Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Silverado Gold Mines Ltd. - Exhibit 10.5

Exhibit 10.5 

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 effective as of the _______ 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. 

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

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

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

“Subscriber” shall mean

"Offering" shall mean the offering
of the Shares by the Company. 

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

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

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

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

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

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

“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 SHARES 

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 Shares as
is set forth upon the signature page hereof at a price equal to $
US per Share. 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 Shares to the
Subscriber for the Purchase Price subject to the Company's right to sell to the
Subscriber such lesser number of Shares 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. 

2.7                     
The Subscriber acknowledges and agrees that the subscription for the Shares 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 Shares 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 Shares was received.

3.3                     
The Subscriber acknowledges that the 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
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 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 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. 

3.7                     
The Subscriber acknowledges and agrees that all certificates representing the
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 Shares 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 Shares. The Subscriber can bear the economic risk of this
investment, and was not organized for the purpose of acquiring the Shares. 

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 Shares.
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 Shares by the Company has not
been reviewed by the SEC and that the Shares are being issued by the Company
pursuant to an exemption from registration under the Securities Act. 

4.4                     
The Subscribers understands that the Shares 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 Shares 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 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
Shares. 

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 Shares. 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 Shares 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 Shares. 

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 Shares or any use of this Agreement, including (i) the legal
requirements within his jurisdiction for the purchase of the Shares; (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
Shares; and (v) any restrictions on transfer applicable to any disposition of
the Shares 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 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 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 Shares 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: 	 
	 	 
	Position of Authorized Signatory: 	 
	 	 
	Date of Acceptance: 	 

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 10.6

Exhibit 10.6 

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. 

WARRANT CERTIFICATE NO.

SILVERADO GOLD MINES
LTD.,
A BRITISH COLUMBIA COMPANY 
COMMON SHARE
PURCHASE WARRANT CERTIFICATE

OCTOBER 10, 2006 

THIS IS TO CERTIFY THAT for,
value received, TRESHNISH INVESTMENT INC.
of Stockerstrasse 50, PO Box 1861, 8027
Zurich, Switzerland (the “Holder”), shall have
the right to purchase from SILVERADO GOLD MINES LTD., a British Columbia company
(the “Corporation”), ) SHARES 17,543,859 (NO. OF
WARRANT 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 10th day of October, 2007 (the “Expiration
Date”) at an exercise price (the "Exercise Price") $0.07 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: 	 

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: CANE O’NEILL
TAYLOR,LLC, Attn: Mr. Michael H. Taylor, 2300 W. Sahara Ave., Suite 500, Box 18,
Las Vegas, NV, USA 89102, Fax: (702) 944-7100. 

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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