2003, the spot market price of gold on the New York Commodity
Exchange  was  $351.80  per  ounce.

The  price of gold is affected by numerous factors that are beyond the Company's
control.  See  Risks  Factors  below.

LOW-RANK  COAL-WATER  FUEL  BUSINESS

The  Company  commenced  development  of  a low-rank coal-water fuel business in
2000.  The  Company's  determination  to enter into this business was based on a
decision  to  broaden  the  Company's  business  beyond  mineral exploration and
production.  This  aspect  of  the  Company's  business is still in the start-up
phase  of  operations  and  no revenues have been achieved to date.  The Company
anticipates  that  revenues  from  this  technology  will  not be achieved until
commercialization  of  the  technology  has  been  established.

The  Company  entered the fuel sector in 2000 by forming a new "Fuel Technology"
division which operates out of Fairbanks, Alaska. This division of the Company's
business  is  operated by the Company's wholly owned subsidiary, Silverado Green
Fuel  Inc.  (formerly  Silverado  Gold Mines Inc.), under the supervision of Dr.
Warrack  Willson,  vice-president of Fuel Technology. The fuel product is called
Low-Rank  Coal-Water  fuel.  It  is an economically and environmentally friendly
alternative  to crude oil.  The fuel is used in utility


                                  Page 6 of 47

<PAGE>


generators  for  producing  electricity  and  in  industrial  boilers.  It  is a
non-toxic,  non-hazardous,  and non-flammable substance, which is injected under
pressure and burned in power plants and results in lower emissions. This fuel is
produced  by coal being crushed and ground to a fine state and then treated with
a  high-pressure hot water process. Water is then removed from the coal and then
when cool, the micro-pores of the coal particle are sealed. This limits moisture
absorption.  This  results  in  an  increase  in  the energy content of the coal
particles,  which  are  then  re-mixed  with water. When the particles are fired
under pressure injection, the particles burn with a hot stable flame that allows
for  rapid  ignition  and  complete  carbon  burn-out. The Company believes that
demand  for  the  low-rank coal-water fuel technology exists because of the high
cost  of  crude oil and the desire for economical alternatives to crude oil that
are  environmentally  friendly.

The  Company's  objective  is  to  establish  the  commercial  viability  of the
low-rank-coal-water  fuel  technology  by adapting its Grant Mill located on the
Ester  Dome  property  into  a  demonstration  facility  for  producing low-rank
coal-water  fuel.   This  conversion is estimated to take approximately one year
to  complete  at  an  estimated  cost  of $10,000,000.   In order to achieve the
financing  necessary  to  proceed  with  the  construction of this demonstration
facility,  the  Company  applied to the United States Department of Energy for a
grant  of $10,000,000 under the Clean Coal Power Initiative in on July 30, 2002.
The  Company's  application  was not selected by the Department of Energy in the
first  phase  of  grant awards that were announced in January 2003.  The Company
plans to continue in its attempt to obtain a grant of $10,000,000 and intends to
re-submit  its application to the Department of Energy in September 2003 for the
second  phase  of  grant  awards.  There  is  no  assurance  that  the Company's
application  will  be  approved  by  the Department of Energy.  There is also no
assurance  that  the  Company  will  be  able  to achieve any financing, such as
financing  from  sales of its equity securities or from debt, which would enable
it  to  finance the low-rank coal-water fuel demonstration facility.  If a grant
is  received from the Department of Energy, the grant would be repayable and the
terms  would  be  arranged  after the grant application receives approval.   Any
funds  received  pursuant  to  a grant would not be received until the Company's
next  fiscal  year,  at  the  earliest.

The  Company  has  ceased  negotiations  with  officials  from the government of
Malaysia  to  build  a commercial low-rank coal-water fuel facility. The initial
plan was to have Malaysia finance the development, with the Company to receive a
mark-up  on  the  facilities  built  and  an  ongoing  royalty on all fuel sold.
However,  changes  in  political conditions in Malaysia as well as the Company's
focus  on  its  Alaska projects have forced the Company to cease its interest in
this  market  at  this  time.

From  time  to  time as conditions or funds warrant, the Company may re-evaluate
its  development  programs  in  response  to  changing economic or environmental
conditions.  Such  re-evaluation  may  result in the Company either changing its
development  priorities  or  allowing  certain properties or portions thereof to
lapse.  Such  a  re-evaluation  may  cause  the  Company  not  to  pursue  the
commercialization of the low-rank coal-water fuel technology or the construction
of  a  demonstration  facility.

GOVERNMENT  REGULATION

The  Nolan  Gold  Project  is  comprised  of  non-patented federal mining claims
located on federal land managed by the U.S. Bureau of Land Management.  A permit
is  approved  and  in  effect  under  a  2000-2005 plan of operations for mining
activity.  Permit applications are submitted under a tri-agency application, and
are  reviewed  by  agencies  of  the  State  of Alaska government, including the
Department  of  Natural Resources, the Department of Environmental Conservation,
and  Fish  and Game. A reclamation bond is posted annually in an amount required
by the State of Alaska for each acre of proposed disturbance exceeding reclaimed
acreage  in  a  permit period.  The Company has presently posted the appropriate
bonding,  and  as  a  matter  of company policy, endeavours to reclaim disturbed
areas  to  equal or exceed any new disturbance.  The current reclamation bond is
approximately  $20,800,  of  which  $8,700  is  refundable.

In  addition  to  the  federal permit, the Company also holds U.S. Environmental
Protection  Agency water discharge permits for wastewater discharges, which must
be  monitored  and  in  compliance  with  EPA  permit  conditions for turbidity,
suspended  solids, and heavy metals.  Discharge Monitoring reports are submitted
annually  to the EPA. Nolan Creek is one of two waterways in the State of Alaska
classified  as  primary  industrial  usage.

                                  Page 7 of 47

<PAGE>


The  U.S.  Army  Corps of Engineers also reviews permit applications for wetland
determinations.  The  Nolan  Deep  Channel  Project  is not located in wetlands,
although  the  Company  reports  annually  to  the  ACOE  on  activities.

The  mining  operation is regulated by Mine Safety Health Administration (MSHA).
MSHA  inspectors periodically visit the project to monitor health and safety for
the  workers,  and to inspect equipment and installations for code requirements.
All  workers  have  completed  MSHA  safety training, and are refreshed annually
before  employment  on  the project. A safety officer for the project is also on
site.

Other  regulatory  requirements  monitor  the  following:

a.     Explosives  and  explosives  handling.
b.     Use  and  occupancy  of  site  structures  associated  with  mining.
c.     Hazardous  materials  and  waste  disposal.
d.     State  Historic  site  preservation.
e.     Archaeological  and  paleontological  finds  associated  with  mining.
f.     Transportation  and  storage  of  hazardous  materials.

COMPETITION

The  Company  is  a  mineral  resource exploration and development company.  The
Company  competes  with  other  mineral  resource  exploration  and  development
companies for financing and for the acquisition of new mineral properties.  Many
of  the  mineral  resource  exploration  and development companies with whom the
Company  competes  have  greater  financial  and  technical  resources  than the
Company.  Accordingly, these competitors may be able to spend greater amounts on
acquisitions  of  mineral  properties  of merit, on exploration of their mineral
properties  and  on  development of their mineral properties.  In addition, they
may  be  able  to  afford  greater  geological  expertise  in  the targeting and
exploration of mineral properties.  This competition could result in competitors
having  mineral  properties  of  greater  quality  and  interest  to prospective
investors  who  may  finance  additional  exploration  and  development.  This
competition  could  adversely impact on the Company's ability to finance further
exploration and to achieve the financing necessary for it to develop its mineral
properties.

EMPLOYEES

The  Company  does  not  have  any  employees.  The  Company's  operating  and
administrative  activities  are carried out through the Company's agreement with
the  Tri-Con  Mining  Group.  See  Item  12  - Certain Relationships and Related
Transactions.

RESEARCH  AND  DEVELOPMENT  EXPENDITURES

The  Company  has  spent  the  following  amounts  on  research  and development
activities  during  the  past  two  fiscal  years:

                         November  30,  2001         November  30,  2000
                         to  November  30,  2002     to  November  30, 2001
                         -----------------------     ----------------------
Research and Development
Expenditures:                    $256,954                   $277,395

Research  and  development activities were primarily attributable to the pursuit
of  the  development of the Company's low-rank coal water fuel business.  During
2002,  the  majority  of  the research and development costs attributable to the
low-rank  coal-water fuel technology related to the preparation and presentation
of  the  Company's  application  for  a  $10,000,000  grant to the Department of
Energy.

                                  Page 8 of 47

<PAGE>


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 this Annual
Report,  including those risks identified under Item 1 - Description of Business
and Item 6 - Management Discussion and Analysis or Plan of Operation.  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;

                                  Page 9 of 47

<PAGE>


(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.

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 this Annual Report.  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.

                                  Page 10 of 47

<PAGE>


As  Silverado  is  currently  not  earning  revenues  and  has a working capital
deficit,  there  is  a  doubt  as  to Silverado's ability to continue as a going
concern.

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.  As discussed in the
notes  to  Silverado's  audited  financial  statements,  Silverado had a working
capital  deficiency  of  $604,459  as  of  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 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.




                                  Page 11 of 47

<PAGE>

ITEM  2.     DESCRIPTION  OF  PROPERTIES.

The  Company's  head  office  is located at Suite 505, 1111 West Georgia Street,
Vancouver,  British  Columbia,  Canada V6E 4M3.  These premises are comprised of
approximately  4,549  square  feet  and  are leased for a term expiring in March
2004.

The  Company's  interests  in  its  five groups of mineral properties located in
Alaska  are  described  below:

NOLAN  GOLD  PROJECT

1.     Location  and  Access

The  Nolan  Gold  Project  consists  of  five  contiguous  properties  covering
approximately  6  square  miles.  These  mineral  properties  are  located
approximately  8  miles  west  of Wiseman, and 175 air miles north of Fairbanks,
Alaska  in  the  foothills  of the Brooks Range, in an area known as the Koyukuk
Mining  District.

The  Nolan  Gold  Project is accessible by the Trans-Alaska Pipeline road, about
280  road  miles  north of Fairbanks Alaska.  An all weather road connects Nolan
Creek  to  the  Pipeline road and is suitable for semi-tractors loaded with fuel
and equipment year-round.  Air transportation is available by several commercial
carriers  on  two  daily  flights  to  Coldfoot, Alaska, about 30 miles south of
Nolan.

2.     Ownership  Interest

The five contiguous properties comprising the Nolan Gold Project are as follows:

(a)     Nolan  Placer:

This property consists of 157 unpatented federal placer claims 100 percent owned
by  Silverado.


(b)     Thompson's  Pup:

This property consists of 6 unpatented federal placer claims owned by Silverado.
Silverado's  ownership  is  subject  to a royalty of 3% of net profits on 80% of
production.

(c)     Dionne  (Mary's  Bench):

This  property consists of 15 unpatented federal placer claims and miscellaneous
mining  equipment  purchased  by  Silverado  in  1993  for  a  purchase price of
$1,000,000.  Payment  of  this  purchase  price  was  completed  in  1997.

(d)     Smith  Creek:


This  property consists of 35 unpatented federal placer claims and miscellaneous
mining  equipment  and  was  purchased  in  1993 from its previous operators for
$200,000  payable  over  five  years  with  payments  originally scheduled to be
completed  in  1998.  Payment  of this purchase price was completed during 2002.

Smith  Creek's  mining  operations are using the open-cut method. Currently, the
Company  has  no  mining  activity  on  the  Smith  Creek.

(e)     Nolan  Lode:

This property consists of 31 unpatented federal lode claims 100 percent owned by
Silverado.

The  Company  did not complete any exploration or development activities on this
property  during  fiscal 2002. However, the Company intends to undertake further
exploration  of  the  Nolan  Lode  property  in  the  current  fiscal  year.

                                  Page 12 of 47

<PAGE>


3.     History  of  Operations

Silverado  began  acquiring  claims  in  the area and developing the placer gold
deposits in 1979.  Through 1988, Silverado and a lessee produced 2,400 ounces of
gold nuggets.  Due to the angular nature and attachment to quartz of much of the
placer  gold  recovered, Silverado believed the lode source should be nearby and
has  staked  lode  claims  to  cover  the  potential  source  areas.

From  1990 to 1993, Silverado conducted reclamation, exploration and development
in  preparation  for  commencement  of  production.  Initially,  production  was
carried out on the Thompson's Pup property.  Then, in November 1993, the Company
commenced production on the Dionne (Mary's Bench) Property. Gold bearing gravels
were mined by underground methods from a frozen bench deposit.  Since the winter
of  1994/95  almost  14,000 ounces of gold have been recovered by Silverado from
these  sites,  primarily  in  the  form  of  high-quality nuggets, which sell at
premium  prices.  From  1995  to  1997, the Company restricted its activities at
Nolan  as  it refocused its resources on its Ester Dome properties.  During that
time,  the  Company  substantially  reclaimed its previous disturbances.  During
1998  and  1999,  the Company concentrated its activities on the Archibald Creek
area,  located  within  the  Nolan  Placer  claims.  Limited mining on the Swede
Channel  located  within  Dionne was also undertaken by a third party.  In 2001,
the  Company suspended mining operations.  Mining development commenced again in
2002  when the Company secured sufficient financing to enable it to proceed with
its  current  operations.

4.     Present  Condition  of  the  Property  and  Current  State of Exploration

The  Company  has  spent  approximately  $20,000,000  over  the  last  17  years
developing  the  Nolan  Gold Project. To present, a total of 569 drill holes and
38,393  feet  of  drilling  have been completed. About 180 drill holes completed
along  the  frozen gold bearing deep channel of the Nolan Creek (the "Nolan Deep
Channel")  has  result in the definition of 53,691 proven and probable ounces of
gold reserves, of which 10,646 ounces are proven and 43,045 ounces are probable.
The  Nolan  Deep  Channel  is  located  within  the  Nolan  Placer  claims.

During  2002 the Company secured sufficient funding and began development of the
Nolan  Deep Channel as part of a three year mining program, as described in Item
1  -  Description  of  Business.

The  Nolan  operations,  including  camp,  building, machinery shops and related
equipment,  were  constructed  in  the  late  1980's.  The Nolan Mining camp was
upgraded  in  2002  in order that mining operations could resume.  The upgrading
efforts  included  the purchase and installation of a ten-room housing unit, the
construction  of an engineering office, the upgrade of laboratory facilities and
the  installation  of  communications facilities.  These buildings and equipment
are  in operating condition and are currently operating.  The camp is capable of
housing  30  workers  at  present.  In addition, the Company purchased vehicles,
surface  and  underground mining equipment including dump trucks and drills. The
cost  of  this  plant and equipment to the Company was $1,716,703. (The net book
value  of  all  equipment on the Nolan Placer property is currently $1,563,419).
Power  to  the  Nolan  Placer  property is provided by diesel powered generators
located  on  site.

The  Company  intends  to conduct further exploration of the Nolan Placer, Nolan
Lode,  Smith Creek Placer, and Slisco Bench properties during the current fiscal
year,  as  outlined  in  Item  1  -  Description  of  Business.

5.     Geology

The  geological  formation targeted by the Company as part of its current mining
operations  on the Nolan Gold Project is the frozen gold bearing deep channel of
the  Nolan Creek.  This formation is known as the Nolan Deep Channel.  The Nolan
Deep  Channel  is  an underground frozen river bed  located approximately 100 to
200 feet beneath the existing Nolan Creek.  The Nolan Deep Channel stretches for
about  2.5  miles,  beginning  at  the  confluence of the existing Fay and Nolan
creeks  and  continues  downstream  to the confluence of the Nolan Creek and the
Wiseman  Creek.

                                  Page 13 of 47

<PAGE>


Early-day  miners  mined  the  deep  channel  of Nolan Creek. Their contemporary
methods,  however,  did  not  result  in the complete mining out of the channel.
Drilling  has  revealed  the  presence  of significant gold rich areas which are
extractable  by  conventional  underground  methods.  The Company's strategy for
mining  of  the  Nolan  Deep  Channel  is to drill and blast frozen gold bearing
gravels.  Operations  on  the Nolan gold mine are underground. The frozen gravel
is  then transported to the surface using specially designed underground loaders
and  stockpiled.  The  frozen  gold bearing material is later thawed for gravity
concentrating  of  the  gold  present  in  the  material.

The  placer  gold deposits identified on the Nolan Gold Project are related to a
belt  of schistose, or metamorphic rocks that lie along the southern boundary of
the  Arctic  Alaska  terrain.  The  placers range from shallow unfrozen deposits
that  are  relatively easy to mine, to deeply buried permanently frozen gravels.
The  deep  channel  project  is within these deep permanently frozen deposits of
Nolan  Creek.  The  formation  of  these deposits is closely tied to the glacial
history  of  the  area, which has been affected by at least four major phases of
glaciation.  Placer  deposits  are  of  the  following  three  types:

1.   Shallow  placers  concentrated  in  modern  stream  and  river  valleys.

2.   Placer gold concentrated on bedrock in deeply incised bedrock channels that
     have  been  covered  by  10  to  200  feet  of  stream  and  gravel.

3.   Placer  deposits concentrated on benches lying anywhere from 10 to 400 feet
     above modern stream levels. These bench gravels were deposited when streams
     were  flowing at higher levels relative to present, probably due to damming
     by  glacial  ice.

The Nolan mineral properties are underlain by a rock package known as the Arctic
Alaska  terrane,  composed  of  Proterozoic  through  Mesozoic  sedimentary,
metasedimentary,  and volcanic rocks, including an extensive carbonate sequence.
Ancient  sedimentary  and volcanic deposits were compressed into solid layers to
form  the  meta-sedimentary  rocks  forming  the  bedrock  sequence.

Known  gold  bearing  lodes  identified  on the Nolan Lode properties consist of
stibnite  bearing  quartz  veins, and quartz veins, which fill fractures cutting
phyllite,  containing  free  gold.  It is believed that a paleo-meta sedimentary
unit of the Nolan/Hammond area could be auriferous, and cross-cutting erosion of
this  unit  may  account  for  at least a portion of placer gold. The Nolan Lode
property  presently  contains  no  known  gold  reserves.

HAMMOND  PROPERTY  (SLISCO  BENCH)

1.     Location  and  Access

The  Company's  Hammond  property  is  adjacent  to  the  Nolan  Gold  Project,
approximately  175  air  miles  north  of  Fairbanks,  Alaska.

The  Hammond  property is accessible by the Trans-Alaska Pipeline road about 280
road miles north of Fairbanks, Alaska.  An all-weather road connects Nolan Creek
to  the  pipeline  road.

2.     Ownership  Interest
The  Hammond  Property  consists of 24 Federal placer claims and 36 Federal lode
claims  covering one and one-half square miles. The Company entered into a lease
of  mining  claims  with  option  to  purchase  with  Alaska Mining company Inc.
("Alminco") on December 14, 1994. The original term of the Alminco agreement was
for  five  years,  subject to Silverado's right to extend the lease on a year to
year  basis.  Silverado  has  exercised  its right to extend the term. Under the
terms  of  the  agreement,  Silverado  has  the  exclusive  right  to  carry out
exploration  on  the  Hammond  mineral  claims.  Silverado must pay to Alminco a
royalty  equal  to 10% of gross production from the Hammond claims, subject to a
minimum  royalty of $80,000 per year. Silverado has the option to purchase those
lode  claims  not  covered  by  the  placer  claims  for  a price of $5,000,000,


                                  Page 14 of 47

<PAGE>


payable by the payment of a 2% royalty on all net smelter returns generated from
production  on  these  claims.

Subsequent  to  November 30, 2002, the Company completed the delinquent payments
to  Alminco  in the amount of $140,000 in order to complete payments required to
be  made to Alminco during the initial five year term of the lease.  Alminco has
confirmed  that  the  agreement  is  in  good  standing on the understanding the
Company will use its best efforts to pay the minimum royalty payments, including
the  payments  for  the  past  three  years,  when  business  conditions permit.





                                  Page 14 of 47

<PAGE>


3.     History  of  Operations

The  Company  completed  a  drilling program in 1995 that identified placer gold
deposits  similar  to those on the adjoining Nolan Gold Project. The lode claims
also  extended  the area of interest for exploration for the lode sources of the
placer  gold.

4.     Present  Condition  of  the  Property  and  Current  State of Exploration

As  at  November  30,  2002, the Company was restricting its work on the Hammond
property  to  its  federal claims filings and maintenance.  The Company plans to
include  the  Hammond Property in its exploration program for the current fiscal
year  as  part  of the Nolan exploration program.  The Hammond claims have 1,156
ounces of proven gold reserves and 5,217 ounces of probable gold reserves, for a
total  of  6,373  ounces  of  proven  and  probable  reserves.

There  is  no  mining  plant  or  equipment  located  on  the  Hammond property.
Currently,  there  is  no  power  supply  to  the  Hammond  property.

5.     Geology

The  primary  area of geological interest on the Hammond Property is placer gold
deposits  that  are similar to the placer gold deposits present on the adjoining
Nolan  Gold  Project.

MARSHALL  DOME  PROPERTY

1.     Location  and  Access

The Marshall Dome property is located approximately 20 miles north of Fairbanks,
Alaska  and  is  accessed  by  the  Steese  Highway.

2.     Ownership  Interest

The  Marshall  Dome  Property  consists  of  38  State  claims, 35 of which were
acquired  by  the  Company, subject to an agreement for the purchase and sale of
mining  claims,  in  1995 due to its proximity and similar geological setting to
other nearby gold deposits that were being developed. The Company's ownership of
these mineral claims is subject to the completion of payments to the prior owner
of  these claims equal to 15% of net profits derived from the claims, subject to
a  buy-out  in  favor  of the Company in the amount of $5,000,000. The remaining
three  adjacent  claims  were located and acquired by the Company prior to 1995.

                                  Page 15 of 47

<PAGE>


3.     History  of  Operations

The  Company  has  surveyed the claims comprising the Marshall Dome Property and
has  conducted  preliminary  exploration.  This  exploration  has  consisted  of
geochemical,  geophysical  and  geological  mapping  that  has  disclosed  gold
mineralization.  This exploration was conducted in conjunction with infrared air
photo  and  airborne  electromagnetic  and  magnetic  surveys. The observed gold
mineralization  is believed to be favourable as it relates to other similar gold
deposits  in  the  immediate  area.

4.     Present  Condition  of  the  Property  and  Current  State of Exploration

The  Marshall  Dome  property  is currently in exploration stages but other than
maintenance  and its work commitments the Company has no planned activity on the
property  as  it  is  focusing  on  putting  the  Nolan property into year round
production.  The  Company  is  required  to  complete  $50,000  per year in work
commitments.


The  Marshall  Dome  property  does  not  have  any  proven mineral reserves and
exploration  is currently in the preliminary stages.  The Marshall Dome property
is undeveloped and does not contain any open-pit or underground mines.  There is
no  mining plant or equipment located on the Marshall Dome property.  Currently,
there  is  no  power  supply  to  the  Marshall Dome property, although power is
available  from  the  GVEA  power  lines which are within the property boundary.

5.     Geology


The  Marshall Dome property covers an area of two and one-half square miles, and
is  on  a  geological  trend which has been locally proven to host economic gold
bearing  lode  deposits.  The geology consists of a contact between two distinct
metamorphic  rock sequences, the Fairbanks schist, and the Chatanika metamorphic
sequence.  This  is  locally separated by a highly metamorphic unit of intensely
altered  rocks  known as eclogites. Gold mineralization is expected to be hosted
where gold bearing hydrothermal fluids come in contact with favorable hosts such
as  carbonaceous  units  in  proximity  to  migrating,  ore  bearing  fluids.
Carbonaceous  rocks are known to favorably induce precipitation of gold crystals
from  gold  bearing  fluids.

ESTER  DOME  PROJECT

The  Ester  Dome  Project  encompasses all of Silverado's optioned properties on
Ester  Dome,  and  covers  an area of approximately 2.5 square miles.  The Ester
Dome  project  is located approximately 10 miles northwest of Fairbanks, Alaska.

1.     Location  and  Access

Paved  and  gravel  highways  provide  access  to  the  Ester  Dome  properties.

(a)     Grant  Mine-O'Dea  Vein:

Access  to  the property is provided by the Ester Dome road to a well-maintained
gravel  road.

The  main  line  of  the  Alaska Railroad passes along the east, north, and west
perimeter  of  the  property  and  high capacity electrical power lines carrying
power  to the Fort Knox mill pass 300 feet below the Grant Mill on the property.


(b)     May  (St.  Paul)  /  Barelka:

This  property  is  located  1  mile  south  on the Parks Highway from Fairbanks
Alaska.  It  is  approximately  2  miles  from the Grant Mine and mill facility.
Access,  which  is  locally accessible by a well-maintained gravel road 10 miles
northwest  of  Fairbanks, Alaska, is on Sheep Creek road approximately 4.5 miles
to  Ester  Dome  road.

                                  Page 16 of 47

<PAGE>


2.     Ownership  Interest

The  properties  comprising  the  Ester  Dome  gold  project  are  as  follows:

(a)     Grant  Mine-O'Dea  Vein:

This property consists of 26 state mineral claims.  These claims are the subject
of  a  purchase agreement between the Company and the owners of the claims dated
May  12,  1979, as amended in October 1997.  The Company's ownership interest is
subject to the completion of payments of 15% of net profits until $2,000,000 has
been paid and 3% of net profits thereafter. In December of 1997, for the purpose
of  facilitating an agreement with Placer Dome U.S. Inc. and in consideration of
a payment by the Company of $20,000, the conditional purchase and sale agreement
was  amended  to  reduce the royalty payments to 3% of net profits as defined in
the  agreement.

(b)     May  (St.  Paul)  /  Barelka:

The  property consists of 22 State mineral claims.  These claims are the subject
of  a  purchase agreement between the Company and the owners of the claims dated
October  6, 1978.  The Company's ownership interest is subject to the completion
of payments of 15% of net profits until $2,000,000 (inflation indexed from 1979)
has  been  paid  and  3%  of  net  profits  thereafter.

(c)     Dobb's:

This property consists of 1 unpatented Federal mineral claim and 4 State mineral
claims.  The  Company's  ownership interest is subject to payments of 15% of net
profits  until  $1,500,000  has  been paid and 3% of the net profits thereafter.
Minimum work requirements are $1,500 per year. Access to Dobbs is the same route
as May (St. Paul) Barelka. The lease on this property is for 10 years, beginning
in  1984,  with  five-year  renewals  thereafter.

3.     History  of  Operations

(a)     Grant  Mine-O'Dea  Vein:

For  the  last  23  years,  the  Grant  Mine  has been the focal point of mining
interests  in the area of Silverado's claims on Ester Dome. The Grant Mine is an
underground  gold  mine  serviced  by a 200-foot vertical mining shaft. Work has
included  4,210  feet (1,285 m) of drifting and raising from the 200 foot level;
2,000  feet  (610m)  of  underground  diamond drilling; 14,844 feet (4,525 m) of
surface  diamond  drilling;  26,735  feet  (8,157 m) of surface rotary drilling;
5,350  feet  (1,630  m) of surface trenching; 11,758 feet (3,584 m) of deep soil
auger  drilling;  and  54  line  miles (92 km) of geophysics. Test production of
15,450  tons  of  ore  mined from the 200-foot level and above has yielded 5,890
ounces  of gold and 1,680 ounces of silver. The mill has remained inactive since
February  1992.

The  Grant-O'Dea claims have 83,158 ounces of proven reserves and 200,000 ounces
of  probable  gold  reserves.

(b)     May  (St.  Paul)  /  Barelka:

Old  timers  worked  this  deposit  during  the  early  1900's producing gold by
amalgamation.  During  the  1980's, the Company performed preliminary studies on
the  deposit.  Positive  results from these studies caused the Company to commit
approximately  $300,000  for further exploration during 1994-1995.  In 1996, the
Company  conducted an exploration program that included geophysical exploration,
trenching  and drilling.  By fall of 1997, the Company had completed 31 trenches
totalling  10,000  feet  and  91  drill  holes  totalling  19,200  feet.  Gold
mineralization  on  the deposit has been traced for 3,000 feet along the surface
and  drilled  to  a  depth  of  300  feet.

                                  Page 17 of 47

<PAGE>


The Company's drilling and trenching on this property has disclosed a large gold
bearing  system  which,  to  its delineated depth of only 150 feet, has combined
proven  and  probable  reserves of 97,692 ounces of gold, of which 16,338 ounces
are  proven  and 81,354 ounces are probable.  However, the Company is minimizing
work  on this property to maintenance as it focuses its efforts in preparing the
Nolan  property  for  year  round  production.

(c)     Dobbs:

The  Dobbs  claims  have  5,000  ounces  of  probable  gold  reserves.

4.     Present  Condition  of  the  Property  and  Current  State of Exploration

(a)     Grant  Mine-O'Dea  Vein:

The  Grant Mine operations, including camp, buildings, machine shops and related
equipment,  were constructed in the late 1980's.  This mill and equipment are in
operating  condition  but  are  not  currently operating.  The mill has remained
inactive  since  February  1989.  The  cost  of  this plant and equipment to the
Company  was $2,076,780.  The net book value is currently $692,162. Power to the
Grant  Mine operations is provided by diesel powered generators located on site.
Commercial  power  transmission  lines  cross  through  the  property, and would
provide  power  to  the  facilities  for  any  future  operations.

During  fiscal  2002,  the Company's work on the property was limited to minimal
research  and  development  activities for converting the Grant Mine mill into a
testing  facility  for  producing low-rank-coal-water fuel. The Company plans to
maintain  its  claim  rental  payments  for  the  current  fiscal  year.

If  gold  prices remain strong, the Company may re-commence exploratory drilling
on  its  Ester  Dome  properties  with  the  objective  of  establishing greater
reserves.

(b)     May  (St.  Paul)  /  Barelka:

The  St.  Paul  property  is  undeveloped  and  does not contain any open-pit or
underground  mines.  There  is  no  mining plant or equipment located on the St.
Paul  property.  Currently,  there  is no power supply to the St. Paul property.

(c)     Dobbs:


The  Dobbs  property  is  undeveloped  and  does  not  contain  any  open-pit or
underground  mines.  There  is no mining plant or equipment located on the Dobbs
property.  Currently,  there  is  no  power  supply  to  the  Dobbs  property.

5.     Geology

The  formations on the Ester Dome properties are as follows: The country rock is
known  as  the  Fairbanks  Schist. The gold bearing structures are either quartz
veins  and  veinlets,  or  complex  siliceous  intrusive brecciated gold systems
containing  native  gold  and  silver. Locally, these systems are hosted in more
brittle  tabular sections of the Fairbanks schist.  Uplifting of the area caused
cracks to develop in the bedrock, which provided avenues for gold bearing fluids
to  migrate  upward.  Where  favorable  pressure,  chemical,  and  temperature
conditions  occurred,  gold  was  deposited  within  the  fractures  and in some
instances  extended  into  the  hosting  country  rock.

                                  Page 18 of 47

<PAGE>


EAGLE  CREEK  PROPERTY

1.     Location  and  Access

The  Company's  Eagle Creek property is accessed by the Steese Highway, 10 miles
north  of  Fairbanks,  Alaska  to  Fox,  Alaska, then traveling along the Elliot
highway  6  miles  north  to  Murphy Dome Road, then west along Murphy Dome Road
about  5  miles  to  the  property.

2.     Ownership  Interest

The  Eagle Creek property consists of 77 state mining claims and is currently in
the  exploration  stage.

On  August  4,  1989,  Silverado  assigned  its  Eagle  Creek Property to Can-Ex
Resources (U.S.), Inc. ("Can-Ex") for a 15% net profits interest to a maximum of
$5,000,000.  Can-Ex changed its corporate name to Kintana Resources Ltd. and was
subsequently  dissolved.  Under  the  terms  of  the  assignment  agreement, the
Company  has  the right to return of the Eagle Creek property as a result of the
dissolution  and  has  taken  steps  to  maintain  the  Eagle  Creek  property.

3.     History  of  Operations


Silverado  has  been exploring the property intermittently since the mid 1970's.
Work  has  included  geochemical,  geophysical,  and  geological investigations.
Initially,  the  Scrafford vein, located on the property was a major producer of
antimony  with  a gold by-product.  During the early 1980's, geochemical surveys
located  anomalous  gold  and  antimony  targets.  During  subsequent trenching,
meta-volcanic  rocks  were  discovered.  Drilling  this  section of the property
during  1991  resulted in the definition of a large gold bearing resource hosted
in  the  meta-volcanic sequence of rocks.  Further in-fill drilling is necessary
to determine continuity of the gold bearing sequence, and to ascertain grades of
gold  within  the  deposit.  Additional  work has been done on the gold-antimony
bearing  veins  upon  which  the  property  was  founded.

4.     Present  Condition  of  the  Property  and  Current  State of Exploration

There  has  been  no development activity on the Eagle Creek property during the
year  and,  other than maintenance, none is planned for 2003. However, extensive
exploration drilling has shown gold mineralization throughout the property.  The
Eagle  Creek  property does not have any proven mineral reserves and exploration
is  currently  in  the  preliminary  stages.

The  Eagle  Creek  property  is undeveloped and does not contain any open-pit or
underground  mines.  There  is no mining plant or equipment located on the Eagle
Creek  property.  Currently,  there  is  no  power  supply  to  the  Eagle Creek
property,  although  GVEA  power transmission lines run through the property and
could  supply  power  in the event a facility is warranted for ore processing in
the  future.  Surface  exploration  work,  including geochemical and geophysical
surveys  is  recommended to be continued as a means of tracing promising mineral
bearing  rock  units.  Drilling is recommended to test the subsurface continuity
and  gold  content  of  the  rock  units.

5.     Geology

The  rock  formations  are  primarily Fairbanks schist, locally interbedded with
layers  of  felsic  gold bearing extrusive rocks. Areas of the property indicate
the  existence  of  Chatanika  sequence  of  metamorphic  rocks.  Gold  is  also
associated with a high angle vein system of quartz containing gold, arsenic, and
antimony.



                                  Page 19 of 47

<PAGE>

PROVEN  AND  PROBABLE  RESERVES

The  Company's proven and probable gold reserves from its Alaskan properties are
as  follows:



Silverado  Gold  Mines-Proven  and  Probable  Reserves  -  Troy  Ounces

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

                                         Probable
                      Proven Reserves    Reserves
Alaska Property       (Troy Ounces)     (Troy Ounces)
---------------       -------------     -------------
Ester  Dome
---------------       -------------     -------------
Grant  -  O'Dea          83,158          200,000
---------------       -------------     -------------

Ethel-Elms - Dobbs           --            5,000
---------------       -------------     -------------
St.  Paul                16,338           81,354
---------------       -------------     -------------
Total  -  Ester  Dome    99,496          286,354
---------------       -------------     -------------
---------------       -------------     -------------

Nolan  Gold  Project
---------------       -------------     -------------
Nolan  Placer
(other than
Slisco  Bench)           10,646           43,045
---------------       -------------     -------------

Slisco  Bench  (Hammond)  1,156            5,217
---------------       -------------     -------------
Total-Nolan Gold Project 11,802           48,262
---------------       -------------     -------------
---------------       -------------     -------------
Grand  Total-
Alaskan  Properties     111,298          329,616
---------------       -------------     -------------


The  proven  and  probable  reserve  calculations  for  the  Company's  mineral
properties  were  determined  by Mr. Edward J. Armstrong, Certified Professional
Geologist.  Mr.  Armstrong  is  the  president  of  the  Company's  subsidiary,
Silverado  Green  Fuel  Inc.

The  following  definitions have been applied in the determination of proven and
probable  reserves:

1.     The  term  "reserve"  means  that  part of a mineral deposit which can be
economically  and  legally  extracted  or  produced  at  the time of the reserve
determination.

2.     The  term  "economically,"  as used in the definition of reserve, implies
that  profitable  extraction  or production has been established or analytically
demonstrated to be viable and justifiable under reasonable investment and market
assumptions.

3.     The  term "legally," as used in the definition of reserve, does not imply
that  all  permits  needed  for mining and processing have been obtained or that
other  legal  issues  have  been  completely resolved. However, for a reserve to
exist,  there  should  be  a  reasonable  certainty based on applicable laws and
regulations  that  issuance  of  permits  or  resolution  of legal issues can be
accomplished  in  a  timely  manner.


                                  Page 20 of 47

<PAGE>


4.     The  term  "proven  reserves"  means  reserves  for which (a) quantity is
computed  from  dimensions  revealed  in  outcrops,  trenches, workings or drill
holes;  (b)  grade  and/or  quality  are  computed  from  the result of detailed
sampling  and (c) the sites for inspection, sampling and measurements are spaced
so  closely and the geologic character is sufficiently defined that size, shape,
depth  and  mineral  content  of  reserves  are  well  established.

5.     The  term "probable reserves" means reserves for which quantity and grade
are  computed  from information similar to that used for proven reserves but the
sites  for  sampling  are farther apart or are otherwise less adequately spaced.
The  degree  of assurance, although lower than that for proven reserves, is high
enough  to  assume  continuity  between  points  of  observation.

Proven  and  probable  reserves  were  calculated  using different cutoff grades
depending  on  each  deposit's  properties.  The  term "cut-off grade" means the
lowest  grade of mineralized rock that can be included in the reserve in a given
deposit. Cut-off grades vary between deposits depending upon prevailing economic
conditions,  mineability  of  the  deposit,  amenability  of  the  ore  to  gold
extraction,  and  milling  or  leaching  facilities  available.

FEDERAL  CLAIM  MAINTENANCE  FEES  AND  STATE  CLAIM  RENTALS

The  Company pays federal claim maintenance fees for each of its federal mineral
claims that are owned by the Company or are held by the Company under a purchase
or  lease  agreement.  An annual fee of $100 per claim is payable by the Company
to  the  Bureau  of  Land Management for each claim.  The Company paid aggregate
annual  federal  claim  maintenance  fees  of  $30,600  during  fiscal  2002 and
anticipates  a  similar  amount  will  be  due  for  the  current  fiscal  year.

The  Company  pays  Alaska state claim rentals for each of its state claims that
are  owned  by  the Company or are held by the Company under a purchase or lease
agreement.  An  annual fee of $55 or $130 per claim is payable by the Company to
the  Alaska  Department  of  Revenue for each claim.  The Company paid aggregate
Alaska  state  claim rental fees of $20,530 during fiscal 2002 and anticipates a
similar  amount  will  be  due  for  the  current  fiscal  year.

GLOSSARY  OF  TECHNICAL  TERMS

Auriferous.   Rock  formations  containing  gold.
-----------

Bedrock.   Crystalline  rock  units  which  underlie  unconsolidated  surface
--------
overburden  or  soils.

Brecciated.  Rock  composed  of  angular  fragments  held  together in a matrix.
-----------

Development.  The  process  following  exploration, whereby a mineral deposit is
------------
further  evaluated  and  prepared  for  production.  This  generally  involves
significant  drilling  and  may  include  underground  work.

Drilling.  The  process  of  boring  a  hole  in the rock to obtain a sample for
---------
determination of metal content.  "Diamond Drilling" involves the use of a hollow
bit  with diamonds on the cutting surface to recover a cylindrical core of rock.
"Reverse  Circulation Drilling" involves chips of rock being forced back through
the  center  of  the  drill  pipe  using  air  or  water.

Eclogitic.   Coarse-grained  deep-seated ultramafic rocks consisting essentially
----------
of  garnet  and  pyroxene.

Exploration.  The  process of using prospecting, geological mapping, geochemical
-----------
and  geophysical  surveys,  drilling,  sampling  and  other  means to detect and
perform  initial  evaluations  of  mineral  deposits.

Federal  Lode  Claims,  Federal  Placer  Claims.  Mineral claims up to 20 acres,
------------------------------------------------
located  on  federal  land  under  the  U.S.  Mining Law of 1872.  See below for
definitions  of  "Lode"  and  "Placer".

                                  Page 21 of 47

<PAGE>


Felsic.   A  mnemonic  adjective  derived  from  (fe)  for  feldspar.  (1)  for
-------
feldpathoids and (s) for silica and is applied to light-colored rocks containing
an  abundance  of  one  or  all  of  these  constituents.

Geochemical Survey.  Sample of soil, rock, silt, water or vegetation analyzed to
-------------------
detect the presence of valuable metals or other metals which may accompany them.
E.g.,  Arsenic  may  indicate  the  presence  of  gold.

Geophysical  Survey.  Electrical,  magnetic  and  other  means  used  to  detect
--------------------
features,  which  may  be  associated  with  mineral  deposits.

Gold  Deposit.  A  concentration  of  gold  in rock sufficient to be of economic
--------------
interest.

Host  Rocks.  A  term  used  for  a  rock  unit  which, as a result of favorable
------------
structural  or  chemical  characteristics,  provides  an  environment  for
precipitation  or  deposition  of  metals  or  other  foreign  materials.

Lode.  Mineral  in  place  in  the  host  rock,  as  in  "lode  gold".
-----

Lode  Source.  The  lode  mineral  deposit  from which placer minerals have been
-------------
derived  by  erosion.

Mineral  Claims.  General  term  used to describe the manner of land acquisition
----------------
under  which  the  right  to explore, develop and extract metals is established.

Paleo-meta.  A  metamorphosed  sedimentary  rock  of  probable  Paleozoic  age.
-----------

Placer.  Mineral,  which  has  been  separated  from  its  host  rock by natural
-------
processes and is often reconcentrated in streams as "placer deposits" or "placer
gold".

Phyllite.  An  argillaceous  rock  intermediate  between  slate  and  schist.
---------

Reserve.  That  part  of  a  mineral  deposit,  which  could be economically and
--------
legally  extracted  or  produced  at  the  time  of  the  reserve determination.
Reserves  are  customarily  stated  in  terms  of  "ore"  when  dealing  with
metalliferous  minerals.

Schist.  Flat  plate-like  metamorphic  rock formations, which contain primarily
-------
mica.

State  Claims.  Mineral claims up to 40 acres, located on State of Alaska lands.
--------------

Stibnite.  A  mineral  composed  of  antimony  and  sulphur.
---------

Fairbanks  Schist.  A  schist,  which  is  primarily  located  in  the Company's
------------------
properties  close  to  Fairbanks.



ITEM  3.     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.






                                  Page 22 of 47

<PAGE>

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

On  September  9,  2002,  the  Company  held  an  extraordinary  meeting  of the
shareholders  to  increase  its authorized capital to 200,000,000 common shares.
The shareholders approved the increase to the Company's authorized capital.  The
increase  to  the authorized capital was effective as of September 10, 2002 upon
the filing of an amendment to the Company's Memorandum with the British Columbia
Registrar of Companies.  A copy of the Company's amended Memorandum was attached
to  the  Company's  Current  Report  on  Form  8-K  filed on September 11, 2002.

The increase to authorized capital was approved by the Company's shareholders as
follows:

                                      Votes        Votes
Description  of  Matter               For          Against       Abstentions
-----------------------               ---          -------       -----------
Increase to Authorized Capital        12,016,794   3,509,010     189,745



                                     PART II

ITEM  5.     MARKET  FOR  COMMON  EQUITY  AND  RELATED  STOCKHOLDER  MATTERS.

MARKET  INFORMATION

Silverado's  common shares are quoted on the OTC Bulletin Board under the symbol
SLGLF  and  on the Berlin Stock Exchange under the symbol SLGL.BE. The following
table  indicates  the  high  and  low bid prices of the common shares during the
periods  indicated:

<TABLE>
<CAPTION>


QUARTER  ENDED   HIGH  BID     LOW  BID
<S>              <C>           <C>
Feb 28, 2001     $0.19          $0.16
May 31, 2001     $0.39          $0.13
Aug 31, 2001     $0.19          $0.13
Nov 30, 2001     $0.14          $0.09
Feb 28, 2002     $0.15          $0.14
May 31, 2002     $0.15          $0.14
Aug 31, 2002     $0.45          $0.41
Nov 30, 2002     $0.62          $0.59
</TABLE>
OTCBB:



<TABLE>
<CAPTION>
QUARTER ENDED     HIGH BID     LOW BID
<S>               <C>          <C>
Aug 31,2002        $0.46        $0.40
Nov 30,2002        $0.60        $0.60
</TABLE>
BERLIN:


The  source  of the high and low bid information is the NASD OTC Bulletin Board.
The  market  quotations  provided  reflect  inter-dealer  prices, without retail
mark-up,  markdown  or  commission  and  may  not represent actual transactions.

HOLDERS  OF  COMMON  SHARES

As  at  February  4,  2003, there were approximately 3,759 registered holders of
Silverado's  common  shares, approximately 80% of whom are located in the United
States.


                                  Page 23 of 47

<PAGE>



DIVIDENDS

Silverado  Gold Mines Ltd. has not declared dividends on its common stock in the
two  most  recent  fiscal  years.

Silverado  is  restricted  in  its ability to pay dividends by limitations under
British Columbia law relating to the sufficiency of profits from which dividends
may  be paid. In addition, Silverado's Articles (the equivalent of the Bylaws of
a  United  States  corporation) provide that no dividend shall be paid otherwise
than  out of funds or assets properly available for the payment of dividends and
declaration  by the directors as to the amount of such funds or assets available
for  dividends  shall  be  conclusive.

The  Canadian  Income Tax Act (the "Tax Act") provides in subsection 212(2) that
dividends  and  other  distributions deemed to be dividends paid or deemed to be
paid by a Canadian resident company to a non-resident person shall be subject to
a  non-resident  withholding  tax  of  25  percent  on  the  gross amount of the
dividend.  Subject  to  certain  exceptions,  paragraph 212(1)(b) of the Tax Act
similarly  imposes  a 25 percent withholding tax on the gross amount of interest
paid  by  a  Canadian  resident  to  a  non-resident  person.

Subsection  115  (1)  and  Subsection  2  (3)  of  the  Tax  Act  provide that a
non-resident  person  is  subject  to  tax  at the rates generally applicable to
persons  resident  in  Canada  on  any  "Taxable  capital  gain"  arising on the
disposition  of  shares  of  a  corporation that is listed on a prescribed stock
exchange  (which  includes  OTC  bulletin  board)  if:

(i)     such  non-resident,  together with persons with whom he does not deal at
arm's  length,  has  held  25% or more of the outstanding shares of any class of
stock  of  the  corporation  at  any  time  during the five years preceding such
disposition;  or

(ii)     the  shares disposed of were used by such non-resident in carrying on a
business  in  Canada.

A  taxable  capital  gain  is  presently  equal  to  one-half of a capital gain.

Provisions in the Tax Act relating to dividend and interest payments by Canadian
residents  to  persons  resident  in  the  United States are subject to the 1980
Canada - United States Income Tax Convention (the "1980 Convention").  Article X
of the 1980 Convention provides that the rate of non-resident withholding tax on
dividends  shall not exceed 5 percent of the gross amount of the dividends where
the  non-resident  person  who  is  the  beneficial  owner  of  the  shares is a
corporation,  which  owns  at  least  10  percent  of  the  voting  stock of the
corporation  paying  the  dividend.  In  other  cases,  the rate of non-resident
withholding  tax  shall  not  exceed  15  percent.

Article  XI  of  the  1980  Convention  provides  that  the rate of non-resident

withholding  tax  on interest shall not generally exceed 10 percent of the gross
amount  of  the  interest.

The reduced rates of non-resident withholding relating to dividends and interest
provided  by  the  1980  Convention  do  not  apply  if the recipient carries on
business  or  provides  independent  personal  services  through  a  permanent
establishment  situated  in  Canada,  and  the  shareholding  or  debt  claim is
effectively  connected  with  that  permanent  establishment.  In that case, the
dividends  and  interest  as  the  case  may be, are subject to tax at the rates
generally  applicable  to  persons  resident  in  Canada.

Article  XIII  of  the  1980 Convention provides that gains realized by a United
States resident on the sale of shares such as those of Silverado may be taxed in
both  Canada  and  the United States.  However, taxes paid in Canada by a United
States  resident  would, subject to certain limitations, be eligible for foreign
tax  credit  treatment  in  the United States, thereby minimizing the element of
double  taxation.

Except as described above, there are no government laws, decrees, regulations or
treaties  that  materially  restrict  the export or import of capital, including
foreign  exchange  controls,  or  which  impose  taxes,  including  withholding
provisions,  to  which  United  States  shareholders  are  subject.

                                  Page 24 of 47

<PAGE>


RECENT  SALES  OF  UNREGISTERED  SECURITIES

The  Company  completed  the  following sales of securities without registration
pursuant to the Securities Act of 1933 during the fiscal year ended November 30,
2002  that  have  not  been  reported on the Company's Quarterly Reports on Form
10-QSB  during  the  year:

1.     On  September  11,  2002, 2,643,107 shares were issued to the replacement
debenture  holders  at  the  price of $0.28 to satisfy the quarterly payments of
principal  and  interest.  The  transaction  totals $740,070 and consists of the
$703,572  of  interest and $36,498 of interest. No commissions or fees were paid
in connection with the issuance of the shares. The sales were completed pursuant
to  Regulation  S  of  the  Act on the basis that each holder of the replacement
debentures  is  a non-U.S. person, as defined under Regulation S of the Act. All
securities  issued  were  endorsed with a restrictive legend confirming that the
securities  had  been  issued  pursuant  to  Regulation  S  of  the Act and were
"restricted  securities"  under  the  Act  and  could  not  be  resold  without
registration  under  the  Act  or  an applicable exemption from the registration
requirements  of  the  Act.

2.     On  October  4,  2002 the Company completed a private placement, with one
investor,  of  400,000  units at a price of $0.38 per unit for total proceeds of
$152,000.  Each unit consists of one common share and one-half of a common share
purchase warrant. Each common share purchase warrant entitles the warrant holder
to  purchase  one  common  share  at  a price of $0.57 until October 15, 2003. A
commission  of  $12,160 was paid in connection with the offering. The sales were
completed  pursuant  to Regulation S of the Act on the basis that each purchaser
is  a  non-U.S. person, as defined under Regulation S of the Act. All securities
issued  were  endorsed  with a restrictive legend confirming that the securities
could  not  be  resold  without  registration  under  the  Act  or an applicable
exemption  from  the  registration  requirements  of  the  Act.

3.     On  November  7, 2002 the Company completed a private placement, with one
investor,  of 3,125,000 units at a price of $0.32 per unit for total proceeds of
$1,000,000.  Each  unit  consists  of  one common share and one-half of a common
share  purchase warrant. Each common share purchase warrant entitles the warrant
holder  to purchase one common share at a price of $0.49 until October 31, 2003.
A  commission  of  $100,000  was paid in connection with the offering. The sales
were  completed  pursuant  to  Regulation  S  of  the Act on the basis that each
purchaser  is  a  non-U.S. person, as defined under Regulation S of the Act. All
securities  issued  were  endorsed with a restrictive legend confirming that the
securities  could  not  be  resold  without  registration  under  the  Act or an
applicable  exemption  from  the  registration  requirements  of  the  Act.

The  Company  provides  the  following  updated information regarding previously

reported sales of securities without registration pursuant to the Securities Act
of  1933  during  the  fiscal  year  ended  November  30,  2002:

1.     The  number  of share purchase warrants and the warrant exercise price of
the  Company's December 20, 2001 private placement of 2,500,000 units at a price
of  $0.04  per  unit  was  amended on January 22, 2002 to increase the number of
warrants  by 1,250,000 for a total of 2,500,000 and to reduce the exercise price
to  $0.05  per  share.

2.     The  warrant  exercise  price  of  the  1,000,000 share purchase warrants
issued  in  connection  with the Company's February 6, 2002 private placement of
1,000,000  units  at  a  price  of  $0.10 per unit was amended on May 7, 2002 to
reduce  the  exercise  price  of  the warrants from $0.15 per share to $0.10 per
share  and  to  change  the  expiry date from February 7, 2003, to June 6, 2002.

3.     The  warrant  exercise  price  of  the  share purchase warrants issued in
connection  with  the  Company's February 5, 2002 private placement of 5,300,000
units at a price of $0.05 per unit was amended for two of the investors on April
2,  2002  to  reduce  the exercise price of the warrants from $0.10 per share to
$0.08 per share and to reduce the exercise period from one year to eight months.

4.     The  warrant  exercise  price  of  the  1,000,000 share purchase warrants
issued  in  connection  with  the  Company's  April 5, 2002 private placement of
1,000,000  units at a price of $0.09 per unit was amended to reduce the exercise
price  from $0.15 per share to $0.10 per share and to reduce the exercise period
from  six  months  to  immediate.

                                  Page 25 of 47

<PAGE>


5.     The  warrant  exercise  price  of  the  1,000,000 share purchase warrants
issued  in  connection  with  the  Company's  April 5, 2002 private placement of
1,000,000  units  at  a  price  of $0.09 per unit was amended on May 30, 2002 to
reduce  the exercise price from $0.15 per share to $0.10 per share and to reduce
the  exercise  period  from  six  months  to  immediate.


ITEM  6.     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OR  PLAN  OF  OPERATION.

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. See Item 1. -
Description  of  Business  for  a  more  detailed  discussion  of  the Company's
development  and  mining  activities  at  the  Nolan  Gold  Project.

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 Risk Factors.

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.  See  Item  1.  -  Description  of  Business  for a more detailed
discussion  of  the  Company's  planned  exploration activities.  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  Risk  Factors.

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. See
Item 1. - Description of Business for a more detailed discussion of the low-rank
coal-water  fuel  component  of  the  Company's  plan  of  operations.

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.

                                  Page 26 of 47

<PAGE>


RESULTS  OF  OPERATIONS

Year  ended  November  30,  2002  compared  to the year ended November 30, 2001.

Revenues

Revenue  from gold sales decreased to $991 for the year ended November 30, 2002,
from  $7,657  for  the  year  ended  November  30,  2001.  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 extract gold from current production 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 as
to  the  revenues  that will be realized from gold recoveries during fiscal 2003
due  to  the  uncertainties  of  gold  mining.  See  Risk  Factors.

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.  See  Item  1  -  Description  of  Business  and  Risk  Factors.

Operating  Costs

The Company did not incur any operating costs during the year ended November 30,
2002  due  to  the  fact that the Company did not achieve production from mining
activities  during the year.  Operating costs during the year ended November 30,
2001  were  $143,631.

The  Company incurred development costs in the amount of $1,114,498 on the Nolan
Gold  Project  during the year ended November 30, 2002.  These development costs
were  incurred  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.

Other  Expenses

The Company's other expenses increased to $3,835,282 for the year ended November
30,  2002  compared  to  $1,542,000  for  the  year  ended  November  30,  2001,
representing an increase of $2,293,282 or 149%.   The increase in other expenses
was primarily attributable to increases in development activities and consulting
fees  during  the  year  ended  November  30,  2002.

Management  services  attributable  to  the  activities  of  the  Tri-Con  Group
increased  to $204,059 for the year ended November 30, 2002 compared to $154,924
for  the year ended November 30, 2001, representing an increase in the amount of
$49,135  or 32%. 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's  increased activity on its mineral properties also caused general
exploration expenses to increase to $98,997 for the year ended November 30, 2002
compared  to  $86,926  for  the  year  ended

                                  Page 27 of 47

<PAGE>

November  30,  2001,  representing  an  increase  of $12,071 or 14%. The Company
anticipates  that  these  expenses  will  continue  to  increase  if the Company
proceeds  with its planned drilling and exploration activities on the Nolan Gold
properties.

Research  activities  attributable  to  the  low-rank coal water fuel technology
decreased  to $256,954 for the year ended November 30, 2002 compared to $277,395
for  the  year ended November 30, 2001, representing a decrease in the amount of
$20,441  or  7%.  Research  activities  were  primarily  in  connection with the
submission  of the Company's application for a grant to the Department of Energy
and  include  the  compensation of Dr. Warrack Willson.  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  decrease  in  research  expenses  also  reflects  the Company's
determination  to  focus  on  its  efforts  to  put  the Nolan Gold Project into
production.

Office  expenses  increased  to  $374,392  for  the year ended November 30, 2002
compared  to  $253,006  for  the  year  ended November 30, 2001, representing an
increase of $121,386 or 48%.  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 determination to proceed with the development
of  the  Nolan  Gold  Project.

Consulting  fees  increased  to  $1,958,258 for the year ended November 30, 2002
compared  to  $28,012  for  the  year  ended  November 30, 2001, representing an
increase  of  $1,930,246.  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 $3,755,401 for the year ended November 30, 2002
compared  to  $1,677,974  for  the  year ended November 30, 2001 representing an
increase  of  $2,077,427  or  124%.  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  the  Nolan  Gold  Project's  gold  sales  later in 2003.  While
increase  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 $905,000 as of November 30, 2002, compared to cash of
$17,093  as  of November 30, 2001.  The Company had a working capital deficiency
of $604,458 as of November 30, 2002, compared to a working capital deficiency of
$2,096,793  as  of  November  30,  2001.  The  decrease in the Company's working
capital  deficiency  was  primarily  the  result  of equity financings completed
during  2002.

The Company will require additional financing during the current fiscal year due
to  the Company's current working capital deficiency, 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.  See  Risk  Factors.

Cash  used  in  operating  activities

                                  Page 28 of 47

<PAGE>


Cash  used  in  operating  activities increased to $2,172,987 for the year ended
November  30, 2002, compared to $1,461,899 for the year ended November 30, 2001.
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 $5,525,690 for the year ended
November  30, 2002, compared to $1,485,663 for the year ended November 30, 2001.
Of the cash provided by financing activities, a total of $5,817,000 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  $2,464,796  in  investing  activities  during the year ended
November  30,  2002  compared to $6,671 during the year ended November 30, 2001,
representing  an  increase  of  2,458,125.  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.

The  Company incurred development costs in the amount of $1,114,498 on the Nolan
Gold  Project  during  the  year  ended  November  30, 2002.  These amounts were
capitalized  and  are  included in the Company's consolidated statements of cash
flows  as  investing  activities.

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.  As  at  November  30, 2002, the total amount
outstanding  under  the lease purchase agreement was $946,150. The lease payment
schedule,  as  disclosed in the Company's financial statements, 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
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
$592,360  during  the 2004 fiscal year and $492,360 during the 2005 fiscal year.

The  Company  had pre-paid $579,745 to the Tri-Con Group as of November 30, 2002
in connection with planned development activities to be carried out on the Nolan
Gold  Project  during  fiscal 2003.  These activities will be carried out by the
Tri-Con  Group  on  behalf  of  the  Company  in  accordance  with the Company's
operating  agreements  with  the  Tri-Con  Group.  See  Item  12  -  Certain
Relationships  and  Related  Transactions.

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

                                  Page 29 of 47

<PAGE>

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 year ended November 30, 2002.
Accordingly,  the  Company  completed  the  following  issuances  of  shares  in
satisfaction  of  amounts  of  principal  and interest due under the replacement
debentures  during  2002:

     a)   On  December  11,  2001,  the  Company  issued 1,628,971 shares at the
          average  market  price  of  $0.10  to  the  holders of the replacement
          debentures  to satisfy the quarterly payment of principal and interest
          due  November  30, 2001. The value of this transaction totals $162,898
          and  consists  of  $119,245  of  principal  and  $43,653  of interest.

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

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

     d)   On  September  11,  2002,  the  Company issued 2,643,107 shares at the
          market  price of $0.28 to the holders of the debentures to satisfy the
          quarterly  payments of principal and interest due August 31, 2002. The
          valuation  of this transaction is $740,070 and consists of $703,572 of
          principal  and  $36,498  of  interest.

As  at  November  30,  2002,  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  November  30,  2002  was
$1,121,310,  of which $476,978 is classified as a current liability and $644,332
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

As of November 30, 2002, the Company was in arrears of required mineral property
claims  and  option  payments  of  $140,000  and  therefore  the rights to these
properties  with  a carrying value of $315,000 were adversely affected. However,
subsequent  to  November  30, 2002, 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.

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.

                                  Page 30 of 47

<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 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.



                                  Page 31 of 47

<PAGE>

ITEM  7.     FINANCIAL  STATEMENTS  AND  SUPPLEMENTARY  DATA.


The consolidated financial statements listed below were prepared on the basis of
accounting  principles generally accepted in the United States and are expressed
in U.S. dollars.  These principles conform, in all material respects, with those
generally  accepted  in  Canada.
<TABLE>
<CAPTION>

--------------------------------------------------------
                                                PAGE
<S>                                              <C>
Auditors' Report                                 F-1
Comments by Auditors for U.S. Readers
on Canada - U.S. Reporting Conflict              F-1

Consolidated Balance Sheets,
November 30, 2002 and 2001                       F-2

Consolidated Statements of Operations,
Years Ended November 30, 2002 and 2001           F-3

Consolidated Statements of Cash Flows,
Years Ended November 30, 2002 and 2001           F-4

Consolidated Statements of Stockholders'
Equity, Years Ended November 30, 2002, and 2001  F-5

Notes to Consolidated Financial Statements  F-6 to F-27
--------------------------------------------------------

</TABLE>







                                  Page 32 of 47
<PAGE>

Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Silverado  Gold  Mines  Ltd.

Years  ended  November  30,  2002,  2001

                                  Page 1 of 27

<PAGE>

                                                                              F1
Morgan  &  Company
Morgan  and  Company
Chartered  Accountants
1488  700  W.  Georgia  Street          Telephone  (604)  687-5841
Vancouver  BC  V7Y  1A1                 Telefax      (604)  687-0075
Canada                                  www.morgan-cas.com



AUDITORS'  REPORT  TO  THE  STOCKHOLDERS

We  have audited the consolidated balance sheets of Silverado Gold Mines Ltd. as
at  November  30,  2002 and 2001, and the consolidated statements of operations,
stockholders'  equity  (deficiency)  and cash flows for the years ended November
30,  2002  and  2001.  These  financial statements are the responsibility of the
Company's  management.  Our  responsibility  is  to  express an opinion on these
financial  statements  based  on  our  audit.

We  conducted  our audit in accordance with Canadian and United States generally
accepted auditing standards. Those standards require that we plan and perform an
audit  to  obtain reasonable assurance whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the  amounts  and  disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made  by  management,  as  well  as  evaluating  the overall financial statement
presentation.

In  our  opinion, these consolidated financial statements present fairly, in all
material respects, the financial position of the Company as at November 30, 2002
and  2001,  and  the  results of its operations and its cash flows for the years
ended  November 30, 2002 and 2001, in accordance with United States and Canadian
generally  accepted  accounting  principles.  As  required  by  the  Company Act

(British  Columbia),  we report, that in our opinion, these principles have been
applied  on  a  consistent  basis.


/s/ MORGAN  AND  COMPANY
Chartered  Accountants

Vancouver,  Canada
January  31,  2003

COMMENTS  BY  AUDITOR  FOR  U.S.  READERS  ON  CANADA-U.S.  REPORTING DIFFERENCE

In  the  United States, reporting standards for auditors require the addition of
an  explanatory  paragraph  (following the opinion paragraph) when the financial
statements  are affected by conditions and events that cast substantial doubt on
the Company's ability to continue as a going concern, such as those described in
note  2(a)  to  the  financial  statements. Our report to the shareholders dated
January  31,  2003, is expressed in accordance with Canadian reporting standards
which  do  not permit a reference to such events and conditions in the auditor's
report  when  these  are  adequately  disclosed  in  the  financial  statements.

/s/ MORGAN  AND  COMPANY
Chartered  Accountants

Vancouver,  Canada
January  31,  2003



<PAGE>
                                                                            FF2

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

November  30,  2002  and  2001

<TABLE>
<CAPTION>

----------------------------------------------------------------------------
                                                       2002           2001
----------------------------------------------------------------------------
<S>                                            <C>            <C>
Assets
Current assets:
Cash and cash equivalents                      $    905,000   $     17,093
Gold inventory                                       10,149         11,140
Accounts receivable                                   8,348          2,876
                                               -------------  -------------
                                                    923,497         31,109

Exploration and development advances (note 9)       579,745              -
Mineral properties (note 3)                       2,274,027      1,159,529
                                               -------------  -------------
                                                  3,777,269      1,190,638
                                               -------------  -------------
Capital assets (note 4)                           4,696,903      2,980,200
Accumulated depreciation                         (2,291,919)    (2,185,947)

                                               -------------  -------------
                                                  2,404,984        794,253
                                               -------------  -------------

                                               $  6,182,253   $  1,984,891
                                               -------------  -------------

Liabilities and Stockholders'
Equity (Deficiency)
Current liabilities:
Accounts payable and accrued
 liabilities (note 5)                          $    660,248   $    792,395
Loans payable secured by
 gold inventory                                      35,729         35,729
Mineral claims payable                              140,000        316,500
Due to related party (note 9)                             -        291,310
Debentures, current portion
 (note 6(a))                                        140,000        140,000
Debenture, current portion
 (note 6(b))                                         75,000         75,000

Replacement debentures,
current portion
 (note 6(a))                                        476,978        476,968
                                               -------------  -------------
                                                  1,527,955      2,127,902
                                               -------------  -------------
Debentures (note 6(a))                              644,331      1,705,648
Capital lease obligations
 (note 7)                                           946,150              -

Stockholders' equity (deficiency):
Common stock (note 8):
  Authorized:  200,000,000 common shares
   (2001 - 100,000,000 common shares)
  Issued and outstanding:
    November 30, 2002 - 98,086,631 shares        55,271,191
    November 30, 2001 - 42,423,988 shares                       47,000,034
Shares to be issued (note 8)                        268,613              -
Other capital                                       128,107              -
Accumulated deficit                             (52,604,094)   (48,848,693)
                                               -------------  -------------
                                                  3,063,817     (1,848,659)
                                               -------------  -------------
                                               $  6,182,253   $  1,984,891
                                               -------------  -------------
</TABLE>


Continuing  operations  (note  2(a))
Commitments  and  contingencies  (notes  3  and  11)
Subsequent  events  (note  16)

See  accompanying  notes  to  the  consolidated  financial  statements.
Approved  on  behalf  of  the  board

/s/ Garry  L.  Anselmo                        /s/ James  F.  Dixon

---------------------------                   -------------------------
Garry  L.  Anselmo                            James  F.  Dixon
DIRECTOR                                      DIRECTOR



<PAGE>
                                                                            FF3

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

Years  ended  November  30,  2002  and  2001

<TABLE>
<CAPTION>
---------------------------------------------------------------

                                            2002          2001
---------------------------------------------------------------
<S>                                  <C>           <C>

Revenue from gold sales              $       991   $     7,657
---------------------------------------------------------------

Operating costs:
    Mining and processing                      -       143,631
---------------------------------------------------------------
    Total operating costs                      -       143,631
Interest and other income
 (note 13)                                78,890             -
---------------------------------------------------------------

Income (Loss) before
 the undernoted                           79,881      (135,974)

Other expenses:

Accounting and audit                      36,312        36,089
Advertising and Promotion                573,592       113,592
Consulting Fees                        1,958,258        28,012
Depreciation                             105,972       297,040
General exploration                       98,997        86,926
Interest on debentures                   154,023       186,092
Legal                                     35,766        41,862
Loss on disposal of buildings,

 plant, and equipment                          -           832
Loss (gain) on foreign exchange           10,420         9,064
Management services                      204,059       154,924
Office expenses                          374,392       253,006
Other interest and bank charges            4,679         3,551
Reporting and investor relations           3,430        32,619
Research                                 256,954       277,395
Transfer agent fees and
mailing expenses                          18,428        20,996
---------------------------------------------------------------
                                       3,835,282     1,542,000
Loss and comprehensive
 loss for the year                   $(3,755,401)  $(1,677,974)
---------------------------------------------------------------

Loss per share - basic and diluted   $     (0.05)  $     (0.05)
Basic and diluted weighted
 average number of common
 shares outstanding                   74,835,801    35,774,718
---------------------------------------------------------------

</TABLE>



See  accompanying  notes  to  the  consolidated  financial  statements


<PAGE>
                                                                            FF4
SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Cash  Flows
(Expressed  in  United  States  Dollars)

Years  ended  November  30,  2002  and  2001


<TABLE>
<CAPTION>

-------------------------------------------------------------
                                        2002           2001
-------------------------------------------------------------
<S>                                <C>           <C>
Cash provided by (used in):

Operating activities:
Loss for the year                  $(3,755,401)  $(1,677,974)
Adjustments to reconcile loss
to net cash used by
operating activities:
Depreciation                           105,972       297,040
Stock based compensation             1,629,271        28,012
Write down of mineral claims
and options                                  -        50,000
Realized loss on sale
 of equipment                                -         3,509

Changes in non-cash operating
 working capital:
Accounts receivable                     (5,472)        2,980
Gold inventory                             991         7,610
Accounts payable and accrued
 liabilities:                           28,152      (223,076)
Increase (Decrease) in mineral
claims payable                        (176,500)       50,000
                                    -------------------------
                                    (2,172,987)   (1,461,899)
                                    -------------------------
Financing activities:
Bank indebtedness                            -        (3,007)
Shares issued for cash               5,817,000     1,310,057
Repayment of loans payable                   -          (922)
Due to related party                  (291,310)      179,535
                                    -------------------------
                                     5,525,690     1,485,663
                                    -------------------------

Investing activities:
Purchase of equipment                 (770,553)       (1,101)
Advances for exploration and
development                           (579,745)            -
Mineral claims and options
 expenditures, net of recoveries    (1,114,498)       (6,070)
Proceeds from sale of
 equipment                                   -           500


                                    -------------------------
                                    (2,464,796)       (6,671)
                                    -------------------------
Increase in cash                       887,907        17,093

Cash, beginning of year                 17,093             -
                                    -------------------------
Cash, end of the year              $   905,000   $    17,093
-------------------------------------------------------------
Supplementary disclosure with
respect to cash flow (note 15)

</TABLE>



<PAGE>
                                                                            FF5

SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Stockholders'  Equity  (Deficiency)
(Expressed  in  U.S.  Dollars)
Years  ended  November  30,  2002  and  2001


<TABLE>
<CAPTION>


----------------------------------------------------------------------------------------------
                                     COMMON STOCK                       OTHER CAPITAL
                            -----------------------------------------------------------------
                            Number of                               Additional
                            common       Share        Shares to     Paid in      Deferred

                            shares       Capital      be issued     Capital      Compensation
----------------------------------------------------------------------------------------------


<S>                         <C>         <C>           <C>          <C>            <C>
Balance,
 November 30, 2000          30,589,891  $45,669,977   $   20,000
--------------------------  ----------  ------------  -----------  -------------  ------------
  Loss for the year                  -            -            -
  Shares issued:
  On exercise of
   options for cash            600,000       60,000            -
  On exercise of
   warrants for cash         5,060,000      498,800

  Shares issued for
   subscriptions received
   in prior year                 4,418       20,000      (20,000)

   Private placements
    for cash                 4,522,249      470,000            -
   Shares issued in
    lieu of cash
    payments for
    replacement
    debentures               1,647,430      281,257            -
--------------------------  ----------  ------------  -----------  -------------  ------------

                            11,834,097    1,330,057      (20,000)
--------------------------  ----------  ------------  -----------  -------------  ------------

Balance, November 30, 2001  42,423,988   47,000,034            -
----------------------------------------------------------------------------------------------


  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       (164,213)
--------------------------  ----------  ------------  -----------  -------------  ------------
                            55,662,643    8,271,157      268,613        292,320      (164,213)
--------------------------  ----------  ------------  -----------  -------------  ------------
Balance, November 30, 2002  98,086,631  $55,271,191   $  268,613   $    292,320   $  (164,213)
----------------------------------------------------------------------------------------------
</TABLE>



<TABLE>
<CAPTION>


                            ---------------------------
                              Accumulated
                              deficit           Total
                            ---------------------------
<S>                         <C>         <C>
Balance,
 November 30, 2000          $(47,170,719)  $(1,480,742)
                            ---------------------------
  Loss for the year           (1,677,974)   (1,677,974)
  Shares issued:
  On exercise of
   options for cash                    -        60,000
  On exercise of
   warrants for cash                   -       498,800

  Shares issued for
   subscriptions received
   in prior year                       -             -

   Private placements
    for cash                           -       470,000
   Shares issued in
    lieu of cash
    payments for
    replacement
    debentures                         -       281,257
                            ---------------------------
                              (1,677,974)     (367,917)
                            ---------------------------
Balance, November 30, 2001   (48,848,693)   (1,848,659)
-------------------------------------------------------

  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                          128,107
                            ---------------------------
                               (3,755,401)   4,912,476
                            ---------------------------

Balance, November 30, 2002   $(52,604,094)  $3,063,817
-------------------------------------------------------
</TABLE>



See  accompanying  notes  to  the  consolidated  financial  statements



<PAGE>
                                                                            FF6


SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


1.     Description  of  business:

Silverado  Gold  Mines  Ltd.  is  engaged  in  the  acquisition, exploration and
development  of  mineral  properties  and the development of low-rank coal-water
fuel  as  a  replacement  for  oil  fired  boilers  and  utility  generators.

2.     Significant  accounting  policies:

These  consolidated  financial statements are prepared in conformity with United
States  generally  accepted  accounting principles.  The application of Canadian
generally accepted accounting principles to these financial statements would not
result  in  material  measurement  or  disclosure  differences.

(a)     Continuing  operations:

At  November  30, 2002, the Company has a working capital deficiency of $604,459
down  from  $2,096,793  at November 30, 2001, primarily as a result of increased
funding  from issuances of common stock and a significant reduction of its debt.
The  Company  is  in  arrears of required mineral claims and option payments for
certain  of  its  mineral  properties  at  November  30,  2002, in the amount of
$140,000  (2001  -  $316,500)  and  therefore,  the  Company's  rights  to these
properties  with  a  carrying  value  of $315,000 may be adversely affected as a
result  of these non-payments. The Company understands that it is not in default
of  the  agreements  in  respect  of  these  properties.

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 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.

(b)     Basis  of  consolidation:

The  consolidated  financial  statements include the accounts of the Company and
Silverado  Green  Fuel Inc. (formerly Silverado Gold Mines Inc.), a wholly owned
subsidiary.  All  material  inter-company  accounts  and  transactions have been
eliminated.



<PAGE>
                                                                            FF7

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)
Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


2.     Significant  accounting  policies  (continued):

(c)     Gold  inventory:

Gold inventory is valued at the lower of weighted average cost and estimated net
realizable value.  The Company valued the gold inventory at net realizable value
for  all periods presented.  Any write-down of inventory to net realizable value
is  included  in  mining  and  processing  costs.

(d)     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.

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.

(e)     Reclamation:

The  Company's  operations  are affected by Federal, state, provincial and local
laws  and  regulations regarding environmental protection. The Company estimates
the  cost  of  reclamation  based  primarily  upon  environmental and regulatory
requirements.  These  costs  are  accrued  annually and the accrued liability is
reduced  as  reclamation  expenditures  are  made.

(f)     Capital  assets:

Capital  assets  are  stated  at  cost.  Depreciation  is  provided  as follows:


<PAGE>
                                                                            FF8

Building,  plant  and  equipment       Straight  line  over  3  to  20  years
Mining equipment under capital lease   Straight  line  over  10  years
Auto  and  trucks                      Straight  line  over  10  years
Computer  equipment                    Straight  line  over  3  years



<PAGE>
                                                                            FF9

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)


Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


2.     Significant  accounting  policies  (continued):

(g)     Foreign  currencies:


The Company considers its functional currency to be the U.S. dollar for its U.S.
and Canadian operations.  Monetary assets and liabilities denominated in foreign
currencies  are translated into U.S. funds at the rates of exchange in effect at
the  year  end.  Non-monetary  assets  and  revenue and expense transactions are
translated  at  the  rate  in  effect at the time at which the transactions took
place.  Foreign  exchange  gains and losses are included in the determination of
results  from  operations  for  the  year.

(h)     Loss  per  share:

Basic and diluted loss per share amounts are computed using the weighted average
number  of  shares  outstanding  during  the  year.

The  Company retroactively adopted a new standard for calculation and disclosure
of  earnings  per share, effective December 1, 2001. Under the new standard, the
treasury  stock  method  is  used  instead  of  the  imputed  earnings method to
determine  the  dilutive effect of stock options and other dilutive instruments.
Under  the  treasury  stock  method, only instruments with exercise amounts less
than  market  value prices impact the diluted calculations. In computing diluted
loss  per  share,  no shares were added to the weighted average number of common
shares  outstanding  during  the  years ended November 30, 2002 and 2001 for the
dilutive  effect  of  employee  stock  options  and  warrants  as  they were all
anti-dilutive.  No  adjustments  were required to report loss per share amounts.

(i)     Revenue  recognition:

Gold  sales  are  recognized  when  title  passes  to the purchaser and delivery
occurs.

(j)     Research  expenditures:

Research  expenditures  are  expensed  in  the  year  incurred.

(k)     Accounting  for  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.



<PAGE>
                                                                           FF10

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------

2.     Significant  accounting  policies  (continued):

(l)     Use  of  estimates:

The  preparation  of  financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of  assets  and  liabilities  and  disclosure of
contingent  assets  and  liabilities at the date of the financial statements and
the  reported  amounts  of  revenues  and  expenses during the reporting period.
Significant  areas  requiring  the  use  of  management  estimates relate to the
amortization  and  depreciation  rates  for,  and  recoverability  of,  mineral
properties  and  capital  assets,  and  the determination of accrued remediation
expense.  Actual  results  could  differ  from  those  estimates.

(m)     Income  taxes:

The  Company  accounts  for  income  taxes using the asset and liability method.
Under  the  asset  and  liability  method, future tax assets and liabilities are
recognized  for  the future tax consequences attributable to differences between
the  financial statement carrying amounts of existing assets and liabilities and
their  respective  tax  bases.  Future  tax  assets and liabilities are measured
using  enacted  tax  rates  expected  to apply to taxable income in the years in
which  those  temporary  differences are expected to be recovered or settled.  A
valuation  allowance  is  recorded  against  any  future tax asset if it is more
likely  than  not that the asset will not be realized.  The effect on future tax
assets  and  liabilities of a change in tax rates is recognized in income in the
period  that  includes the enactment date.  Income tax expense or benefit is the
sum  of  the  Company's  provision  for  current income taxes and the difference
between  the  opening  and  ending  balance  of the future income tax assets and
liabilities.

(n)     Recent  Accounting  Pronouncements:

In  August  2001,  the  Financial  Accounting  Standards  Board  ("FASB") issued
Statement  No.  144,  ACCOUNTING  FOR  THE  IMPAIRMENT OR DISPOSAL OF LONG-LIVED
ASSETS,  which  supersedes FASB Statement No. 121, ACCOUNTING FOR THE IMPAIRMENT
OF  LONG-LIVED ASETS AND FOR LONG-LIVED ASSETS TO BE DISPOSED OF.  The basis for
recognition  and  measurement  model under Statement 121 for assets held for use
and  held  for  sale has been retained.  Statement 144 removed goodwill from its
scope,  thus  eliminating  Statement  121's  requirement to allocate goodwill to
long-lived  assets to be tested for impairment.  The accounting for goodwill now
is  subject  to the provisions of Statement 141/142 on business combinations and
goodwill  and  other  intangible  assets.  Statement  144  provides  guidance on
differentiating  between  assets  held  and  used,  held  for sale, and held for
disposal  other  than  by sale.  Statement 144 continues to require a three-step
approach  for  recognizing and measuring the impairment of assets to be held and
used.  Statement  144  is  effective  for financial statements issued for fiscal
years beginning after December 15, 2001 and is to be applied prospectively.  The
Company  does  not  expect  the  adoption of this statement will have a material
impact  on  the Company's financial position, result of operations or liquidity.




<PAGE>
                                                                           FF11
SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


2.     Significant  accounting  policies  (continued):

(n)     Recent  Accounting  Pronouncements  (continued):

The  Financial  Accounting  Standards  Board issued SFAS No. 133, Accounting for
Derivative  Instruments  and  Hedging  Activities,  in  1998.  SFAS  no. 133, as
amended  by SFAS No. 137 and 138, establishes accounting and reporting standards
for derivative instruments, including certain derivative instruments embedded in
other  contracts  (collectively  referred  to  as  derivatives), and for hedging
activities.  It  requires  that  an  entity  recognize all derivatives as either
assets  or  liabilities in the statement of financial position and measure those
instruments  at  fair  value.  For  a  derivative  not  designated  as a hedging
instrument,  changes  in  the  fair  value  of  the derivative are recognized in
earnings  in  the period of change.  Because the Company does not currently hold
any  derivative  instruments  and  does  not  engage  in hedging activities, the
Company's  adoption of SFAS No. 133, on January 1, 2001, did not have a material
impact  on  its  consolidated financial position, results of operations, or cash
flows.

3.     Mineral  properties:

(a)     Mineral  properties:

(A)     Ester  Dome  Gold  Project,  Fairbanks  Mining  District,  Alaska:

The Ester Dome Gold Project encompasses all of the Company's properties on Ester
Dome,  which is accessible by road 10 miles northwest of Fairbanks, Alaska.  The
specific  properties  at  this  site  are  as  follows:

          (i)  Grant  Mine:

          This  property consists of 26 state mineral claims subject to payments
          of  15%  of  net  profits until $2,000,000 has been paid and 3% of net
          profits  thereafter.

          (ii) May  (St.  Paul)  /  Barelka:

          This  gold  property  consists  of  22 State mineral claims subject to
          payments  of  15%  of  net profits until $2,000,000 (inflation indexed
          from  1979)  has  been  paid  and  3%  of  net  profits  thereafter.

          (iii)  Dobb's:

          This  property  consists  of  1 unpatented Federal mineral claim and 4

          State  mineral  claims subject to payments of 15% of net profits until
          $1,500,000  has  been  paid  and  3%  of  net  profits  thereafter.



<PAGE>
                                                                           FF12

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


3.     Mineral  properties  (continued):

(a)     Mineral  properties  (continued):

     (B)  Marshall  Dome  Property,  Fairbanks  Mining  District,  Alaska:

     This  property  consists  of  38 State claims and covers an area of two and
     one-half  square  miles,  and  is  located  eighteen  miles  northeast  of
     Fairbanks.

     (C)  Nolan  Gold  Project,  Wiseman  Mining  District,  Alaska:

     The  Nolan  Gold  Project  consists  of five contiguous properties covering
     approximately  six square miles, eight miles west of Wiseman, and 175 miles
     north  of  Fairbanks,  Alaska.  The specific properties at this site are as
     follows:

          (i)  Nolan  Placer:

          This  property  consists  of  160  unpatented  Federal  placer claims.

          (ii) Thompson's  Pup:

          This  property  consists  of 6 unpatented Federal placer claims and is
          subject  to  a  royalty  of  3%  of  net profits on 80% of production.

          (iii)  Dionne  (Mary's  Bench):

          This  property  consists  of  15  unpatented  Federal  placer  claims.

          (iv) Smith  Creek:

          This  property  consists  of  35 unpatented Federal placer claims. The
          property was purchased in 1993 with scheduled payments to be completed
          in 1998. Payments were completed in 2002. As at November 30, 2002 $nil
          (2001  - $70,000) of the acquisition costs are unpaid, in arrears, and
          included  in  mineral  claims  payable.

          (v)  Nolan  Lode

          This  property consists of 32 unpatented Federal lode claims. The lode
          claims  overlie  much of the placer properties and extend beyond them.

     (D)  Hammond  Property,  Wiseman  Mining  District,  Alaska:

This  property  consists  of 28 Federal placer claims and 36 Federal lode claims
covering  one and one-half square miles and adjoining the Nolan Gold Properties.
As at November 30, 2002, option payments totaling $140,000 (2001 - $240,000) are
unpaid,  in  arrears,  and  included  in  mineral  claims  payable.



<PAGE>
                                                                           FF13

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


3.     Mineral  properties  (continued):

(b)     Property  commitments:

The  Company  is  obligated  to pay a royalty equal to 10% for the Hammond River
property  and  is  subject  to  a  minimum  royalty  of  $80,000  per  year.


As  at  November  30,  2002, minimum aggregate future cash expenditures for work
commitments  required  in the next five years to maintain the properties in good
standing,  in  addition  to  amounts  accrued  as mineral claims payable, are as
follows:


                         2003     $50,000

                         2004     $50,000
                         2005     $50,000
                         2006     $50,000
                         2007     $50,000

(c)     Mineral  claim  expenditures:

Cumulative  claims  expenditures  are  as  follows:
<TABLE>
<CAPTION>

                            ----------------------------------------------------
                              Ester     Marshall  Nolan      Hammond
                              Dome      Dome      Project    Property    Total
                            ----------------------------------------------------

<S>                         <C>       <C>       <C>         <C>       <C>
Balance, November 30, 2001  $406,000  $350,000  $  318,529  $  85,000 $1,159,529
Development
 costs incurred                    -         -   1,114,498          -  1,114,498
                            -----------------------------------------------------

Balance, November 30, 2002  $406,000  $350,000  $1,433,027  $  85,000 $2,274,027
                            ====================================================
</TABLE>



<PAGE>
                                                                           FF14

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


4.     Capital  assets:

Buildings, plant and equipment primarily include the mill facility and equipment
of  the  Ester  Dome/Grant  Mine  Gold  Project  and  mining  equipment and camp
facilities  at  the  Nolan  Gold  Project.

--------------------------------------------------------------------------------
                                                     Accumulated    Net  book
2002                                     Cost        depreciation   value
--------------------------------------------------------------------------------
Grant  Mine  Mill  Equipment     $     2,076,780     $  1,384,618   $  692,162
Nolan  Gold  Project  Buildings          123,757           61,597       62,160
Mining  Equipment                        500,380          457,397       42,983
Mining  Equipment  under
Capital  Lease                         1,496,150           37,404    1,458,746
Other  Equipment                         499,836          350,903      148,933
                                  ---------------------------------------------

                                 $     4,696,903     $  2,291,919   $2,404,984
================================================================================



================================================================================
                                                     Accumulated     Net  book
2001                                    Cost         depreciation     value
--------------------------------------------------------------------------------
Grant  Mine  Mill  Equipment     $     2,076,780     $  1,384,618   $  692,162
Nolan  Gold  Project  Mining  Equipment   60,757           57,697        3,060
Mining  Equipment                        456,312          440,052       16,260
Other  Equipment                         386,351          303,580       82,771
                                  ---------------------------------------------

                                 $     2,980,200     $  2,185,947   $  794,253
================================================================================

5.     Accounts  payable  and  accrued  liabilities:

Accounts  payable  and  accrued  liabilities  consist  of:

======================================================
                               2002              2001
------------------------------------------------------
Accounts  payable     $     388,195     $     510,316
Accrued  interest            76,053            86,079
Accrued reclamation expense 196,000           196,000
-----------------------------------------------------
                      $     660,248     $     792,395
=====================================================



<PAGE>
                                                                           FF15

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


6.     Debentures:

(a)     On  March 1, 2001, the Company completed negotiations to restructure its
$2,000,000  convertible  debentures.  The  replacement  debentures  aggregate
$2,564,400  and  consist  of  the  original $2,000,000 principal amount plus all
accrued  interest  to  March  1,  2001. The debentures bear interest of 8.0% per
annum  and  mature  March 1, 2006. Principal payments are due at the end of each
month.  Interest is due and payable on a quarterly basis on February 28, May 31,
August  31,  and  November  30.  If  the  Company  fails  to make any payment of
principal  or interest, the Company must issue shares equivalent in value to the
unpaid  amounts at 20% below the average market price. On December 11, 2001, the
Company  issued  1,628,971  shares  at  the average market price of $0.10 to the
holders  of  the  replacement  debenture  to  satisfy the quarterly payments due
November  30,  2001.  The  value  of  the  transaction  consists  of $119,244 of
principal  and  $43,653  of  interest.  On  March  11,  2002, the Company issued
1,234,710  shares  at the average market price of $0.13 to satisfy the quarterly
payments  of  principal  and  interest.  The  value  of  this transaction totals
$160,512  and consists of $119,245 of principal and $41,267 of interest. On June
11,  2002  the  Company  issued  1,437,520 shares at the average market price of
$0.11  to  satisfy  the  quarterly  payments  of  principal  and  interest.  The
transaction totals $158,128 and consists of $119,245 of principal and $38,883 of
interest.  On  September  11,  2002,  the Company issued 2,643,107 shares at the
market  price of $0.28 to the holders of the debentures to satisfy the quarterly
payments  of  principal  and interest due August 31, 2002. The valuation of this
transaction  is  $740,070  and  consists of $703,572 of principal and $36,498 of
interest. As at November 30, 2002, $1,860,000 plus $524,892 of interest has been
exchanged  for  replacement  debentures.  Of  its  aggregate amount, $1,121,309,
$476,978  is  classified as a current liability and $644,331 has been classified
as  a  non-current  liability.  Remaining  debentures  of  $140,000 plus accrued
interest of $108,204 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 is
due  February  28, 2002. On March 27, 2002, the Company made its annual interest
payment  of  $3,750  to  the  holder  of  the  debenture.

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.  As  at  November  30, 2002, the total amount
outstanding  under the lease purchase agreement was $946,150.  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



<PAGE>
                                                                           FF16

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


7.     Lease  purchase  agreement  (continued):


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 lives which is estimated to
be  10 years.  Amortization on assets under capital leases charged to expense in
2002  was  $37,404.

Minimum  future  lease payments under capital leases as of November 30, 2002 for
each  of  the  next  five  years  and  in  the  aggregate  are:


                                       Amount
                                     ----------
November 30, 2003                    $        -
November 30, 2004                       592,360
November 30, 2005                       492,360
November 30, 2006                             -
November 30, 2007                             -
                                     ----------
Total minimum lease payments          1,084,720
Less:  Amount representing interest     138,570
                                     ----------
                                        946,150
Less:  Current portion                        -
                                     ----------
                                     $  946,150
                                     ==========



8.     Share  capital:

(a)     During the year, the Company increased its authorized share capital from
100,000,000  common  shares  to  200,000,000  common  shares.

(b)     The  Company  has  reserved 187,500 (2001 - 295,192) shares for issuance
upon  the  potential  conversion  of  convertible  debentures.




<PAGE>
                                                                           FF17

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


8.     Share  capital  (continued):

(c)     Stock  options:

A  summary  of  the change in stock options for the year ended November 30, 2002
and  2001  is  presented  below.


                                                 Weighted
                                    Number       Average
                                      of         Exercise
                                    Options       Price
                                   ----------------------
Outstanding at November 30, 2000    1,150,000   $    0.10
Granted                             3,700,000        0.15
Exercised                            (600,000)       0.10
Cancelled                            (200,000)       0.35
                                   ----------------------
Outstanding at November 30, 2001    4,050,000        0.20
Granted                             5,650,000        0.18
Exercised                          (6,900,000)       0.13
                                   ----------------------

Outstanding at November 30, 2002    2,800,000   $    0.25
                                   ======================


As  at  November  30,  2002,  the  following  stock  options  were  outstanding:


                              OUTSTANDING OPTIONS     EXERCISEABLE OPTIONS
                             ---------------------  -------------------------
                             Weighted     Weighted
                             Average      Average
                             remaining    remaining              Weighted
   Range of                 contractual   exercise                average
exercise price    Number       life       price     Number     exercise price
-----------------------------------------------------------------------------

0.10 to $0.15    1,650,000   3.53 years   $0.13     1,450,000    $0.13
0.30 to $0.40      750,000   1.29 years   $0.35       150,000    $0.35
0.50 to $0.60      400,000   1.09 years   $0.55             -        -
                 ------------------------------------------------------------
                 2,800,000   2.58 years   $0.25     1,600,000    $0.15


The  Company  accounts  for stock compensation arising from options to employees
and  directors  in  accordance with APB 25.  Had the compensation cost for these
employee  and  director options been determined based on fair value at the grant
dates,  consistent  with  the  requirements of Statement of Financial Accounting
Standards  No. 123, "Accounting for Stock Based Compensation", the Company's net
loss  and loss per share would have increased to the pro forma amounts indicated
below.



<PAGE>
                                                                           FF18

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


8.     Share  capital  (continued):

(c)     Stock  options  (continued):


                            2002          2001
                        ------------  ------------
Loss for the year
As reported             $(3,755,401)  $(1,677,974)
Pro-forma                (4,009,080)   (2,170,198)

Loss per common share:
As reported             $     (0.05)  $     (0.05)
Pro-forma                     (0.05)        (0.06)


The  estimated  weighted  average  fair value of the options granted in 2002 was
prepared  using  the  Black-Scholes  Pricing  Model assuming a risk-free rate of
5.25%,  an  expected  dividend  yield of 0% an expected volatility of 127% and a
weighted  average  expected  life  of  1.4  years.


(d)     Warrants:


A  summary  of  the  warrants  outstanding as at November 30, 2002, is presented
below:

                       Number           Exercise        Expiry
                    of Warrants          Price          Date
                    ------------       ----------      -------------
                       700,000           $0.15         August 2003
                     1,000,000           $0.20         May 2003
                       125,000           $0.35         January 2003
                       400,000           $0.37         September 2003
                     1,562,500           $0.49         October 2003
                       200,000           $0.57         October 2003
                    -----------
                     3,987,500
                    ===========


(e)     The  Company  is  required to issue 595,834 shares for services rendered
and  payable  in common stock of the Company at an attributed value of $268,613.


9.     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.

<PAGE>
                                                                           FF19

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


9.     Related  party  transactions  (continued):

The  Tri-Con  Group are operations, exploration and development contractors, and
have been employed by the Company under contract since 1972 to carry out all its
fieldwork  and  to  provide  administrative  and management services.  Under the
current  contract  dated  January,  1997,  work  is charged at cost plus 15% for
operations  and  cost  plus  25 % for exploration and development.  In addition,
cost  includes  a 15 % charge for office overhead.  Services of the directors of
the  Tri-Con  Group  who  are also Directors of the Company are not charged.  At
November 30, 2002, the Company had prepaid $579,745 (2001 - payable of $291,310)
to the Tri-Con Group for exploration, development and administration services to
be  performed  during  the  next fiscal period on behalf of the Company. For the
year  2002,  the  Tri-Con  Mining  Group's  services focused mainly on corporate
planning,  mining, engineering, and preparation for year round production on its
Nolan property, administration services at both its field and corporate offices,
and  the  Low-Rank  Coal-Water  fuel  project.

The aggregate amounts paid to the Tri-Con Group each year 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 include interest charged on outstanding balances
at  the  Tri-Con  Group's  borrowing  costs  are  shown  below:

-------------------------------------------------------------------------------
                                                          2002          2001
-------------------------------------------------------------------------------

Exploration, development and field services          $   824,083     $  116,701
Administrative and management services                   194,272        179,740
Research                                                 256,954        277,395
-------------------------------------------------------------------------------
                                                     $ 1,275,309     $  573,836
===============================================================================

Amount of total charges in excess of
 Tri-Con costs incurred                              $   348,634     $  126,951
===============================================================================

Excess amount charged as a percentage of
 actual costs incurred                                     27.3%          22.1%
===============================================================================



<PAGE>
                                                                           FF20

SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


10.     Income  taxes:

Tax  effects  of  temporary differences that give rise to deferred tax assets at
November  30,  2002  and  2001  are  as  follows:

--------------------------------------------------------------------------------
                                                          2002          2001
--------------------------------------------------------------------------------
Net operating loss carry forwards                   $  11,197,000  $ 10,843,000
Valuation allowance                                   (11,067,000)  (10,652,000)
--------------------------------------------------------------------------------

Net deferred tax assets                                   130,000       191,000

Deferred tax liability:
Temporary differences arising from mineral
 properties and building, plant and equipment            (130,000)     (191,000)
--------------------------------------------------------------------------------

Net deferred tax asset                              $           -  $          -
================================================================================


At  November  30,  2002,  the  Company  has  losses  carried  forward  totaling
$22,387,816  available  to  reduce  future  years'  income  for  U.S. income tax
purposes  which  expire  in various years to 2020.  In addition, the Company has
losses  carried  forward  in  Canada totalling $15,183,779 (CDN) which expire in
various  years  to  2009.

The  provision for income taxes differs from the amount computed by applying the
statutory federal income tax rate of 34% (2001 34%) to net loss before provision
for  income  taxes.  The  sources  and  tax  effects  of  the differences are as
follows:


--------------------------------------------------------------------------------
                                                          2002          2001
--------------------------------------------------------------------------------
Computed "expected" tax benefit                     $  (1,901,000) $   (570,000)
Tax loss expired during the year                        1,485,000       545,000
Change in valuation allowance                             415,000       (56,000)
Difference in foreign tax rate and other                    1,000        81,000
--------------------------------------------------------------------------------

Income tax provision                                $           -  $          -
================================================================================


11.     Commitments  and  contingencies:

(a)     Office  lease:

On  January  20,  1994,  the  Company  entered into a lease agreement for office
premises  for  a  term of 10 years commencing April 1, 1994, with an approximate
annual  rental  of  $86,835  (Cdn$135,000)  including  operating  costs.


<PAGE>
                                                                           FF21


SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


11.     Commitments  and  contingencies  (continued):

(b)     Severance  agreements  with  directors:

The  Company  has entered into compensation agreements with two directors of the
Company.  The  agreements  provide  for severance arrangements where a change of
control  of  the  Company  occurs, as defined, and the directors are terminated.
The  compensation  payable  to  the  two  directors aggregates $4,100,000 (2001-
$4,200,000) plus the amount of annual bonuses and other benefits that they would
have  received  in  the  eighteen  months  following  termination.

(c)     Consulting  agreements

The  Company  entered  into  consulting  agreements  with eleven individuals for
various  corporate  planning  and  business development services to the Company.
Under the terms of the agreements, the Company will issue an aggregate 3,016,668
shares  over the length of the contracts which range from 2 months to two years.
Consulting  fees  are calculated using the number of shares issued multiplied by
the  closing  price  on  the  day  the  shares  were  issued.

12.     Financial  instruments:

The carrying amounts reported in the balance sheet for accounts receivable, bank
indebtedness,  accounts  payable  and  accrued  liabilities,  and  loans payable
secured  by  gold  inventory  approximate  fair  values due to the short-term to
maturity  of  these  instruments.  The  carrying amounts reported in the balance
sheet  for  convertible  debentures  approximate  their fair values as they bear
interest  at  rates,  which  approximate  market  rates.

13.     Interest  and  other  income:

On  April  4, 2002, the Company purchased a $300,000 one-year term deposit which
pays  interest daily between 1/2 % to 1% per annum. As at November 30, 2002, the
Company  had  earned  $1,880  in  interest  from the term deposit. During normal
course  of  business  the  Company  earns  interest  on its bank deposits. As at
November  30,  2002,  the  Company  had  earned  $7,696  as interest on its bank
deposits.  The  term  deposit principal and all interest received is included in
the Company's cash balance. Also during 2002, the Company settled several of its
outstanding  accounts  payable  for  less  than  face  value  and  recorded  the
difference  of  $71,194  as  forgiveness  of  debt.



<PAGE>
                                                                           FF22
SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


14.     Segment  disclosures:

(a)     Reportable  segments:

The  Company  operates  in  one  reportable  segment  being  the  acquisition,
exploration  and development of mineral properties. The Company's development of
low-rank  coal-water-fuel  is  in  its  initial  stages  and is not a reportable
segment.

(b)     Geographical  information:

     The  following  presents  financial  information  about geographical areas:


-----------------------------------------------------------
                                  2002            2001
-----------------------------------------------------------
Loss for the year:
Canada                      $   3,059,339     $    356,501
United States                     696,062        1,321,473

                            $   3,755,401     $  1,677,974

Long-lived assets:
Canada                      $      67,471     $     82,992
United States                   4,410,362        1,953,782

                            $   4,477,833     $  2,036,674

15.     Supplementary  cash  flow  information:

Supplemental  non-cash  investing  and  financing  activities:

-------------------------------------------------------------------------------
                                                      2002            2001
-------------------------------------------------------------------------------
Purchase of fixed assets under capital lease      $ (946,150)     $        -
Exchange of debentures for replacement
 debenture                                        $        -      $1,860,000
Exchange of interest on old debentures for
 new debentures                                   $        -      $  524,892
Issuance  of  shares:
  In exchange for a reduction of
   accounts payable                               $        -      $   30,000
  In lieu of required payment on
   replacement debentures                         $1,061,307      $  281,257
  In lieu of interest payable on
   replacement debentures                         $  160,301      $   82,741
  For consulting services                         $1,232,551      $        -
  For subscriptions received in
   prior year                                     $        -      $   20,000
Capital lease obligation                          $  946,150      $        -



<PAGE>
                                                                           FF23
SILVERADO  GOLD  MINES  LTD.
Notes  to  Consolidated  Financial  Statements
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2002  and  2001
--------------------------------------------------------------------------------


16.     Subsequent  events:

a)     On  December  4,  2002,  the Company granted 6,500,000 options to acquire
shares  of  the  Company  at $0.68 per share exercisable until December 4, 2008.

b)     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.


c)     On  December  5,  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.

d)     On  December  18,  2002,  the Company completed two private placements of
2,000,000  units  at  a price of $0.50 per unit for total proceeds of $1,000,000
each.  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 20, 2003.  Each
private  placement  also  includes  one  option to purchase 1,162,791 units at a
price  of  $0.43  per  unit.  The option may be exercised up to the date that is
three weeks from the date of the closing of the private placement.  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. Subsequently, the
option  was  exercised on January 9, 2003, for proceeds of $500,000 each and the
Company  issued  a  total  of  2,325,582  shares  from  the  treasury.

e)     On  December 30, 2002, January 1, 2003, and February 3, 2003, the Company
issued  a  total  of  266,666  shares  to the consultants for a portion of their
services  under  the  terms  of  the  agreements  as  reported  on  form  S-8.

f)     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.

g)     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.

h)     On  January  27, 2003, the Company issued a payment of $140,000 to Alaska
Mining  Company,  property  owners  of  the Hammond River property. This payment
represents  the  final mineral claims and options payment owed on this property.



<PAGE>

ITEM  8.     CHANGES  IN  AND  DISAGREEMENTS  WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL  DISCLOSURE.

Disclosure  regarding  the  Company's change of independent accountant from KPMG
LLP  to  Morgan  &  Company, Chartered Accountants effective October 9, 2001 has
been previously reported on the Company's Form 8-K filed with the Securities and
Exchange  Commission  on  October  12,  2001.


                                  Page 33 of 47

<PAGE>


                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
WITH  SECTION  16(A)  OF  THE  EXCHANGE  ACT.

The  current  executive  officers  and  directors  of  the  Company  are:


Name                   Age              Position
-----                  ---              --------

Garry  L.  Anselmo     59               Chairman  of  the  Board  and  Chief
                                        Operating  Officer  since  May  4, 1973;
                                        President  and  Chief  Executive Officer
                                        from  May  1,  1979 to November 4, 1994,
                                        and from March 1, 1997 to present. Chief
                                        Financial  Officer  since  March 1, 1997

James F. Dixon (1) (2) 55               Director since May 6, 1988

Stuart C. McCulloch    67               Director since December 14, 1998
(1)  (2)

John R. Mackay         70               Corporate Secretary since June 1, 1998

Edward J. Armstrong    54               President of wholly-owned subsidiary,
                                        Silverado Green  Fuel  Inc.,  since
                                        September  25,  1997;


Warrack G.  Willson    59               Vice-President, Fuel Technology of
                                        wholly-owned subsidiary, Silverado
                                        Green Fuel Inc., since March 21, 2000.

    (1)     Member  of  Silverado's  Audit  Committee
    (2)     Member  of  Silverado's  Compensation  Committee

Set forth below is a brief description of the background and business experience
of  each  of  the  Company's  executive officers and directors for the past five
years:

Mr.  Anselmo  is  presently  the  Chairman of the Board of Directors, President,
Chief  Executive  and  Chief  Financial  Officer  of the Company. He is also the
Chairman,  Chief  Executive Officer and Chief Financial Officer of the Company's
wholly  owned  subsidiary,  Silverado  Green Fuel Inc.  He resumed his duties as
President,  Chief  Executive Officer, and Chief Financial Officer of the Company
on  March  1, 1997, after transferring those duties to J.P. Tangen from November
1,  1994,  until March 1, 1997.  Prior to the arrival of Mr. Tangen, Mr. Anselmo
held  those duties from May of 1973.  Mr. Anselmo founded Tri-Con Mining Ltd., a
private  mining  service  company,  in  1968,  and  is  currently a shareholder,
director, and president of Tri-Con Ltd.  He is also the Chairman and director of
Tri-Con  Ltd.'s  United  States  operating subsidiaries, Tri-Con Mining Inc. and
Tri-Con  Mining  Alaska  Inc.  Mr.  Anselmo obtained his Bachelor of Arts degree
from  Simon  Fraser  University  in  British  Columbia,  Canada.


Mr.  Dixon is a director of the Company.  Mr. Dixon holds a bachelor of commerce
degree and a bachelor of law degree.  Mr. Dixon has been engaged in the practice
of  law  since  1973.  He  is  a lawyer and a partner in the law firm of Shandro
Dixon  Edgson,  Barristers  and  Solicitors,  of  Vancouver,  British  Columbia.

Mr.  McCulloch  is a director of the Company and its subsidiary, Silverado Green
Fuel  Inc.  Mr.  McCulloch  retired  as District Manager from Canada Safeway, in
January,  1991.

                                  Page 34 of 47

<PAGE>


Mr. Mackay has served as Corporate Secretary of the Company since June 1998. Mr.
Mackay  is  a  practicing  lawyer  who, from March 1993 to June 1998, was a sole
practitioner. Prior to 1993, Mr. Mackay was a lawyer and partner in the law firm
Davis and Company, Barristers and Solicitors, of Vancouver, British Columbia for
35  years.

Mr.  Armstrong  has  been  President of the Company's U.S. subsidiary, Silverado
Green  Fuel  Inc.,  since September 1997. He is also President of Tri-Con Mining
Ltd.'s  United  States  operating  subsidiaries, Tri-Con Mining Inc. and Tri-Con
Mining  Alaska  Inc. Mr. Armstrong holds a Bachelor of Science in Geology degree
from  Washington  State  University,  1971.

Dr.  Willson  was  appointed  Vice-President, Fuel Technology, in March 2000, to
lead  the  conversion  of  the  Grant  Mill  into  a  commercial  level Low-Rank
Coal-Water  Fuel  plant.  Dr.  Willson  holds a Supervisory Chemical Engineering
Rating  from  the US Civil Service Commission, 1978, a PhD in Physical Chemistry
from  the University of Wyoming, 1970 and a BA in Chemistry and Mathematics from
the  University  of Northern Colorado, 1965. He founded Coal-Water Fuel Services
in  1994,  which  provides engineering services to develop clean coal conversion
projects  to  develop  low  cost  and  non-hazardous  alternatives  to  oil.

SIGNIFICANT  EMPLOYEES

The  Company  does  not  have  any  other  significant employees, other than its
directors  and  executive  officers.

FAMILY  RELATIONSHIPS

Mr.  Anselmo  and  Mr. McCulloch, each of whom is a director of the Company, are
cousins.

TERMS  OF  OFFICE

The  directors  of  the Company are elected to hold office until the next annual
meeting  of  the  shareholders  and  until their respective successors have been
elected  and  qualified.  Executive  officers  of the Company are elected by the
Board  of  Directors  and  to hold office until their successors are elected and
qualified.

COMPLIANCE  WITH  SECTION  16(a)  OF  THE  SECURITIES  EXCHANGE  ACT

Section  16(a) of the Exchange Act requires the Company's executive officers and
directors,  and  persons  who  beneficially  own  more  than  ten percent of the
Company's  equity  securities,  to  file  reports  of  ownership  and changes in
ownership  with  the Securities and Exchange Commission. Officers, directors and
greater  than ten percent shareholders are required by SEC regulation to furnish
the  Company  with  copies  of  all  Section 16(a) forms they file. Based on its
review  of  the  copies  of such forms received by it, the Company believes that
during  the  fiscal  year  ended  November 30, 2002 all such filing requirements
applicable  to  its  officers  and  directors  were complied with exception that
reports  were  filed  late  by  the  following  persons:




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


                              Number    Transactions      Known  Failures
                              Of Late   Not Timely        To File a Required
Name and Principal Position   Reports   Reported          Form
--------------------------------------------------------------------------------



Warrack  Willson,             One       One               None
Vice-President  of
Silverado  Green  Fuel  Inc.
--------------------------------------------------------------------------------


                                  Page 35 of 47

<PAGE>





ITEM  10.     EXECUTIVE  COMPENSATION.

COMPENSATION  OF  EXECUTIVE  OFFICERS

The following table sets forth certain compensation information for Mr. Garry L.
Anselmo,  the  Company's  chief executive officer (the "name executive officer")
for  the  fiscal  years  ended  November  30,  2002,  2001  and  2000.

No  executive  officer  of  the  Company  earned  total  annual salary and bonus
exceeding  $100,000  during  the  fiscal  year  ended  November  30,  2002.


                        Summary Compensation Table
--------------------------------------------------------------------------------
                          Annual Compensation      Long Term Compensation
                       -------------------------   -----------------------
                                           Other                            All
                                           Annual    Awards       Payouts  Other
                                           Com-   -------------   -------   Com-
                                           pen-   Restricted                pen-
                                           sa-    Stock  Options/   LTIP    sa-
Name        Title      Year Salary   Bonus tion   Awarded SARs*(#)payouts($)tion
----        -----      ---- -------- ----- ------ ------- ------- --------- ----

Garry L.    Director,  2002  $0        0      0      0           0    0        0
Anselmo (1) President, 2001  $0        0      0      0   3,700,000    0        0
            Chief      2000  $0        0      0      0           0    0        0
            Executive
            Officer and
            Chief
            Financial
            Officer
--------------------------------------------------------------------------------



(1)     Mr.  Anselmo  is  employed and compensated by Tri-Con Mining Ltd., which
provides  management  and  mining  exploration  and  development services to the
Company.  Mr.  Anselmo  does  not  bill  the  Company  for his time spent on the
business  of  the  Company  and is not compensated directly or indirectly by the
Company,  other  than  through  Tricon  Mining  Ltd.   See  Item  12.  - Certain
Relationships  and  Related  Transactions


                                  Page 36 of 47

<PAGE>

STOCK  OPTION  GRANTS

The following table sets forth information with respect to stock options granted
to  the  Company's  named  executive officer for the Company's fiscal year ended
November  30,  2002.



                            OPTION/SAR GRANTS IN LAST FISCAL YEAR

                                    (INDIVIDUAL GRANTS)

-------------------------------------------------------------------------------
                  Number  of       % of Total
                  Securities       Options        Exercise
                  Underlying       Granted to     Price          Expiration
Name              Options Granted  Employees      (per Share)    Date
-------------------------------------------------------------------------------


Garry L. Anselmo,   NIL            Not Applicable Not Applicable Not Applicable
Director, President,
Chief Executive
Officer and Chief
Financial Officer
--------------------------------------------------------------------------------


EXERCISES  OF  STOCK  OPTIONS  AND  YEAR-END  OPTION  VALUES

The  following  is  a  summary  of  the  share purchase options exercised by the
Company's  named  executive officer for the Company's fiscal year ended November
30,  2002:


-------------------------------------------------------------------------------
               AGGREGATED OPTION/SAR EXERCISES DURING THE LAST
         FINANCIAL YEAR END AND FINANCIAL YEAR-END OPTION/SAR VALUES
-------------------------------------------------------------------------------
                                                              Value of
                                                              Unexercised
                                          Unexercised         In-The-Money
                                          Options at          Options/SARs at
Name (#)      Common Shares               Financial Year-End  Financial Year-End
              Acquired on Value at        (#) exercisable /   ($) exercisable /
              Exercise ($)  Realized ($)  unexercisable       unexerciseable
--------------------------------------------------------------------------------
Garry L.      3,700,000     NIL(1)        0/0                 $NIL/$NIL
Anselmo,
Director,
President,
Chief

Executive
Officer and
Chief Financial
Officer
--------------------------------------------------------------------------------



(1)     Based  on  an  exercise price of $0.15 per share and the market price of
$0.11  per  share  as  of  the  date  of  exercise.

LONG-TERM  INCENTIVE  PLANS

The  Company  does  not  have  any  long-term incentive plans, pension plans, or
similar  compensatory  plans  for  its  directors  or  executive  officers.


                                  Page 37 of 47

<PAGE>


COMPENSATION  OF  DIRECTORS

Directors  of the Company receive no fees on an annual or per meeting basis, but
the  Company  has  periodically  granted to directors options to purchase common
shares.

CHANGE  IN  CONTROL  ARRANGEMENTS

The  Company  has entered into compensation agreements with two of the directors
of  the  Company. The agreements provide for severance arrangements where change
of  control of the Company occurs, as defined, and the directors are terminated.
The  compensation  payable  to  Mr.  Garry  L.  Anselmo would include a lump sum
payment  of  $4,000,000 plus the amount of annual bonuses that Mr. Anselmo would
be entitled to receive for the eighteen month period following termination, plus
benefits  for the eighteen month period following termination.  The compensation
payable to Mr. James Dixon would include a lump sum payment of $100,000 plus the
amount  of  annual  bonuses  that Mr. Dixon would be entitled to receive for the
eighteen  month  period  following  termination,  plus benefits for the eighteen
month  period  following termination.  The compensation that would be payable to
the  directors aggregates $4,100,000 plus the amount of annual bonuses and other
benefits  that  they  would  have  received  in  the  eighteen  months following
termination.

EMPLOYMENT  CONTRACTS

The  Company  is  not  party  to  any employment contracts with any of its named
executed  officers.


                                  Page 38 of 47

<PAGE>


ITEM  11.     SECURITY  OWNERSHIP  OF  CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

The  following table sets forth certain information concerning the number of the
Company's  common shares owned beneficially as of February 24, 2003 by: (i) each
person  (including any group) known to the Company to own more than five percent
(5%) of the Company's common shares, (ii) each of the Company's directors and by
each  of  the  Company's  executive  officers, and (iii) the Company's executive
officers  and directors as a group. Unless otherwise indicated, the shareholders
listed  possess  sole  voting  and  investment  power with respect to the shares
shown.

--------------------------------------------------------------------------------
                   Name and address        Number of Shares     Percentage of
Title of class     of beneficial owner     of Common Stock      Common Stock(1)
--------------------------------------------------------------------------------
Common Shares      Garry L. Anselmo,          7,050,007(2)             6.4%
                   Director, President,
                   Chief Executive Officer
                   and Chief Financial
                   Officer

Common Shares      James F. Dixon,            1,514,484(3)             1.4%
                   Director

Common Shares      Stuart McCulloch,            883,400(4)             0.8%
                   Director

Common Shares      John R. Mackay               900,000(5)             0.8%

Common Shares      Edward Armstrong           3,505,000(6)             3.2%
                   President of
                   Silverado Green
                   Fuel Inc.

Common Shares      Warrack Willson            1,850,000(7)             1.7%
                   Vice-President of
                   Silverado Green
                   Fuel Inc.

Common Shares      All Officers and          15,697,889 (8)           13.7%
                   Directors as a Group
                   (6 persons)
--------------------------------------------------------------------------------




(1)  Under Rule 13d-3, a beneficial owner of a security includes any person who,
     directly  or  indirectly, through any contract, arrangement, understanding,
     relationship,  or otherwise has or shares: (i) voting power, which includes
     the  power  to vote, or to direct the voting of shares; and (ii) investment
     power,  which  includes  the  power to dispose or direct the disposition of
     shares.  Certain shares may be deemed to be beneficially owned by more than
     one  person  (if, for example, persons share the power to vote or the power
     to  dispose  of  the  shares).  In  addition,  shares  are  deemed  to  be
     beneficially  owned  by a person if the person has the right to acquire the
     shares (for example, upon exercise of an option) within 60 days of the date
     as  of  which  the  information  is  provided.  In computing the percentage
     ownership  of  any  person,  the  amount of shares outstanding is deemed to
     include  the  amount  of shares beneficially owned by such person (and only
     such  person)  by  reason  of  these  acquisition  rights. As a result, the
     percentage  of


                                  Page 39 of 47

<PAGE>

     outstanding  shares  of  any  person  as  shown  in  this  table  does  not
     necessarily  reflect  the  person's  actual  ownership or voting power with
     respect  to  the  number  of shares of common stock actually outstanding on
     February  11,  2003. As of February 11, 2003, there were 106,616,697 shares
     issued  and  outstanding.

(2)  Consists  of  4,050,000  shares held by Garry L. Anselmo, 7 shares owned by
     Tri-Con  Mining  Ltd,  and  3,000,000  shares  that  can be acquired by Mr.
     Anselmo  upon  exercise  of  options to purchase shares held by Mr. Anselmo
     within  60  days  of  the  date  hereof.

(3)  Consists  of  214,484 shares held directly and indirectly by James F. Dixon
     and  1,300,000  shares  that  can be acquired by Mr. Dixon upon exercise of
     options  to  purchase  shares  held by Mr. Dixon within 60 days of the date
     hereof.

(4)  Consists  of 33,400 shares held by Stuart McCulloch and 850,000 shares that
     can  be  acquired  by  Mr.  McCulloch  upon exercise of options to purchase
     shares  held  by  Mr.  McCulloch  within  60  days  of  the  date  hereof.

(5)  Consists  of  100,000 shares held by Mr. Mackay and 800,000 shares that can
     be  acquired by Mr. Mackay upon exercise of options to purchase shares held
     by  Mr.  Mackay  within  60  days  of  the  date  hereof.

(6)  Consists  of  2,005,000  shares  held by Mr. Armstrong and 1,500,000 shares
     that  can be acquired by Mr. Armstrong upon exercise of options to purchase
     shares  held  by  Mr.  Armstrong  within  60  days  of  the  date  hereof.

(7)  Consists  of  1,200,000  shares held by Dr. Willson and 650,000 shares that
     can  be acquired by Dr. Willson upon exercise of options to purchase shares
     held  by  Dr.  Willson  within  60  days  of  the  date  hereof.

(8)  Consists  of  7,597,889 shares held by our directors and executive officers
     and  8,100,000  shares  that can be acquired by our directors and executive
     officers  upon exercise of options to purchase shares held by our directors
     and  executive  officers  within  60  days  of  the  date  hereof.

================================================================================


CHANGE  IN  CONTROL

The  Company  is  not  aware of any arrangement that might result in a change in
control  in  the  future.

EQUITY  COMPENSATION  PLAN  INFORMATION.

The  Company  currently  does not have any equity compensation plans under which

shares  of  the  common stock have been authorized for issuance to its officers,
directors,  employees  and  consultants.

                                  Page 40 of 47

<PAGE>

ITEM  12.     CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS.


TRI-CON  MINING  GROUP

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").   Each  of  Tri-Con Mining Ltd., Tri-Con Mining Inc. and Tri-Con Mining
Alaska  Inc.  are owned and controlled by Mr. Garry Anselmo, the Company's chief
executive  officer  and  chief  financial officer and a director. The Company is
party  to three separate contracts dated January 1, 1997 with the Tri-Con Mining
Group,  one  with  each  of Tri-Con Mining Ltd., 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.

At  November  30,  2002,  the  Company  had  prepaid $579,745 (2001 - payable of
$291,310)  to  the Tri-Con Group for exploration, development and administration
services  to  be  performed  during  the  current  fiscal  year on behalf of the
Company.  For the year 2002, the Tri-Con Mining Group's services for the current
fiscal year focused mainly on preparation for year round production on its Nolan
property,  the  low-rank  coal-water fuel program as well as corporate planning,
mining,  engineering,  and,  and  administration  services at both its field and
corporate  offices.

The aggregate amounts paid to the Tri-Con Group each year 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 include interest charged on outstanding balances
at  the  Tri-Con  Group's  borrowing  costs  are  shown  below:

--------------------------------------------------------------------------------
                                                       2002        2001
--------------------------------------------------------------------------------
Exploration, development and field services       $   824,083   $ 116,701
Administrative  and  management  services             194,272     179,740
Research                                              256,954     277,395
--------------------------------------------------------------------------------
                                                  $ 1,275,309   $ 573,836
================================================================================
Amount of total charges in excess of Tri-Con
costs  incurred                                   $   348,634   $ 126,951
================================================================================
Excess amount charged as a percentage of
actual costs incurred                                   27.3%       22.1%
================================================================================

Mr.  Garry  Anselmo  is deemed to have indirectly received a benefit of $348,634
for  the  fiscal  year  ended November 30, 2002 and $126,951 for the fiscal year
ended  November  30,  2001  as  the  beneficial  owner of the Tri-Con Group. Mr.
Anselmo  exercised  options to purchase 3,700,000 shares at an exercise price

                                  Page 41 of 47

<PAGE>

of  $0.15  per  share  during  fiscal  2002.  Mr. Anselmo was granted options to
purchase  3,000,000  shares  at  a  price  of  $0.68 per share in December 2002.

Mr.  Edward  Armstrong  was paid $141,225 for the fiscal year ended November 30,
2002  and  $132,573  for  the fiscal year ended November 30, 2001 by the Tri-Con
Group  in  respect  of  services  provided  by  Mr. Armstrong to the Company and
charged  by the Tri-Con Group to the Company.  Mr. Armstrong charges the Tri-Con
Group  at  an hourly rate of $75 per hour for his services and the Tri-Con Group
charges  the  Company at $75 per hour plus the contractual mark-up of 15%.   Mr.
Armstrong  was granted options to purchase 2,000,000 common shares at a price of
$0.112  during fiscal 2002, which options were exercised by Mr. Armstrong during
fiscal 2002 at a time when the market price of the Company's shares was equal to
the  exercise price.  Mr. Armstrong did not hold any stock options as of the end
of  November  30, 2002.  Mr. Armstrong was granted options to purchase 1,500,000
shares  at  a  price  of  $0.68  per  share  in  December  2002.

Dr.  Warrack  Willson  was  paid $126,905 for the fiscal year ended November 30,
2002  and  $116,922  for  the fiscal year ended November 30, 2001 by the Tri-Con
Group  in respect of services provided by Dr. Willson to the Company and charged
by  the  Tri-Con Group to the Company.  Dr. Willson charges the Tri-Con Group at
an  hourly  rate  of $75 per hour for his services and the Tri-Con Group charges
the  Company  at $75 per hour plus the contractual mark-up of 15%.   Dr. Willson
was  granted  options  to  purchase 1,200,000 common shares at a price of $0.125
during  fiscal  2002,  which options were exercised by Dr. Willson during fiscal
2002.  Dr.  Willson did not hold any stock options as of the end of November 30,
2002.  Dr.  Willson was granted options to purchase 650,000 shares at a price of
$0.68  per  share  in  December  2002.

Dr.  Willson is party to an agreement dated March 19, 2001 whereby he has agreed
to act as the vice-president of the Company's fuel technology division for a ten
year  term.  The  Company  has  agreed  to  pay  to Dr. Willson a base salary of
$10,000  per  month  upon  the  Company  obtaining  funding  to build a low-rank
coal-water  fuel  demonstration  facility.  In  addition,  the Company agreed to
issue options to purchase 1,200,000 shares at a price of $0.125 per share, which
options  have  been issued and exercised.  The obligation to pay the base salary
has  not  been  triggered  to date and Dr. Willson is compensated by the Tri-Con
Group,  as  discussed  above.



                                  Page 42 of 47

<PAGE>

ITEM  13.     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)
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)
23.1    Consent  of  Morgan & Company, Chartered Accountants dated February 28,
        2003  (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  (6)
--------------------------------------------------------------------------------

(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  this  Annual  Report  on  Form  10-KSB.

                                  Page 43 of 47

<PAGE>


(b)     Reports  on  Form  8-K.


                    Date of Filing
Date of Form 8-K    with the SEC        Description of the Form 8-K
----------------    ------------        ---------------------------------------
September 9, 2002   September 11, 2002  Disclosure  of  the  increase  to  the
                                        Company's  authorized  capital  to
                                        200,000,000  common  shares  without par
                                        value  at  the  Company's  extraordinary
                                        meeting  of  shareholders  held  on
                                        September  9,  2002.


ITEM  14.     CONTROLS  AND  PROCEDURES.

As  required  by  Rule  13a-15  under  the  Securities Exchange Act of 1934 (the

"Exchange Act"), we carried out an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures within the 90 days prior
to  the  filing  date of this report.  This evaluation was carried out under the
supervision  and with the participation of our Chief Executive Officer and Chief
Financial  Officer, Mr. Garry L. Anselmo.  Based upon that evaluation, our Chief
Executive  Officer  and  Chief  Financial  Officer concluded that our disclosure
controls  and procedures are effective in timely alerting management to material
information  relating to us required to be included in our periodic SEC filings.
There  have  been  no  significant  changes in our internal controls or in other
factors that could significantly affect internal controls subsequent to the date
we  carried  out  our  evaluation.

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



                                  Page 44 of 47

<PAGE>


                                   SIGNATURES


In  accordance  with  Section  13  or  15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


SILVERADO  GOLD  MINES  LTD.



By:  /s/ Garry  L.  Anselmo
     ___________________________________
     Garry  L.  Anselmo,  President
     Chief  Executive  Officer  and  Chief  Financial  Officer
     Director
     Date:     February  28,  2003


In  accordance  with  the  Securities  Exchange Act, this report has been signed
below by the following persons on behalf of the registrant and in the capacities
and  on  the  dates  indicated.



By:  /s/ Garry  L.  Anselmo
     ___________________________________
     Garry  L.  Anselmo,  President
     Chief  Executive  Officer  and  Chief  Financial  Officer
     (Principal  Executive  Officer)
     (Principal  Financial  Officer  and  Principal  Accounting  Officer)
     Director
     February  28,  2003



By:  /s/ James  Dixon
     ___________________________________
     James  Dixon
     Director
     February  28,  2003




                                  Page 45 of 47

<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 annual report on Form 10-KSB 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 90 days prior to the filing date of
          this  annual  report  (the  "Evaluation  Date");  and

     c)   presented  in  this  annual  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:     February 28, 2003   /s/ Garry L. Anselmo
                              ___________________________________________
                              (Signature)
                              Chief Executive Officer and Chief
                              Financial Officer
                              ___________________________________________
                              (Title)


                                  Page 46 of 47