silverado goldmines (867737)
Am 20.01.2009 beginnt das Zeitalter der sauberen Kohleverflüssigung.
Wir brauchen kein Stück vom Kuchen der verteilt wird, es reicht wenn ein Krümmel auf uns fällt und der wird
schon auf uns landen. Keine Sorge.
http://www.barackobama.com/index.php
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neues gibt es nicht...
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Silverado Announces Results of SEC Review
View News Release in PDF Format
VANCOUVER, BC, Canada, January 15, 2009. Silverado Gold Mines Ltd. (the "Company" or the "Silverado") SLGLF OTCBB, SLGL Frankfurt, www.silverado.com, announces that on January 8, 2009, the Company concluded that certain of its previously issued financial statements should no longer be relied upon following the Company's completion of an evaluation of select comments made by the Securities and Exchange Commission ("SEC") during the course of the SEC's review of the Company's Annual Report on Form 10-KSB for the year ended November 30, 2007, which was filed with the SEC on February 28, 2008 (the "Form 10-KSB") and with applicable Canadian securities regulators on February 29, 2008 as amended and refilled on August 1, 2008, and the Company's Quarterly Report on Form 10-QSB for the quarterly period ended May 31, 2008, which was filed with the SEC and applicable Canadian securities regulators on July 15, 2008 (the "Q2 Form 10-QSB").
Following correspondence and discussions with the SEC, the Company has determined that the financial statements contained in the Form 10-KSB and the Q2 Form 10-QSB should no longer be relied upon, and that by extension, the financial statements contained in the Company's Quarterly Report on Form 10-QSB for the quarterly period ended February 29, 2008, filed with the SEC and with applicable Canadian securities regulators on April 14, 2008 (the "Q1 Form 10-QSB"), and the Company's Quarterly Report on Form 10-QSB for the quarterly period ended August 31, 2008, filed with the SEC on October 20, 2008 (the "Q3 Form 10-QSB") and with applicable Canadian securities regulators on October 21, 2008, also should no longer be relied upon. The Form 10-KSB, the Q1 Form 10-QSB, the Q2 Form 10-QSB, and the Q3 Form 10-QSB shall henceforth collectively be referred to as the "Filings."
The SEC's review resulted in the Company's adoption and implementation of two changes to its accounting policies and procedures, which will be reflected in restated financial statements contained in amendments to the Filings that the Company will file with the SEC, and in future reports filed by the Company with the SEC.
First, the Company has adopted EITF 04-02, which will result in the recognition of previously expensed mineral rights as an asset of the Company, reflected in the Company's restated financial statements as a cumulative diminution of loss of approximately $1,100,000 and the creation of a $1,100,000 asset. Second, the Company will no longer value its gold inventory in accordance with the fair value method outlined in ARB 43, Chapter 4, Statement 9, but rather will value its gold inventory at a lower of cost or market, with such gold inventory being relieved on a FIFO (first-in, first-out) basis.
An authorized officer of the Company has discussed the matters disclosed herein with the Company's independent accounting firm. In addition, the Company has prepared restated financial statements for each period covered by the Filings, and has submitted such restated financial statements to the Company's independent accountants for their review. Upon receiving notification from the SEC that it has concluded its review of the Form 10-KSB and the Q2 Form 10-QSB, and following completion of such restated financial statements, the Company will promptly prepare and file amendments to each of the Filings to include the corresponding restated financial statements and to address the SEC's comments arising out of its review.
COMPLETION OF PRIVATE PLACEMENT
The Company further announces that, on December 31, 2008, it completed a private placement in the amount of US$70,000 by issuing an aggregate of 18,260,869 shares of the Company's restricted common stock at a price of $0.00383 per share to two accredited investors. The distribution was effected in accordance with Rule 506 of Regulation D of the United States Securities Act of 1933.
AMENDMENT TO EXERCISE PRICE OF WARRANTS
The Company further announces that in September 2008, the Company reduced the exercise price of an aggregate of 21,166,671 of its common share purchase warrants from US$0.07 to US$0.0125 per common share. All such warrants have been exercised. The exercise price of such warrants was reduced for the purpose of raising working capital and for general corporate purposes. When available, this manner is used as opposed to a new financing in order to minimize transaction costs.
About the Company
Silverado Gold Mines Ltd., a publicly traded company, is an exploration-stage enterprise focused on the exploration of gold properties, with some past production, and the development of new environmentally friendly low-rank coal water fuel technology. The Company has gold properties located throughout Alaska, which include a 100 percent (100%) interest in numerous mining claims located on the Nolan Creek property. The Company's wholly owned subsidiary, Silverado Green Fuel Inc., is developing low-rank coal water fuel. The fuel is designed to be produced from low-rank coal and processed into an environmentally friendly oil substitute. For more information about Silverado Gold Mines Ltd or Silverado Green Fuel Inc., please visit www.silverado.com.
Contact Information - Silverado Gold Mines Ltd
Mailing Address:
Suite 1820 - 1111 West Georgia St.
Vancouver, BC V6E 4M3
Canada
Email:
Investor Relations: ir@silverado.com
Public Relations: pr@silverado.com
Telephone Numbers:
Corporate: (604) 689-1535
Facsimile: (604) 682-3519
Toll Free: 1-800-665-4646
(Canada and USA only)
Trading Symbols:
OTC BB - SLGLF
FRANKFURT - SLG
Forward-Looking Statements
This news release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are forward-looking statements are based on the current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates. 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 test mining activities and other factors. Forward-looking statements are made, without limitation, in relation to operating plans, property exploration activities, including test mining activities, availability of funds, environmental reclamation, operating costs and permit acquisition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", or "continue", and the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks detailed in the Company's filings with the Canadian Securities Authorities and the US SEC. These factors may cause the Company's actual results to differ materially from any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
You can also view this News Release on our website at:
http://www.silverado.com/s/NewsReleases.asp?ReportID=334519
SILVERADO GOLD MINES LTD.
Suite 1820 - 1111 West Georgia Street, Vancouver, British Columbia, Canada V6E 4M3;
Telephone: (604) 689-1535, Facsimile: (604) 682-3519 Investor Relations: E-mail: ir@silverado.com;
Public Relations : E-mail: pr@silverado.com; Toll Free: 1-800-665-4646 (Canada and USA only)
Silverado Gold Mines Ltd. www.silverado.com
und immer dran denken, der Report beschäftigt sich gerade mal mit 1% des Gebietes. ;)
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Our Stocks to Watch today include : Silverado Gold Mines Ltd. (OTCBB:SLGLF), China Tel Group Inc. (OTCBB:CHTL), Wellman Inc. (OTCBB:WMANQ), eFoodSafety.com, Inc. (OTCBB:EFSF), Golden Eagle International Inc. (OTCBB:MYNG), and Sono-Tek Corp. (OTCBB:SOTK)
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Silverado Gold Mines Ltd. (OTCBB:SLGLF) Shares stayed steady at $0.011
Silverado Gold Mines Ltd., a publicly traded company, is an exploration-stage enterprise focused on the exploration of gold properties, with some past production, and the development of new environmentally friendly low-rank coal water fuel technology. The Company has gold properties located throughout Alaska, which include a 100 percent (100%) interest in numerous mining claims located on the Nolan Creek property. The Company's wholly owned subsidiary, Silverado Green Fuel Inc., is developing low-rank coal water fuel. The fuel is designed to be produced from low-rank coal and processed into an environmentally friendly oil substitute.
SLGLF News Yesterday, Silverado Gold Mines announced that on January 8, 2009, the Company concluded that certain of its previously issued financial statements should no longer be relied upon following the Company's completion of an evaluation of select comments made by the Securities and Exchange Commission ("SEC") during the course of the SEC's review of the Company's Annual Report on Form 10-KSB for the year ended November 30, 2007, which was filed with the SEC on February 28, 2008 (the "Form 10-KSB") and with applicable Canadian securities regulators on February 29, 2008 as amended and refilled on August 1, 2008, and the Company's Quarterly Report on Form 10-QSB for the quarterly period ended May 31, 2008, which was filed with the SEC and applicable Canadian securities regulators on July 15, 2008 (the "Q2 Form 10-QSB").
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Wo kann SLGLF daraus seine Vorteile für 2009 ziehen?
Das Thema "Green-Fuel" ist ja in der letzten Zeit etwas eingeschlafen, mit dem Abschluss der Nolan-Minen-Studie ist zumindestens etwas positives im Bereich Minen zu hören.
Der Aktienkurs ist ja im letzten Jahr ziemlich unter die Räder gekommen, Erholung in Richtung 0,05 wären für diese Jahr ein wünschenwertes Ziel.
Führ mich zum Schotter !
http://www.cambridgeconferences.com/ch_jan2009.html
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President Barack Obama own words and footage from his campaign rally speech in Lebanon, VA. were used in this commercial ad for Clean Coal. The TV spot created and paid for by the American Coalition for Clean Coal Electricity also known as America's Power; promotes Obamas dedication to clean coal technology and focused on four major points made in his speech.
http://greenworldads.blogspot.com/2008/12/...-coal-commercial-ad.html
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23-Jan-2009
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
FORWARD-LOOKING STATEMENTS
The information in this Quarterly Report on Form 10-QSB contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties, including statements regarding Silverado's capital needs, business plans and expectations. Such forward-looking statements involve risks and uncertainties regarding the market price of gold, availability of funds, government regulations, common share prices, operating costs, capital costs, outcomes of gold recovery activities and other factors. Forward-looking statements are made, without limitation, in relation to operating plans, property exploration and gold recovery activities, availability of funds, environmental reclamation, operating costs and permit acquisition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "seek", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential" or "target", the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks outlined below, and, from time to time, in other reports Silverado files with the Securities Exchange Commission (the "SEC"). These factors may cause actual results to differ materially from any forward-looking statement. Management disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. The information constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
OVERVIEW
I. MINING
Silverado Gold Mines Ltd. and its wholly-owned subsidiaries Silverado Gold Mines Inc. and Silverado Green Fuel Inc. (collectively referred to herein interchangeably as the "Company" or "Silverado") are engaged in the acquisition and exploration of mineral properties in the State of Alaska. Precious metals, primarily gold, and antimony are the main interests. Silverado has more than 35 years of experience in all aspects of the gold mining industry, from grass-roots exploration, to state of the art mining and processing technologies, for both lode and placer gold deposits. The primary focus is presently on the continued exploration of the Nolan Creek Property, located 175 air miles north of Fairbanks, Alaska, where plans include exploration for both placer and lode gold and antimony lode deposits at the Nolan Gold & Antimony Project. The exploration activities include lode diamond drilling and trenching, geochemical and geophysical surveys and test mining work carried out as part of Silverado's exploration programs.
Silverado holds interests in four groups of mineral properties in Alaska, as listed below:
1) Nolan Creek property
2) Hammond Property;
3) Eagle Creek Property; and
4) Ester Dome Property.
As an exploration stage company, all of the properties are presently in the exploration stage. Silverado does not have any commercially viable reserves on any of the properties, and there is no assurance that commercially viable mineral deposits exist on any of the mineral properties. Further exploration will be required before a final evaluation of the feasibility of commercial mining on any of the properties is determined. There is no assurance that further exploration will result in a final evaluation that determines a commercially viable mineral deposit exists on any of the mineral properties.
At the Nolan Creek Property, the nature of all deposits encountered to date are small (4,000 to 14,000 bank cubic yards) but gold bearing in nature. Although drill densities and exploration activities have resulted in the discovery and test mining of individual placer gold deposits, the Company has not yet identified a resource base sufficient for establishing annual production levels over a sustained period of time. Silverado mines the deposits, processes the gold bearing gravels and sells this gold even though the criteria for a proven reserve have not been met. The Company may continue with test mining of small placer gold deposits at the Nolan Creek property without establishing that the placer gold deposits contain sustainable and commercially viable mineral deposits. The Company is also drilling and developing a gold/antimony lode resource on the Workman's Bench portion of the Nolan Creek Property.
II. LOW-RANK COAL WATER FUEL
Silverado has been working for six years through its subsidiary, Silverado Green Fuel Inc., on the development of low-rank coal water fuel ("LRCWF"), a non-toxic liquid fuel product derived from sub-bituminous and lignite coal. In its finished form, LRCWF is a non-toxic, non-hazardous environmentally friendly strategic liquid fuel. The Company's primary focus is to perform bench-scale testing on Mississippi lignite coal. Bench-scale testing will, among other things, provide the Company with data that may result in the Company deciding to proceed with an independent financial analysis for building a production facility. There is no assurance that a full independent financial analysis will be completed or that a production facility will be constructed if at all.
PLAN OF OPERATIONS
Management's plan of operation for the next three months is discussed below:
I. MINING
The ability of the Company to continue as a going concern and to implement the following plan of operations is dependent upon the Company's ability to raise additional capital. The Company's operations have been funded primarily from sales of its stock and the sale of gold extracted during exploration activities. As of August 31, 2008, the Company has $239,938 in cash, $154,105 in gold inventory, and $935,490 in negative working capital. The following plan of operations will require approximately $1,000,000 of additional capital to properly implement and the Company is planning to raise $2,000,000 from sales of its stock for such purpose.
1. NOLAN CREEK PROPERTY - Lode and Placer Exploration
During the third quarter of our fiscal year, exploration concentrated on the Workman's Bench gold and antimony mineralized zones on our Nolan Property. During June, July and August 2008, the Company drilled 28 diamond drill holes into the Workman's Bench mineralized zones, with a total footage of 9,321 feet, to intersect the gold bearing antimony-quartz vein systems. Drilling has extended the known lateral extent of the stibnite (antimony)-gold vein systems on Workman's Bench from 600 feet to 1,000 feet.
Workman's Bench is the Company's prime exploration target for a lode gold and antimony deposit in the southwestern part of the Solomon Shear Zone. The Solomon Shear Zone contains northeast striking gold antimony-quartz vein systems which also occur in other areas on the Nolan Creek property, including across Smith Creek on Pringle Bench and north of Smith Creek Dome.
A NI 43-101 Technical Report regarding the Nolan Creek property, entitled "Estimation of Lode and Placer Mineral Resources, Nolan Creek Wiseman B-1 Quadrangle, Koyukuk Mining District, Northern Alaska" dated July 29, 2008, has been prepared by Thomas K. Bundtzen of Pacific Rim Geological Consulting Inc. and is available on SEDAR at www.sedar.com.
This year's drilling on Workman's Bench has focused on defining the lateral and vertical extent of the known gold and antimony mineralized zones, in particular on the main exposed vein in underground exploration Tunnels C and D. Information thus far indicates the gold and antimony mineralized zones at Workman's Bench are open laterally and at depth.
Assay results for the 2008 drilling program received thus far have been disclosed in two press releases dated July 21, 2008 and August 14, 2008, which can be found at the Company's website at www.silverado.com.
All diamond core drilling was performed by Tri-Con Mining Inc. The core recovery averaged about 95% in most drill holes. All drill core was logged and photographed by geologists, under the supervision of a professional geologist. Once all technical data was derived from the core, the core was cut lengthwise. The half-core was sampled by pre-determined intervals based on geology, and placed in sealed sample bags and labeled with the assigned sample number. All samples were delivered to ALS Chemex in Fairbanks for analysis. With the shipment to the laboratory of every 20th sample, the Company submitted two (2) standard samples, and one (1) blank sample for analysis. From time to time the Company instructed the laboratory to assay duplicate samples of the pulp from the drill core.
In June and July 2008, the Company conducted a VLF-EM ground geophysical survey over Fortress and Saddle Zones on its Nolan property to identify structures such as shear zones, faults, and veins that occur within the bedrock. The Fortress and Saddle Zones disclosed additional strong conductors (geological structures) to those located in 2007. These geological structures exist at and around the northeast end of Solomon's Shear Zone and are at the headwaters of Thompson Pup Creek where Silverado extracted many fresh (sharp-edged) gold crystals as part of its previous operations.
The VLF-EM ground geophysical survey was conducted by Tri-Con Mining Inc. Compilation of survey data, processing and interpretation was performed by a professional geologist.
The Company is currently operating under multi-year (2008 - 2010) Bureau of Land Management (BLM) approved "Plan of Operations" that authorizes the collection of a bulk sample of mineralized vein material. Work under this plan is anticipated to lead to the construction of an initial 150 ton/day gravity and water concentrator to process the bulk sample. Larger-scale year round operations are concurrently under planning and analysis, and preliminary discussions continue with the BLM on this subject. Further, a contract has been awarded to SRK Consulting (U.S.), Inc. of Anchorage, Alaska to characterize the bulk sample's waste rock and its potential to generate poor quality drainage from a spoil pile. The products of this work will be a geochemical characterization of the waste rock, a prediction of current and future drainage quality with and without the implementation of management measures, and the recommendation of preferred management measures to prevent the release of water of unacceptable quality. Further, a program of Nolan Creek background water sampling has been designed and is underway that samples the creek at select locations for the application of numerous laboratory. The combination of the waste rock characterization study and Nolan Creek background water quality work are intended to facilitate subsequent larger-scale mining and processing operations as their feasibility is determined.
There is no assurance that a commercially viable mineral deposit exists at this time on the Nolan Creek property. Further exploration will be required before a final evaluation as to the economic and legal feasibility of mining this property is determined. Although the results to date are encouraging, at this point there is no assurance that further exploration will result in a determination that a commercially viable mineral deposit exists on the property. Towards that end, a preliminary assessment is being conducted on the Workman's Bench portion of the property.
Further to the Company's geological, geochemical and geophysical discoveries from the 2007 exploration season, the Company is following-up exploration at the Nolan Creek gold/antimony lode properties and gold placer resource areas within the Nolan Creek Gold Project. This follow-up exploration program is further defining and assessing lode gold and antimony occurrences at the Nolan Creek Project. The Company's follow-up lode exploration work is increasing our geological, geochemical and geophysical knowledge of the Solomon Shear Zone, the Fortress Zone, and other lode gold/antimony occurrences on the property, and will assist the Company in ascertaining whether or not they have economic potential.
Continued drilling is being conducted on the Workman's Bench portion of the Solomon Shear Zone to determine whether or not we can proceed with confidence to additional test mining, and eventually to commercial mining.
In the next three months, Silverado plans to concentrate on the continued drilling and assessment of the Workman's Bench gold/antimony deposit with the intent to place it into test production as soon as possible. Concurrent with this, an analysis of the feasibility of additional winter placer mining will be ongoing.
2. HAMMOND PROPERTY
Annual rentals have been paid to keep the mining claims in good standing.
This property will require additional funding to continue its development. At present there is no plan to work on this property. If funding is acquired, there is no guarantee that a commercial gold-bearing placer deposit will be developed. If a gold bearing deposit is developed, additional funding will be required to mine the deposit, and until a feasibility study is completed, there is no guarantee that the deposit will be profitable to mine.
3. EAGLE CREEK PROPERTY
The Number One Vein on this property was the lode quartz gold structure that was historically mined commercially for antimony.
Annual assessment work has been carried out on the property and the mining claims are in good standing. Assessment work was focused on the northwest part of the claim block, where drilling and trenching has defined an intrusive host rock thought to be a sill that contains low-grade gold, silver and antimony mineralization. Otherwise, no work is presently planned for this property.
The Company has determined it is appropriate to expend its funds for the foreseeable future on the Nolan Project as it presents the best opportunity to initiate steady cash returns.
4. ESTER DOME PROPERTY
Proposals have been solicited from qualified third-party consultants to engage in the engineering design of the closure of the former Grant Mine mill tailings pond. A contract award is anticipated to take place during the fourth quarter of this year and design work is expected to be completed by the close of the winter of 2008-2009. This tailings pond, currently filled to capacity, will be capped and decommissioned after the final approval of the tailings pond closure plan is gained from local and state regulatory agencies.
Furthermore, with respect to other areas on this property, several large scale projects have been proposed over the past ten years and remain warranted, but for the time being the Company has determined it is appropriate to expend its funds for the foreseeable future on the Nolan Creek Project as it presents the best opportunity to initiate steady cash returns.
Further exploration will be required before a final evaluation as to the economic and legal feasibility of mining the Nolan Creek or any of Silverado's properties is determined.
II. LOW-RANK COAL WATER FUEL PROJECT
The Memorandum of Understanding ("MOU") dated December 18, 2006 among Silverado Green Fuel Inc., the State of Mississippi as represented by the Mississippi Development Authority, Choctaw Country Board of Supervisors, and the Choctaw Country Economic Development District, remains in place. No steps have been taken to proceed with building the LRCWF demonstration facility contemplated under the MOU as the Company is not currently pursuing the construction of a demonstration facility in Mississippi. If the Company determines, upon completion of a successful independent financial analysis, that the construction of such facility is commercially viable, the Company may seek an extension of the MOU to discuss the construction of a commercial facility. As discussed below, there is no assurance that a full independent financial analysis will be completed.
The Company has developed preliminary commercial models based on various assumptions and estimates for the construction of commercial production facilities and the cost of producing LRCWF using locally-mined coal purchased from third parties. Estimated production costs may vary significantly, as LRCWF production is dependent, among other factors, on coal quality, coal price and location of the proposed commercial facility.
Whether the Company proceeds with the construction of a commercial production facility is dependent on the completion of a successful financial analysis with respect to a particular location and utilizing a particular type of coal as an input. With respect to Mississippi lignite coal, the Company anticipates spending approximately US$300,000 during the current fiscal year on bench-scale testing. Bench-scale testing will, among other things, provide the Company with data that may result in the Company deciding to proceed with an independent financial analysis for building a production facility.
Subsequent to the quarter end, the Company completed an independent financial analysis and the Company has determined that construction of a commercial production facility would be economically viable. However, proceeding with the construction of such a facility will be dependent on several factors including
(i) determining the size and location of the facility, (ii) acquiring land and transportation infrastructure, (iii) obtaining necessary permitting, (iv) obtaining a long term supply agreement for coal, and (v) obtaining sufficient financing. The Company's business venture into LRCWF is at a very early stage and is subject to a high degree of risk. There is no assurance that the Company will succeed in obtaining government or private funding for this project or that a commercial facility based on a particular financial analysis will be constructed at all. The Company may pursue other initiatives including joint ventures, divestiture and licensing/royalty arrangements.
OFF-BALANCE SHEET ARRANGEMENTS
We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues, or expenses, results of operations, liquidity, capital expenditures, or capital resources and would be considered material to investors.
CRITICAL ACCOUNTING POLICIES
Our critical accounting policies (the policies we believe are most important to the presentation of our financial statements and require the most difficult, subjective and complex judgments) are outlined in our notes to the financial statements above.
http://biz.yahoo.com/e/090123/slglf.ob10-q_a.html
23-Jan-2009
Annual Report
ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
PLAN OF OPERATION
Our plan of operation for the next twelve months is as follows:
The Nolan Gold Project
We are continuing our exploration program on the Nolan Gold Project. The objective of this exploration program is to continue with tunneling into the Workman's Bench mineralized zone to intersect the 80 foot wide zone that contains gold bearing antimony-quartz veins. The company intends to collect a bulk sample from the mineralized zone for metallurgical test work. The underground exposure of the mineralized zone will play an important key role for the company in obtaining a better understanding of the nature of the structurally controlled gold and antimony mineralization in the Solomon Shear Zone. This will significantly support Silverado's exploration strategy. The underground work will continue until the end of January, 2008.
Reclamation work will be in progress throughout the summer and into fall. Our objective will be to reclaim 10 acres of disturbed surface area, while limiting 2008 surface disturbance to 5 acres or less. We work closely with the government agencies responsible for managing the lands that we work, and pride ourselves in being responsive and responsible stewards of the land.
Our drilling program will be aimed at lode gold and antimony exploration, and placer gold exploration. Lode drilling will focus on Pringle Bench, Workman's Bench and the Hillside along the Solomon's Shear trend, and is designed to provide a better three dimensional understanding of the mineralized sections of the structure and how it is related to the placer gold deposits of the Nolan Creek area. Further exploration drilling will be conducted in the Fortress area which is part of a gold bearing east-west trending deformation zone. Placer drilling will focus on a series of targets on the hillside benches. Our exploration work will provide a basis for the assessment of the feasibility of future additional exploration activities, including test mining activities, at the Nolan Gold Project.
Our exploration plans are to further define gold deposits in order to provide a basis for the assessment of the feasibility of future additional test mining activities at the Nolan project. We are currently undertaking an extensive geological exploration program on the Nolan Gold Project. The program includes drilling and trenching, as well as the review of geological and geophysical data. The overall objectives of our exploration program are as follows:
1. To identify surface or sub-surface placer deposits at our Nolan Gold Project that are prospective for test mining operations. In general, these deposits are located on benches that are ancient river beds and lakeshore deposits located above the present channel of Nolan Creek. These deposits include Mary's Bench, Jack London Bench, Wooll Bench, Workman's Bench, Swede Channel, Upper Nolan Creek (deep channel), Lower Nolan Bench and Mary's East including areas adjoining to the north, east and south. The objectives of our drilling program will include the determination of the nature and extent of areas of known bench deposits that are prospects for test mining operations and the identification of new bench deposits that may be prospects for test mining operations. Mary's Bench East and areas adjoining north, east and south as well as, the Swede Channel and the areas adjoining to the east and south, in that order, are our exploration priorities as they have showed the most positive results from earlier exploration that we have completed. Wooll Bench and Workman's Bench have been less extensively explored with only limited drilling. The Lower Nolan Bench has not been drilled. The newly discovered Jack London Bench may also be a priority target during fiscal 2008.
2. To determine whether there is a potential lode gold and antimony deposit which may be the source of the placer gold found on the Nolan Gold Project. A lode deposit of gold occurs when gold is present in its host rock as differentiated from placer gold which is gold that has been removed from its host rock by the process of erosion. Our reverse circulation and diamond core drilling, trenching, geologic and geophysical work will be part of our on-going
investigations to determine whether there exist one or more lode deposits on the Nolan Gold project that could be the source of our placer gold deposits.
3. To identify any placer deposits at Slisco Bench, which is located on our Hammond River property that are prospective for test mining operations. The Slisco Bench (deep channel) deposit is approximately 3 to 4 miles northeast of the Nolan Deep Channel.
We have been working on interpreting the geology of the Nolan area since 1979, when we first acquired the project. Our latest and most extensive exploration program began in early 2007 and was directed at improving our placer deposit definition and discovering potential lode sources of the placer gold. Our exploration geologists and mining engineers have worked to move this objective forward. Our exploration efforts have included the analysis of geophysical data, geochemical sampling results, company records and analysis provided by government mineral investigation efforts and publications as well as the trenching and exploration drilling of target areas.
We plan to spend up to $5,000,000 in the next twelve months in carrying out our exploration activities for the Nolan Gold Project. Of this amount, we anticipate approximately $3,000,000 will be spent on test mining activities, with the balance being spent on maintaining our properties, and other exploration activities, including placer drilling, and lode drilling and trenching on the Solomons Shear. The actual amount that we spend on exploration will depend on the actual amount of funds that we have available for exploration. We are presently seeking sufficient financing to enable us to proceed with these plans and will require additional financing if we are able to proceed with our exploration plans, including our ongoing underground test mining activities. Further, while the amount of exploration expenditures may be off-set by any recoveries from sales of gold that we may achieve from test mining activities, we anticipate that these recoveries will not exceed our costs of exploration. However, at this time we are achieving recoveries from sales of gold.
Our plan of operations at the Nolan Gold Project will be continually evaluated and modified as exploration and gold recovery results become available. Modifications to our plans will be based on many factors, including: results of exploration, assessment of data, weather conditions, exploration costs, the price of gold and available capital. Further, the extent of our exploration programs that we undertake will be dependent upon the amount of financing available to us.
We do not have any commercially viable reserves on any of our properties that comprise the Nolan Gold Project or any of our other properties. We plan to carry out exploration activities on the Nolan Gold Project that are referred to as "test mining activities". The objective of the test mining activities on the Nolan Gold Project is to expand our knowledge of the placer deposits and lode gold occurrences on the Nolan Gold Project and to develop a cost effective method for working the deposits. While the irregular high grade nature of these deposits may preclude attainment of "reserve" categories; management does believe that we may be attaining profitability presently or soon, depending on the considerable increase of recovered gold this year anticipated over last. Profitability is the objective, while at the minimum we endeavor to pay for a portion of the expense associated with exploration of the Nolan Gold Project. As we have not established commercially viable reserves on the Nolan Gold Project, we anticipate that recoveries of gold from test mining activities may not be sufficient to pay for the full cost of exploration. There is no assurance that our test mining activities will result in a final evaluation that a commercially viable lode or placer mineral deposit exists on any of our mineral properties that comprise the Nolan Gold Project.
Ester Dome Property
During 2008, we plan to complete the closure of the Grant Mill Tailings Pond. This pond is filled to capacity, and will be capped and decommissioned after a final approval of the tailings pond closure plan is received from State of Alaska regulatory agencies. A meaningful exploration program may be completed during the summer months to explore for and identify small high-grade gold anomalies as well as larger low-grade gold anomalies.
Completing the 2008 exploration work plan will be contingent on available funding.
Hammond Property
The encouraging drill results to date, the potential of extending the Slisco Channel to the southeast plus the possibility of discovering gold bearing tributary channels, make this a prospect for additional discoveries. During the summer of 2008, a series of drill holes may be completed to explore for the extension of the Slisco Channel to the south. Presently, it has been traced for 1,800 feet. The drill program will also seek to define any gold bearing tributaries to the Slisco Channel.
This project will require additional funding for the company. Even if funding is acquired, there is no assurance that a commercial gold bearing placer deposit will be developed. Even if a gold bearing deposit is developed, additional funding will be required to mine the deposit, and until a feasibility study is completed, there is no assurance that the deposit will be profitable to mine.
Eagle Creek Property
During 2008, annual assessment work will be completed on the Eagle Creek property to keep the mining claims in good standing. Assessment work will be focused on the northwest part of the claim block, where drilling and trenching has defined an intrusive host rock, thought to be a sill, containing low grade gold, silver and antimony mineralization. If funding permits, the company will design a drilling program to further investigate the gold and by-product mineral distribution of the intrusive. Additional work which includes trenching and drilling will also be completed on the Number One. The Number One Vein was the lode quartz structure which has been mined commercially for antimony.
A commercially viable economic mineral deposit has not been defined on the property, and there is no assurance that a commercially viable economic mineral deposit exists on the property.
Completing the 2008 work plan will be contingent on available funding. Even if funding becomes available, there is no assurance that a commercial gold-silver-antimony deposit will
Low-Rank Coal-Water Fuel Project
On December 18, 2006, Silverado Green Fuel Inc. announced the signing of a Memorandum of Understanding ("MOU") between Choctaw County, the Choctaw County Economic Development District, the Mississippi Development Authority ("MDA") and Silverado Green Fuel Inc. The MOU is an agreement to build the country's first Low-Rank Coal-Water fuel commercial demonstration plant at the Red Hills Ecoplex just outside of Ackerman, MS. The anticipated $26 million Silverado Green Fuel Demonstration Project will be located on a 14-acre site, and is being designed to utilize the state's vast supply of low-rank coal reserves by converting them into green fuel, a new form of coal-based, environmentally friendly, low-cost, alternative fuel.
During late May of 2007 Silverado environmental staff met in a "pre-permitting" meeting with representatives of the Mississippi Department of Environmental Quality ("MDEQ"). At that meeting all the various sections of MDEQ that would be involved in the permitting of the Green Fuel industrial process were present, representatives of these sections were assigned to our project, and the lead MDEQ regulator that will serve as our point-of-contact was designated.
As we await full funding of the project, preliminary work on aspects of the various permits involved will continue during fiscal 2008. The development of an Environmental Management System ("EMS") that was initiated in 2007 upon the signing of the MOU will also continue during fiscal 2008. Silverado has also agreed to fund a study by the University of Alaska Fairbanks of the chemical and physical characteristics of Mississippi lignite coal, and it is anticipated that that study will commence during fiscal 2008.
There is no assurance that any financing will be obtained from either government or private sources to fund this project. It is the case, however, that two divisions of the state of Mississippi government have agreed to begin funding the start-up of our demonstration facility subject to certain terms and conditions as outlined in the MOU.
We expect to spend approximately $171,500 to fund the research into lignite coal conversion in conjunction with the University of Fairbanks, Alaska, referred to above, and the preparation of a Phase I feasibility study and cost estimate for the Mississippi Commercial Low Rank Coal Water Fuel plant. In addition we expect to incur administration costs of approximately $150,000 relating to the Green Fuel project.
Cash Requirements and Additional Financings
At November 30, 2007, we had working capital of $1,759,774. During the first quarter of 2008 we raised $3,860,388 in additional share capital. Our plan of mining operations in Alaska anticipates that we will expend $6,550,000 during fiscal year 2008. In addition, we expect to spend $321,500 on research and development for the Green Fuel project and approximately $2,000,000 on administrative costs in the Company's Vancouver office.
Our management is confident that they will be able to raise additional capital during the second, third and fourth quarters of Fiscal 2008 to cover the resulting anticipated shortfall of approximately $3,250,000. However, there is no assurance that we will be able to raise the financing necessary to enable us to implement our business plan.
Planned operations as described above could be curtailed if funding were not available. In addition, as of the date of this filing gold is trading above the spot price used to value the Company's inventory at November 30, 2007. Furthermore, historically, the Company has sold its gold inventory at a premium to the spot price. These benefits, although presently determinable, would serve to further reduce the anticipated shortfall.
CRITICAL ACCOUNTING POLICIES
Exploration Stage Company
The Securities and Exchange Commission's Exchange Act Guide 7 "Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations" requires that mining companies in the exploration stage should not refer to themselves as development stage companies in their financial statements, even though such companies should comply with Financial Accounting Board Statement No. 7, if applicable. We are an exploration stage company under the SEC's Guide 7 and accordingly, we have not been referred to as a development stage company in our financial statements. Accumulated results of operations are presented from December 1, 2001, the date we re-entered the exploration stage.
Mineral rights payments and exploration costs
Pursuant to EITF 04-02, "Whether Mineral Rights are Tangible or Intangible Assets and Related Issues", the Company has modified its accounting policy with respect to mineral claim payments, retroactively effective to June 1, 2004, to capitalize the direct costs to acquire or lease mineral properties and mineral rights as tangible assets. The direct costs include the costs of signature
(lease) bonuses, options to purchase or lease properties, and brokers' and legal fees. If the acquired mineral rights relate to unproven properties, the Company does not amortize the capitalized mineral costs, but evaluates the capitalized mineral costs periodically for impairment. The Company expenses all costs related to the exploration of mineral claims in which it had secured exploration rights prior to establishment of proven and probable reserves.
Asset retirement obligation
Effective December 1, 2002, we adopted SFAS 143, Accounting for Asset Retirement Obligations, which addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated retirement costs. The standard applies to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and normal use of the asset.
SFAS No. 143 requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. The liability is accreted at the end of each period through charges to operating expense. If the obligation is settled for other than the carrying amount of the liability, we will recognize a gain or loss on settlement.
Stock Based Compensation
Effective December 1, 2006, the Company adopted the provisions of SFAS 123(R) (Share-based Compensation) requiring equity awards granted under its stock option plan to be accounted for under the fair value method. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award. Prior to December 1, 2006, the Company accounted for awards granted under its stock option plans utilizing the intrinsic value method prescribed by Accounting Principles Board (APB) Opinion No. 25, "Accounting for Stock Issued to Employees" (APB 25), and related interpretations, and provided the required pro forma disclosures prescribed by SFAS 123, "Accounting for Stock-Based Compensation" (SFAS 123), as amended. Under the existing stock option plans, all options vest entirely on the grant date. Therefore, there were no partially vested options outstanding as of the SFAS 123(R) adoption date.
OFF-BALANCE SHEET ARRANGEMENTS
We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources, and that would be considered material to investors.
http://biz.yahoo.com/e/090123/slglf.ob10ksb_a.html
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Wer ist Burns Boy? 10 Postings, 281 Tage davey888 23.01.09 20:01
Meldung eines Regelverstoßes:
Melder: 10 Postings, 281 Tage davey888
Zeitpunkt: 27.01.09 17:07
Grund:
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http://biz.yahoo.com/prnews/090128/to305.html?.v=2
Press Release Source: Silverado Gold Mines Ltd.
SEC and BCSC Complete Reviews of Silverado
Wednesday January 28, 8:00 am ET
VANCOUVER, Jan. 28 /PRNewswire-FirstCall/ - Silverado Gold Mines Ltd. (the "Company" or "Silverado") (OTCBB: SLGLF, Frankfurt: SLGL, www.silverado.com) was notified on January 26, 2009 by the Securities and Exchange Commission that they had completed their review of the Company's 2007 Form 10-KSB and related filings and had no further comments.
On the same date, the British Columbia Securities Commission also advised Silverado that they had removed the Company from their Issuer in Default list and had concluded their review.
gekürzt...
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Jaaaaaaaaaaaaaaahaaaaaaaaaa !!!
Burns once again exposed as the liar he is !
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Die Umsätze sind ja die letzten Tage ganz schön zurückgegangen.
Allerdings ist das Ende sehr nah und dann...................................................................
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Coal wins big in Senate stimulus package
Senate funding is nearly double the $2.6 billion included in a current House version of the legislation, meant to help boost the sagging economy across the country.
By Ken Ward Jr.
Staff writer
CHARLESTON, W.Va. - Coal supporters have managed to tuck more than $4.6 billion in money for the industry into a Senate version of the economic stimulus package.
The Senate Appropriations Committee approved the legislation with several coal projects pushed by Sen. Robert C. Byrd, D-W.Va.
The Senate funding is nearly double the $2.6 billion included in a current House version of the legislation, meant to help boost the sagging economy across the country.
Details were still emerging Tuesday evening, but among the coal provisions outlined in a Byrd news release and a committee statement:
# $2 billion for "near-zero emissions" power plants designed to capture and sequester carbon dioxide.
# $1 billion for the Department of Energy's Clean Coal Power Initiative.
# $1.6 billion for carbon capture at industrial plants.
"Clean, carbon-neutral coal can be a 'green' energy," Byrd said. "As Congress strives to develop a national energy policy that will break our dependence on foreign oil, it is crucial to ensure that coal, burned in more efficient ways, is part of our nation's diverse energy mix for the future." Byrd added, "These investments will help to bolster West Virginia's economic future."
The economic stimulus bill will now be sent to the Senate floor for debate and votes by the full Senate.
Sen. Jay Rockefeller, D-W.Va., has also been working behind the scenes to get as much money as possible into the stimulus package for what supporters call "clean coal" programs.
Last year, Rockefeller managed to get $2.8 billion for the coal industry into the massive Wall Street bailout.
Most of that money was aimed at encouraging power producers to limit greenhouse gas emissions. However, the bill also aimed to promote turning coal into liquid fuel, a move that could double greenhouse gas emissions from vehicle fuels.
During his campaign, President Barack Obama promised to invest $150 billion over 10 years on a variety of energy programs, and to launch public/private partnerships to build five commercial-scale coal-fired power plants that capture carbon dioxide emissions.
However, environmental groups are concerned that Congress will not put tight enough restrictions on "clean coal" projects - requirements that they actually limit their greenhouse gas emissions and do so now, rather than much later. Also, some citizen groups, especially those opposing mountaintop removal in Appalachia, argue there is no such thing as "clean coal," whether greenhouse emissions are captured or not.
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Burnsi, ooooohhhh Bunsi. Thank you for the wonderful prices !
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§
By Clive Maund
Feb 5 2009 9:52AM
http://agoracom.com/ir/Silverado/forums/...w/messages/1060879#message
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