<PAGE>

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

                                   FORM 10-KSB

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

          For  the  fiscal  year  ended  NOVEMBER  30,  2001

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

          For  the  transition  period  from  _____  to  _____

COMMISSION  FILE  NUMBER:     0-12132


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


British Columbia, Canada                           98-0045034
-------------------------------                    -------------------
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                     Identification  No.)


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


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


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


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

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


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

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

State  issuer's  revenues  for  its  most  recent  fiscal  year  $7,657

State the aggregate market value of the voting and non-voting common equity held
by  non-affiliates computed by reference to the price at which the common equity
was  sold,  or  the  average  bid and asked price of such common equity, as of a
specified  date  within  the  past 60 days. (See definition of affiliate in Rule
12b-2  of  the  Exchange  Act.)  $8,329,000  as  of  March  14,  2002


State the number of shares outstanding of each of the issuer's classes of common
equity,  as  of  the  latest  practicable  date.   62,294,626  Common  Shares

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


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                                     PART I

ITEM  1.     DESCRIPTION  OF  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.

INTRODUCTION

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

CORPORATE  ORGANIZATION

Silverado  was  incorporated under the laws of British Columbia, Canada, in June
1963,  and  operates  in  the  United  States through a wholly owned subsidiary,
Silverado  Gold  Mines  Inc.,  incorporated  in  the  State  of  Alaska in 1981.
Subsequent  to November 30, 2001, the Company changed the name of Silverado Gold
Mines  Inc.  to Silverado Green Fuel Inc. as it continues its development of the
Company's  low-rank-coal-water  fuel  technology.

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.
See  Item  12  -  Certain  Relationships  and  Related  Transactions.

MINERAL  EXPLORATION  AND  DEVELOPMENT  BUSINESS

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 the Nolan Gold
Project,  located  175  miles north of Fairbanks, Alaska.  The Company's plan of
operations  for  these  mineral  properties  is  discussed  below:

1.     The  Nolan  Gold  Project

The Company primary area of exploration interest is its Nolan gold project.  The
properties  comprising the Nolan gold project are discussed in detail under Item
2  -  Description  of  Properties  of  this  Form  10-KSB  Annual  Report.

The  Company's  plan  of  operation is to continue to develop and mine its Nolan
properties,  with  production  targeted  specifically for the Nolan Deep Channel
areas. The Company estimates that it will cost approximately $3,000,000 in order
to  complete placing the Nolan gold project into gold production. The Company is
currently  in negotiations to obtain a loan in the amount of $3,000,000 in order
to finance the expenses required to commence production. The details of the gold
loan  have  not


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been  finalized and it has not been determined whether the loan would be secured
by future gold sales or if it would be an unsecured loan. The estimated costs to
put  the  underground  mine  into  year  round  production  are  approximately
$3,000,000.

The  Nolan  gold  project  is  currently not in production.  No revenues will be
achieved  from  the Nolan Gold project until such time as the property is placed
into  production.

2.     Ester  Dome  Property

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

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

3.     Marshall  Dome  Property

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

4.     Hammond  Property

The  properties  comprising  the  Hammond property are discussed in detail under
Item  2  -  Description  of  Properties  of this Form 10-KSB Annual Report.  The
Company  currently  is not undertaking any exploration activities on the Hammond
property  due  to  the Company's determination to focus its resources on placing
the  Nolan  gold  project  into  production.

LOW-RANK  COAL  WATER  FUEL  BUSINESS

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

The  Company  entered  the fuel sector in 2000 by forming a "New Fuel Technology
Division"  which  operates  out  of  Fairbanks,  Alaska.  This  division  of the
Company's  business  is  operated  by  the  Company's  wholly  owned subsidiary,
Silverado  Green  Fuel  Inc.,  under  the  supervision  of  Dr. Warrack Willson,
vice-president  of  Silverado  Green  Fuel.  The  fuel  product  is  called
Low-Rank-Coal-Water  fuel.  It  is  an economically and environmentally friendly
alternative  to crude oil.  The fuel is used in utility generators for producing
electricity  and  in  industrial  boilers.  It  is  a  non-toxic, non-hazardous,
non-flammable  substance,  which  is injected under pressure and burned in power
plants  and  results  in  lower  emissions.  This fuel is produced by coal being
crushed  and  ground  to  a fine state and then treated with a high-pressure hot
water  process.  Water  is  then  removed  from the coal and then when cool, the
micro-pores  of  the coal particle are sealed.  This limits moisture absorption.
This  results  in an increase in the energy content of the coal particles, which
are  then  re-mixed  with  water.  When  the  particles are fired under pressure
injection,  the  particles  burn  with  a hot stable flame that allows for rapid
ignition and complete carbon burn-out.  The Company believes that demand for the
low-rank-coal-water fuel technology exists because of the high cost of crude oil
and the desire for economical alternatives to crude oil that are environmentally
friendly.  The  Company's believes that its fuel technology is a promising entry
into  this  market.

The  Company's  objective  is  to  establish  the  commercial  viability  of the
low-rank-coal-water  fuel  technology.  In order to commence the tests necessary
to  establish  commercial  viability,  the Company


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has  applied for an $8,000,000 grant from the U.S. Department of Energy. If this
funding  is  achieved,  the Company plans to adapt its Grant Mill located on the
Ester  Dome property into the world's first demonstration facility for producing
low-rank-coal-water  fuel.  The  conversion would take approximately one year to
complete  at  an  estimated  cost  of  $10,000,000.

The  Company  is  also  in  negotiations  with  officials from the government of
Malaysia to build a commercial low-rank-coal-water fuel facility. Malaysia would
finance the development and the Company would receive a markup on the facilities
built  and  an  ongoing  royalty  on  all  fuel  sold.   No  agreement  with the
government  of  Malaysia  has  been  concluded  to  date.

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.

GOVERNMENT  REGULATION

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.

EMPLOYEES

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

RESEARCH  AND  DEVELOPMENT  EXPENDITURES

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

                              November 30, 1999          November 30, 2000
                              to November 30, 2000       to November 30, 2001
                              --------------------       --------------------

Research and Development
Expenditures:                         $277,395               $198,827

Research  and  development  activities  were  primarily  attributable  to  the
development  of  the  Company's  low-rank  coal  water  fuel  technology.


ITEM  2.     DESCRIPTION  OF  PROPERTY.

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

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

NOLAN  GOLD  PROJECT


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1.     Location  and  Access

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

2.     Ownership  Interest

The five contiguous properties comprising the Nolan gold project 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 owned by Silverado.
Silverado's ownership is subject to a royalty of 3 percent of net profits on 80%
of  production.  Mining  is  by  conventional  open-pit  methods.

(c)     Dionne  (Mary's  Bench):

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

(d)     Smith  Creek:

This  property consists of 35 unpatented Federal placer claims and miscellaneous
mining  equipment  and  was purchased in 1993 from its previous operators, Lloyd
Mickelson  and  Dennis  Anderson  of Frazee Minnesota, for $200,000 payable over
five  years  with  payments  originally scheduled to be completed in 1998. As at
November  30, 2001, $70,000 (2000: $120,000) in acquisition costs is in arrears.
The  Company's  rights to these properties may be adversely affected as a result
of  the  payments  in  arrears.

Smith  Creek's mining operations are using the open-cut method.   Currently, the
Company  has  no  mining  activity  on  the  Smith Creek except for its required
Federal  mining  claims  payments.

(e)     Nolan  Lode:

This property consists of 32 unpatented Federal lode claims 100 percent owned by
Silverado.  This  property presently contains no known gold reserves. Known gold
bearing  lodes consist of stibnite bearing quartz veins, and quartz veins, which
fill  fractures  cutting  phyllite, and contain free gold. It is believed that a
paleo-meta  sedimentary  unit of the Nolan/Hammond area could be auriferous, and
cross-cutting  erosion of this unit may account for at least a portion of placer
gold.  The  Company  has  no  plans for any exploration and development for this
property  at  the  present  time.

3.     History  of  Operations

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

From  1990 to 1993, Silverado conducted reclamation, exploration and development
in  preparation  for  commencement  of  production.  Initially,  production  was
carried out on the Thompson's Pup property.  Then, in November 1993, the Company
commenced  production  on  the  Dionne  (Mary's  Bench)  Property.


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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  the  time,  the  Company  substantially
reclaimed  its  previous  disturbances.  During  1998  and 1999,  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.  During  2000,  the Company  conducted mining
operations on the Workman's Bench  located within Smith Creek.  During  2001,
the  Company  suspended  mining  operations  as  it began negotiations  for  a
$3,000,000 gold loan to put  its  Nolan  Placer  gold  mine  into  continuous
production.

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

The  Company  has  spent $20,000,000 over the last 17 years developing the Nolan
property.  Out of 181 drill holes in this area, 91 intersected bedrock where the
placer  gold is primarily found. Out of the 91 holes 31 penetrated gold workings
and the remaining 60 holes averaged 0.13 ounces per square foot of bedrock. This
is  supported  by  grade results during test mining. The results determined that
the  actual  gold  grade,  based  on recovered gold, was more than six times the
drill-indicated  resource. It is expected that full production of the Nolan gold
project could begin within weeks of completing the $3,000,000 financing required
to  place  this  project  into operation. The Company anticipates that operating
costs  will  be  approximately  $3,000,000 per year once production is achieved.

The  Nolan  operations,  including  camp,  building, machinery shops and related
equipment,  were  constructed in the late 1980's.  These buildings and equipment
are  in  operating  condition but are not currently operating.  The cost of this
plant  and  equipment  to  the  Company  was  $517,069.  The  net  book value is
currently  $19,320.  Power to the Nolan operations is provided by diesel powered
generators  located  on  site.

5.     Geology

The Nolan mineral properties are underlain by a rock package known as the Arctic
Alaska  terrane,  composed  of  Proterozoic  through  Mesozoic  sedimentary,
metasedimentary,  and volcanic rocks, including an extensive carbonate sequence.
Early-day  miners  mined  the  deep  channel  of Nolan Creek. Their contemporary
methods,  however,  did  not  result  in the complete mining out of the channel.
Drilling  has  revealed  the  presence of significant gold rich areas, which are
extractable by conventional underground methods. The Company's proven ability to
drill and blast frozen gold bearing gravels which are transported to the surface
stockpile  using  specially  designed  underground  loaders  effectively  and
economically,  removes the gold rich material, which is later thawed for gravity
concentrating.  Approximately  140  drill  holes  drilled  along the frozen gold
bearing  deep  channel  gravel  of Nolan Creek has resulted in the definition of
about 58,000 ounces of gold reserves and resources. In comparison, estimates are
that  early  1900's gold seekers extracted more that 100,000 ounces of gold from
the deep channel. One line of exploration holes about 1,000 feet downstream from
Smith  Creek  was  completed  in  1995.  The  deepest section of the channel was
encountered  several  hundred  feet  west  of  its  expected  location.  Holes
penetrating this deep channel contained gold in measured amounts consistent with
values  from  known  deep  channel  intercepts.  While  further drilling must be
completed  to  define  this  channel, geologists hypothesize that during glacial
intervals,  the  deep  channel  was  forced  to  this western locale. This would
account  for  the lack of deep channel production of gold below Smith Creek, and
could provide a rich section of untapped deep channel gold. Placer gold deposits
are related to a belt of schistose rocks that lie along the southern boundary of
the  Arctic  Alaska  terrain. Operations on the Nolan gold mine are underground.
The  placers  range  from  shallow unfrozen deposits that are relatively easy to
mine,  to  deeply  buried  permanently  frozen  gravels.  The formation of these
deposits  is  closely  tied  to  the glacial history of the area, which has been
affected by at least four major phases of glaciation. Placer deposits are of the
following  three  types:

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


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

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

HAMMOND  PROPERTY  (SLISCO  BENCH)

1.     Location  and  Access

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

2.     Ownership  Interest

The  Company  acquired  its option to acquire Hammond Property, consisting of 28
Federal  placer  claims  and  36  Federal  lode claims covering one and one-half
square  miles,  in  December 1994 from Alaska Mining Company Inc. As at November
30,  2001,  $240,000  (2000  $240,000)  in  option  payments  is  in  arrears.

3.     History  of  Operations

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

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

The  Company  is  currently  restricting its work on the Hammond property to its
Federal  claims filings and maintenance as it focuses its efforts to putting the
Nolan  property  into  year  round  production.

The  Hammond  property does not have any proven mineral reserves and exploration
is  currently in the preliminary stages.  The Hammon property is undeveloped and
does not contain any open-pit or underground mines.  There is no mining plant or
equipment  located on the Hammond property.  Currently, there is no power supply
to  the  Hammond  property.

MARSHALL  DOME  PROPERTY

1.     Location  and  Access

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

2.     Ownership  Interest

The  Marshall  Dome  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 Company's ownership of these
mineral  claims  is  subject to the completion of payments to the prior owner of
these  claims  equal to 15% of net profits derived from the claims, subject to a
buy-out  in  favor  of  the  Company in the amount of $5,000,000.  The remaining
three  adjacent  claims  were located and acquired by the Company prior to 1995.

3.     History  of  Operations

The  Company  has  surveyed the claims comprising the Marshall Dome gold project
and  has  conducted  preliminary exploration.  This exploration has consisted of
geochemical,  geophysical  and  geological


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mapping  that  has  disclosed  gold  mineralization.  This  exploration  was
conducted in conjunction with infrared air photo  and  airborne electromagnetic
and  magnetic surveys.  The  observed gold  mineralization  is  believed to be
favorable as it relates to the adjoining True North  property.

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

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

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

5.     Geology

The  Marshall Dome property covers an area of two and one-half square miles, 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. The geology
consists  of  a  contact  between  the  Fairbanks  schist,  and  the  Chatanika
metamorphic sequence. This is locally separated by a highly metamorphic sequence
of  eclogitic  rocks.  Gold  mineralization  is expected to be hosted where gold
bearing  hydrothermal  fluids  come  in  contact  with  favorable  hosts such as
carbonaceous  units  in  proximity  to  migrating,  ore  bearing  fluids.

ESTER  DOME  PROJECT

The  Ester  Dome  Project  encompasses all of Silverado's optioned properties on
Ester  Dome,  and  covers  an  area  of  approximately  2.5  square  miles.

1.     Location  and  Access

Paved  highways  provide  access  to  the  Ester  Dome  properties.

2.     Ownership  Interest

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

     (a)     Grant  Mine-O'Dea  Vein:

This  property  consists  of  26  state mineral claims.  The Company's ownership
interest  is  subject  to the completion of payments of 15% of net profits until
$2,000,000  has been paid and 3% of net profits thereafter. The main line of the
Alaska Railroad passes along the east, north, and west perimeter of the property
and  high  capacity  electrical power lines carrying power to the Fort Knox mill
pass  300  feet  below the Grant Mill on the property. Access to the property is
provided by the Ester Dome road to a well-maintained gravel road. 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  property  is  located  1  mile  south  on the Parks Highway from Fairbanks
Alaska.  It  is approximately 2 miles from the Grant Mine and mill facility. Old
timers  worked  this  deposit  during  the  early  1900's  producing  gold  by
amalgamation.  Access,  which  is locally accessible by a well-maintained gravel
road  10  miles  northwest  of  Fairbanks,  Alaska,  is  on  Sheep  Creek  road
approximately  4.5  miles  to  Ester  Dome  road. During the 1980's, the Company
performed  preliminary  studies  on  the  deposit.  Positive  results from these
studies  caused  the  Company  to


                                  Page 8 of 27

<PAGE>

commit  approximately  $300,000  for  further  exploration during 1994-1995. The
property  consists  of 22 State mineral claims. The Company's ownership interest
is  subject to the completion of payments of 15% of net profits until $2,000,000
(inflation  indexed  from  1979) has been paid and 3% of net profits thereafter.
Currently,  May (St. Paul) Barelka is in development for future exploration. The
Company's  drilling  and  trenching  on this property has disclosed a large gold
bearing  system  which,  to  its  delineated depth of only 150 fee, has combined
proven  and  probable reserves of 97,692 ounces of gold. However, the Company is
minimizing  work  on  this  property to maintenance as it focuses its efforts in
preparing  the  Nolan  property  for  year  round  production.

     (c)     Dobb's:

This property consists of 1 unpatented Federal mineral claim and 4 State mineral
claims.  The  Company's  ownership interest is subject to payments of 15% of net
profits  until  $1,500,000  has  been paid and 3% of the net profits thereafter.
Minimum  work requirements are $1500 per year. Access to Dobbs is the same route
as May (St. Paul) Barelka. The lease on this property is for 10 years, beginning
in  1984,  with  five-year  renewals  thereafter.

3.     History  of  Operations

For  the  last  23  years,  the  Grant  Mine  has been the focal point of mining
interests  in the area of Silverado's claims on Ester Dome. The Grant Mine is an
underground  gold  mine  serviced  by a 200-foot vertical mining shaft. Work has
included 4210 feet of (1,285 m) of drifting and raising from the 200 foot level;
2,000  feet  (610m)  of  underground  diamond drilling; 14,844 feet (4,525 m) of
surface  diamond  drilling;  26,735  feet  (8,157 m) of surface rotary drilling;
5,350  feet  (1,630  m) of surface trenching; 11,758 feet (3,584 m) of deep soil
auger  drilling;  and  54  line  miles (92 km) of geophysics. Test production of
15,450  tons  of  ore  mined from the 200-foot level and above has yielded 5,890
ounces  of gold and 1,680 ounces of silver. The mill has remained inactive since
February  1992.

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

The Grant Mine operations, including camp, building, machinery shops and related
equipment,  were constructed in the late 1980's.  This mill and equipment are in
operating condition but are not currently operating.  The cost of this plant and
equipment  to  the  Company  was  $2,076,780.  The  net  book value is currently
$692,162.  Power  to  the  Grant  Mine  operations is provided by diesel powered
generators  located  on  site.

Currently  the  Company's  work  on  the  property  is  limited  to research and
development  for  converting  the Grant Mine mill into the world's first testing
facility  for  producing  low-rank-coal-water  fuel.  The  Company also plans to
maintain  its  claim  rental  payments.

5.     Geology

The  formations on the Ester Dome properties are as follows: The country rock is
known  as  the  Fairbanks  Schist. The gold bearing structures are either quartz
veins  and  veinlets  or  complex  siliceous  intrusive  brecciated gold systems
containing  native  gold  and  silver. Locally, these systems are hosted in more
brittle  tabular  sections  of  the  Fairbanks  schist.

EAGLE  CREEK  PROPERTY

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

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


                                  Page 9 of 27

<PAGE>

There  has  been  no  development  activity on the property during the year and,
other  than  maintenance,  none is planned for 2002. No reserves are included at
this time from the Eagle Creek property. However, extensive exploration drilling
has  shown gold mineralization throughout the property. The Eagle Creek property
does  not  have  any proven mineral reserves and exploration is currently in the
preliminary stages. The Eagle Creek property is undeveloped and does not contain
any open-pit or underground mines. There is no mining plant or equipment located
on  the  Eagle  Creek property. Currently, there is no power supply to the Eagle
Creek  property.

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

PROVEN  AND  PROBABLE  RESERVES

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

Silverado  Gold  Mines-Proven  and  Probable  Reserves  -  Troy  Ounces

----------------------------------------------------------------
                                   Proven           Probable
                                  Reserves          Reserves
Alaska Property                 (Troy Ounces)     (Troy Ounces)
----------------------------------------------------------------

Ester  Dome

Grant - O'Dea                       83,158            200,000
Ethel-Elms                                               5000
St. Paul                            16,338             81,354
Total - Ester Dome                  99,496            286,354

----------------------------------------------------------------
Nolan  Placer

Nolan                               10,646             43,045
Slisco Bench                          1156              5,217
Total-Nolan Placer                  11,802             48,262

Grand Total-Alaskan Properties     111,298            329,616
----------------------------------------------------------------

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


                                  Page 10 of 27

<PAGE>

GLOSSARY  OF  TECHNICAL  TERMS


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


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


                                  Page 11 of 27

<PAGE>

ITEM  3.     LEGAL  PROCEEDINGS.

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


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

No  matters  were submitted to our security holders for a vote during the fourth
quarter  of  our  fiscal  year  ending  November  30,  2001.


                                  Page 12 of 27

<PAGE>

                                     PART II


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

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,  2000     $0.30         $0.08
May  31,  2000     $0.69         $0.19
Aug  31,  2000     $0.27         $0.16
Nov  30,  2000     $0.20         $0.13
Feb  28,  2001     $0.19         $0.16
May  31,  2001     $0.39         $0.13
Aug  31,  2001     $0.19         $0.13
Nov  30,  2001     $0.14         $0.09



HOLDERS  OF  COMMON  SHARES

As  at  December  13,  2001 there were approximately 3,722 registered holders of
Silverado's  common  shares,  approximately  44%,  of  whom, were located in the
United  States.


DIVIDENDS

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

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

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

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

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

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


                                  Page 13 of 27

<PAGE>

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

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

Article  XI  of  the  1980  Convention  provides  that  the rate of non-resident
withholding  tax  on interest shall not generally exceed 10 percent of the gross
amount  of  the  interest.

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

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

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

RECENT  SALES  OF  UNREGISTERED  SECURITIES

The  Company  completed  the  following sales of securities without registration
pursuant to the Securities Act of 1933 during the fiscal year ended November 30,
2001:

The  Company  issued  300,000  shares  to Mr. Edward Armstrong, the president of
Silverado  Green  Fuel Inc., pursuant to Section 4(2) of the Act on February 14,
2001 at a price of $0.10 per share pursuant to the exercise of options for total
proceeds  of  $30,000.

The  Company issued replacement debentures in the aggregate amount of $2,564,400
in  consideration  of  cancellation  of  the  $2,000,000 principal amount of the
original  debentures,  plus  all  accrued  interest  accrued  on  the  original
debentures  to  March  1,  2001.  The  replacement debentures were issued to the
holders  of  the  original  debentures  pursuant  to  Regulation S of the Act in
reliance  of  the  fact  that  each  debenture holder is a non-U.S. person.  The
replacement debentures bear interest of 8.0% per annum and mature March 1, 2006.
Principal  payments  are  due  at  the  end  of each month.  Interest is due and
payable on a quarterly basis on February 28, May 31, August 31, and November 30.
If  the  Company fails to make any payment of principal or interest, the Company
must  issue  shares  equivalent  in value to the unpaid amounts at 20% below the
average  market  price.

The  Company  completed  the  sale  of  1,000,000  units on March 4, 2001 to one
purchaser  at  a price of $0.10 per unit for proceeds of $100,000. Each unit was
comprised  of  one  common  share  and  one share purchase warrant. The sale was
completed pursuant to Rule 506 of Regulation D of the Act to a person who was an
"accredited  investor",  as  defined  in  Rule  501  of  Regulation  D.

The  Company completed the sale of 500,000 units on March 14, 2001 at a price of
$0.20  per  unit  for  proceeds  of  $100,000  to  one  purchaser. Each unit was
comprised  of  one  common  share  and  one  share  purchase warrant. Each share
purchase  warrant entitles the holder to purchase one common share at a price of
$0.20  per  share  for  a  two  year  period  following  closing. All sales were
completed  pursuant  to  Regulation  S of the Act.  The purchaser was a non-U.S.
person.


                                  Page 14 of 27

<PAGE>

The Company completed the sale of 3,200,000 common shares during the period from
March  4,  2001  to  April 4, 2001 at a price of $0.10 per share for proceeds of
$320,000  to  one  purchaser  pursuant  to  the exercise of warrants held by the
purchaser.  All  sales  were completed pursuant to Regulation S of the Act.  The
purchaser  was  a  non-U.S.  person.

The Company issued 100,000 shares to Mr. Stuart McCulloch, a director, pursuant
to  Section  4(2)  of  the  Act  on  April 2, 2001 at a price of $0.10 per share
pursuant  to  the  exercise  of  options  for  total  proceeds  of  $10,000.

The  Company  issued  200,000  shares  to Mr. Jim Dixon, a director, pursuant to
Section  4(2) of the Act on April 2, 2001 at a price of $0.10 per share pursuant
to  the  exercise  of  options  for  total  proceeds  of  $20,000.

The  Company  completed  the  sale of 360,000 units on May 7, 2001 at a price of
$0.25 per unit for proceeds of $90,000 to one purchaser. Each unit was comprised
of  one common share and one share purchase warrant. Each share purchase warrant
entitles  the  holder to purchase one common share at a price of $0.30 per share
for  a  six month period following closing. All sales were completed pursuant to
Regulation  S  of  the  Act.  The  purchaser  was  a non-U.S. person. A total of
360,000  shares  were  issued  to  the  investor  at  a price of $0.08 per share
pursuant  to  the exercise of warrants held by the purchaser on October 4, 2001.

The  Company  issued  an  aggregate  of  516,085  shares  to  the holders of the
Company's  replacement  debentures, as described above, pursuant to Regulation S
of  the  Act on June 7, 2001 in consideration of the payment of accrued interest
on  the  replacement  debentures.

The  Company  completed the sale of 666,667 units on July 10, 2001 at a price of
$0.15  per  unit  for  proceeds  of  $100,000  to  one  purchaser. Each unit was
comprised  of  one common share and two share purchase warrants. The first share
purchase  warrant entitles the holder to purchase one common share at a price of
$0.25  per  share  for  a  six  month period following closing. The second share
purchase  warrant entitles the holder to purchase one common share at a price of
$0.30  per  share  for  a  one  year  period  following  closing. All sales were
completed  pursuant  to  Regulation S of the Act.   The purchaser was a non-U.S.
person.  A  total  of  500,000  shares were issued to the investor at a price of
$0.10  per  share  pursuant to the exercise of warrants held by the purchaser on
September  6,  2001.

The  Company  completed  the  sale  of  700,000  units on August 29, 2001 to one
purchaser  at  a  price of $0.10 per unit for proceeds of $70,000. Each unit was
comprised  of  one  common  share  and  one  share  purchase warrant. Each share
purchase  warrant entitles the holder to purchase one common share at a price of
$0.15  per share for a two year period following closing. The sale was completed
pursuant  to  Rule  506  of  Regulation  D  of  the  Act  to a person who was an
"accredited  investor",  as  defined  in  Rule  501  of  Regulation  D.

The  Company  issued  an  aggregate  of  1,131,345  shares to the holders of the
Company's  replacement  debentures, as described above, pursuant to Regulation S
of  the  Act  on  September  11, 2001 in consideration of the payment of accrued
interest  on  the  replacement  debentures.

The  Company  completed  the  sale  of 1,000,000 shares on October 31, 2001 at a
price of $0.065 per share for proceeds of $65,000 to one purchaser. The sale was
completed  pursuant  to  Regulation  S of the Act.  The purchaser was a non-U.S.
person.

The  Company  completed  the  sale  of 1,300,000 units on November 23, 2001 at a
price  of $0.05 per unit for proceeds of $65,000 to one purchaser. Each unit was
comprised  of  one common share and one-half of one share purchase warrant. Each
share  purchase  warrant  entitles  the holder to purchase one common share at a
price of $0.10 per share for a one year period following closing. All sales were
completed  pursuant  to  Regulation  S of the Act.  The purchaser was a non-U.S.
person.


                                  Page 15 of 27

<PAGE>

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

PLAN  OF  OPERATIONS

The Company's plan of operations for the next twelve months includes its plan to
place  the Nolan gold project into commercial production.  The Company estimates
that  it  will  cost  approximately  $3,000,000 in order to place the Nolan gold
project  into  year  round  gold  production.  The  Company  is  currently  in
negotiations to obtain a loan in the amount of $3,000,000 in order to enable the
Company  to  proceed with this plan of operations.  The details of the gold loan
have not been finalized and it has not been determined whether the loan would be
secured  by future gold sales or if it would be an unsecured loan.   See Item 1.
-  Description  of Business for a more detailed discussion of this aspect of the
Company's  plan  of  operations.

The  Company  also  plans  to  proceed with its plan to establish the commercial
viability  of  the low-rank-coal-water fuel technology. In order to commence the
tests  necessary  to establish commercial viability, the Company is applying for
 a
$10,000,000  grant  from  the  U.S.  Department  of  Energy.  If this funding is
achieved,  the Company plans to convert its Grant Mill located on the Ester Dome
property  into  the  world's  first  demonstration  facility  for  producing
low-rank-coal-water  fuel.  The  conversion would take approximately one year to
complete  at  an  estimated  cost  of  $10,000,000. See Item 1. - Description of
Business  for a more detailed discussion of this aspect of the Company's plan of
operations.

The  Company  currently  does  not  have  sufficient  cash or working capital to
proceed  with  its plan of operation.  As discussed above, the Company's plan of
operation  is  subject  to  achieving  the required financing.  In addition, the
Company will require funding in the amount of approximately $900,000 in order to
fund  its  ongoing operating expenses over the next twelve months.  Accordingly,
the  Company  will  require additional financing in order to finance its current
operations.  See  the  discussion  of  the  Company's cash resources and working
capital  below  under  Liquidity  and  Financial  Condition.

RESULTS  OF  OPERATIONS

Year  ended  November  30,  2001  compared  to the year ended November 30, 2000.

Revenues

Revenue from gold sales decreased to $7,657 for the year ended November 30, 2001
from  $42,433  for  the  year  ended  November  30, 2000.  Revenues in 2001 were
attributable  to  sales  of  gold  inventory.  The  Company  anticipates  that
significant revenues will not be achieved until the Company is able to place the
Nolan gold project into production.   The Company anticipates that revenues from
the  Company's  low-rank-coal-water fuel business will not be achieved until the
Company  is  enable  to  proceed  with  the  construction  and  operation  of  a
demonstration  facility  for  the Company's low-rank-coal-water fuel technology.
Revenues  from  the Nolan gold project and the low-rank-coal-water fuel business
are  contingent  upon  the  Company  achieving  additional  financing.

Operating  Costs

Operating costs from test work decreased to $143,630 for the year ended November
30,  2001  from  $354,582  for  the year ended November 30, 2000, representing a
decrease  of $210,952.  Operating costs are primarily attributable to mining and
processing  costs  at  the  Company's  mining  operations.  The  decrease  was
attributable to decreased exploration and development activity by the Company on
its mineral properties.  The Company anticipates that these operating costs will
increase  once  the  Company  is  able  to  place  the  Nolan  gold project into
production.

Other  Expenses

Other expenses decreased to $1,542,000 for the year ended November 30, 2001 from
$1,559,967  for  the  year  ended  November  30,  2001.


                                  Page 16 of 27

<PAGE>

Management  services  attributable  to  the  activities  of  the  Tri-Con  Group
decreased to $154,924 for the year ended November 30, 2001 from $286,998 for the
year ended November 30, 2000, representing a decrease in the amount of $132,074.
This  decrease  was primarily the result of decreased activity by the Company on
its mineral properties.  This decreased activity also caused general exploration
expenses  to  decrease  to  $86,926  for  the  year ended November 30, 2001 from
$135,442  for  the  year  ended November 30, 2000.  The Company anticipates that
these  expenses  will  increase  if  the  Company  is able to achieve additional
financing  to  increase  its  activities  on  its  mineral  properties.

Research  activities  attributable  to  the  Company's  low-rank coal water fuel
technology  increased  to  $277,395  for  the  year ended November 30, 2001 from
$198,827  for  the year ended November 30, 2000, representing an increase in the
amount  of  $78,568.  This  increase  is  primarily  the result of the Company's
determination to attempt to commercialize the Company's low-rank coal water fuel
technology.

Office  expenses increased to $253,006 for the year ended November 30, 2001 from
$130,348  for  the  year  ended  November  30, 2000, representing an increase in
office expenses of $122,658.  This increase related to general operations of the
Company  and  an  increase  in  activity  of the Company's offices in Fairbanks,
Alaska  relating  to  the  fuel  project.

Loss

The  Company's loss decreased to $1,677,974 for the year ended November 30, 2001
from $1,872,116 for the year ended November 30, 2000, representing a decrease in
$194,142.  This decrease in the Company's loss was primarily attributable to the
reduction  in  the  Company's  operating  costs  in the amount of $210,952.  The
Company anticipates that it will continue to incur a loss until such time as the
Company  can  achieve  significant  revenues  from  its  Nolan  gold  project.

LIQUIDITY  AND  FINANCIAL  CONDITION

The  Company  had  cash  of $17,093 as of November 30, 2001, compared to cash of
$nil  as  of November 30, 2000.  The Company had a working capital deficiency of
$2,096,793  as of November 30, 2001, compared to a working capital deficiency of
$3,706,831  as  of  November  30,  2000.  The  decrease in the Company's working
capital  deficiency was primarily a result of renegotiating the payment terms of
a  majority  of  the  $2,000,000  debentures  and  related  accrued  interest.

Cash  used  in  operating  activities increased to $1,461,899 for the year ended
November  30, 2001, compared to $1,187,343 for the year ended November 30, 2000.
The  Company funded the net cash outflow from operating activities of $1,461,899
primarily  through  equity  sales of its common shares and by an increase in the
amounts  due  to  related party balance with the Tri-Con Group. Cash provided by
financing  activities  increased  to  $1,485,663 for the year ended November 30,
2001,  compared  to $1,187,343 for the year ended November 30, 2000. Of the cash
provided  by  financing  activities, a total of $1,310,057 was provided by share
issuances.  Accordingly, the Company financed its operating activities primarily
through  equity  issuances  of  its  common  shares.

On  March  1,  2001,  the  Company  completed  negotiations  to  restructure its
$2,000,000  convertible debentures. The Company issued replacement debentures in
the  aggregate  amount  of  $2,564,400  in  consideration of cancellation of the
$2,000,000  principal  amount  of  the  original  debentures,  plus  all accrued
interest  accrued  on  the original debentures to March 1, 2001. The replacement
debentures  bear  interest of 8.0% per annum and mature March 1, 2006. Principal
payments  are  due  at  the end of each month.  Interest is due and payable on a
quarterly  basis  on  February  28,  May  31, August 31, and November 30. If the
Company  fails  to  make  any payment of principal or interest, the Company must
issue  shares equivalent in value to the unpaid amounts at 20% below the average
market  price.  On  June 7, 2001 the Company issued 516,085 shares at the market
price  of  $0.26 to the holders of the debentures to satisfy the first quarterly
payments  due May 31,2001. The valuation of this transaction consists of $95,844
of  principal and $38,338 of interest. On September 11, 2001, the Company issued
1,131,345  shares  at the market price of $0.13 to the holders of the debentures
to  satisfy  the second quarterly payments due August 31, 2001. The valuation of
this  transaction  consists of $106,422 of principal and $40,653 of interest. As
at November 30, 2001, 1,860,000 plus $524,892 of interest has been exchanged for
replacement  debentures.  Of  this  aggregate  outstanding amount of $2,182,626,
$476,978 is classified as a


                                  Page 17 of 27

<PAGE>

current  liability  and  $1,705,648  has  been  classified  as  a  non-current
liability. Remaining convertible debentures of $140,000 plus accrued interest of
$97,004 are in  default and it is  expected that they will be  exchanged  for
replacement  debentures.

The  Company  is  also in arrears of required mineral property claims and option
payments  of  $316,500  and  therefore  the  rights  to  these properties with a
carrying  value  of  $315,000  may  be  adversely  affected.

The  Company anticipates continuing to rely on equity sales of its common shares
in  order  to continue to fund its business operations.  Issuances of additional
shares  will  result  in  dilution to existing shareholders of the Company.  The
Company  is  pursuing  debt  financing  in the principal amount of $3,000,000 in
order  to place the Nolan gold project into commercial production.  The terms of
any  debt  financing  for the Nolan gold project have not been finalized and may
include the granting of security against future gold revenues.  In addition, the
Company  is attempting to obtain a grant of $10,000,000 in order to proceed with
establishing  the commercial viability of the Company's low-rank-coal-water fuel
business.  There is no assurance that the Company will achieve any of additional
sales  of  its  equity securities or arrange for debt or other financing for its
planned  business  expansion.

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

ITEM  7.     FINANCIAL  STATEMENTS AND SUPPLEMENATARY 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, 2001 and 2000              F-2

Consolidated Statements of Operations, Years Ended
  November 30, 2001 and 2000                                         F-3

Consolidated Statements of Cash Flows,                               F-4

Consolidated Statements of Stockholders' Equity,
  Years Ended November 30, 2001, and 2000                            F-5

Notes to Consolidated Financial Statements                           F-6 to F-22






<PAGE>


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

SILVERADO  GOLD  MINES  LTD.

Years  ended  November  30,  2001,  2000





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




AUDITORS'  REPORT  TO  THE  STOCKHOLDERS

We  have audited the consolidated balance sheets of Silverado Gold Mines Ltd. as
at  November  30,  2001  and  the  consolidated  statements  of  operations,
stockholders' equity (deficiency) and cash flows for the year ended November 30,
2001.  These  financial  statements  are  the  responsibility  of  the Company's
management.  Our  responsibility  is  to  express  an opinion on these financial
statements  based on our audit. The financial statements as at November 30, 2000
and  for  the  year then ended were audited by other auditors whose report dated
March  14,  2001  expressed  an  unqualified  opinion  on  those  statements.

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

In  our  opinion, these consolidated financial statements present fairly, in all
material  respects,  the  financial  position  of the Company as at November 30,
2001,  and  the  results of its operations and its cash flows for the year ended
November  30,  2001,  in  accordance  with  United States and Canadian generally
accepted  accounting  principles.  As  required  by  the  Company  Act  (British
Columbia), we report, that in our opinion, these principles have been applied on
a  consistent  basis.


/s/ MORGAN  AND  COMPANY
Chartered  Accountants

Vancouver,  Canada
March  1,  2002

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

In  the  United States, reporting standards for auditors require the addition of
an  explanatory  paragraph  (following the opinion paragraph) when the financial
statements  are affected by conditions and events that cast substantial doubt on
the Company's ability to continue as a going concern, such as those described in
note  2(a)  to  the  financial statements.  Our report to the shareholders dated
March  1,  2002,  is  expressed  in accordance with Canadian reporting standards
which  do  not permit a reference to such events and conditions in the auditor's
report  when  these  are  adequately  disclosed  in  the  financial  statements.


/s/ MORGAN AND COMPANY
Chartered  Accountants

Vancouver,  Canada
March  1,  2002


<PAGE>
                                                                              F2

<TABLE>
<CAPTION>

SILVERADO  GOLD  MINES  LTD.
Consolidated  Balance  Sheets
(Expressed  in  U.S.  Dollars)

November  30,  2001  and  2000
-------------------------------------------------------------------------------
                                                         2001         2000
-------------------------------------------------------------------------------
<S>                                                <C>            <C>
Assets

Current assets:
  Cash                                             $     17,093   $          -
  Gold inventory                                         11,140         18,750
  Accounts receivable                                     2,876          5,856
                                                   ----------------------------
                                                         31,109         24,606

Mineral properties (note 3)                           1,159,529      1,209,529

Buildings, plant and equipment (note 4)               2,980,200      2,982,608
  Accumulated depreciation                            2,185,947      1,891,048
                                                   ----------------------------
                                                        794,253      1,091,560
                                                   ----------------------------
                                                   $  1,984,891   $  2,325,695
                                                   ============================

Liabilities and Stockholders' Equity (Deficiency)

Current liabilities:
  Bank indebtedness                                $          -   $      3,007
  Accounts payable and accrued liabilities
    (note 5)                                            792,395      1,213,503
  Loans payable secured by gold inventory                35,729         36,651
  Mineral claims payable                                316,500        366,500
  Due to related party (note 8)                         291,310        111,776
  Debentures, current portion (note 6(a))               140,000      2,000,000
  Debentures, current portion (note 6(b))                75,000              -
  Replacement debentures, current portion               476,968              -
                                                   ----------------------------
                                                      2,127,902      3,731,437

Debentures (note 6(a))                                1,705,648         75,000

Stockholders' equity (deficiency):
  Common stock (note 7):
    Authorized: 100,000,000 common shares
    Issued and outstanding:
      November 30, 2001 - 42,423,988 shares          47,000,034     45,669,977
      November 30, 2000 - 30,589,891 shares
  Share subscriptions received                                -         20,000
  Accumulated deficit                               (48,848,693)   (47,170,719)
                                                   ----------------------------
                                                     (1,848,659)    (1,480,742)
                                                   ----------------------------

                                                   $  1,984,891   $  2,325,695
                                                   ============================

</TABLE>



Continuing  operations  (note  2(a))
Commitments  and  contingencies  (notes  3  and  10)
Subsequent  events  (notes  10(c)  and  13)


See  accompanying  notes  to  consolidated  financial  statements.

Approved  on  behalf  of  the  Board:


------------------------------------          ---------------------------------
Garry L. Anselmo                              Stuart C. McCulloch
Director                                      Director


<PAGE>
                                                                              F3

<TABLE>
<CAPTION>

SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Operations
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2001 and  2000

-------------------------------------------------------------------------------
                                                         2001          2000
-------------------------------------------------------------------------------
<S>                                                  <C>           <C>
Revenue from gold sales                              $     7,657   $    42,433

Operating costs:
  Mining and processing costs                            143,631       339,911
  Amortization of mineral properties                           -        14,671
                                                     ---------------------------
                                                         143,631       354,582
                                                     ---------------------------

Loss before the undernoted                               135,974       312,149

Other expenses:
  Accounting and audit                                    36,089        41,168
  Advertising and promotion                              113,592        78,109
  Consulting expense                                      28,012       114,000
  Corporate capital taxes                                      -           505
  Depreciation                                           297,040       352,726
  General exploration                                     86,926       135,442
  Interest on long term debt                             186,092       163,750
  Legal                                                   41,862        39,323
  Loss on disposal of buildings, plant and equipment         832             -
  Loss (gain) on foreign exchange                          9,064       (34,004)
  Management services from related party (note 8)        154,924       286,998
  Office expenses                                        253,006       130,348
  Other interest and bank charges                          3,551         9,453
  Reporting and investor relations                        32,619        17,337
  Research                                               277,395       198,827
  Transfer agent fees and mailing expenses                20,996        25,985
                                                     ---------------------------
                                                       1,542,000     1,599,967
                                                     ---------------------------
Loss and comprehensive loss for the year             $(1,677,974)  $(1,872,116)
                                                     ===========================
Loss per share                                       $     (0.05)  $     (0.08)
                                                     ===========================

Weighted average number of shares outstanding         35,774,718    24,335,165
</TABLE>


See  accompanying  notes  to  consolidated  financial  statements.


<PAGE>
                                                                              F4

<TABLE>
<CAPTION>

SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Cash  Flows
(Expressed  in  U.S.  Dollars)

Years  ended  November  30,  2001  and  2000

-------------------------------------------------------------------------------------------
                                                                    2001          2000
-------------------------------------------------------------------------------------------
<S>                                                             <C>           <C>
Cash provided by (used in):

Operating activities:
  Loss for the year                                             $(1,677,974)  $(1,872,116)
  Items not involving cash:
    Write down of mineral claims and options                         50,000             -
    Consulting services expense                                      28,012       100,000
    Employment contract expense                                           -             -
    Depreciation                                                    297,040       352,726
    Loss on disposal of buildings, plant and equipment                3,509             -
    Amortization of mineral properties                                    -        14,671
  Changes in non-cash operating working capital:
    Accounts receivable                                               2,980        74,079
    Gold inventory                                                    7,610        (8,183)
    Prepaid expenses to related parties                                   -             -
    Recovery of mineral claims payable                               50,000        80,000
    Accounts payable and accrued liabilities                       (223,076)       71,480
                                                                --------------------------
                                                                 (1,461,899)   (1,187,343)

Investing activities:
  Mineral claims and options expenditures, net of recoveries         (6,070)            -
  Deferred exploration expenditures net of recoveries                     -             -
  Proceeds from sale of equipment                                       500
  Purchases of equipment                                             (1,101)
                                                                --------------------------
                                                                     (6,671)

Financing activities:
  Bank indebtedness                                                  (3,007)          622
  Shares issued for cash                                          1,310,057       872,424
  Repayment of loans payable                                           (922)      (12,479)
  Share subscriptions received                                            -        20,000
  Secured advances to related parties                                     -             -
  Due to related party                                              179,535       306,776
  Convertible debentures                                                  -             -
                                                                --------------------------
                                                                  1,485,663     1,187,343
                                                                --------------------------

Increase in cash                                                     17,093             -

Cash at beginning of year                                                 -             -
                                                                --------------------------

Cash at end of the year                                         $    17,093   $         -
                                                                ==========================

Supplemental cash flow information
  Interest paid                                                 $    82,741   $     3,750

Non-cash activities not reflected in statements
 of cash flows:
  Exchange of convertible debenture for replacement
    debenture                                                   $ 1,860,000             -
  Issue of shares in exchange for reduction in
    accounts payable                                                 30,000        20,000
  Issue of shares in exchange for debt reduction
    to related party                                                      -       195,000
  Issue of shares in lieu of required payments on
    replacement debentures                                          281,257             -
  Issue of shares for consulting services in lieu
    of payment of cash                                                    -       100,000
  Exchange of interest payable for replacement debentures           524,892             -
  Issue of shares for share subscriptions received
    in prior year                                                    20,000        28,188
                                                                ==========================

</TABLE>


See  accompanying  notes  to  consolidated  financial  statements.


<PAGE>
                                                                             F5

<TABLE>
<CAPTION>

SILVERADO  GOLD  MINES  LTD.
Consolidated  Statements  of  Stockholders'  Equity  (Deficiency)
(Expressed  in  U.S.  Dollars)
Years  ended  November  30,  2001  and  2000


-----------------------------------------------------------------------------------------------------------
                                                                       Share
                                              Number     Share     subscriptions  Accumulated
                                            of shares   capital      received       deficit      Total
-----------------------------------------------------------------------------------------------------------
<S>                                        <C>         <C>          <C>         <C>            <C>

Balance, November 30, 1999                 15,873,224  $44,454,365  $  28,188   $(45,298,603)  $  (816,050)
Year ended November 30, 2000
  Loss of the year                                  -            -          -     (1,872,116)   (1,872,116)
  Shares issued:
    Private placements for cash             4,276,866      323,091          -              -       323,091
    Private placement for consulting
      services                              1,000,000      100,000          -              -       100,000
    Shares issued for subscriptions
      received in prior year                  373,134       28,188    (28,188)             -             -
    Cash received for shares to be issued           -            -                                  20,000
    On exercise of warrants for cash        6,716,667      529,333                         -       529,333
    On exercise of options for cash           200,000       20,000          -              -        20,000
    On issuance of shares for settlement of
      accounts payable to related party       200,000       20,000     20,000              -        20,000
    On issuance of shares for settlement
      of due to related party               1,950,000      195,000          -              -       195,000
-----------------------------------------------------------------------------------------------------------
                                           14,716,667    1,215,612     (8,188)    (1,872,116)     (664,692)
-----------------------------------------------------------------------------------------------------------

Balance, November 30, 2000                 30,589,891   45,669,977     20,000    (47,170,719)   (1,480,742)

Year ended November 30, 2001
  Loss for the year                                 -            -          -     (1,677,974)   (1,677,974)
  Shares issued:
    On exercise of options for cash           600,000       60,000          -              -        60,000
    On exercise of warrants for cash        5,060,000      498,800          -              -       498,800
    Shares issued for subscriptions
      received in prior year                    4,418       20,000    (20,000)             -             -
    Private placements for cash             4,522,249      470,000          -              -       470,000
    Shares issued in lieu of cash payments
      for replacement debentures            1,647,430      281,257          -              -       281,257
-----------------------------------------------------------------------------------------------------------
                                           11,834,097    1,330,057    (20,000)    (1,677,974)     (367,917)
-----------------------------------------------------------------------------------------------------------

Balance, November 30, 2001                 42,423,988  $47,000,034  $ (20,000)  $(48,848,693)  $(1,848,659)
===========================================================================================================
</TABLE>


See  accompanying  notes  to  the  consolidated  financial  statements.

<PAGE>
                                                                             F6

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

Years  ended  November  30,  2001  and  2000


1.     Description  of  business:
Silverado  Gold  Mines  Ltd.  is  engaged  in  the  acquisition, exploration and
development  of  mineral  properties  and the development of low-rank coal-water
fuel as a replacement for oil fired boilers and utility generators.  The Company
has  produced gold from its Nolan property during each of the past two years and
has  had  production  from its mineral properties in years prior to those years.

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

(a)     Continuing  operations:

At November 30, 2001, the Company has a working capital deficiency of $2,096,793
down  from  $3,706,831  at  November  30,  2000,  primarily  as  a  result  of
renegotiating  the  repayment  terms  of  most  of  the  $2,000,000  convertible
debentures  and  related interest. The Company is in arrears of required mineral
claims and option payments for certain of its mineral properties at November 30,
2001,  in  the amount of $316,500 (2001 - $366,500) and therefore, the Company's
rights  to  these  properties with a carrying value of $315,000 may be adversely
affected  as  a result of these non-payments. The Company understands that it is
not  in  default  of  the  agreements  in  respect  of  these  properties.

These  financial  statements  have been prepared on a going concern basis, which
assumes  the  realization  of assets and settlement of liabilities in the normal
course  of  business.  The  application  of  the  going  concern concept and the
recovery  of  amounts  recorded  as  mineral properties and 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.  These  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.  In addition, the
Company  is  exploring other business opportunities including the development of
low-rank  coal-water  fuel  as replacement fuel for oil fired industrial boilers
and  utility  generators.

(b)     Basis  of  consolidation:

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

<PAGE>
                                                                             F7

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

Years  ended  November  30,  2001  and  2000


2.     Significant  accounting  policies  (continued):

(c)     Gold  inventory:

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

(d)     Mineral  properties:

The  Company  confines  its  exploration activities to areas from which gold has
previously been produced or to properties which are contiguous to such areas and
have  demonstrated  mineralization.

The Company capitalizes the costs of acquiring mineral claims until such time as
the  properties  are  placed  into  production  or  abandoned.

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

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

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

(e)     Reclamation:

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

(f)     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.

<PAGE>
                                                                             F8

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

Years  ended  November  30,  2001 and  2000


2.     Significant  accounting  policies  (continued):

(g)     Foreign  currencies:

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

(h)     Loss  per  share:

Loss  per  share  has  been  calculated  based on the weighted average number of
shares  outstanding  during  the  year.  The  weighted  average number of shares
outstanding,  for  the  purpose  of  loss per share calculations, is as follows:

       -------------------------------------------------------------
       2001                                               35,774,718
       2000                                               24,335,165
       -------------------------------------------------------------

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

(i)     Revenue  recognition:

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

(j)     Research  expenditures:

Research  expenditures  are  expensed  in  the  year  incurred.

(k)     Accounting  for  stock-based  compensation:

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

For  stock  options  granted  to  independent  contract  employees,  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 fair value of the options granted as the service
and  period  are  the  options  earned.


<PAGE>
                                                                             F9

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

Years  ended  November  30,  2001  and  2000


2.     Significant  accounting  policies  (continued):

(l)     Use  of  estimates:

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

(m)     Income  taxes:

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

(n)     Recent  Accounting  Pronouncements:

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


<PAGE>
                                                                             F10

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

Years  ended  November  30,  2001  and  2000


2.     Significant  accounting  policies  (continued):

(n)     Recent  Accounting  Pronouncements  (continued):

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

3.     Mineral  properties:

(a)     Mineral  properties:

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

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

          (i)     Grant  Mine:

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

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

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

          (iii)     Dobb's:

          This  property consists of 1 unpatented Federal mineral claim and 4
State mineral claims  subject to payments of 15% of net profits until $1,500,000
has been paid and  3%  of  net  profits  thereafter.

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

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

<PAGE>
                                                                             F11

SILVERADO  GOLD  MINES  LTD.


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

Years  ended  November  30,  2001  and  2000


3.     Mineral  properties  (continued):

     (a)     Mineral  properties  (continued):

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

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

               (i)     Nolan  Placer:

               This  property  consists  of  160  unpatented  Federal  placer
claims.

               (ii)     Thompson's  Pup:

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

               (iii)     Dionne  (Mary's  Bench):

               This  property  consists  of  15  unpatented  Federal  placer
claims.

               (iv)     Smith  Creek:

               This property consists of 35 unpatented Federal placer claims.
The property was purchased  in  1993  with  scheduled  payments  to  be
completed in 1998.  As at November  30,  2001,  $70,000  (2000  -  $120,000) of
the acquisition costs are unpaid,  in  arrears,  and  included in mineral claims
payable. This amount was re-stated  in  2001  to  $70,000  from  $120,000  in
2000.

               (v)     Nolan  Lode

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

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

          This  property  consists  of 28 Federal placer claims and 36 Federal
lode claims covering  one and one-half square miles and adjoining the Nolan Gold
Properties.  As  at November  30,  2001, option payments totaling $240,000 (2000
- same) are unpaid,  in  arrears,  and  included  in  mineral  claims  payable.

<PAGE>
                                                                             F12

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

Years  ended  November  30,  2001,  and  2000


3.     Mineral  properties  (continued):

(b)     Property  commitments:

As  at  November  30,  2001, 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:

         ------------------------------------------------------------
         2002                                                  50,000
         2003                                                  50,000
         2004                                                  50,000
         2005                                                  50,000
         2006                                                  50,000
         ------------------------------------------------------------

(c)     Mineral  claim  expenditures:

<TABLE>
<CAPTION>

Cumulative  claims  expenditures  are  as  follows:

-----------------------------------------------------------------------------------------------------------
                                              Alaska
                     ------------------------------------------------------------
                                                                                    British
                                                               Hammond    Whiskey   Columbia
                     Ester Dome   Marhall Dome   Nolan Gold    Property   Gulch     French Peak  Total
<S>                  <C>          <C>            <C>           <C>        <C>       <C>         <C>
Balance,
  November 30, 2000    406,000        350,000      368,259       85,000         -            -   1,209,529
Amortization
Recovery of mineral
Claims and options           -              -      (50,000)           -         -            -     (50,000)
                     --------------------------------------------------------------------------------------

Balance,
November 30, 2001    $ 406,000    $   350,000    $ 318,529     $ 85,000   $     -   $        -  $1,159,529
                     ======================================================================================

</Table>

<PAGE>
                                                                             F13

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

Years  ended  November  30,  2001  and  2000


4.     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    Net book
2001                                                     Cost      depreciation     value
-------------------------------------------------------------------------------------------
<S>                                                  <C>           <C>           <C>

Grant Mine Mill Equipment                            $2,076,780    $1,384,618    $  692,162
Nolan Gold Project Mining Equipment                      60,757        57,697         3,060
Mining Equipment                                        456,312       440,052        16,260
Other Equipment, Leasehold Improvements                 386,351       303,580        82,771
                                                     --------------------------------------
                                                     $2,980,200    $2,185,947    $  794,253
                                                     ======================================


-------------------------------------------------------------------------------------------
                                                                   Accumulated    Net book
2000                                                     Cost      depreciation     value
-------------------------------------------------------------------------------------------

Grant Mine Mill Equipment                            $2,076,780    $1,176,939    $  899,841
Nolan Gold Project Mining Equipment                      60,757        52,837         7,920
Mining Equipment                                        459,787       396,244        63,543
Other Equipment, Leasehold Improvements                 385,284       265,028       120,256
                                                     --------------------------------------
                                                     $2,982,608    $1,891,048    $1,091,560
                                                     ======================================
</TABLE>



5.     Accounts  payable  and  accrued  liabilities:

Accounts  payable  and  accrued  liabilities  consist  of:

----------------------------------------------------------
                                   2001            2000
----------------------------------------------------------
Accounts payable               $   510,316     $   550,836
Accrued interest                    86,079         466,667
Accrued reclamation expense        196,000         196,000
                               ---------------------------
                               $   792,395     $ 1,213,503
==========================================================



<PAGE>
                                                                             F14

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

Years  ended  November  30,  2001  and  2000


6.     Debentures:

(a)     On  March 1, 2001, the Company completed negotiations to restructure its
$2,000,000  convertible  debentures.  The  replacement  debentures  aggregate
$2,564,400  and  consist  of  the original  $2,000,000 principal amount plus all
accrued  interest  to  March  1,  2001. The debentures bear interest of 8.0% per
annum  and  mature  March 1, 2006. Principal payments are due at the end of each
month.  Interest is due and payable on a quarterly basis on February 28, May 31,
August  31,  and  November  30.  If  the  Company  fails  to make any payment of
principal  or interest, the Company must issue shares equivalent in value to the
unpaid  amounts  at  20%  below  the  average market price. On June 7, 2001, the
Company issued 516,085 shares at the market price of $0.26 to the holders of the
debentures  to  satisfy  the  first  quarterly  payments  due  May  31,2001. The
valuation  of  this  transaction consists of $95,844 of principal and $38,338 of
interest.  On  September  11,  2001,  the Company issued 1,131,345 shares at the
market  price  of  $0.13  to the holders of the debentures to satisfy the second
quarterly  payments  due  August  31,  2001.  The  valuation of this transaction
consists  of  $106,422  of principal and $40,653 of interest. As at November 30,
2001,  $1,860,000  plus  $524,892 of interest has been exchanged for replacement
debentures.  Of  its  aggregate  amount, $2,182,626, $476,978 is classified as a
current liability and $1,705,648 has been classified as a non-current liability.
Remaining  convertible  debentures of $140,000 plus accrued interest of  $97,004
are  in  default  and it is expected that they will be exchanged for replacement
debentures.

(b)     In  February  1999  the  Company  issued  a  debenture  for $75,000 with
interest  payable at a rate of 5.0% per annum. The debenture is unsecured and is
due  February  28,  2002

7.     Share  capital:

The  Company  has reserved 295,192 (2000 - 295,192) shares for issuance upon the
potential  conversion  of  convertible  debentures.


<PAGE>
                                                                             F15

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

Years  ended  November  30,  2001  and  2000


7.     Share  capital  (continued):

(b)     Director  and  employee  options:

The following director and employee options were granted and canceled during the
years  ended  November  30,  2000, and 2001 and were outstanding on those dates:

<TABLE>
<CAPTION>

-----------------------------------------------------------------
                                     Number     Weighted  average
                                   of options   exercise price
-----------------------------------------------------------------
<S>                                <C>          <C>

Outstanding at November 30, 2000    1,150,000             0.10
  Granted                           3,700,000             0.15
  Exercised                          (600,000)            0.10
  Cancelled)                         (200,000)            0.35
                                   ------------------------------

Outstanding at November 30, 2001    4,050,000             0.20
=================================================================
</TABLE>



All  of  the  options  were  fully  vested  on  granting.  The  weighted average
remaining  contractual life of the options outstanding at November 30, 2001, was
4  years  (2000  -  4  years).  All outstanding options at November 30, 2000 are
exercisable.

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


<TABLE>
<CAPTION>

------------------------------------------------------------------
                                     2001               2000
------------------------------------------------------------------
<S>                            <C>                <C>
Loss for the year:
  As reported                  $ (1,677,974)      $ (1,872,116)
  Pro forma                      (2,170,198)        (1,872,116)

Loss per common share:
  As reported                  $      (0.05)      $      (0.08)
  Pro forma                           (0.06)             (0.08)
==================================================================
</TABLE>



The  estimated  weighted  average  fair value of the options granted in 2001 was
prepared  using  the  Black-Scholes  Pricing  Model assuming a risk-free rate of
5.25%,  an  expected  dividend  yield of 0% an expected volatility of 135% and a
weighted  average  expected  life  of  5  years.

<PAGE>
                                                                             F16

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

Years  ended  November  30,  2001  and  2000


7.     Share  capital  (continued):

(c)     Warrants:

In  conjunction  with  the  private placements of common shares, the Company has
issued  and  has outstanding at November 30, 2000, and 2001, the following share
purchase  warrants.  Each  share purchase warrant entitles the holder to acquire
one  common  share  of  the  Company.

<TABLE>
<CAPTION>

----------------------------------------------------------------------------------------------
  Balance,                                          Balance,
November 30,  Issued in    Exercised    Expired   November 30,   Exercise    Expiry
   2000         2001        in 2001     in 2001       2001        price       date     Notes
----------------------------------------------------------------------------------------------
<S>           <C>          <C>          <C>       <C>            <C>         <C>       <C>

1,100,000            -    (1,100,000)                     -      $    0.10    Mar02
  500,000            -      (500,000)                     -           0.12    Jul02
  700,000            -             -                700,000           0.40    Mar02
        -      150,000      (150,000)                     -           0.10    Mar02
        -    1,000,000    (1,000,000)         -           -           0.10    Mar01
        -    1,450,000    (1,450,000)         -           -           0.10    Aug00   (1)
        -      500,000             -          -     500,000           0.30    Mar03
        -      360,000      (360,000)         -           -           0.25    Mar02
        -    1,000,000             -          -   1,000,000           0.05    Mar02
        -    1,000,000             -          -   1,000,000           0.10    Aug02
        -      666,667      (500,000)         -     166,667           0.10    Jan02
        -      666,667                        -     666,667           0.10    Nov02
        -      400,000             -          -     400,000           0.37    Sep03
        -      700,000             -          -     700,000           0.15    Aug03
----------------------------------------------------------------------------------------------

2,300,000    8,543,334    (5,060,000)         -   5,783,334
==============================================================================================
</TABLE>


(1)  Original  exercise price was $0.20. The exercise price was reduced to $0.10
     and 500,000 warrants were exercised. The exercise price was reduced further
     to  $0.08  and  an  additional  500,000  warrants  were  exercised.

(d)     Other  stock-based  compensation:

In  fiscal  2000, the Company issued 1,000,000 common shares with a market value
of  $0.10  per  share  in  exchange  for  consulting  services.


<PAGE>
                                                                             F17

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

Years  ended  November  30,  2001  and  2000


8.     Related  party  transactions:

The Company has had related party transactions with Tri-Con Mining Ltd., Tri-Con
Mining  Inc.,  Tri-Con  Mining  Alaska  Inc.  (collectively  the "Tri-Con Mining
Group");  all  of  which  are  controlled  by  a  director  of  the  Company.

The  Tri-Con  Group are operations, exploration and development contractors, and
have been employed by the Company under contract since 1972 to carry out all its
fieldwork  and  to  provide  administrative  and management services.  Under the
current  contract  dated  January,  1997,  work  is charged at cost plus 15% for
operations  and  cost  plus  25  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,  2001,  the  Company had prepaid $nil to the Tri-Con
Group  for  exploration, development and administration services to be performed
during  the next fiscal period on behalf of the Company. For the year, 2001, the
Tri-Con  Mining  Group's  services focused mainly on the Company's low rank coal
water  fuel  program  as  well  as administrative services at both its field and
corporate  offices.

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


-------------------------------------------------------------------------
                                                   2001          2000
-------------------------------------------------------------------------

Operations and field services                 $   15,595     $  120,850
Exploration and development services             101,106        244,771
Administrative and management services           179,740        286,998
Research                                         277,395        198,827
                                              ---------------------------
                                              $  573,836     $  851,446
                                              ===========================
Amount of total charges in excess of
  Tri-Con costs incurred                      $  126,951     $  126,699
                                              ===========================

Excess amount charged as a percentage
  of actual costs incurred                         22.1%          17.5%
=========================================================================


<PAGE>
                                                                             F18

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

Years  ended  November  30,  2001  and  2000

9.     Income  taxes:

Tax  effects  of  temporary differences that give rise to deferred tax assets at
November  30,  2001  and  2000  are  as  follows:


--------------------------------------------------------------------------------
                                                         2001           2000
--------------------------------------------------------------------------------
Net operating loss carry forwards                    $ 10,843,000   $ 9,610,000
Valuation allowance                                   (10,652,000)   (9,363,000)
                                                     ---------------------------
Net deferred tax assets                                   191,000       247,000

Deferred tax liability:
  Temporary differences arising from
    mineral properties and building, plant
    and equipment                                       (191,000)     (247,000)
                                                     ---------------------------
Net deferred tax asset                               $         -    $        -
                                                     ===========================


At  November  30,  2001,  the  Company  has  losses  carried  forward  totaling
$20,216,000  available  to  reduce  future  years'  income  for  U.S. income tax
purposes  which  expire  in various years to 2021.  In addition, the Company has
losses  carried forward in Canada totaling $12,594,000, which expires in various
years  to  2008.

The  provision for income taxes differs from the amount computed by applying the
statutory  federal  income  tax  rate  of  34%  (2000:  34%)  to net loss before
provision  for income taxes.  The sources and tax effects of the differences are
as  follows:


----------------------------------------------------------------
                                             2001        2000
----------------------------------------------------------------

Computed "expected" tax benefit           $(570,000)  $(637,000)
Tax loss expired during the year            545,000     666,000
Change in valuation allowance               (56,000)   (116,000)
Difference in foreign tax rate and other     81,000      87,000
                                          ----------------------
Income tax provision                      $       -   $       -
================================================================


10.     Commitments  and  contingencies:

(a)     Office  lease:

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


<PAGE>
                                                                             F19

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

Years  ended  November  30,  2001  and  2000


10.     Commitments  and  contingencies  (continued):

(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  (2000  -
$4,200,000) plus the amount of annual bonuses and other benefits that they would
have  received  in  the  eighteen  months  following  termination.

On  October  18,  2001  the  Company  settled  the  lawsuit  with Range Minerals
Corporation for the sum of $60,000. Range Minerals had initiated a claim against
the  Company  for $185,665.  The lawsuit pertained to required payments covering
the  Ester  Dome  Property.

(c)     Consulting  agreements

     The  Company  entered  into  consulting agreements with two individuals for
various  corporate  planning  and  business development services to the Company.
Under  the  terms of the agreements, the Company will issue an initial 1,008,333
shares and 308,333 shares monthly for the terms of the agreements to a maximum
of 2,800,000 shares.

11.     Financial  instruments:

The carrying amounts reported in the balance sheet for accounts receivable, bank
indebtedness,  accounts  payable  and  accrued  liabilities,  and  loans payable
secured  by  gold  inventory  approximate  fair  values due to the short-term to
maturity  of  these  instruments.  The  carrying amounts reported in the balance
sheet  for  convertible  debentures  approximate  their fair values as they bear
interest  at  rates  which  approximate  market rates.  The fair value of due to
related  parties  can  not  be determined with sufficient reliability due to the
relationship between the Company and the related party and the lack of a readily
available  market for such instruments.  Details of this amount are disclosed in
note  8.


<PAGE>
                                                                             F20

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

Years  ended  November  30,  2001  and  2000

12.  Segment  disclosures:

a)     Reportable  segments:

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

b)     Geographical  information:

     The  following  presents  financial  information  about geographical areas:


-----------------------------------------------------
                                   2001        2000
-----------------------------------------------------

Loss for the year:
  Canada                       $  356,501  $  404,271
  United States                 1,321,473   1,467,845
                               ----------------------
                               $1,677,974  $1,872,116
                               ======================

Long-lived assets:
  Canada                       $   82,892  $  120,224
  United States                 1,953,782   2,180,865
                               ----------------------
                               $2,036,674  $2,301,089
                               ======================


13.     Subsequent  events:

a)     Subsequent  to  November  30,  2001,  the  Company  issued  an additional
1,000,000  common share purchase warrants, with an exercise price of $0.10 each,
to  a warrant holder from a previous private placement.  This additional warrant
was  issued  in  consideration  of the warrant holder assisting in financing the
Company.  The  Company  also  reduced  the  original exercise price of the first
warrants  from $0.15 to $0.05 and reduced the exercise period from 2 years to 16
months.

Between  December  3, 2001, and December 17, 2001, the Company received payments
from a warrant holder totaling $50,000 as subscriptions for exercising 1,000,000
warrants  at  $0.05.  It is expected that the 1,000,000 shares will be issued to
the  holder.  The  Company also reduced the original price of the first warrants
from $0.30 to $0.05. The additional warrants were issued in consideration of the
warrant  holder  assisting  in  financing  the  Company.

b)     On  December  14,  2001,  the Company issued an additional 500,000 common
share  purchase  warrants,  with  an  exercise price of $0.10, each to a warrant
holder  from a previous private placement. The Company also reduced the original
price of  the  first  warrants from $0.30 to $0.05. The additional warrants were
issued in consideration of the warrant holder assisting in  financing  the
Company.



<PAGE>
                                                                             F21

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

Years  ended  November  30,  2001  and  2000



13.     Subsequent  events:  (continued)

c)     Between  the  dates of December 14, 2001, and January 22, 2002, 4,300,000
share  purchase  warrants  were  exercised at a price of $0.05 per share and the
Company  issued  4,300,000  common  shares  from  the  treasury  for proceeds of
$215,000.

d)     On  December  19,  2001,  the  Company  completed  a private placement of
2,500,000  units at a price of $0.04 per unit for total proceeds of $100,000 US.
Each  unit  consists of one common share and one-half of a common share purchase
warrant.  Each common share purchase warrant entitles the holder to purchase one
common  share  at a price of $0.10 US until December 19, 2002. Subsequently, the
Company  issued  an  additional 1,250,000 common share purchase warrants with an
exercise  price  of  $0.05  US  per  share and reduced the exercise price of the
original  1,250,000  warrants  from  $0.10  to  $0.05.

e)     On December 19, 2001 the Company entered into a consulting agreement with
an  individual  for various corporate planning and business development services
to  the Company. Under the terms of the agreement, the Company will issue 41,667
shares  at  the  end  of  each  month for the full term of the agreement for the
consultant's  services  to  a  maximum  aggregate  of  500,000  shares.

f)     Subsequent  to  November  30,  2001, the Company paid $35,000 in trust to
Range  Minerals  Corporation  as  final settlement of the agreement. The lawsuit
pertains  to  required  payments  covering  the  Ester  Dome  Property.

g)     Also subsequent to November 30, 2001, the Company changed the name of its
wholly  owned  subsidiary from Silverado Gold Mines Inc. to Silverado Green Fuel
Inc.  as  the  Company  continues its work to convert its Grant Mine mill into a
testing  facility  for  its  Low  Rank  Coal  Water  Fuel  project.

h)     On  January  22,  2002,  the  Company issued an additional 650,000 common
share purchase warrants with an exercise price of $0.05 US per share and reduced
the  exercise  price  of  the  original  650,000  warrants  from $0.10 to $0.05.

i)     On  January  30,  2002,  a  director and officer of the Company exercised
3,700,000 options at $0.15 per share in consideration for a reduction in amounts
payable  to  Tri-Con  Mining  Ltd.  of  $555,000.  The director is a significant
stockholder  of  the  Tri-Con  Mining  Group.

j)     Subsequent  to November 30, 2001, the Company settled its litigation with
Bundy  and Christenson for $35,000 and the settlement was paid in trust to Bundy
and  Christenson.

k)     The  Company  issued 1,091,667 shares to the consultants for a portion of
their services under  the  terms  of  the  agreements  as  reported on form S-8.


<PAGE>
                                                                             F22

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

Years  ended  November  30,  2001  and  2000


13.   Subsequent  events:  (continued)

l)     On  December 11, 2001, the Company issued 1,628,971 shares to the holders
of  the  replacement debentures, at the average market price of $0.10 per share,
to  satisfy  the  quarterly  payments of principal and interest due November 30,
2001.

m)     Subsequent to  November 20, 2001, the  Company granted 900,000 options to
acquire shares of the Company at $0.15 per share exercisable until July 1, 2008.


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

KPMG  LLP  (the  "Former  Accountant") resigned as principal accountants for the
Company  on  October  9,  2001.  The Company engaged Morgan & Company, Chartered
Accountants  as  its  principal  accountants  effective  October  9,  2001.  The
decision to change accountants was approved by the Company's board of directors.

The  Former  Accountant's  report  dated  March  14,  2001  on  the  Company's
consolidated  financial statements as of and for the fiscal years ended November
30,  2000  and 1999 did not contain an adverse opinion or disclaimer of opinion,
nor  was  it qualified or modified as to uncertainty, audit scope, or accounting
principles,  except  as  indicated  in  the  following  paragraph.

The  Former  Accountant's  auditors'  report  on  the  consolidated  financial
statements  of  the  Company as of and for the years ended November 30, 2000 and
1999,  contained a separate paragraph stating that "the financial statements are
affected  by  conditions  and  events  that  cast  substantial  doubt  as to the
Company's  ability  to  continue  as a going concern, such as those disclosed in
Note  2(a)  to the financial statements."  Management's plans in regard to these
matters  are  also  described  in  Note  2(a).  The  financial statements do not
include  any adjustments that might result from the outcome of this uncertainty.

In  connection  with  the audits of the two fiscal years ended November 30, 2000
and  1999  and the subsequent interim period through October 9, 2001, there were
no  disagreements  with  the  Former  Accountant  on  any  matter  of accounting
principles  or  practices,  financial statement disclosure, or auditing scope or
procedures,  which  disagreements  if  not  resolved  to the satisfaction of the
Former Accountant would have caused them to make reference thereto in its report
on  the  financial  statements  for  such  year.


                                  Page 18 of 27

<PAGE>


In  connection  with  the audits of the two fiscal years ended November 30, 2000
and  1999  and  the  subsequent  interim  period through to October 9, 2001, the
Former  Accountant did not advise the Company with respect to any of the matters
described  in paragraphs (a)(1)(v)(A) through (D) of Item 304 of Regulation S-K.

The  Company  provided  the  Former  Accountant  with  a  copy  of the foregoing
disclosures  and requested in writing that the Former Accountant furnish it with
a  letter addressed to the Securities and Exchange Commission stating whether or
not  they agree with such disclosures. The Former Accountant's letter confirming
their  agreement  to  such  disclosures was filed as an exhibit to the Company's
Form  8-K  filed  with  the  SEC  on  October  12,  2001.


                                  Page 19 of 27

<PAGE>

                                    PART III

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

 The  current  executive  officers  and  directors  of  the  Company  are:


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

Garry L. Anselmo (1)         58        Chairman of the Board and Chief Operating
                                       Officer since May 4, 1973; President and
                                       Chief Executive

James F. Dixon (1) (2)       54        Director since May 6, 1988

Stuart C. McCulloch (1) (2)  66        Director since December 14, 1998

John R. MacKay               69        Corporate Secretary since June 1, 1998

Edward J. Armstrong          53        President of wholly-owned subsidiary,
                                       Silverado Green Fuel Inc., since
                                       September 25, 1997;

Warrack G.  Willson          58        Vice-President Fuel Technology since
                                       March 21, 2000.


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

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

Mr.  Anselmo  is  presently  the  Chairman of the Board of Directors, President,
Chief  Executive  and  Chief  Financial  Officer  of the Company. He is also the
Chairman,  Chief  Executive  Officer  and  Chief Financial Officer of its wholly
owned subsidiary, Silverado Green Fuel Inc.  He resumed his duties as President,
Chief  Executive Officer, and Chief Financial Officer of the Company on March 1,
1997,  after  transferring  those  duties  to J.P. Tangen from November 1, 1994,
until  March  1, 1997.  Prior to the arrival of Mr. Tangen, 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.  Anselmo  obtained  his  bachelor  of  arts  degree  from Simon Fraser
University  in  British  Columbia,  Canada.

Mr.  Dixon is a Director of the Company and its subsidiary, Silverado Green Fuel
Inc.  Mr.  Dixon  holds  a  bachelor  of  commerce degree and a bachelor of laws
degree.  Mr.  Dixon has been engaged in the practice of law since 1973.  He is a
lawyer  and  a  partner  in the law firm of Shandro Dixon Edgson, Barristers and
Solicitors,  of  Vancouver,  British  Columbia.

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

Mr.  MacKay  has  served  as  Corporate  Secretary  of  the  Company  and its US
subsidiary,  since  June 1998. Mr. MacKay is a practicing lawyer who, from March
1993  to  June  1998,  was  a sole practitioner. Prior to 1993, Mr.


                                  Page 20 of 27

<PAGE>

MacKay was a lawyer and partner in the law firm Davis and Company, Barristers
and  Solicitors, of  Vancouver,  British  Columbia  for  35  years.

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

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

SIGNIFICANT  EMPLOYEES

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

FAMILY  RELATIONSHIPS

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

TERMS  OF  OFFICE

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

COMPLIANCE  WITH  SECTION  16(a)  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,  2001,  each of its officers and
directors  timely  complied  with  all  filing  requirements.


                                  Page 21 of 27

<PAGE>


ITEM  10.     EXECUTIVE  COMPENSATION.

COMPENSATION  OF  EXECUTIVE  OFFICERS

The  following  table  sets  forth  certain  information  as to the compensation
Company's  chief  executive  officer,  Mr.  Garry  L. Anselmo, for the Company's
fiscal  year  ended  November  30,  2001.  None of the Company's other executive
officers  earned more than $100,000 for the Company's fiscal year ended November
30,  2001.


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

Garry L.    Director,  2001  $0        0      0      0   3,700,000    0        0
Anselmo (1) President, 2000  $0        0      0      0       0        0        0
            Chief      1999  $0        0      0      0   2,000,000    0        0
            Executive
            Officer and
            Chief
            Financial
            Officer
--------------------------------------------------------------------------------

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

STOCK  OPTION  GRANTS

The following table sets forth information with respect to stock options granted
to  the  Company's  chief  executive  officer,  Mr.  Garry  L.  Anselmo, for the
Company's  fiscal  year  ended  November  30,  2001.



                            OPTION/SAR GRANTS IN LAST FISCAL YEAR

                                    (INDIVIDUAL GRANTS)

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

Garry L. Anselmo,       3,700,000       100%       $0.15       December 1, 2004
Director, President,
Chief Executive
Officer and Chief
Financial Officer



                                  Page 22 of 27

<PAGE>

EXERCISES  OF  STOCK  OPTIONS  AND  YEAR-END  OPTION  VALUES

The  following  is  a  summary  of  the  share purchase options exercised by the
Company's  chief  executive  officer,  Mr.  Garry  L. Anselmo, for the Company's
fiscal  year  ended  November  30,  2001:


-------------------------------------------------------------------------------
               AGGREGATED OPTION/SAR EXERCISES DURING THE LAST
         FINANCIAL YEAR END AND FINANCIAL YEAR-END OPTION/SAR VALUES
-------------------------------------------------------------------------------
                                                              Value of
                                                              Unexercised
                                          Unexercised         In-The-Money
                                          Options at          Options/SARs at
Name (#)      Common Shares               Financial Year-End  Financial Year-End
              Acquired on   Value at      (#) exercisable /   ($) exercisable /
              Exercise ($)  Realized ($)  unexercisable       unexerciseable
--------------------------------------------------------------------------------
Garry L.        NIL           $NIL           3,700,000        $37,000/$NIL
Anselmo,
Director,
President,
Chief
Executive
Officer and
Chief Financial
Officer
--------------------------------------------------------------------------------


LONG-TERM  INCENTIVE  PLANS

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

COMPENSATION  OF  DIRECTORS  AND  CHANGE  IN  CONTROL  ARRANGEMENTS

Mr.  Anselmo  is employed and compensated by Tri-Con Mining Ltd., which provides
management  and mining exploration and development services to the Company.  See
Item  12.  -  Certain  Relationships  and  Related  Transactions

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.

The  Company  has  entered  into  compensation agreements with each of 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
(2000:  $4,200,000)  plus  the  amount of annual bonuses and other benefits that
they  would  have  received  in  the  eighteen  months  following  termination.


                                  Page 23 of 27

<PAGE>

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


The  following table sets forth certain information concerning the number of the
Company's  common  shares  owned  beneficially  as of March 1, 2002 by: (i) each
person  (including any group) known to the Company to own more than five percent
(5%) of the Company's common shares, (ii) each of the Company's directors and by
each  executive  officer required to be named in the summary compensation table,
and  (iii)  officers  and  directors as a group. Unless otherwise indicated, the
shareholders listed possess sole voting and investment power with respect to the
shares  shown.

--------------------------------------------------------------------------------
                   Name and address        Number of Shares     Percentage of
Title of class     of beneficial owner     of Common Stock      Common Stock(1)
--------------------------------------------------------------------------------
Common Shares      Garry L. Anselmo,          4,050,007(2)             6.5%
                   Director, President,
                   Chief Executive Officer
                   and Chief Financial
                   Officer

Common Shares      James F. Dixon,            1,014,484(3)             1.6%
                   Director

Common Shares      Stuart McCulloch,            383,400(4)             0.6%
                   Director

Common Shares      All Officers and           5,447,891                8.7%
                   Directors as a Group
                   (3 persons)
--------------------------------------------------------------------------------

(1)     Under  Rule  13d-3, a beneficial owner of a security includes any person
who,  directly  or indirectly, through any contract, arrangement, understanding,
relationship,  or  otherwise has or shares: (i) voting power, which includes the
power  to  vote,  or  to direct the voting of shares; and (ii) investment power,
which  includes  the  power  to  dispose  or  direct  the disposition of shares.
Certain  shares  may  be deemed to be beneficially owned by more than one person
(if, for example, persons share the power to vote or the power to dispose of the
shares).  In addition, shares are deemed to be beneficially owned by a person if
the person has the right to acquire the shares (for example, upon exercise of an
option)  within 60 days of the date as of which the information is provided.  In
computing  the  percentage  ownership  of  any  person,  the  amount  of  shares
outstanding is deemed to include the amount of shares beneficially owned by such
person  (and  only  such  person)  by  reason of these acquisition rights.  As a
result,  the  percentage  of  outstanding  shares of any person as shown in this
table does not necessarily reflect the person's actual ownership or voting power
with  respect  to  the  number of shares of common stock actually outstanding on
March 14, 2002  As of February 28, 2002, there were 62,294,626 shares issued and
outstanding.

(2)     Includes 4,050,000 shares held by Garry L. Anselmo and 7 shares owned by
Tri-Con.

(3)     Includes  214,484  shares held by James F. Dixon and 800,000 shares that
can be acquired by Mr. Dixon upon exercise of options to purchase shares held by
Mr.  Dixon.

(4)     Includes  33,400 shares held by Stuart McCulloch and 350,000 shares that
can  be  acquired  by  Mr. McCulloch upon exercise of options to purchase shares
held  by  Mr.  McCulloch.

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

CHANGE  IN  CONTROL

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


                                  Page 24 of 27

<PAGE>

ITEM  12.     CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS.

TRI-CON  MINING  GROUP

The Company has had related party transactions with Tri-Con Mining Ltd., Tri-Con
Mining  Inc.,  Tri-Con  Mining  Alaska  Inc.,  collectively  the "Tri-Con Mining
Group",  and  Anselmo  Holdings LtdEach of these companies is controlled by Mr.
Garry L. Anselmo, the president and a director of the Company.  An addition, Mr.
Armstrong,  president of the Company's subsidiary, Silverado Green Fuel Inc., is
the  president  of  Tri-Con  Mining  Inc.  and  Tri-Con  Mining  (Alaska)  Inc.

The  Tri-Con  Group are operations, exploration and development contractors, and
have been employed by the Company under contract since 1972 to carry out all its
fieldwork  and  to  provide  administrative  and management services.  Under the
current  contract  dated  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.  In  addition,  the  Company  pays  to  Tri-Con  Mining  Ltd. a monthly
administrative  fee of $10,000 CDN per month.  At November 30, 2001, the Company
had  prepaid  $nil  to  the  Tri-Con  Group  for  exploration,  development  and
administration  services to be performed during the next fiscal period on behalf
of  the Company. For the year, 2001, the Tri-Con Mining Group's services focused
mainly  on  the  Company's  low  rank  coal  water  fuel  program  as  well  as
administrative  services  at  both  its  field  and  corporate  offices.

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

------------------------------------------------------------------------
Year Ended November 30                          2001              2000
------------------------------------------------------------------------

Operations and field services             $     15,595     $     120,850
Exploration and development services           101,106           244,771
Administrative and management services         179,740           286,998
Research                                       277,395           198,827
------------------------------------------------------------------------
                                          $    573,836     $     851,446
========================================================================

Amount of total charges in excess of
Tri-Con costs incurred                    $    126,951     $     126,699
========================================================================

Excess amount charged as a percentage
of actual costs incurred                         22.1%             17.5%
========================================================================


                                  Page 25 of 27

<PAGE>

ITEM  13.     EXHIBITS  AND  REPORTS  ON  FORM  8-K.

(a)     Exhibits


Exhibit Number     Description of Exhibit
--------------     ----------------------
23.1               Consent of Morgan & Company, Chartered Accountants
                   dated March 14, 2002


(b)     Reports  on  Form  8-K

A  report on form 8-K was filed on October 12, 2001, to announce a change in the
Company's  principal  auditors  from  KPMG,  LLP  to Morgan & Company, Chartered
Accountants,  effective  October  9,  2001.


                                  Page 26 of 27

<PAGE>

                                   SIGNATURES


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


SILVERADO  GOLD  MINES  LTD.

By: /s/ Garry L. Anselmo
   -------------------------------------
   Garry L. Anselmo, President
   Chief Executive Officer and Chief
   Financial Officer
   Director
   Date:     March 14, 2002


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


By: /s/ Garry L. Anselmo
   -------------------------------------
   Garry L. Anselmo, President
   Chief Executive Officer and Chief
   Financial Officer (Principal Executive
   Officer) (Principal Financial Officer
   and Principal Accounting Officer)
   Director
   Date:     March 14, 2002


By: /s/ Stuart C. McCulloch
   -------------------------------------
   Stuart C. McCulloch
   Director
   Date:     March 14, 2002

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