FORM 10-K
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC   20549
[X]     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT  OF  1934  FOR  THE  FISCAL  YEAR  ENDED  NOVEMBER  30,  1999.
                                              -------------------
          Commission  file  number  0-12132
                                    -------
                            SILVERADO GOLD MINES LTD.
             (Exact name of registrant as specified in its charter)
British  Columbia,  Canada                              98-0045034
(State  or  other  jurisdiction             ( IRS Employer ID No.)
of incorporation or organization)

Suite  505,  1111  West  Georgia  Street
Vancouver,  British  Columbia,  Canada  V6E  4M3               (604)  689-1535
------------------------------------------------                --------------
(Address  of  Principal  Executive  Offices)                    (Registrant's
                                                           telephone  number)
Securities  registered  pursuant  to           The Company's Common Stock
section  12(b)  of  the  Act  :                trades on the OTC Bulletin
None                                           Board under the trading symbol
Securities  registered  pursuant  to           SLGLF.OB
section  12(g)  of  the  Act:                  ------------------------------
Common  Shares,  no  par  value                (Name of each exchange on
(Title  of  Class)                              which registered)
--------------------------------------------------------------------------------
Indicate  by  check mark the registrant (1) has filed all reports required to be
filed  by  Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to  file such reports), and (2) has been subject to such filing requirements for
the  past  90  days.
Yes [X]    No
Indicate  by  check mark if disclosure of delinquent filers pursuant to Item 405
of  Regulation  S-K  is  not contained herein, and will not be contained, to the
best  of  the  registrant's  knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in  Part  III  of this Form 10-K or any
amendment  to  this  Form  10-K.      [X]

The  aggregate  market  value of voting stock held by non-affiliates on March 8,
2000  was  $  3,492,109

The  number  of  shares  outstanding  on  March  8,  2000  was  15,873,224

Total  number  of  pages,  including  cover  page:  49

<PAGE>
PART I

ITEM  1          BUSINESS
-------


FORWARD-LOOKING  STATEMENTS

Certain  statements contained herein are "forward-looking statements" within the
meaning  of  Section 21E of the Securities Exchange Act of 1934, as amended, and
are  intended  to  be  covered  by  the  safe  harbors  created  thereby.  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.

These  risks  and  uncertainties  may cause actual outcomes to materially differ
from  those  forecasted  or  suggested.  Where  the  Company makes statements of
expectation  or  belief  as  to  future  outcomes, such expectation or belief is
expressed  in  good  faith  and  believed  to  have  a  reasonable  basis.
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.

Given  these uncertainties, readers are cautioned not to place undue reliance on
such  forward-looking  statements.

(A)     GENERAL  DEVELOPMENT  OF  BUSINESS

Silverado  Gold  Mines  Ltd.  ("Silverado"  or "the Company"), is engaged in the
acquisition,  exploration  and development of mineral properties.  Silverado was
incorporated  under  the  laws  of  British Columbia, Canada, in June, 1963, and
operates  in the United States through a wholly-owned subsidiary, Silverado Gold
Mines  Inc.,  incorporated  in  the  State  of  Alaska  in  1981.

Silverado's  exploration and development activities are managed and conducted by
an  affiliated  company,  Tri-Con  Mining Ltd. ("Tri-Con") pursuant to a written
operating  agreement.  Tri-Con  is  a  privately owned corporation controlled by
Garry  L.  Anselmo, who is President, Chairman, CEO and a Director of Silverado.

The  Company  holds  interests  in  four groups of mineral properties in Alaska.
Silverado's main projects are exploration and development of the Ester Dome Gold
Project,  located 10 miles northwest of Fairbanks, Alaska, and of the Nolan Gold
Project,  located  175  miles  north  of  Fairbanks,  Alaska.

The  Ester  Dome  Project comprises a contiguous group of 1 Federal claim and 52
State  claims totaling 2.5 square miles, including the Grant Mine, May / Barelka
(St.  Paul)  and  Dobb's  Properties,  all  located  within the Fairbanks Mining
District  in  Alaska.

<PAGE>
On  August  30, 1980 the Company entered into an Option Agreement with Janice B.
Taylor  granting Silverado the exclusive right and option to acquire 100% of the
Range  I  Property,  a  property  situated on Ester Dome near Fairbanks, Alaska.
During 1999, the Company relinquished its rights to this property back to Janice
B.  Taylor.

On  August  30,  1980  the  Company  entered into an Option Agreement with Range
Minerals  Corporation  granting  Silverado  the  exclusive  right  and option to
acquire  100%  of  the Range II Property, a property situated on Ester Dome near
Fairbanks,  Alaska.  During  1999,  the  Company relinquished its rights to this
property  back  to  Range  Minerals  Corporation.

During  1999 the Company concentrated its activities on mining The Swede Channel
and  Workman's  Bench,  which  are  located  within  Nolan Placer.  In 1999, the
Company's  share  of total gold recovered from The Swede Channel amounted to 289
ounces,  and the Company recovered 112 ounces from Workman's Bench and 44 ounces
from  old  tailings during the same period.  The Company reduced the size of its
lode  claim  holdings  from  239  in  1998  to  32  at  November  30,  1999.

The  Whiskey Gulch Property, consisting of four claims adjoining Newmont's "True
North"  property  was  acquired  by  the  Company in 1996 to further enhance its
Marshall  Dome  Property by virtue of its proximity to those claims. The Whiskey
Gulch  Property was sold to a subsidiary of Kinross Gold Corporation on November
9,  1999 for a cash payment of $50,000 and a retained Net Smelter Return payable
by  Kinross  to  Silverado  in  respect to any gold recovered from the property.
Kinross  is  to  pay  Silverado  on  the  following  basis:


PRICE  OF  GOLD          PRODUCTION  ROYALTY
---------------          -------------------

$300.00  or  less        2.0%  of  Net  Smelter  Returns
--------------------     -------------------------------
$300.01  to  $350.00     3.0%  of  Net  Smelter  Returns
--------------------     -------------------------------
$350.01  to  $400.00     3.5%  of  Net  Smelter  Returns
--------------------     -------------------------------
$400.01  and  above      4.0%  of  Net  Smelter  Returns
--------------------------------------------------------

"Price  of  Gold"  is  equal to the average, for a particular year for which Net
--------------------------------------------------------------------------------
Smelter  Returns  are  being  calculated,  of  the  daily  London Bullion Market
--------------------------------------------------------------------------------
Association  P.M. Gold Fixing, as established from time to time during the year.
--------------------------------------------------------------------------------

The  French Peak Property consists of four mineral claims totaling approximately
one  square  mile,  and  is  located  40  miles  northwest  of Smithers, British
Columbia.  In  February  1999,  the  Company chose to relinquish its interest in
this  property.

(B)     FINANCIAL  INFORMATION  RE:  INDUSTRY  SEGMENTS

The  Company  has  one operating segment, being mineral exploration, development
and  mining.

(C)     DESCRIPTION  OF  BUSINESS

<PAGE>

The  Company's  plan  of  operation is to continue to develop and mine its Nolan
properties  specifically  the Workman's Bench and deep Nolan Channel areas.  The
Company  is  planning  to  mine  Workman's  Bench  this  summer  with concurrent
processing  and  gold recovery as well as begin development of the upper portion
of  the  Nolan  Deep  Channel  this  fall.

During  1998 the Company successfully negotiated an option agreement with Placer
Dome  U.S.  Inc.  to conduct exploration and development on 20.5 square miles of
the  Company's  Ester Dome properties.  On November 9, 1998, PDUS terminated the
agreement  with  the  Company.  The  Company,  subsequently,  entered  into
negotiations  with several other companies to possibly joint venture or vend the
property.

As the Company was unable to attract outside interest to the Ester Dome project,
it subsequently reduced its holdings by relinquishing the Range I and II part of
the  Ester  Dome  property  back  to  the  owners  of  those  two  properties.

The  Company  plans  to continue exploration of its Hammond, St.Paul, Grant, and
O'Dea  properties.  The  extent  of  activity  will  be  dependent  on available
financing.

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.  On  February  19,  1997,  Can-Ex  was dissolved and the Eagle Creek
property  became the property of its parent corporation, Kintana Resources Ltd.,
a  company  controlled  by  Garry  Anselmo who is President, Chairman, CEO and a
Director  of  Silverado.  The Company's royalty interest in the property remains
unaffected  by  this  event.  There  has  been  no  development  activity on the
property  during  the  year.

In  Canada,  the  Company has allowed its French Peak Property to lapse and does
not  currently  intend  to  acquire  additional property in Canada 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.

Mining  activities  in  the U.S. are subject to regulation and inspection by the
Mining  Safety  and  Health  Administration  of  the United States Department of
Labor.  In  addition,  the  Company's  activities  are regulated by a variety of
Federal, state, provincial and local laws and regulations relating to protection
of  the  environment  and  other  matters.  Many  agencies have the authority to
require  the  Company  to  cease or curtail operations due to noncompliance with
laws  administered  by  those agencies.  The operation of mining properties also
requires  a  variety  of  permits  from  government  agencies.

Management  believes that it has in place or will be able to obtain as necessary
all  of  the  required permits for the Company's planned operations.  Management
knows of no areas of noncompliance with laws or regulations which could close or
curtail  operations.

<PAGE>

The Company has accrued a total of $196,000 for further reclamation on the Nolan
Gold  Project  and  Grant  Mine site on Ester Dome.  Additional remediation work
takes  place  during  the  normal  course  of  mining.

In  the event of closure or abandonment of its facilities, the Company estimates
the  accrual  for  reclamation,  net  of  recoveries,  is sufficient to meet its
obligations.

The  Company's  properties consist of unpatented Federal mining claims and State
mining  claims.  Titles  to  unpatented  claims  are  subject  to  inherent
uncertainties,  such  as whether there has been a discovery of valuable minerals
on  each  claim  and  whether proper locating and filing prerequisites have been
met.  Title  can  only  be  maintained  by  the  performance  of adequate annual
assessment  work  and  /  or  the  payment of prescribed rental fees.  While the
Company  believes  that  all  claims  which it holds were properly located under
applicable law, no assurances can be given in that regard.  To date, the Company
believes that it has conducted and recorded all annual assessment work necessary
to  maintain the claims in good standing.  Changes to U.S. mining laws currently
under  consideration  would,  if  enacted,  substantially  affect all holders of
unpatented Federal mining claims by imposing royalty fees on removal of minerals
and  fundamentally  changing  the rights and status of unpatented claim holders.
Although  management  believes  that the imposition of royalty fees as described
above,  at  a  minimal  level,  would  not have a material adverse effect on the
Company, it is impossible to predict the extent to which mining or environmental
legislation may be enacted or amended nor the effect that such legislation could
have  on  the  Company.


(D)     INFORMATION  ABOUT  FOREIGN  AND  DOMESTIC  OPERATIONS
        AND  EXPORT  SALES

The  following  table sets forth selected financial data for each of Silverado's
fiscal  years  ended  November 30, 1999, 1998 and 1997, by country of origin for
information  purposes  only.


<TABLE>
<CAPTION>


                               YEAR ENDED NOVEMBER 30,

                        1999          1998           1997
                    -----------------------------------------
<S>                 <C>           <C>            <C>
Loss for the year
     Canada. . . .  $  (256,641)  $ (1,469,472)  $(3,594,229)
     United States   (1,192,750)   (15,469,431)     (820,543)
                    -----------------------------------------
                    $(1,449,391)  $(16,938,903)  $(4,414,772)
                    ------------  -------------  ------------

END OF PERIOD

Long-lived assets
     Canada. . . .  $   183,927   $    212,492   $   515,612
     United States    2,484,559      3,212,410    17,209,468
                    -----------------------------------------
                    $ 2,668,486   $  3,424,902   $17,725,080
                    ------------  -------------  ------------
</TABLE>

<PAGE>

For  each  of the three years ended November 30, 1999, 1998 and 1997, there have
been no transfers between geographic segments, nor have there been export sales.
Revenue for each of the three years is from sales of gold inventory derived from
the  Nolan  Gold  Project.


ITEM  2          PROPERTIES
-------


(A)  REGISTRANT'S  INTEREST

Silverado  holds  interests  in mineral properties in the State of Alaska.   The
Company  has  conducted sufficient exploration and development work to delineate
100,652  ounces  proven  and  132,697  probable  ore  reserves.

(B)     GENERAL  CHARACTER  AND  TECHNICAL  DESCRIPTION  OF  EACH
        PROPERTY

(1)     NOLAN  GOLD  PROJECT

The  Nolan Project consists of five contiguous properties covering approximately
6  square  miles,  8  miles  west  of Wiseman, and 175 miles north of Fairbanks,
Alaska.  These  properties  are  as  follows:

(A)     NOLAN  PLACER:
This property consists of 160 unpatented Federal placer claims 100 percent owned
by  Silverado.

(B)     THOMPSON'S  PUP:
This  property consists of 6 unpatented Federal placer claims, and is subject to
a  royalty  of  3  percent  of  net  profits  on  80%  of  production.

(C)     DIONNE  (MARY'S  BENCH):
This  property,  consisting  of  15  unpatented  Federal  placer  claims  and
miscellaneous  mining  equipment,  was  purchased in 1993 for $1,000,000 payable
over  five  years.  Payments  were  completed  in  1997.

(D)     SMITH  CREEK:
This  property,  consisting  of  35  unpatented  Federal  placer  claims  and
miscellaneous  mining equipment, was purchased in 1993 for $200,000 payable over
five  years  with payments originally scheduled to be completed in 1998.   As at
November  30, 1999 $120,000 (1998: $60,000) in acquisition costs are in arrears.

(E)     NOLAN  LODE:
This property consists of 32 unpatented Federal lode claims 100 percent owned by
Silverado.  The  lode  claims  overlie  much of the placer properties and extend
beyond  them.

<PAGE>

Production  of  placer  gold  from  Nolan  Creek  and its tributaries originally
commenced  in 1903.  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 believes 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  this time, the Company substantially reclaimed its previous disturbances
During  1998,  the  Company  re-commenced  mining  operations.  The  Company
concentrated  its  activities  on the Archibald Creek area, located within Nolan
Placer.  Limited  mining  on  the  Swede  Channel located within Dionne was also
undertaken  by  a third party.  The Company's share of total gold recovered from
the  Nolan  Gold  Project  in  1998  amounted  to  144  ounces.

During  1999,  the  Company  conducted  mining  operations.  Mining on the Swede
Channel  located  within  Dionne  was completed by a third party.  The Company's
share of the total gold recovered from the Swede Channel in 1999 was 289 ounces.
The  Company  mined  and  processed  gold  from the Workman's Bench area located
within Smith Creek.  A small part of this area was mined in the last week of the
fall  mining  season (prior to winter freeze-up) and yielded 112 ounces of gold.

(2)     HAMMOND  PROPERTY

The Hammond Property, consisting of 28 Federal placer claims and 36 Federal lode
claims  covering  one  and one-half square miles, was acquired by the Company in
December  1994.  The  Company  completed  a  drilling  program  in  1995  which
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.  As at November 30, 1999 $160,000 (1998:
$80,000)  in  option  payments  are  in  arrears.

(3)     MARSHALL  DOME  PROPERTY

The  Marshall  Dome  Gold Project, consists of 38 State claims, 35 of which were
acquired  by  the  Company  in  1995 due to its proximity and similar geological
setting  to Newmont Mining Company's now Kinross Gold Corporation's "True North"
gold  property,  immediately  to  the  southwest.  The  remaining three adjacent
claims  were  located  and  acquired  by  the Company prior to 1995. The project
covers  an  area of two and one-half square miles, and is located eighteen miles
northeast  of  Fairbanks and is on the same geological trend as the "True North"
gold deposit one mile to the southwest, which is being developed by Kinross Gold
Corporation.

<PAGE>


(4)     WHISKEY  GULCH  PROPERTY

This  property,  acquired  by the Company in 1996, is one-half mile southwest of
the  Marshall Dome Property and adjoins the "True North" property.  During 1999,
the  Company sold its 100% interest to a subsidiary of Kinross Gold Corporation.
The  Company  retains  an overriding  Net  Smelter Interest (see Item 1 "General
Development  of  Business").

(5)     ESTER  DOME  GOLD  PROJECT

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

(A)     GRANT  MINE:
This  property consists of 19 state mineral claims subject to 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:
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.

(C)     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  the  net  profits  thereafter.

(D)     RANGE  MINERALS  #1:
This  property  consisted  of  6  State mineral claims.  During 1999 the Company
relinquished  its  interest  in  this  property.

(E)     RANGE  MINERALS  #2:
This  property  consists  of  419  State  mineral  claims and one Federal claim.
During  1999  the  Company  relinquished  its  interest  in  this  property.

(6)  FRENCH  PEAK  PROPERTY

The  French Peak property consists of four mineral claims totaling approximately
one  square  mile,  located  40  miles  northwest of Smithers, British Columbia.
During  1999,  the  Company  relinquished  its  interest  in  this  property.

<PAGE>

(C)     GLOSSARY  OF  TECHNICAL  TERMS

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.

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".

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.

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.

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".

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.

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


ITEM  3          LEGAL  PROCEEDINGS
-------

A former employee of the Tri-Con Group has initiated a claim against the Company
for  wrongful  dismissal/breach  of  contract  in  the  amount of $150,000.  The
Company  has

<PAGE>

been  named as a co-defendant in the suit.  No provision for this litigation has
been  made  in  the financial statements for the year ended November 30, 1999 as
the  amount  of  the  loss,  if  any,  is  indeterminable  at  this  time.

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

No  matters  were submitted during the fourth quarter of the fiscal year covered
by this report to a vote of security holders through the solicitation of proxies
or  otherwise.


                                     PART II


ITEM 5     MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
------


(A)     MARKET  INFORMATION

Silverado's  common  stock  trades  on  the  OTC Bulletin Board under the symbol
SLGLF.OB.  The  following  table  indicates  the  high and low bid prices of the
common  shares  during  the  periods  indicated:

QUARTER  ENDED     HIGH  BID     LOW  BID

Feb  28,  1998     11/32          3/16
May  31,  1998     15/16          1/16
Aug  31,  1998     1  1/32        7/32
Nov  30  1998      11/32          5/32
Feb  28,  1999     1/8            5/64
May  31,  1999     3/16           7/64
Aug  31,  1999     13/64          1/16
Nov  30  1999      1/8            1/16


(B)     HOLDERS  OF  COMMON  SHARES

As  at  March  6, 2000 there were 3,729 registered holders of Silverado's common
shares,  approximately  81%  of  whom  were  located  in  the  United  States.

(C)     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

<PAGE>

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 two-thirds of a capital gain
(three-quarters  prior  to  February  27,  2000).

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

<PAGE>

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>


ITEM  6          SELECTED  FINANCIAL  DATA
-------

The  following  table sets forth selected financial data for each of Silverado's
fiscal  years  ended  November  30,  1999,  1998,  1997,  1996  and  1995.

<TABLE>
<CAPTION>


                                                YEARS ENDED NOVEMBER 30,

                                    1999      1998       1997      1996      1995
                                  000's except per share amounts:
<S>                               <C>       <C>        <C>       <C>       <C>
Revenues . . . . . . . . . . . .  $   128   $     58   $   169   $   298   $ 3,053

Loss for the Year. . . . . . . .  $(1,449)  $(16,939)  $(4,415)  $(4,330)  $(4,095)

Loss Per Share . . . . . . . . .  $ (0.11)  $  (1.89)  $ (0.66)  $ (0.88)  $ (1.10)

END OF PERIOD

Assets . . . . . . . . . . . . .  $ 2,759   $  3,477   $18,231   $18,461   $15,140

Gold Inventory (1) . . . . . . .  $    11   $     23   $    49   $   213   $   389

Long term Obligations. . . . . .  $    75   $      -   $ 2,010   $ 2,092   $ 2,395

</TABLE>


(1)     Gold  inventory  is  valued at the lower of weighted average cost or net
realizable  value.

ITEM  7   MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL
-------
          CONDITION  AND  RESULTS  OF  OPERATIONS


LIQUIDITY  AND  CAPITAL  RESOURCES

The  table  below  sets  forth  Silverado's working capital and liquidity at the
dates  indicated:

<TABLE>
<CAPTION>

                                                            NOVEMBER 30,

                                                  1999          1998         1997
                                              ------------  ------------  ----------
<S>                                           <C>           <C>           <C>
Cash . . . . . . . . . . . . . . . . . . . .  $         -   $         -   $  20,914
Other current assets . . . . . . . . . . . .       90,502        27,208     423,475
                                              ------------  ------------  ----------

                                                   90,502        27,208     444,389
                                              ------------  ------------  ----------

Bank indebtedness. . . . . . . . . . . . . .       (2,385)       (4,396)          -
Accounts payable and accrued liabilities . .   (1,162,023)     (904,568)   (597,478)
Mineral claims payable . . . . . . . . . . .     (286,500)     (342,000)          -
Loans payable secured by gold inventory. . .      (49,130)            -           -
Current portion of capital lease obligation.            -             -     (81,749)
Convertible debentures, current portion. . .   (2,000,000)   (2,000,000)          -
                                              ------------  ------------  ----------
                                               (3,500,038)   (3,250,964    (679,227)
                                              ------------  ------------  ----------

Working capital (deficiency) . . . . . . . .  $(3,409,536)  $(3,223,756)  $(234,838)
                                              ------------  ------------  ----------
</TABLE>

<PAGE>


(a)     Liquidity

As  at  November  30,  1999  the  Company  has  a  working capital deficiency of
$3,409,536,  including  a  $2,000,000  convertible  debenture  which matured and
became  payable  on  July  2,  1999.  The Company has not made required interest
payments  of  $320,000 to December 31, 1999.  The Company is also in arrears for
$286,500  of  required  mineral  claims  and options payments for certain of its
mineral  properties  during 1999 and 1998.  As a result, the Company's rights to
these  properties  may  be  adversely  affected.

The  Company funded its exploration activities in 1999 by generating $379,445 in
capital through  private  placements  and  the exercise of options and warrants;
receiving  $35,642  from  the sale of equipment; receiving $127,940 from sale of
gold;  issuances  of a $75,000 convertible debenture; and the receipt of $50,000
cash  from  the  sale  of  its  interest  in the Whiskey Gulch Mineral property.

The  Company  plans  to continue to raise capital through private placements and
warrant  issues.  The  Company  also  plans to option to third parties the Ester
Dome  and Marshall Dome properties, near Fairbanks, Alaska.  The Company expects
to  supplement  financing  activities  with  gold  sales  in  fiscal  2000.

The  Company  has a significant working capital deficiency at November 30, 1999.
As of that date, uncertainty as to the Company's ability to meet its liabilities
and  commitments as they become payable causes doubt about the Company's ability
to  continue  as  a going concern.  The Company's ability to continue as a going
concern  and  recover the amounts recorded as mineral properties is dependant on
its  ability  to obtain to obtain the continued forbearance of its creditors, to
obtain  additional  financing  and  /  or  the  entering  into  a  joint venture
agreements  with third parties in order to complete exploration, development and
production  of  its mineral properties, the continued delineation of reserves on
its  properties  and  the  attainment  of  profitable  operations.  There  is no
assurance  that  such  items  can be obtained by the Company.  Failure to obtain
these  may  cause the Company to significantly decrease its level of exploration
and  operations  and  to  possibly sell or abandon certain mineral properties or
capital  assets  to  reduce  commitments  or  raise  cash  as  required.

(b)     Capital  Resources

The  Company has minimum aggregate future cash expenditures for work commitments
of  $50,000  in each of the next five years to maintain one of its properties in
good  standing in addition to $286,500 of payments in arrears on two properties.

The  Company  has  interest commitments of $320,000 as at December 31, 1999 on a
$2,000,000  convertible debenture which has matured and is due and payable.  The
Company  and  the debenture holders are in negotiations to extend the debenture.

<PAGE>


(c)     Results  of  Operations

NOLAN  GOLD  PROJECT
--------------------

During  1999, mining of the Swede Channel was continued.  The Company's share of
total  gold  recovered  from the Swede Channel in 1999 was 289 ounces (1998: 144
ounces).  Limited  mining  was also conducted on the Workman's Bench part of the
Smith  Creek  property and the Company recovered 112 ounces from this area.  The
Company  also  processed some of the old tailings from the Dionne property which
yielded  44  ounces.   The  Company recovered a total of 445 ounces of gold from
the  Nolan Gold Project in 1999.  The Company also performed reclamation work on
the Archibald part of the Nolan Placer property and on the Swede Channel part of
the  Dionne  property.

<TABLE>
<CAPTION>

OPERATING  RESULTS

                              1999      1998      1997
                            --------  --------  --------
<S>                         <C>       <C>       <C>
Revenue from gold sales. .  $127,490  $ 57,915  $168,924
Operating Costs. . . . . .   254,242   336,244   378,315
                            --------  --------  --------
Loss before other expenses  $126,302  $278,329  $209,391
</TABLE>

The  Company  incurred  only limited gold sales in 1999.  The Company expects to
maintain  only  minimal  inventory  until  production  from its Nolan properties
resume  in  the  spring  of  2000.

The  price of gold has an impact upon the Company's results of operations.   The
price  of  gold  has maintained a range of $252 to $323 per ounce, down from the
1996  level  of  $400  per  ounce.
<TABLE>
<CAPTION>

OTHER  EXPENSES
---------------

                                     1999        1998         1997
                                  ----------  -----------  ----------
<S>                               <C>         <C>          <C>
Other Expenses . . . . . . . . .  $1,156,089  $ 2,196,520  $4,205,381
Write down of mineral properties     167,000   14,464,054           -
                                  ----------  -----------  ----------
                                  $1,323,089  $16,660,574  $4,205,381
</TABLE>

DURING  1999,  THE  COMPANY  EVALUATED  ITS  MINERAL  PROPERTIES  AND RECORDED A
WRITE-DOWN  OF  $167,000  (1998:  14,464,054).

<PAGE>


ITEM  8          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.

                                                                           PAGE

Auditors'  Report                                                          F-1

Comments  by  Auditors  for  U.S.  Readers  on  Canada
 - U.S. Reporting Conflict                                                 F-1

Consolidated  Balance  Sheets,  November  30,  1999  and  1998             F-2

Consolidated  Statements  of  Operations  and  Accumulated  Deficit,
Years  Ended  November  30,  1999,  1998,  and  1997                       F-3

Consolidated  Statements  of  Changes  in  Share  Capital                  F-4

Consolidated  Statements  of  Cash  Flows,
Years  Ended  November  30,  1999,  1998  and  1997                        F-5

Notes  to  Consolidated  Financial  Statements                   F-6  to  F-21

No  schedules are presented either because the required information is disclosed
--------------------------------------------------------------------------------
elsewhere  in  the  financial  statements,  or the schedules are not applicable.
--------------------------------------------------------------------------------

<PAGE>

                                                                            F-1


AUDITORS'  REPORT

To  the  Shareholders  of  Silverado  Gold  Mines  Ltd.

We  have audited the consolidated balance sheets of Silverado Gold Mines Ltd. as
at November 30, 1999 and 1998, and the consolidated statements of operations and
accumulated  deficit,  changes  in  share capital and cash flows for each of the
years  in  the  three  year  period  ended  November  30, 1999.  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  audits.

We  conducted our audits in accordance with Canadian 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 1999
and  1998,  and the results of its operations and its cash flows for each of the
years  in  the  three  year  period  ended November 30, 1999, in accordance with
United  States  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.


KPMG  LLP
Chartered  Accountants

Vancouver,  Canada
February  25,  2000



COMMENTS  BY  AUDITORS  FOR  U.S.  READERS
ON  CANADA-U.S.  REPORTING  CONFLICT

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  1(a)  to  the  financial statements.  Our report to the shareholders dated
February  25,  2000,  is  expressed  in  accordance  with the 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.


KPMG  LLP
Chartered  Accountants

Vancouver,  Canada
February  25,  2000

<PAGE>

<TABLE>
<CAPTION>

SILVERADO GOLD MINES LTD.                                                   F-2
CONSOLIDATED  BALANCE  SHEETS
EXPRESSED  IN  U.S.  DOLLARS


                                                                                 NOVEMBER 30,            NOVEMBER 30,
                                                                                     1999                    1998
                                                                            ----------------------  ----------------------
Assets
<S>                                                                         <C>                     <C>
Current Assets
  Gold inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $              10,567   $              23,448
  Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . .                 79,935                   3,760
                                                                            ----------------------  ----------------------
                                                                                           90,502                  27,208

Mineral Properties and Development (Note 2). . . . . . . . . . . . . . . .              1,224,200               1,600,000

Buildings, Plant and Equipment (Note 3). . . . . . . . . . . . . . . . . .              2,982,608               3,114,785
  Less accumulated depreciation. . . . . . . . . . . . . . . . . . . . . .             (1,538,322)             (1,289,883)
                                                                            ----------------------  ----------------------
                                                                                        1,444,286               1,824,902

Deferred financing fees (net of amortization of $186,000; 1998 - $161,438)                      -                  24,562
                                                                            ----------------------  ----------------------

                                                                            $          2,758,988    $         3,476,672
                                                                            ----------------------  ----------------------

Liabilities and Shareholders' Equity (Deficiency in Assets)

Current Liabilities
  Bank indebtedness. . . . . . . . . . . . . . . . . . . . . . . . . . . .  $               2,385   $               4,396
  Accounts payable and accrued liabilities (Note 4). . . . . . . . . . . .              1,162,023                 904,568
  Mineral claims payable (Note2(a)). . . . . . . . . . . . . . . . . . . .                286,500                 342,000
  Loans payable secured by gold inventory. . . . . . . . . . . . . . . . .                 49,130                       -
  Convertible debentures, current portion (Note 5(a)). . . . . . . . . . .              2,000,000               2,000,000
                                                                            ----------------------  ----------------------
                                                                                        3,500,038               3,250,964

Convertible debentures (Note 5(b)) . . . . . . . . . . . . . . . . . . . .                 75,000                       -

Shareholders' Equity (Deficiency in Assets)
  Share capital (Note 6)
  Authorized: 100,000,000 (1998-100,000,000) common shares
  Issued and outstanding: November 30, 1999 - 15,873,224 shares
    November 30, 1998 - 10,997,890 shares. . . . . . . . . . . . . . . . .             44,454,365              44,074,920
  Shares to be issued. . . . . . . . . . . . . . . . . . . . . . . . . . .                 28,188                       -
  Deficit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            (45,298,603)            (43,849,212)
                                                                            ----------------------  ----------------------
                                                                                         (816,050)                225,708
                                                                            ----------------------  ----------------------
                                                                                                -
                                                                            $          2,758,988    $         3,476,672
                                                                            ----------------------  ----------------------

Continuing operations (Note 1(a))
Commitments and contingencies (Notes 2 and 9)
Subsequent events (Note 10)
</TABLE>

See  accompanying  notes  to  consolidated  financial  statements.

<PAGE>
<TABLE>
<CAPTION>
SILVERADO GOLD MINES LTD.                                                   F-3
CONSOLIDATED  STATEMENTS  OF  OPERATIONS
AND  ACCUMULATED  DEFICIT


EXPRESSED IN U.S. DOLLARS                                    YEAR ENDED               YEAR ENDED              YEAR ENDED
                                                            NOVEMBER 30,             NOVEMBER 30,            NOVEMBER 30,
                                                                1999                     1998                    1997
                                                       -----------------------  ----------------------  ----------------------
<S>                                                    <C>                      <C>                     <C>
Revenue from gold sales                                $              127,940   $              57,915   $             168,924
Operating costs
  Mining and processing costs                                         227,442                 232,405                 164,835
  Amortization of property and development costs                       26,800                  43,264                       -
  Reclamation expense (Note 9(c))                                           -                  60,575                 213,480
                                                       -----------------------  ----------------------  ----------------------
Loss before the undernoted                                           (126,302)               (278,329)               (209,391)

Other expenses
  Accounting and audit                                                 34,737                  69,054                  93,450
  Amortization of deferred financing fees                              24,562                  37,200                  37,200
  Consulting expense                                                        -                 185,813                  78,945
  Corporate capital taxes                                               5,305                       -                  21,934
  Depreciation                                                        301,408                 378,471                 475,175
  Employment contract expense                                               -                  22,049               1,099,340
  Financing activities                                                      -                       -                 100,847
  General exploration and development                                 182,977                       -                  75,566
  Interest on long term debt                                          165,000                 161,381                 160,000
  Legal                                                                31,612                 145,102                 206,740
  Loss on disposal of buildings, plant and equipment                   43,566                 178,916                   1,557
  Loss (gain) on foreign exchange                                      19,573                 (28,467)                 55,335
  Management salaries                                                       -                       -                  65,744
  Management services from related party (Note 7)                      58,200                 321,513                 992,646
  Office expenses                                                     118,554                 174,910                 239,518
  Other interest and bank charges (net)                                14,535                  29,228                   7,356
  Printing and publicity                                                  625                  38,712                 293,095
  Receivable allowance                                                153,561                 363,667                       -
  Reporting and investor relations                                      1,599                  55,279                  52,576
  Transfer agent fees and mailing expenses                                275                  63,692                 148,357
  Write down of deferred mineral properties                           167,000              14,464,054                       -
                                                       -----------------------  ----------------------  ----------------------
     and development expenditures
                                                                    1,323,089              16,660,574               4,205,381

Loss for the year                                                  (1,449,391)            (16,938,903)             (4,414,772)

Accumulated deficit at beginning of the year                      (43,849,212)            (26,910,309)            (22,495,537)
                                                       -----------------------  ----------------------  ----------------------

Accumulated deficit at end of the year                 $          (45,298,603)  $         (43,849,212)  $         (26,910,309)
                                                       -----------------------  ----------------------  ----------------------

Loss per share (Note 1(g))                             $               (0.11)   $             (1.89)    $            (0.66)
                                                       -----------------------  ----------------------  ----------------------
</TABLE>


<PAGE>
<TABLE>
<CAPTION>
SILVERADO GOLD MINES LTD.                                                   F-4
CONSOLIDATED  STATEMENTS  OF  CHANGES  IN  SHARE  CAPITAL
EXPRESSED  IN  U.S.  DOLLARS

YEARS  ENDED  NOVEMBER  30,  1999,  1998,  AND  1997


                                                                                                  UNAMORTIZED   ADVANCES TO RELATED
                                                                                                     STOCK       PARTIES SECURED BY
                                                              NUMBER OF           SHARE           COMPENSATION    COMMON SHARES
                                                                SHARES           CAPITAL            EXPENSE       IN THE COMPANY
<S>                                                          <C>           <C>                   <C>             <C>
Balance at November 30, 1996                                  56,406,493   $         38,651,294  $           -   $             -
                                                             ------------  --------------------  --------------  ----------------

Year ended November 30, 1997
  Shares issued:
    Share split                                                4,934,725                      -
    On exercise of contract employee share options             3,390,000                487,500
    On exercise of warrants                                      600,000                102,000
    Private placements for cash                               14,181,000              2,863,229
    Private placement for consulting services:                   500,000
            For cash                                                                        500
            For consulting services                                                     169,500
  Fair value of share options granted to contract employees                             771,389
  Fair value of share options granted to consultants                                     39,008
  Stock compensation cost                                                                             (151,612)
  Advances to related parties                                                                                           (480,236)
                                                             ------------  --------------------  --------------  ----------------
                                                              23,605,725              4,433,126       (151,612)         (480,236)
                                                             ------------  --------------------  --------------  ----------------
Balance as at November 30, 1997                               80,012,218             43,084,420       (151,612)         (480,236)
                                                             ------------  --------------------  --------------  ----------------

Year ended November 30, 1998
  Share consolidation                                        (72,010,996)
  Shares issued:
    On exercise of warrants for cash                             255,000                216,200
    Private placements for cash                                2,446,668                372,600
    Private placement for consulting services:                   125,000                112,500
  Fair value of shares issued for mineral property               170,000                289,200
  Amortization of stock compensation                                                                   151,612
  Cash received on sale of common shares by related party                                                                225,448
  Uncollected balance recorded as a receivable allowance                                                                 254,788
                                                             ------------  --------------------  --------------  ----------------
                                                             (69,014,328)               990,500        151,612           480,236
                                                             ------------  --------------------  --------------  ----------------
Balance as at November 30, 1998                               10,997,890             44,074,920              -                 -
                                                             ------------  --------------------  --------------  ----------------

Year ended November 30, 1999
  Shares issued:
    On exercise of warrants for cash                           4,008,667                250,050
    Private placements for cash                                  866,667                129,395
                                                             ------------  --------------------  --------------  ----------------
                                                               4,875,334                379,445              -                 -
                                                             ------------  --------------------  --------------  ----------------
Balance as at November 30, 1999                               15,873,224   $         44,454,365  $           -   $             -
                                                             ============  ====================  ==============  ================
</TABLE>



See  accompanying  notes  to  the  consolidated  financial  statements.


<PAGE>
<TABLE>
<CAPTION>

SILVERADO GOLD MINES LTD.                                                        F-5
CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS
EXPRESSED  IN  U.S.  DOLLARS


                                                                                       YEAR ENDED
                                                                                      NOVEMBER 30,
                                                                                          1999
                                                                               --------------------------
<S>                                                                            <C>
CASH PROVIDED BY (USED FOR):

Operations:
  Loss for the year                                                            $              (1,449,391)
  Items not involving cash:
    Write down of deferred mineral properties and development expenditures                       167,000
    Employment contract expense                                                                        -
    Consulting services expense                                                                        -
    Depreciation                                                                                 301,408
    Amortization of deferred financing fees                                                       24,562
    Loss on disposal of buildings, plant and equipment                                            43,566
    Amortization of mineral properties and development                                            26,800
  Changes in non-cash operating working capital:
    Decrease (increase) in accounts receivable                                                   (76,175)
    Decrease in gold inventory                                                                    12,881
    Decrease in prepaid expenses paid to related parties                                               -
    Increase (decrease) in mineral claim payable                                                 136,500
    Increase in accounts payable and accrued liabilities                                         257,455
                                                                               --------------------------
                                                                                                (555,394)

Financing:
  Bank indebtedness                                                                               (2,011)
  Shares issued for cash                                                                         379,445
  Share subscriptions                                                                             28,188
  Decrease (increase) in secured advances to related parties                                           -
  Increase (decrease) in loans payable secured by gold inventory, net                             49,130
  Increase in convertible debentures                                                              75,000
  Decrease in capital lease obligation                                                                 -

                                                                                                 529,752

Investments:
  Mineral claims and options expenditures, net of recoveries                                     (10,000)
  Deferred exploration and development expenditures, net of recoveries                                 -
  Proceeds from sale of equipment                                                                 35,642
  Purchases of equipment

                                                                                                  25,642


Decrease in cash                                                               $                       -
Cash at beginning of the year                                                                          -
                                                                               --------------------------

Cash at end of the year                                                                               -
                                                                               --------------------------

Supplemental cash flow information
  Interest paid                                                                                       -
                                                                               --------------------------

  Non-cash activities not reflected in the Statements of cashflows:
    Reversal of accrued option payments of a prior year                        $                (192,000)
                                                                               --------------------------

    Issue of shares for purchase of mineral property                                                  -
                                                                               --------------------------

    Issue of shares for consulting services in lieu of payment of cash                                -
                                                                               --------------------------

    Fair value of share options granted to contract employees and consultants                         -
                                                                               --------------------------


                                                                                      YEAR ENDED               YEAR ENDED
                                                                                     NOVEMBER 30,             NOVEMBER 30,
                                                                                         1998                     1997
                                                                               ------------------------  -----------------------
<S>                                                                            <C>                       <C>
CASH PROVIDED BY (USED FOR):

Operations:
  Loss for the year                                                            $           (16,938,903)  $           (4,414,772)
  Items not involving cash:
    Write down of deferred mineral properties and development expenditures                  14,464,054                        -
    Employment contract expense                                                                 22,049                1,099,340
    Consulting services expense                                                                167,063                   78,945
    Depreciation                                                                               378,471                  475,175
    Amortization of deferred financing fees                                                     37,200                   37,200
    Loss on disposal of buildings, plant and equipment                                         178,916                    1,557
    Amortization of mineral properties and development                                          43,264                        -
  Changes in non-cash operating working capital:
    Decrease (increase) in accounts receivable                                                   4,537                    2,968
    Decrease in gold inventory                                                                  25,427                  164,129
    Decrease in prepaid expenses paid to related parties                                       366,303                  113,656
    Increase (decrease) in mineral claim payable                                               342,000                 (179,000)
    Increase in accounts payable and accrued liabilities                                       382,090                  344,555
                                                                               ------------------------  -----------------------
                                                                                              (527,529)              (2,276,247)

Financing:
  Bank indebtedness                                                                              4,396                        -
  Shares issued for cash                                                                       588,800                3,453,229
  Share subscriptions                                                                                -                        -
  Decrease (increase) in secured advances to related parties                                   480,236                 (480,236)
  Increase (decrease) in loans payable secured by gold inventory, net                                -                  (66,511)
  Increase in convertible debentures                                                                 -                        -
  Decrease in capital lease obligation                                                         (91,490)                 (65,663)
                                                                                -----------------------  -----------------------
                                                                                               981,942                2,840,819

Investments:
  Mineral claims and options expenditures, net of recoveries                                  (276,127)                (109,947)
  Deferred exploration and development expenditures, net of recoveries                        (912,888)              (2,289,654)
  Proceeds from sale of equipment                                                              718,977                        -
  Purchases of equipment                                                                        (5,289)                 (69,526)
                                                                               ------------------------   ----------------------
                                                                                              (475,327)              (2,469,127)


Decrease in cash                                                                               (20,914)              (1,904,555)
Cash at beginning of the year                                                                   20,914                1,925,469
                                                                               ------------------------  -----------------------

Cash at end of the year                                                                             -   $               20,914
                                                                               ------------------------  -----------------------

Supplemental cash flow information
  Interest paid                                                                $                80,000   $              181,436
                                                                               ------------------------  -----------------------

  Non-cash activities not reflected in the Statements of cashflows:
    Reversal of accrued option payments of a prior year                                             -                       -
                                                                               ------------------------  -----------------------

    Issue of shares for purchase of mineral property                           $               289,200                       -
                                                                               ------------------------  -----------------------

    Issue of shares for consulting services in lieu of payment of cash         $               112,500   $              169,500
                                                                               ------------------------  -----------------------

    Fair value of share options granted to contract employees and consultants                       -   $              810,397
                                                                               ------------------------  -----------------------
</TABLE>


See  accompanying  notes  to  consolidated  financial  statements.


<PAGE>
SILVERADO  GOLD  MINES  LTD.                                                F 6
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------


1.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

These  consolidated  financial statements are prepared in conformity with United
States  generally  accepted  accounting  principles.

(A)     CONTINUING  OPERATIONS

At November 30, 1999, the Company had a working capital deficiency of $3,409,536
including  a $2,000,000 convertible debenture which matured on July 2, 1999, but
was  not  repaid.  The  Company  has  not made required interest payments on the
convertible  debenture  of  $320,000  to  December  31,  1999.

In  addition,  the  Company  is in arrears of required mineral claims and option
payments  for  certain  of  its  mineral properties at November 30, 1999, in the
amount of $286,500 (1998: $342,000) and therefore, the Company's rights to these
properties  with  a  carrying  value  of $315,000 may be adversely affected as a
result  of  this  non-payment.

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  development  and
buildings,  plant  and equipment is dependent on the Company's ability to obtain
the  continued  forbearance of certain creditors, to obtain additional financing
to  fund its operations and acquisition, exploration and development activities,
the  discovery  of  economically  recoverable  ore  on  its  properties, and the
attainment  of  profitable operations.  Current uncertainty with regard to these
matters  raises  substantial  doubt about the Company's ability to continue as a
going  concern, and the financial statements do not include any adjustments that
might  result  from  the  outcome  of  this  uncertainty.

The  Company  plans  to continue to raise capital through private placements and
warrant  issues.  The  Company  also  plans to option to third parties the Ester
Dome  and  Marshall  Dome properties, near Fairbanks, Alaska.  Production on the
Nolan  Placer  property  is set to begin after the winter thaw in May-June 2000,
and  the  Company  expects  gold  sales  to  supplement  financing  activities.

<PAGE>

SILVERADO  GOLD  MINES  LTD.                                                F 7
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

(B)     BASIS  OF  CONSOLIDATION

The  consolidated  financial  statements  include the accounts of Silverado Gold
Mines  Inc.,  a  wholly owned subsidiary.  All significant intercompany accounts
and  transactions  have  been  eliminated.

(C)     GOLD  INVENTORY

Gold Inventory is valued at the lower of weighted average cost and estimated net
realizable value.  At November 30, 1999, 1998 and 1997, gold inventory is valued
at net realizable value.  Any write-down of inventory to net realizable value is
included  in  mining  and  processing  costs.

(D)     MINERAL  PROPERTIES  AND  DEVELOPMENT

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.  Accordingly,  the  Company  capitalizes the
costs  of  acquiring mineral claims until such time as the properties are placed
into  production  or  abandoned. At that time, costs are amortized on a units of
production  basis  or  written  off.

On  an  ongoing  basis, the Company evaluates each property based on exploration
results  to  date,  and  considering  facts  and circumstances such as operating
results,  cash  flows  and  material changes in the business climate, determines
whether  any  of  the  properties  may  be  impaired.  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.  In  that  event,  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 cash flows on a
discounted  rate  commensurate  with  the  risk  involved.  Losses on 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.

During  1999,  the  Company  evaluated  its  mineral  properties  and recorded a
write-down  of  $167,000  (1998:  $14,464,054)  based  on  this  evaluation. The
write-down  for  1998  related  primarily  to  deferred  exploration  and

<PAGE>
SILVERADO  GOLD  MINES  LTD.                                                F 8
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

development  which  was  capitalized  in  previous years.  Exploration costs and
option  payments  are  expensed  as  incurred  commencing  in  1998.

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.

Amortization  of  mineral property costs relating to properties in production is
provided during periods of production using the units-of-production method based
on  an  estimated  economic  life  of  the  ore  reserves.

The  Company's  accounting  policy for reclamation expenses is contained in note
9(c).

(E)     BUILDINGS,  PLANT  AND  EQUIPMENT

Buildings,  plant and equipment are stated at cost.  Depreciation is provided on
buildings, plant and equipment using the straight-line method based on estimated
lives  of  3  to  20  years.

(F)     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.  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  income.

(G)     LOSS  PER  SHARE

Loss  per  share  has  been  calculated  based on the weighted average number of
shares  outstanding  during the year.  During fiscal 1998, the outstanding share
capital  of  the  Company  was  consolidated on a 1:10 basis.  The effect of the
share  consolidation  was  given  retroactive  recognition  in  all  periods

<PAGE>

SILVERADO  GOLD  MINES  LTD.                                                F 9
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

presented.  The  weighted  average number of shares outstanding, for the purpose
of  loss  per  share  calculations,  is  as  follows:

     Year to November 30, 1999     13,596,272
     Year to November 30, 1998     8,942,186
     Year to November 30, 1997     6,699,956

Loss  per  share  does  not  include  the effect of the potential conversions of
options,  warrants,  and  debentures  as  their  effect  would be anti-dilutive.

(H)     REVENUE  RECOGNITION

          Gold  sales  are  recognized  when  title  passes  to  the  purchaser.

(I)     ACCOUNTING  FOR  STOCK  BASED  COMPENSATION

The  Company  uses  the intrinsic value based method of accounting prescribed by
Accounting  Principles  Board  Opinion  No.  25, "Accounting for Stock Issued to
Employees"  ("APB  25")  in  accounting  for  its  stock  based  compensation.
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.  The  Company's  accounting  policy  for  stock  based incentive plans to
contract  employees  and  consultants  is  contained  in  Note  6(d).

(J)     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 and recoverability of mineral properties and
development and buildings, plant and equipment, and the determination of accrued
remediation  expense.  Actual  results  could  differ  from  those  estimates.

(K)     FINANCIAL  INSTRUMENTS

The carrying amounts reported in the balance sheet for accounts receivable, bank
indebtedness,  accounts  payable  and  accrued  liabilities,

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 10
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

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

2.  MINERAL  PROPERTIES  AND  DEVELOPMENT

(A)     MINERAL  PROPERTIES
          Ester  Dome  Properties,  Fairbanks  Mining  District,  Alaska
          --------------------------------------------------------------
These  properties,  which  include  the  Grant Mine (Burggraf), May/Barelka (St.
Paul),  and Dobb's properties, and previously included the Range Minerals #1 and
Range  Minerals  #2  properties,  make  up  a  contiguous  group of claims.  The
Company's  property  holdings  in  this area were expanded by the acquisition of
five additional claims in October 1997, known as the "Alaska Gold" property.  On
February  6, 1998 the Company entered into an agreement with Placer Dome US Inc.
("PDUS")  which  provided  for  PDUS  to  explore  and  develop  the  Company's
May/Barelka  and  Range  Minerals properties on Ester Dome. Under the agreement,
PDUS was to earn a 51.5% interest by performing a minimum of $10,000,000 of work
on  the  property  and purchasing $5,450,000 common shares of the Company over a
period of five years.  During fiscal 1998, the Company received $400,000 in cash
and  PDUS  performed  $1,000,000  of work on the property.  On November 9, 1998,
PDUS  exercised  its  option  to  terminate  the  agreement  with  the  Company.

During  the  year  ended  November 30, 1999, the Company chose to relinquish its
interest  in  the  Range  Minerals  #1  and Range Minerals #2 mineral properties
reducing  the  Company's  holdings to an area of approximately 2.5 square miles.
All previous deferred costs related to these mineral properties were written off
during  1999.

     Marshall  Dome  Property,  Fairbanks  Mining  District,  Alaska
     ---------------------------------------------------------------
The  Company  acquired  this  property  in  1995.  It  covers an area of two and
one-half  square  miles,  and  is located eighteen miles northeast of Fairbanks.

     Whiskey  Gulch  Property,  Fairbanks  Mining  District,  Alaska
     ---------------------------------------------------------------
The  Company acquired four claims collectively known as "Whiskey Gulch" in 1996.
These  claims  are  located  near  the  Company's  Marshall  Dome  property.

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 11
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

On  November  9,  1999,  the Company sold its 100% interest in the Whiskey Gulch
mineral property to a subsidiary of Kinross Gold Corporation for $50,000 in cash
and  a  net  smelter  royalty which escalates from 2.0% to 4.0% depending on the
market price of gold.  All previous deferred costs were written off during 1999.

Nolan  Properties,  Wiseman  Mining  District,  Alaska
------------------------------------------------------
These  properties,  which  include the Nolan Placer, Nolan Lode, Thompson's Pup,
Dionne (Mary's Bench), and Smith Creek Properties, make up a contiguous group of
claims,  covering  approximately  four  square  miles.  As at November 30, 1999,
payments  on the Smith Creek properties totaling $120,000 (1998: $60,000) are in
arrears  and  included  in  mineral  claims  payable.

Hammond  Property,  Wiseman  Mining  District,  Alaska
------------------------------------------------------
The  Company  acquired  this  two square mile property, adjoining the Nolan Gold
Properties, in 1994.  As at November 30, 1999, option payments totaling $160,000
(1998:  $80,000)  are  in  arrears  and  included  in  mineral  claims  payable.

French  Peak  Property,  Omineca  Mining  District,  British  Columbia
----------------------------------------------------------------------
This property consisted of four mineral claims covering approximately one square
mile  located 40 miles northwest of Smithers, British Columbia.  During the year
ended  November  30,  1999,  the Company chose to relinquish its interest in the
French  Peak  mineral  property.  All  previous  deferred costs were written off
during  1999.

     Property  Commitments
     ---------------------
As  at  November  30,  1999, 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:

Year
2000      $    50,000
2001           50,000
2002           50,000
2003           50,000
2004           50,000

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 12
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

(B)     MINERAL  CLAIM  EXPENDITURES

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

                     Net Book                                                                       Net Book
                     Value                           Year ended November 30, 1999                   Value
                   Nov.  30,  1998                                                                  Nov.  30,  1999
                   ---------------     ---------------------------------------------- -----------   -----------------
                     Mineral claim       Mineral     Recoveries      Amortization     Write-downs
                          payments        claims     /Proceeds
                                     payments and
                                        accruals
                   ---------------     ---------------------------------------------- -----------   -----------------
<S>                 <C>                 <C>         <C>              <C>              <C>             <C>

Alaska
------------------
Ester Dome Gold
   Project . . . .  $  750,000          $(192,000)  $         -      $           -    $   (152,000)   $  406,000
Marshall Dome. . .     350,000                  -             -                  -                -      350,000
Nolan Gold Project     350,000             60,000             -           (26,800)                -      383,200
Hammond Property .      85,000                  -             -                  -                -       85,000
Whiskey Gulch. . .      50,000                  -      (50,000)                  -                -            -
                    ----------          ----------  ------------    --------------     -------------  ----------
                     1,585,000           (132,000)     (50,000)           (26,800)        (152,000)    1,224,200
British Columbia
------------------
French Peak. . . .      15,000                   -            -                  -         (15,000)            -
                    ----------          ----------  ------------    --------------     -------------  ----------
                    $1,600,000          $(132,000)  $   (50,000)    $     (26,800)     $   (167,000)  $1,224,200
                    ==========          ==========  ============    ==============     =============  ==========

</TABLE>



3.     BUILDINGS,  PLANT  AND  EQUIPMENT

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.
<TABLE>
<CAPTION>

                                                     Accumulated     1999  Net
                                            Cost     Depreciation   Book Value
                                         ----------  -------------  -----------
<S>                                      <C>         <C>            <C>
Grant Mine Mill Equipment . . . . . . .  $2,076,780  $   1,014,530  $ 1,062,250
Nolan Gold Project Mining Equipment . .      60,757         29,117       31,640
Mining Equipment. . . . . . . . . . . .     459,787        269,665      190,122
Other Equipment, Leasehold Improvements     385,284        225,010      160,274
                                         ----------  -------------  -----------
                                         $2,982,608  $   1,538,322  $ 1,444,286
                                         ----------  -------------  -----------
</TABLE>

<TABLE>
<CAPTION>

                                                     Accumulated     1998  Net
                                            Cost     Depreciation   Book Value
                                         ----------  -------------  -----------
<S>                                      <C>         <C>            <C>
Grant Mine Mill Equipment . . . . . . .  $2,076,780  $     799,282  $ 1,277,498
Nolan Gold Project Mining Equipment . .      60,757         24,579       36,178
Mining Equipment. . . . . . . . . . . .     591,651        277,917      313,734
Other Equipment, Leasehold Improvements     385,597        188,105      197,492
                                         ----------  -------------  -----------
                                         $3,114,785  $   1,289,883  $ 1,824,902
                                         ----------  -------------  -----------
</TABLE>

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 13
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------


4.     ACCOUNTS  PAYABLE  AND  ACCRUED  LIABILITIES

          Accounts  payable  and  accrued  liabilities  consist  of:
                                                           1999           1998
                                                           ----           ----
                                  Accounts payable     $   659,356     $ 561,902
                                      Accrued interest     306,667       146,666
               Accrued reclamation expense (Note 9(c))     196,000       196,000
                                                       -----------     ---------
                                                        $1,162,023     $ 904,568
                                                       -----------     ---------

5.     CONVERTIBLE  DEBENTURES

(A)     In  July  1994,  the Company issued a convertible callable debenture for
$2,000,000  with  interest  payable at the rate of 8.0% per annum on December 31
and June 30 each year.  The debenture is unsecured and was due July 2, 1999. The
debenture  may be converted in whole or in part by the holder into common shares
of  the  Company at a conversion price of $18.57 U.S. per share (the "Conversion
Price").  In  addition, conversion of the debenture may be called by the Company
provided  that  the  average  trading  price  of  the Company's common stock has
exceeded  125%  of the Conversion Price for period of twenty consecutive trading
days.  Financing  fees  paid  related  to  the  debenture have been deferred and
amortized  on  a straight line basis over  the debenture term of 60 months.  The
Company  has  not  made  required  interest payments of $320,000 to December 31,
1999.  The  Company  was  granted  a  deferral  of  these  payments  based  on
semi-monthly  progress  updates  until  financing  is  in place.  Total interest
payable  at  November 30, 1999, amounting to $306,667 (1998 - $146,666) has been
recorded  as  a  current  liability.

(B)     In February 1999, the Company issued a convertible 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.  The debenture may be converted in whole or in
part  by  the  holder into common shares of the Company at a conversion price of
$0.40  per  share.

6.     SHARE  CAPITAL

(A)     COMMON  SHARES

By  special resolution passed on May 21, 1997, the Company subdivided its common
shares  with  each  13  common  shares  being  subdivided into 14 common shares.

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 14
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------


By  Special  Resolution passed May 25, 1998, the Company consolidated its common
shares  with  each  10  common  shares  being  consolidated into 1 common share.
Concurrently, the Company increased its authorized capital to 100,000,000 common
shares  without  par  value.

The  effect  of  the  1:10  consolidation  during 1998 and the 14:13 share split
during  1997  has  been  retroactively  applied  to  all  share capital balances
disclosed  in  this  note.

The  Company  has  reserved 295,192 (1998: 107,692) shares for issuance upon the
potential  conversion  of  convertible  debentures.

(B)     DIRECTOR  AND  EMPLOYEE  OPTIONS

The following director and employee options were granted and canceled during the
years  ended  November  30,  1997,  1998, and 1999 and were outstanding at these
dates:

<TABLE>
<CAPTION>

                                Number  of     Weighted  Average
                                    shares    Exercise Price
                                  ----------  ---------------
<S>                               <C>         <C>
Outstanding at November 30, 1996    177,692   $          7.33
  Granted. . . . . . . . . . . .     50,769              4.20
                                  ----------  ---------------
Outstanding at November 30, 1997    228,461              6.63
  Granted. . . . . . . . . . . .     10,000              2.80
                                  ----------  ---------------
Outstanding at November 30, 1998    238,461              6.47
  Granted. . . . . . . . . . . .  3,500,000              0.10
  Canceled . . . . . . . . . . .   (238,461)             6.47
                                  ----------  ---------------
Outstanding at November 30, 1999  3,500,000   $          0.10
                                  ----------  ---------------
</TABLE>



The  weighted  average  remaining contractual life of the options outstanding at
November  30,  1999,  was  5  years  (1998:  7  years).

The Company accounts for stock compensation arising from options to employee and
directors in accordance with APB 25.  The exercise price of the options is equal
to  the  market  price  of  the  underlying  shares  on the date of grant of the
options.  Therefore  no  compensation  cost arises when the options are granted.
If, at the time of any alteration to the terms of an option, the market price of
the Company's shares exceeds the exercise price of the option at that date, then
this  excess  is  credited  to  share  capital and expensed over the term of the
service  period.

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 15
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

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.

                        1999              1998         1997
                        ----              ----         ----
Loss  for  the  year
     As  reported     $1,449,391     $16,938,403     $4,414,772
     Pro  Forma        1,633,121      16,938,403      4,543,773

                                  1999     1998     1997
                                  ----     ----     ----
Loss  per  common  share
     As  reported                $0.11     $1.89     $0.66
     Pro  Forma                   0.12      1.89      0.88

The  estimated  weighted  average fair value of the options granted was prepared
assuming  a  risk-free  rate  of 6.5% (1998 and 1997 - 6%), an expected dividend
yield  of 0% (1998 and 1997 - 0%), an expected volatility of 105% (1998 and 1997
-  57%),  and  a  weighted  average  expected life of 5 years (1998 and 1997 - 9
years).  The  estimate  was  made  using  the  Black-Scholes  Pricing  Model.

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 16
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

(C)     WARRANTS

In conjunction with the private placement of common shares, the Company has
issued  and  has  outstanding at November 30, 1998 and 1999, the following share
purchase  warrants.  Each  share purchase warrant entitles the holder to acquire
one  common  share  of  the  Company.

<TABLE>
<CAPTION>

Balance                        Exercised in Canceled in Outstanding   Exercise Expiry
Nov. 30, 1998  Issued in 1999     1999        1999     Nov. 30, 1999  Price    Date  Notes
-------------  --------------  -----------  ---------  -------------  ------  -----  ------
<C>            <C>             <C>          <C>        <C>            <C>     <S>    <C>
      215,385               -           -   (215,385)              -  $ 3.90  Mar99
       38,200         343,800    (382,000)         -               -    0.07  Sep99     (1)
       51,000         459,000    (510,000)         -               -    0.07  Sep99     (2)
       36,000         324,000    (360,000)         -               -    0.07  Oct99     (3)
       55,000               -           -    (55,000)              -    1.70  Sep99
      250,000               -           -          -         250,000    2.20  Mar00
      250,000               -           -          -         250,000    2.20  Mar00
      200,000               -    (200,000)         -               -    0.04  Jun00     (4)
      140,000               -    (140,000)         -               -    0.04  Aug00     (5)
      216,667               -    (216,667)         -               -    0.04  Sep00     (6)
      533,334         866,666  (1,400,000)         -               -    0.05  Sep00     (7)
      800,000               -    (800,000)         -               -    0.07  Oct00     (8)
                      866,667           -          -         866,667    0.05  Oct00     (9)
-------------  --------------  -----------  ---------  -------------
    2,785,586       2,860,133  (4,008,667)  (270,385)      1,366,667
-------------  --------------  -----------  ---------  -------------
<FN>

(1)     Original  exercise  price  changed  from  $0.20 per share to $0.07 per share and an
        additional  343,800  share  purchase  warrants  granted  to  the  warrant  holder.
(2)     Original  exercise  price  changed  from  $0.20 per share to $0.07 per share and an
        additional  459,000  share  purchase  warrants  granted  to  the  warrant  holder.
(3)     Original  exercise  price  changed  from  $0.20 per share to $0.07 per share and an
        additional  324,000  share  purchase  warrants  granted  to  the  warrant  holder.
(4)     Original  exercise  price  changed  from  $0.25  per  share  to  $0.04  per  share.
(5)     Original  exercise  price  changed  from  $0.30  per  share  to  $0.04  per  share.
(6)     Original  exercise  price  changed  from  $0.18  per  share  to  $0.04  per  share.
(7)     Original  exercise  price  changed  from  $0.20 per share to $0.05 per share and an
        additional  866,666  share  purchase  warrants  granted  to  the  warrant  holder.
(8)     Original  exercise  price  changed  from  $0.20  per  share  to  $0.07  per  share.
(9)     Original  exercise  price  changed  from  $0.20  per  share  to  $0.05  per  share.
</TABLE>


(D)     CONTRACT  EMPLOYEE  OPTIONS

From  time to time, the Company issues options for the purchase of common shares
to  selected  part-time  independent contract employees as sole compensation for
contracted services.  The options are exercisable either at the date the options
are  granted,  or  in  increments  over  the  terms of the employment contracts.

The  Company  accounts  for  stock  compensation  arising  from these options 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 grant date of the stock option based on the fair
value  of  the  award  and  is  recognized  over  the  service  period.

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 17
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

The  following contract employee stock options were granted, exercised, canceled
and  expired  during  the years ended November 30, 1997, 1998, and 1999 and were
outstanding  at  these  dates:

<TABLE>
<CAPTION>

                                Number of    Weighted  Average
                                   shares    Exercise Price
                                  ---------  --------------
<S>                               <C>         <C>
Outstanding at November 30, 1996   310,208    $  5.20
Granted. . . . . . . . . . . . .   397,385       1.67
Exercised. . . . . . . . . . . .  (365,077)      1.30
Expired or canceled. . . . . . .  (279,623)      5.29
                                  ---------   -------

Outstanding at November 30, 1997    62,892       4.83
Expired or canceled. . . . . . .   (46,738)      4.54
                                  ---------   -------

Outstanding at November 30, 1998    16,154       5.57
Expired or canceled. . . . . . .   (16,154)      5.57
                                  ---------   -------

Outstanding at November 30, 1999         -    $     -
                                  ---------   -------
</TABLE>

The  weighted  average  remaining contractual life of the options outstanding at
November  30,  1998  was 7 months (1997 - 1 month).  The estimated fair value of
the options granted during 1997 was prepared assuming a risk-free rate of 6%, an
expected  volatility  of  57%,  an expected dividend yield of 0%, and a weighted
average  expected  life  of  3  months.  The  estimate  was  made  using  the
Black-Scholes  Pricing  Model.  No  such  options  were  issued in 1998 or 1999.

(E)     OTHER  STOCK-BASED  COMPENSATION

In  fiscal  1997,  the  Company issued 50,000 common shares with a fair value of
$3.40  per share and agreed to grant options to purchase 50,000 common shares at
an  exercise  price  of  $2.80 per share exerciseable until September 5, 1999 to
Millennium  Holdings  Group  Ltd.  ("Millennium") as partial consideration for a
consulting  agreement  dated September 1997.  As at November 30, 1999, there are
nil  (1998  -  50,000;  1997  -  nil)  options  outstanding.

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 18
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

In  fiscal  1997, the Company estimated the fair value of the options which were
granted  to  Millennium  in  1998  using  the Black-Scholes Pricing Model.  This
estimate  assumed  a  risk free rate of 6%, an expected volatility of 57%, and a
life  of  two years.  The cost of this compensation was recognized over the term
of  the  contract,  being  one  year.

In  fiscal  1998,  the Company issued 125,000 common shares with a fair value of
$0.90  per  share  in  exchange  for  consulting  services.


7.     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";
and  Anselmo  Holdings  Ltd.,  all  of which are controlled by a director of the
Company,  and  Kintana  Resources  Ltd.,  a  company related by virtue of common
directors.

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
field  work  and  to  provide administrative and management services.  Under the
current  contract  of  January,  1997,  work  is  charged  at  cost plus 15% for
operations  and  cost  plus  25  percent  for exploration and development.  Cost
includes  a 15 percent charge for office overhead.  Services of the directors of
the  Tri-Con  Group are charged at a rate of Cdn. $75 per hour.  Services of the
directors  of  the  Tri-Con  Group who are also Directors of the Company are not
charged.  At  November 30, 1999, the Company had paid $241,265 (1998 - $363,667)
to the Tri-Con Group for exploration, development and administration services to
be performed during fiscal 2000 on behalf of the Company.  The amounts have been
written-off  in  the  respective  years  as  a  receivable  allowance.

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  including

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 19
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

interest  charged  on outstanding balance at the Tri-Con Group's borrowing costs
are  shown  below:

<TABLE>
<CAPTION>

                                                                  1999        1998         1997
                                                                ---------  -----------  -----------
<S>                                                             <C>        <C>          <C>
Operations and Field Services. . . . . . . . . . . . . . . . .  $ 24,562   $  192,706   $  277,479
Exploration and Development Services . . . . . . . . . . . . .   214,211    1,160,169    2,190,240
Administrative and Management Services . . . . . . . . . . . .    58,200      321,513      992,646
                                                                ---------  -----------  -----------
                                                                $296,973   $1,674,388   $3,460,365
                                                                ---------  -----------  -----------

Amount of total charges in excess of Tri-Con
 costs incurred. . . . . . . . . . . . . . . . . . . . . . . .  $ 54,526   $  248,858   $  395,240
                                                                ---------  -----------  -----------


Excess amount charged as a percentage of actual costs incurred      24.0%        17.5%        12.8%
                                                                ---------  -----------  -----------

</TABLE>


During  fiscal 1997, the Company advanced $480,236 to the Tri-Con Group  secured
by  that portion of the 2,119,834 common shares of the Company owned by Tri-Con.

During  fiscal  1998,  the Tri-Con Group sold all of the 2,119,934 common shares
held in the Company for net proceeds of $225,448.  The Company received $225,448
from  the  Tri-Con  Group  as part payment of the $480,236 advance receivable at
November  30, 1997.  The remaining unpaid amount was written off as a receivable
allowance.

8.     INCOME  TAXES

Tax  effects  of  temporary differences that give rise to deferred tax assets at
November  30,  1999  and  1998  are  as  follows:

<TABLE>
<CAPTION>

                                                           1999          1998
                                                       ------------  ------------
<S>                                                    <C>           <C>
Net operating loss carry forwards . . . . . . . . . .  $ 9,849,000   $ 9,844,000
Valuation allowance . . . . . . . . . . . . . . . . .   (9,479,000)   (9,213,000)
                                                       ------------  ------------
Net deferred tax assets . . . . . . . . . . . . . . .      370,000       631,000
Deferred tax liability
Temporary differences arising from mineral properties
 and building, plant and equipment. . . . . . . . . .     (370,000)     (631,000)
                                                       ------------  ------------
Net deferred tax asset. . . . . . . . . . . . . . . .  $         -   $         -
                                                       ------------  ------------

</TABLE>

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 20
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

At  November  30,  1999,  the  Company  has the following losses carried forward
available  to reduce future years' income for U.S. income tax purposes.  The tax
effect  of  these  losses  has  not  been  recorded  in  the  accounts.

                                      Available Until     Losses Carried Forward
                                      ---------------     ----------------------
                                               2000     $    1,235,000
                                               2001          2,749,000
                                               2002          1,178,000
                                               2003          1,504,000
                                               2004          1,161,000
                                               2005            742,000
                                               2006            431,000
                                               2007            747,000
                                               2008          2,101,000
                                               2009          2,011,000
                                               2010          2,786,000
                                               2011          1,781,000
                                               2012          1,596,000
                                               2013          1,050,000
                                               2014            658,000
                                    ---------------     ----------------------
                                                        $   21,730,000
                                    ---------------     ----------------------

Income  tax  expense  attributable to net losses for the year ended November 30,
1999  was  $nil  (1998  and 1997: $nil).  The provision for income taxes differs
from  the  amount  computed by applying the statutory federal income tax rate of
34%  (1998  and  1997:  34%)  to  income before provision for income taxes.  The
sources  and  tax  effects  of  the  differences  are  as  follows:

<TABLE>
<CAPTION>

                                     1999         1998          1997
                                  ----------  ------------  ------------
<S>                               <C>         <C>           <C>
Computed "expected" tax benefit.  $(493,000)  $(5,759,000)  $(1,501,000)
Tax loss expired during the year    227,000       186,000       336,000
Change in valuation allowance. .    266,000     5,573,000     1,165,000
                                  ----------  ------------  ------------
Income tax provision . . . . . .  $       -   $         -   $         -
                                  ----------  ------------  ------------

</TABLE>

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 21
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------

9.     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  $120,000  (Cdn)  including  operating  costs.


(B)     SEVERANCE  AGREEMENTS  WITH  DIRECTORS

The Company has entered into compensation agreements with the three 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  directors  aggregates  $4,200,000  (1998:
$4,200,000) plus the amount of annual bonuses and other benefits that they would
have  received  in  the  eighteen  months  following  termination.

(C)     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.  Details of the Company's accrued
liability  at  November  30,  1999  and  1998  are  as  follows:

<TABLE>
<CAPTION>

                              1999      1998
                            --------  ---------
<S>                         <C>       <C>
Balance, beginning of year  $196,000  $196,000
Cost incurred in year. . .         -   (60,575)
Amount expensed in year. .         -    60,575
                            --------  ---------
Balance, end of year . . .  $196,000  $196,000
                            ========  =========
</TABLE>

(D)     LITIGATION

A former employee of the Tri-Con Group has initiated a claim against the Company
for  wrongful  dismissal/breach  of  contract  in  the  amount of $150,000.  The
Company  has  been  named  as a co-defendant in the suit.  No provision for this
litigation  has  been  made  in these financial statements and the amount of the
loss,  if  any,  would  be  accounted  for  prospectively.

<PAGE>

SILVERADO  GOLD  MINES  LTD.          F 22
NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS
(EXPRESSED  IN  U.S.  DOLLARS)
YEARS  ENDED  NOVEMBER  30,  1999,  1998  AND  1997
---------------------------------------------------


10.     SUBSEQUENT  EVENTS

(a)  On  February  18, 2000, 866,667 share purchase warrants were exercised at a
price  of  $0.05  per  share  and  the Company issued 866,667 common shares from
treasury  for  proceeds  of  $43,333.

(b)  Subsequent  to  year  end the Company issued an additional 2,000,000 common
share  purchase warrants, to a warrant holder from a previous private placement,
at  an  exercise  price  of  $0.04  per  share  expiring  June  23,  2000.

<PAGE>

ITEM 9    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS AND FINANCIAL DISCLOSURE
------    ----------------------------------------------------------------------

None

<PAGE>
                                    PART III

ITEM  10.     DIRECTORS  AND  EXECUTIVE  OFFICERS  OF  THE  REGISTRANT.
---------     --------------------------------------------------------

(A)  (B)     IDENTIFICATION  OF DIRECTORS AND EXECUTIVE OFFICERS.  The executive
officers  and  directors  of the Company are listed below.  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  hold  office  until  their successors are elected and qualified.

The  current  executive  officers  and  directors  of  the  Company  are:

 Name                     Age    Position
-----                     ---    --------
Garry  L.  Anselmo(1)     56     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.
James  F.  Dixon(1)(2)    52     Director  since  May  6,  1988
Stuart C. McCulloch(1)(2) 64     Director  since  December  14,  1998
_____________

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

(C)     SIGNIFICANT  EMPLOYEES.  Not  applicable  to  reporting  registrant.

(D)     FAMILY  RELATIONSHIPS.  There  are  no family relationships among any of
the  Company's  officers  and/or  directors.

(E)     BUSINESS  EXPERIENCE  OF  DIRECTORS  AND  EXECUTIVE  OFFICERS.

     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 its wholly
owned subsidiary, Silverado Gold Mines 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, he 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.  He  is also Chairman and a Director of Tri-Con's United
States  operating  subsidiaries,  Tri-Con Mining Inc. and Tri-Con Mining Alaska,
Inc.

Mr.  Dixon  is  a Director of the Company and its U.S. subsidiary Silverado
Gold  Mines  Inc.  Mr.  Dixon  holds  a Bachelor of Commerce Degree and 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 U.S. subsidiary.  Mr.
McCulloch  retired  as  District  Manager  from Canada Safeway in January, 1991.

(F)     INVOLVEMENT  IN  CERTAIN LEGAL PROCEEDINGS.  During the past five years,
no  director  or  executive  officer  of  the Company has been involved in legal
proceedings  of  the  nature  required  to  be  disclosed  by  this  Item.

(G)     PROMOTERS  AND CONTROL PERSONS.  Not applicable to reporting registrant.

COMPLIANCE  WITH  SECTION  16  OF  THE  SECURITIES  EXCHANGE ACT.  The Company's
executive  officers  and  directors  are  required  under Section 16 of the U.S.
Securities  Exchange  Act  of  1934  to file reports of ownership and changes in
ownership  with  the  U.S.  Securities and Exchange Commission.  Copies of those
reports  must also be furnished to the Company.  Based solely on a review of the
copies  of  reports furnished to the Company and written representations that no
other  reports  were  required, the Company believes that during the fiscal year
ended  November 30, 1999 each of its officers and directors timely complied with
all  filing  requirements.

<PAGE>

ITEM  11.     EXECUTIVE  COMPENSATION.
---------     -----------------------

(A)  (B)     SUMMARY  COMPENSATION  TABLE

<TABLE>
<CAPTION>
      Annual  Compensation  Long Term Compensation  Awards
      ----------------------------------------------------

Name  and                                                                    Securities  Underlying
Principal Position     Year    $     Salary($)       Bonus($)    Other($)       Options/SAR's(#)      All Other($)
-------------------    ----    -     -----------    ----------   --------    ---------------------   ------------
<S>                    <C>     <C>   <C>             <C>        <C>          <C>                     <C>
Garry  L. Anselmo (1)  1999    Cdn   $0              $0         $0           2,000,000               $0
Chairman,  President,  1998    Cdn   $0              $0         $0                                   $0
CEO  &  CFO            1997    Cdn   $0              $0         $0                                   $0

<FN>
(1)     Mr.  Anselmo  is  employed and compensated by Tri-Con Mining Ltd., which
provides  management  and  mining  exploration  and  development services to the
Company.
</TABLE>

(C)  (D)     OPTION/SAR  GRANTS  AND  EXERCISES AND YEAR END VALUES.  During the
fiscal  year ended November 30, 1999, 2,000,000 stock options were granted to or
exercised  by  the above named executive officer.  The following table shows the
value  of  unexercised  options  held at fiscal year-end by each named executive
officer.
<TABLE>
<CAPTION>

                   #Securities  Percent of Total
                   Underlying   Options Granted     Exercise                       Grant Date
                   Unexercised  to Employees in   (Base) Price                    Present Value $
Executive Officer    Options      Fiscal Year       ($/share)    Expiration Date       (1)
-----------------  -----------  ----------------  -------------  ---------------  ---------------
<S>                <C>          <C>               <C>            <C>               <C>

G.L. Anselmo        2,000,000   57%                $0.10         December 1, 2004  $104,990
-------------------------------------------------------------------------------------------

<FN>
(1)     The  grant  date  present  value  was  estimated using the Black-Scholes
Option Pricing Model.   The estimated weighted average fair value of the options
granted  is  prepared  assuming  a  risk-free rate of 6.5%, an expected dividend
yield  of  0%,  an  expected volatility of 105%, and a weighted average expected
life  of  5  years.
</TABLE>

(E)  (F)     LONG-TERM  INCENTIVE  PLANS AND DEFINED BENEFIT PLANS.  The Company
does  not  have  any  long-term  incentive  plans,  pension  plans,  or  similar
compensatory  plans  for  its  Executive  Officers.

(G)     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.

<PAGE>

(H)     EMPLOYMENT  CONTRACTS  AND  TERMINATION  AND  CHANGE  IN  CONTROL
     ARRANGEMENTS.

   The  Company  has entered into compensation agreements with
the  three  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 the directors aggregates
$4,200,000  (1998:  $4,200,000)  plus  the  amount  of  annual bonuses and other
benefits  that  they  would  have  received  in  the  eighteen  months following
termination.

(I)     REPORT  ON  REPRICING  OF  OPTIONS/SAR'S.  During  the fiscal year ended
November 30, 1999, the Company canceled 107,692 stock options previously awarded
to  Garry  L. Anselmo.  These options had an exercise price of $8.17 and were to
expire  December  12, 2004.  The Company granted 2,000,000 stock options with an
exercise  price of $0.10 expiring December 1, 2004.  The exercise price is equal
to  the  market  value  of  the  underlying  securities  at  the  date of grant.

ITEM  12.     SECURITY  OWNERSHIP  OF  CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
---------     -----------------------------------------------------------------

(A)  (B)     SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL OWNERS AND MANAGEMENT.

     The  following table sets forth information as of  February 29, 2000, as to
the  beneficial  ownership  of shares of the Company's only outstanding class of
securities,  its  Common Stock: by each person or group who, to the knowledge of
the  Company  at  that  date,  was  a  beneficial  owner  of  5%  or more of the
outstanding  shares of Common Stock; by all directors; by each executive officer
required to be named in the summary compensation table; and by all directors and
executive officers as a group.  The table does not include information regarding
shares  of  Common  Stock  held  in  the  names of certain depositories/clearing
agencies  as  nominee  for  various  brokers  and  individuals.

<TABLE>
<CAPTION>



                                             AMOUNT AND NATURE         PERCENT OF
NAME/ADDRESS OF BENEFICIAL OWNER          OF BENEFICIAL OWNERSHIP  OUTSTANDING SHARES
----------------------------------------  -----------------------  ------------------

<S>                                       <C>                      <C>
Garry L. Anselmo (1) . . . . . . . . . .   2,000,175                 0.9
James F. Dixon (2) . . . . . . . . . . .    717, 331                0.5
All Directors and Executive Officers as
a group. . . . . . . . . . . . . . . .                              0.0
Tri-Con Group
Suite 505, 1111 West Georgia Street,
Vancouver, B.C., V6E 4M3 . . . . . . . .         168                0.0

<FN>

(1)     Comprised  of 168 shares owned by Tri-Con Mining Ltd., of which Garry Anselmo
owns  75%;  2,000,000 in exercisable stock options, and 7 shares held directly by Mr.
Anselmo.

(2)     Includes  directors  options  of  700,000  shares.
</TABLE>

<PAGE>


ITEM  13.     CERTAIN  RELATIONSHIPS  AND  RELATED  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"
and  Anselmo  Holdings  Ltd.,  all  of which are controlled by a director of the
Company,  and  Kintana  Resources  Ltd.,  a  company related by virtue of common
directors.

The  Tri-Con  Mining  Group  are  operations,  exploration  and  development
contractors,  and have been employed by the Company under contract since 1972 to
carry  out  all  its  field  work  and  to provide administrative and management
services.   Under the current contract of January, 1997, work is charged at cost
plus  15%  for  operations  and  cost  plus 25% for exploration and development.
Costs  includes  a 15% charge for office overhead.  Services of the directors of
the  Tri-Con  Group are charged at a rate of Cdn. $75 per hour.  Services of the
directors  of  the  Tri-Con  Group who are also Directors of the Company are not
charged.  At  November  30, 1999, the Company had paid $241,265 (1998: $363,667)
to the Tri-Con Group for exploration, development and administration services to
be performed during fiscal 2000 on behalf of the Company.  The amounts have been
written-off  in  the  respective  years  as  a  receivable  allowance.

                                     PART IV

ITEM  14     EXHIBITS,  FINANCIAL  STATEMENT  SCHEDULES
--------     ------------------------------------------

(a)     FINANCIAL  STATEMENTS

(1)     The  following  financial  statements are included in part II, Item 8 to
this report:

Auditors'  Report

Comments  by  Auditors  for  U.S.  Readers  on  Canada - U.S. Reporting Conflict

Consolidated  Balance  Sheets  at  November  30,  1999  and  1998

Consolidated  Statements  of  Operations  and  Accumulated  Deficit, years ended
November  30,  1999,  1998  and  1997

Consolidated  Statements of Cash Flow, years ended November 30, 1999, 1998, and
1997

Consolidated  Statements  of  Changes in Share Capital, years ended November 30,
1999,  1998  and  1997

Notes  to  Consolidated  Financial  Statements


<PAGE>


(2)     Financial  Statement  Schedules

     No  schedules  are  presented  either  because  the required information is
disclosed  elsewhere  in  the  financial  statements,  or  the schedules are not
applicable.

(3)     Exhibits  required  to  be  filed  are  listed  in  Item  14  (c  )

(b)     REPORTS  ON  FORM  8-K

     No  reports  on  Form  8-K were filed during the last quarter of the fiscal
year  ending  November  30,  1999.

(c  )     EXHIBITS
       None.


<PAGE>

                                POWER OF ATTORNEY
                                -----------------


KNOWN  ALL MEN BY THESE PRESENTS, that each person whose signature appears below
hereby  constitutes  and  appoints  G.L.  Anselmo  his  true  and  lawful
attorney-in-fact and agent, with full power of substitution and restitution, for
him and in his name, place and stead, in any and all capacities, to sign any and
all amendments to this annual report on Form 10-K, and to file the same with all
exhibits  thereto  and  any  other  documents  in connection therewith, with the
Securities  and  Exchange  Commission,  granting  unto said attorney-in-fact and
agent  full  power  and authority to do and perform each and every act and thing
requisite  and  necessary  to be done in and about the premises, as fully to all
intents  and  purposes  as  he might or could do in person, hereby ratifying and
confirming  all  that  said  attorney-in-fact  and  agent  or  his substitute or
substitutes,  may  lawfully  do  or  cause  to  be  done  by  virtue  hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has  been  signed below by the following persons on behalf of the Registrant and
in  the  capacities  on  the  dates  indicated.



/s/  James  F.  Dixon                         March  8,  2000
---------------------                         ---------------
James  F.  Dixon                              Date
Director



/s/  Stuart  C.  McCulloch                    March  8,  2000
--------------------------                    ---------------
Stuart  C.  McCulloch                         Date
Director

<PAGE>

Pursuant  to  the requirements of Section 1 of 15(d) the Securities Exchange Act
of  1934,  the Registrant has duly caused this report to be signed on its behalf
by  the  undersigned,  thereunto  duly  authorized.


SILVERADO  GOLD  MINES  LTD.

BY:     /s/  G.L.  Anselmo                    Date:     March  9,  2000
        ------------------
     G.L.  Anselmo,  President,  Chairman,
     C.E.O.