Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Silverado Gold Mines Ltd. - Exhibit 10.1

EXHIBIT 10.1

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE "ACT"), AND ARE PROPOSED TO BE ISSUED IN
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. UPON ANY SALE, SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. 

REGULATION S SUBSCRIPTION AGREEMENT

THIS AGREEMENT is made as of this ________________ day
of _____________________, 2006.

BETWEEN:

(hereinafter called the "Subscriber")

OF THE FIRST PART

AND:

SILVERADO GOLD MINES
LTD.,
a British Columbia company

  (hereinafter called the “Company")

OF THE SECOND PART

THE PARTIES HEREBY AGREE AS FOLLOWS:

	1. 	
      DEFINITIONS

1.1           The following terms will have
  the following meanings for all purposes of this Agreement.

	 	(a) 	
      "Agreement" shall mean this Agreement, and all schedules
      and amendments to the Agreement.

	 	 	 
	 	(b) 	
      “Common Shares” means the common shares of the Company
      without par value.

	 	 	 
	 	(c) 	
      "Exchange Act" shall mean the United States Securities
      Exchange Act of 1934, as amended.

	 	 	 
	 	(d) 	
      “Subscriber” shall mean

	 	 	 
	 	(e) 	
      "Offering" shall mean the offering of the Units by the
      Company.

	 	 	 
	 	(f) 	
      “Purchase Price” means the purchase price payable by the
      Subscriber to the Company in consideration for the purchase and sale of
      the Units in accordance with Section 2.1 of this
  Agreement.

2

	 	(g) 	
      "SEC" shall mean the United States Securities and
      Exchange Commission.

	 	 	 
	 	(h) 	
      "Securities Act" shall mean the United States Securities
      Act of 1933, as amended.

	 	 	 
	 	(i) 	
      "Shares" means those common shares to be purchased by the
      Subscriber and comprising a portion of the Units;

	 	 	 
	 	(j) 	
      “Unit” means a unit consisting of one Share and one
      “Series A Warrant”.

	 	 	 
	 	(k) 	
      “Series A Warrant” means the subscriber will be entitled
      to purchase one additional common share of the Company at a price of $
      per share during the one year period from the closing of this
      offering;

	 	 	 
	 	(l) 	
      “Warrant Shares” means the common shares issuable upon
      exercise of the Warrants;

1.2           The
  following schedules are attached to and form part of this Agreement:

Schedule A British Columbia Definition
of Accredited Investor

1.3           All
  dollar amounts referred to in this agreement are in United States funds, unless
  expressly stated otherwise.

	2. 	
      PURCHASE AND SALE OF UNITS

2.1           Subject
  to the terms and conditions of this Agreement, the Subscriber hereby subscribes
  for and agrees to purchase from the Company such number of Units as is set forth
  upon the signature page hereof at a price equal to $ per Unit. Upon execution,
  the subscription by the Subscriber will be irrevocable.

2.2           The
  Purchase Price is payable by the Subscriber contemporaneously with the execution
  and delivery of this Subscription Agreement and will be advanced to the Company
  or its solicitors. The Subscriber acknowledges that if the funds are advanced
  to the Company’s solicitors, the solicitors shall release such funds to
  the Company on confirmation by the Company that it will accept the subscription.

2.3           Upon
  execution by the Company, the Company agrees to sell such Units to the Subscriber
  for the Purchase Price subject to the Company's right to sell to the Subscriber
  such lesser number of Units as it may, in its sole discretion, deem necessary
  or desirable.

2.4           Any
  acceptance by the Company of the Subscription is conditional upon compliance
  with all securities laws and other applicable laws of the jurisdiction in which
  the Subscriber is resident. Each Subscriber will deliver to the Company all
  other documentation, agreements, representations and requisite government forms
  required by the lawyers for the Company as required to comply with all securities
  laws and other applicable laws of the jurisdiction of the Subscriber.

2.5           Pending
  acceptance of this subscription by the Company, all funds paid by the Subscriber
  shall be deposited by the Company and immediately available to the Company for
  its corporate purposes. In the event the subscription is not accepted, the subscription
  funds will be returned to the Subscriber by the Company.

2.6           The
  Subscriber hereby authorizes and directs the Company to deliver the securities
  to be issued to such Subscriber pursuant to this Agreement to the Subscriber’s
  address indicated on the signature page of this Agreement.

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2.7           The
  Subscriber acknowledges and agrees that the subscription for the Units and the
  Company's acceptance of the subscription is not subject to any minimum subscription
  for the Offering.

	3. 	
      REGULATION S AGREEMENTS OF THE
  SUBSCRIBER

3.1           The
  Subscriber represents and warrants to the Company that the Subscriber is not
  a “U.S. Person” as defined by Regulation S of the Securities Act and
  is not acquiring the Units for the account or benefit of a U.S. Person.

A “U.S. Person” is defined by
Regulation S of the Act to be any person who is:

	 	(a) 	
      any natural person resident in the United
      States;

	 	 	 	 
	 	(b) 	
      any partnership or corporation organized or
      incorporated under the laws of the United States;

	 	 	 	 
	 	(c) 	
      any estate of which any executor or administrator is a
      U.S. person;

	 	 	 	 
	 	(d) 	
      any trust of which any trustee is a U.S.
      person;

	 	 	 	 
	 	(e) 	
      any agency or branch of a foreign entity located in
      the United States;

	 	 	 	 
	 	(f) 	
      any non-discretionary account or similar account
      (other than an estate or trust) held by a dealer or other fiduciary
      organized, incorporate, or (if an individual) resident in the United
      States; and

	 	 	 	 
	 	(g) 	
      any partnership or corporation if:

	 	 	 	 
	 		(i) 	
      organized or incorporated under the laws of any
      foreign jurisdiction; and

	 	 	 	 
	 		(ii) 	
      formed by a U.S. person principally for the purpose of
      investing in securities not registered under the Act, unless it is
      organized or incorporated, and owned, by accredited Subscribers [as
      defined in Section 230.501(a) of the Act] who are not natural persons,
      estates or trusts.

3.2           The
  Subscriber acknowledges that the Subscriber was not in the United States at
  the time the offer to purchase the Units was received. 

3.3           The
  Subscriber acknowledges that the Units, the Shares, the Warrants and the Warrant
  Shares are “restricted securities” within the meaning of the Securities
  Act and will be issued to the Subscriber in accordance with Regulation S of
  the Securities Act.

3.4           The
  Subscriber agrees not to engage in hedging transactions with regard to the Units,
  the Shares, the Warrants or the Warrant Shares unless in compliance with the
  Securities Act.

3.5           The
  Subscriber and the Company agree that the Company will refuse to register any
  transfer of the Units, the Shares, the Warrants or the Warrant Shares not made
  in accordance with the provisions of Regulation S of the Securities Act, pursuant
  to registration under the Securities Act, pursuant to an available exemption
  from registration, or pursuant to this Agreement. 

3.6           
  The Subscriber agrees to resell the Units, the Shares, the Warrants and the
  Warrant Shares only in accordance with the provisions of Regulation S of the
  Securities Act,

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pursuant to registration under the Securities Act, or pursuant
to an available exemption from registration pursuant to the Securities Act.

3.7           The
  Subscriber acknowledges and agrees that all certificates representing the Units,
  the Shares, the Warrants and the Warrant Shares will be endorsed with the following
  legend in accordance with Regulation S of the Securities Act: 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT”.

	4. 	
      REPRESENTATIONS AND WARRANTIES OF THE
      SUBSCRIBER

The Subscriber, represents and warrants to the Company as
follows, and acknowledges that the Company is relying upon such covenants,
representations and warranties in connection with the sale of the Units to such
Subscriber:

4.1           
  The Subscriber is an investor in securities of companies in the development
  stage and acknowledges that it is able to fend for itself, can bear the economic
  risk of its investment, and has such knowledge and experience in financial or
  business matters such that it is capable of evaluating the merits and risks
  of the investment in the Units. The Subscriber can bear the economic risk of
  this investment, and was not organized for the purpose of acquiring the Units.

4.2           The
  Subscriber has had full opportunity to review the Company’s filings with
  the SEC pursuant to the Securities Exchange Act of 1934, including the Company’s
  annual reports on Form 10-KSB and quarterly reports on Form 10-QSB, and additional
  information regarding the business and financial condition of the Company. The
  Subscriber believes it has received all the information it considers necessary
  or appropriate for deciding whether to purchase the Units. The Subscriber further
  represents that it has had an opportunity to ask questions and receive answers
  from the Company regarding the terms and conditions of the Offering and the
  business, properties, prospects and financial condition of the Company. The
  Subscriber has had full opportunity to discuss this information with the Subscriber’s
  legal and financial advisers prior to execution of this Agreement.

4.3           
  The Subscriber acknowledges that the offering of the Units by the Company has
  not been reviewed by the SEC and that the Units are being issued by the Company
  pursuant to an exemption from registration under the Securities Act.

4.4           The
  Subscribers understands that the Units it is purchasing are characterized as
  "restricted securities" under the Securities Act inasmuch as they are being
  acquired from the Company in a transaction not involving a public offering and
  that under such laws and applicable regulations such securities may be resold
  without registration under the Securities Act only in certain limited circumstances.
  In this connection, the Subscriber represents that it is familiar with SEC Rule
  144, as presently in effect, and understands the resale limitations imposed
  thereby and by the Securities Act.

4.5           
  The Units will be acquired by the Subscriber for investment for the Subscriber's
  own account, not as a nominee or agent, and not with a view to the resale or
  distribution of any part thereof, and that the Subscriber has no present intention
  of selling, granting any participation in, or 

5

otherwise distributing the same. The Subscriber does not have
any contract, undertaking, agreement or arrangement with any person to sell,
transfer or grant participations to such person or to any third person, with
respect to any of the Units.

4.6           An
  investment in the Company is highly speculative and only Subscribers who can
  afford the loss of their entire investment should consider investing in the
  Company and the Units. The Subscriber is financially able to bear the economic
  risks of an investment in the Company.

4.7           The
  Subscriber recognizes that the purchase of the Units involves a high degree
  of risk in that the Company is in the early stages of development of its business
  and may require substantial funds in addition to the proceeds of this private
  placement.

4.8           The
  Subscriber is not aware of any advertisement of the Units.

4.9           This
  Agreement has been duly authorized, validly executed and delivered by the 

  Subscriber.

4.10           The
  Subscriber has satisfied himself or herself as to the full observance of the
  laws of his or her jurisdiction in connection with any invitation to subscribe
  for the Units or any use of this Agreement, including (i) the legal requirements
  within his jurisdiction for the purchase of the Units; (ii) any foreign exchange
  restrictions applicable to such purchase; (iii) any governmental or other consents
  that may need to be obtained; (iv) the income tax and other tax consequences,
  if any, that may be relevant to an investment in the Units; and (v) any restrictions
  on transfer applicable to any disposition of the Units imposed by the jurisdiction
  in which the Subscriber is resident. 

	5. 	
      BRITISH COLUMBIA MATTERS

5.1           The
  Subscriber represents and warrants to the Company that the Subscriber is an
  “Accredited Investor” as defined by Subsection 1.1 of Multilateral
  Instrument 45-103 adopted by the British Columbia Securities Commission and
  as outlined in Schedule A attached to this Subscription Agreement.

5.2           The
  Subscriber represents and warrants to the Company that the Subscriber is not
  a resident of British Columbia.

5.3           The
  Subscriber acknowledges that the Shares, the Warrants and the Warrant Shares
  may not be sold or otherwise disposed of for value in British Columbia, except
  pursuant to either a prospectus or statutory exemption available only in specific
  and limited circumstances. 

	6. 	
      MISCELLANEOUS

6.1           Any
  notice or other communication given hereunder shall be deemed sufficient if
  in writing and sent by registered or certified mail, return receipt requested,
  addressed to the Company, at its head office at Suite 505, 1111 West Georgia
  Street, Vancouver British Columbia V6E 4M3, Attention: Mr. Garry Anselmo, President,
  and to the Subscriber at his/her address indicated on the last page of this
  Subscription Agreement. Notices shall be deemed to have been given on the date
  of mailing, except notices of change of address, which shall be deemed to have
  been given when received.

6.2           The
  parties agree to execute and deliver all such further documents, agreements
  and instruments and take such other and further action as may be necessary or
  appropriate to carry out the purposes and intent of this Subscription Agreement.

6.3           This
  Agreement will be governed by and construed in accordance with the laws of the
  Province of British Columbia applicable to contracts made and to be performed
  therein. The

6

parties hereby submit to personal jurisdiction in the Courts of
the Province of British Columbia for the enforcement of this Agreement and waive
any and all rights under the laws of any state to object to jurisdiction within
the Province of British Columbia for the purposes of litigation to enforce this
Agreement.

IN WITNESS WHEREOF, this Subscription Agreement is
executed as of the day and year first written above.

	Number of Units Subscribed For: 	 
	  	 
	 	 
	Signature of Subscriber: 	 
	 	 
	Name of Subscriber: 	 
	 	 
	Address of Subscriber: 	 

	ACCEPTED BY: 	  
	 	 
	SILVERADO GOLD MINES LTD. 	  
	 	 
	Signature of Authorized Signatory: 	 
    
	 	 
	Name of Authorized Signatory: 	Garry L. Anselmo 
	 	 
	Position of Authorized Signatory: 	President 
	 	 
	Date of Acceptance: 	                 
                         
                 , 2006 

SCHEDULE A
BRITISH COLUMBIA DEFINITION OF
“ACCREDITED INVESTOR”

“Accredited Investor” means:

	(a) 	
      a Canadian financial institution, or an authorized
      foreign bank listed in Schedule III of the Bank Act (Canada);

	 	 
	(b) 	
      the Business Development Bank of Canada incorporated
      under the Business Development Bank of Canada Act (Canada);

	 	 
	(c) 	
      an association under the Cooperative Credit Associations
      Act (Canada) located in Canada;

	 	 
	(d) 	
      a subsidiary of any person or company referred to in
      paragraphs (a) to (c), where the person or company owns all of the voting
      securities of the subsidiary, except the voting securities required by law
      to be owned by directors of that subsidiary;

	 	 
	(e) 	
      a person or company registered under the securities
      legislation, or under the securities legislation of another jurisdiction
      of Canada, as an adviser or dealer, other than a limited market dealer
      registered under the Securities Act (Ontario);

	 	 
	(f) 	
      an individual registered or formerly registered under the
      securities legislation, or under the securities legislation of another
      jurisdiction of Canada, as a representative of a person or company
      referred to in paragraph (e);

	 	 
	(g) 	
      the government of Canada or a province, or any crown
      corporation or agency of the government of Canada or a province;

	 	 
	(h) 	
      a municipality, public board or commission in
    Canada;

	 	 
	(i) 	
      any national, federal, state, provincial, territorial or
      municipal government of or in any foreign jurisdiction, or any agency of
      that government;

	 	 
	(j) 	
      a pension fund that is regulated by either the Office of
      the Superintendent of financial Institutions (Canada) or a provincial
      pension commission or similar regulatory authority;

	 	 
	(k) 	
      a registered charity under the Income Tax Act
      (Canada);

	 	 
	(l) 	
      an individual who, either alone or jointly with a spouse,
      beneficially owns, directly or indirectly, financial assets having an
      aggregate realizable value that before taxes, but net of any related
      liabilities, exceeds $1,000,000;

	 	 
	(m) 	
      an individual whose net income before taxes exceeded
      $200,000 in each of the two most recent years or whose net income before
      taxes combined with that of a spouse exceeded $300,000 in each of the two
      most recent years and the current year;

	 	 
	(n) 	
      a corporation, limited partnership, limited liability
      partnership, trust or estate, other than a mutual fund or non-redeemable
      investment fund, that had net assets of at least $5,000,000 as shown on
      its most recently prepared financial statements;

	 	 
	(o) 	
      a mutual fund or non-redeemable investment fund that, in
      the local jurisdiction, distributes its securities only to persons or
      companies that are accredited investors;

	 	 
	(p) 	
      a mutual fund or non-redeemable investment fund that, in
      the local jurisdiction, distributes its securities under a prospectus for
      which the regulator has issued a receipt;

	 	 
	(q) 	
      an entity organized in a foreign jurisdiction that is
      analogous to any of the entities referred to in paragraphs (a) through (e)
      and paragraph (j) in form and function; or

	 	 
	(r) 	
      a person or company in respect of which all of the owners
      of interests, direct or indirect, legal or beneficial, are persons or
      companies that are accredited investors.Filed by Automated Filing Services Inc. (604) 609-0244 - Silverado Gold Mines Ltd. - Exhibit 10.2

EXHIBIT 10.2 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE
SECURITIES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S
PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR
RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. THIS WARRANT MAY NOT
BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF A PERSON IN THE UNITED
STATES OR A U.S. PERSON UNLESS THE WARRANT AND THE UNDERLYING SHARES AND
WARRANTS HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE
SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY
REGULATION S UNDER THE SECURITIES ACT. HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. THE
RESTRICTIVE LEGEND ON THE SHARE CERTIFICATE OR CERTIFICATES ISSUED UPON THE
EXERCISE OF THIS WARRANT MAY BE REMOVED ON OR AFTER THE 42ND
DAY FROM THE DATE ON THE FACE OF SUCH SHARE CERTIFICATE OR
CERTIFICATES”.

WARRANT CERTIFICATE NO.

SILVERADO GOLD MINES LTD., 
A BRITISH COLUMBIA
COMPANY

  COMMON SHARE PURCHASE WARRANT CERTIFICATE

THIS IS TO CERTIFY THAT, for value received,
____________________________(the “Holder”), shall have the right to purchase
from SILVERADO GOLD MINES LTD., a British Columbia company (the
“Corporation”), ___________________ (NO. OF WARRANT SHARES) fully paid
and nonassessable common shares of the Corporation (the “Common Shares”),
subject to further adjustment as set forth in Section 5 of the Terms and
Conditions, at any time until 5:00 P.M., Pacific time, on the
______________________ (the “Expiration Date”) at an exercise price
(the "Exercise Price") $_____ US per share during the period from the
date of issuance to the Expiration Date in accordance with the terms hereof and
the Terms and Conditions set forth on the reverse of this Warrant Certificate,
to which the Holder by acceptance of this Warrant Certificate agrees.

IN WITNESS WHEREOF, the Corporation has caused this
Warrant Certificate to be duly executed and delivered by its duly authorized
officer.

	 	SILVERADO GOLD MINES LTD. 
	  	 
	Attest: _________________________________	By: _________________________________
	John R. Mackay, Secretary	Garry L. Anselmo, President

STATEMENT OF TERMS AND CONDITIONS

1.      Exercise of Warrants.
  This Warrant is exercisable in whole or in partial allotments of no less than
  1,000 shares at the Exercise Price per share of Common Shares payable hereunder,
  payable in cash or by certified or official bank check. Upon surrender of this
  Warrant Certificate with the annexed Notice of Exercise Form duly executed,
  together with payment of the Exercise Price for the shares of Common Shares
  purchased, the Holder shall be entitled to receive a certificate or certificates
  for the shares of Common Shares so purchased. Payment of the aggregate Exercise
  Price must be made in cash or certified funds. No fractional shares shall be
  issued in connection with any exercise of this Warrant. In lieu of the issuance
  of any fractional share, the Corporation shall make a cash payment equal to
  the then fair market value of such fractional share as determined by the Corporation’s
  Board of Directors.

  2.      Reservation of Shares. The Corporation hereby agrees that at all times
  during the term of this Warrant there shall be reserved for issuance upon exercise
  of this Warrant such number of shares of its Common Shares as shall be required
  for issuance upon exercise of this Warrant (the “Warrant Shares”).

  3.      Mutilation or Loss of Warrant. Upon receipt by the Corporation of
  evidence satisfactory to it of the loss, theft, destruction or mutilation of
  this Warrant, and (in the case of loss, theft or destruction) receipt of reasonably
  satisfactory indemnification, and (in the case of mutilation) upon surrender
  and cancellation of this Warrant, the Corporation will execute and deliver a
  new Warrant of like tenor and date and any such lost, stolen, destroyed or mutilated
  Warrant shall thereupon become void.

  4.      Rights of the Holder. The Holder shall not, by virtue hereof, be entitled
  to any rights of a stockholder in the Corporation, either at law or equity,
  and the rights of the Holder are limited to those expressed in this Warrant
  and are not enforceable against the Corporation except to the extent set forth
  herein.

  5.      Protection Against Dilution. The Exercise Price and the number of
  shares which can be purchased by the Holder upon the exercise of this Warrant
  shall be subject to adjustment in the events and in the manner following: (1)
  If and whenever the shares at any time outstanding shall be subdivided into
  a greater or consolidated into a lesser number of shares, the Exercise Price
  shall be decreased or increased proportionately as the case may be; upon any
  such subdivision or consolidation, the number of shares which can be purchased
  upon the exercise of this warrant certificate shall be increased or decreased
  proportionately as the case may be. (2) In case of any capital reorganization
  or of any reclassification of the capital of the Corporation or in case of the
  consolidation, merger or amalgamation of the Corporation with or into any other
  company, this Warrant shall after such capital reorganization, reclassification
  of capital, consolidation, merger or amalgamation confer the right to purchase
  the number of shares or other securities of the Corporation or of the Corporation
  resulting from such capital reorganization, reclassification, consolidation,
  merger or amalgamation, as the case may be, to which the Holder of the shares
  deliverable at the time of such capital reorganization, reclassification of
  capital, consolidation, merger or amalgamation, upon the exercise of this Warrant
  would have been entitled. On such capital reorganization, reclassification,
  consolidation, merger or amalgamation appropriate adjustments shall be made
  in the application of the provisions set forth herein with respect to the rights
  and interest thereafter of the Holder of this Warrant so that the provisions
  set forth herein shall thereafter be applicable as nearly as may reasonably
  be in relation to any shares or other securities thereafter deliverable on the
  exercise of this Warrant. (3) The rights of the Holder evidenced hereby are
  to purchase shares prior to or on the date set out on the face of this Warrant.
  If there shall, prior to the exercise of any of the rights evidenced hereby,
  be any reorganization of the authorized capital of the Corporation by way of
  consolidation, merger, subdivision, amalgamation or otherwise, or the payment
  of any stock dividends, then there shall automatically be an adjustment in either
  or both of the number of shares which may be purchased pursuant hereto or the
  price at which such shares may be purchased so that the rights evidenced hereby
  shall thereafter as reasonably as possible be equivalent to those originally
  granted hereby. The Corporation shall have the sole and exclusive power to make
  such adjustments as it considers necessary and desirable. (4) The adjustments
  provided for herein in the subscription rights represented by this Warrant are
  cumulative.

  6.      Transfer to Comply with the Securities Act and Other Applicable Securities
  Legislation. This Warrant and the Warrant Shares have not been registered
  under the Securities Act of 1933, as amended, (the "Act") and have been issued
  to the Holder pursuant to Regulation S of the Act on the representations of
  the Holder in a subscription agreement executed by the Holder in favor of the
  Corporation. Neither this Warrant nor any of the Warrant Shares or any other
  security issued or issuable upon exercise of this Warrant may be sold, transferred,
  pledged or hypothecated in the absence of an effective registration statement
  under the Act relating to such security or an opinion of counsel reasonably
  satisfactory to the Corporation that registration is not required under the
  Act. Each certificate for the Warrant, the Warrant Shares and any other security
  issued or issuable upon exercise of this Warrant shall contain a legend on the
  face thereof, in form and substance satisfactory to counsel for the Corporation,
  setting forth the restrictions on transfer contained in this Section. By acceptance
  of this certificate, the Holder acknowledges and agrees that: (1) The Holder
  will only sell the Warrants and the shares issuable upon exercise of the Warrants
  (the “Warrant Shares") only in accordance with the provisions of Regulation
  S of the Act, pursuant to registration under the Act, or pursuant to an available
  exemption from registration pursuant to the Act; (2) The Corporation will refuse
  to register any transfer of the Warrants and the Warrant Shares not made in
  accordance with the provisions of Regulation S of the Act, pursuant to registration
  under the Act, or pursuant to an available exemption from registration; (3)
  The Holder will not engage in hedging transactions except in accordance with
  the Act. All certificates representing the Warrant Shares will be endorsed with
  the following legend:

“The Securities Represented By This
Certificate Have Not Been Registered Under The Securities Act Of 1933 (The
"Act"), And Have Been Issued In Reliance Upon An Exemption From The Registration
Requirements Of The Act Provided By Regulation S Promulgated Under The Act. Such
Securities May Not Be Reoffered For Sale Or Resold Or Otherwise Transferred
Except In Accordance With The Provisions Of Regulation S, Pursuant To An
Effective Registration Under The Act, Or Pursuant To An Available Exemption From
Registration Under The Act. Hedging Transactions Involving The Securities May
Not Be Conducted Unless In Compliance With The Act.”

In addition, the Holder will comply with all other applicable
securities legislation in addition to the Act to which the Holder is subject in
selling or transferring any Warrants or Warrant Shares and the Company may
refuse to register any sale or transfer not in compliance with such other
securities legislation.
7.      Payment of Taxes. The Corporation shall not
be required to pay any tax or other charge imposed in connection with the
exercise of this Warrant or a permissible transfer involved in the issuance of
any certificate for shares issuable under this Warrant in the name other than
that of the Holder, and in any such case, the Corporation shall not be required
to issue or deliver any stock certificate until such tax or other charge has
been paid or it has been established to the Corporation’s satisfaction that no
such tax or other charge is due.
8.      Notices. Any notice required or
permitted hereunder shall be given in writing and shall be deemed effectively
given upon, (a) by personal delivery or telecopy, or (ii) one business day after
deposit with a nationally recognized overnight delivery service such as Federal
Express, with postage and fees prepaid, addressed to each of the other parties
thereunto entitled at the following addresses, or at such other addresses as a
party may designate by written notice to each of the other parties
hereto.
HOLDER: At the address set forth above.;
CORPORATION: SILVERADO GOLD MINES LTD., Attn: Mr. Garry
L. Anselmo, President, Suite 505, 1111 W. Georgia St., Vancouver, BC, Canada V6E
4M3, Fax: 604-682-3519; with a copy to: RICHARDSON & PATEL LLP Attn: Mr.
Mark Abdou, 10900 Wilshire Boulevard, Suite 500, Los Angeles, CA, USA 90024,
Fax: (310) 208-1182.
9.      Governing Law. This Warrant shall be deemed to
be a contract made under the laws of the Province of British Columbia and for
all purposes shall be governed by and construed in accordance with the laws of
the Province of British Columbia applicable to contracts to be made and
performed entirely within the Province of British Columbia.

	SUBSCRIPTION FORM 
	TO: 	SILVERADO GOLD MINES LTD., A British
      Columbia company (the “Corporation”) 

The undersigned Holder of the foregoing Warrant (the
“Subscriber”) hereby exercises the right to purchase and hereby subscribes for
the number of common shares of SILVERADO GOLD MINES LTD. set forth below (the
“Warrant Shares”) in accordance with the Terms and Conditions of this Warrant
Certificate and hereby makes payment by cash, certified check or bank draft of
the purchase price in full for the Warrant Shares. Please deliver a warrant
certificate in respect of the warrants referred to in the Warrant Certificate
surrendered herewith but not presently subscribed for to the Subscriber.

The Subscriber represents and warrants
to the Corporation that:
1. The Subscriber is not a “U.S. Person” as defined
by Regulation S of the Securities Act and is not exercising the Warrants or
acquiring the Warrant Shares for the account or benefit of a U.S. Person.
2.
The Subscriber was not in the United States at the time the Warrants were
exercised. 
3. The Subscriber acknowledges that the Warrant Shares are
“restricted securities” within the meaning of the Securities Act and will be
issued to the Subscriber in accordance with Regulation S of the Securities
Act.
4. The Subscriber agrees not to engage in hedging transactions with
regard to the Warrant Shares unless in compliance with the Securities Act.
5.
The Subscriber agrees that the Company will refuse to register any transfer of
the Warrant Shares not made in accordance with the provisions of Regulation S of
the Securities Act, pursuant to registration under the Securities Act, pursuant
to an available exemption from registration, or pursuant to this Agreement. The
Subscriber acknowledges that the Subscriber has no right to require the
Corporation to register the Warrant Shares under the Act.
6. The Subscriber
agrees to resell the Warrant Shares only in accordance with the provisions of
Regulation S of the Securities Act, pursuant to registration under the
Securities Act, or pursuant to an available exemption from registration pursuant
to the Securities Act. 
7. The Subscriber acknowledges and agrees that
all certificates representing the Warrant Shares will be endorsed with the
legend required by the Terms and Conditions specified by the Warrant
Certificate. 

DATED this _____ day of _________________,_________ .

	Number of Shares Subscribed For: 	 
	 	 
	Signature of Subscriber: 	 
	 	 
	Name of Subscriber (please print): 	 
	 	 
	Address of Subscriber:

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