und ich sach Euch, es IST Gold was glänzt. ;)
http://biz.yahoo.com/e/080414/slglf.ob10qsb.html
Form 10QSB for SILVERADO GOLD MINES LTD
14-Apr-2008
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" and "Silverado") are engaged in the acquisition and exploration of mineral properties in the State of Alaska. Precious metals, primarily gold, is the main interest. 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 Gold Project, located 175 air miles north of Fairbanks, Alaska. These plans include exploration for both lode gold deposits and placer gold deposits at the Nolan Gold Project. The exploration activities include lode diamond drilling and trenching, geochemical and geophysical surveys, placer rotary drilling, and placer 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 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 Placer Gold Mine, the nature of all deposits encountered to date are small (4,000 to 14,000 bank cubic yards) but high grade in nature. Silverado mines them, processes the gold bearing gravels and sells this gold even though the criteria for a proven reserve has not been met. There are many profitable mines in the U.S. and Canada today that have no proven "reserves".
II. LOW-RANK COAL WATER FUEL
Silverado has been working for six years through its Low-Rank Coal-Water Fuel (Green Fuel) division on the development of "Green Fuel", a non-toxic liquid fuel product derived from sub-bituminous and lignite coal. In its finished form the fuel is a non-toxic, non-hazardous environmentally friendly strategic (liquid) fuel. The primary focus of the Company is presently to secure financing to proceed with the construction of a commercial production facility to manufacture the low-rank coal water fuel as a replacement for oil fired boilers and utility generators.
PLAN OF OPERATIONS
Management's plan of operation for the next twelve months is discussed below:
I. MINING
1. NOLAN GOLD PROPERTY - Lode and Placer Exploration
During the first three months of our fiscal year, exploration concentrated on the Workman's Bench gold and antimony mineralized zones on our Nolan Property. During December 2007 and January 2008, the Company drove an exploration tunnel (totaling 553 feet) into the Workman's Bench mineralized zones to intersect the gold bearing antimony-quartz vein systems. During this first phase underground exploration program, numerous quartz and antimony-quartz veins were exposed. To date three main mineralized zones have been identified through the correlations between the underground observations with the drill intercepts from the 2007 Workman's Bench drilling program. The Workman's Bench mineralized zones have been confirmed over a strike length of 600 feet and are open laterally and at depth.
A total of 28 samples from quartz and antimony-quartz veins exposed in the mineralized zones underground were collected at 12 sample locations, and were sent to ALS Chemex in Fairbanks for analysis. Gold and antimony values from samples collected from individual veins at various points between sample locations 1 to 12 assayed as high as 1.04 troy ounces gold per ton (35.8 g/t Au) and 64.34% antimony. These assays confirm that high grade gold and antimony mineralization occurs in the Workman's Bench
There is no assurance that a commercially viable mineral deposit exists on any of the Company's mineral properties. Further exploration will be required before a final evaluation as to the economic and legal feasibility of mining of any of our properties is determined. Although the results to date are extremely encouraging, at this point there is no assurance that further exploration will result in a final evaluation that a commercially viable mineral deposit exists on any of the Company's mineral properties.
Further to the Company's geological, geochemical and geophysical discoveries from the 2007 exploration season, the Company plans to continue with follow-up exploration at the Nolan Lode properties within the Nolan Gold Project. The objective of this follow-up exploration program is to further define and, where warranted, assess lode gold and antimony occurrences at the Nolan Gold Project. The Company's follow-up lode exploration work is intended to increase our geological knowledge on the Solomon Shear Zone, the Fortress Zone, and other lode gold/antimony occurrences on the property, and ascertain whether or not they have economic potential.
Initial drilling will be conducted on the Workman's Bench and Pringle Bench portions of the Solomon Shear Zone to determine whether or not we can proceed to additional test mining, and eventually to commercial mining.
In the next twelve months Silverado plans to spend more than $280,000 of its approximate $3,000,000 2008 project budget for activities involved in Nolan lode exploration. As weather conditions permit, the work will ramp up to include diamond core drilling, field exploration that includes very low frequency - electromagnetic (VLF-EM) ground geophysical surveys, and follow-up geochemical sampling and geological mapping. The Company has the full annual project budget in hand to complete these activities.
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. 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 will be carried out on the 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 and the Number One Vein system.
Funding has been advocated for the 2008 work plan. Whereas historic commercially viable mining took place on the Number One (or "Scrafford") Vein, and whereas Silverado has successfully drilled and hit significant widths of high-grade or massive stibnite (antimony sulfide) and significant widths with good gold grades, it has nonetheless yet to complete a definitive drilling program sufficient to indicate reserves, and therefore there is no assurance that a commercially viable economic mineral deposit exists on the property.
4. ESTER DOME PROPERTY
Reclamation work to complete the closure of the Grant Mill Tailings Pond is expected to be done during the summer of 2008. This pond is filled to capacity, and will be capped and decommissioned after final approval of the tailings pond closure plan is received from State of Alaska 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 are deferred due to internal decisions that favor shifting financial and manpower resources to the Nolan Gold and Eagle Creek projects.
There is no assurance that a commercially viable mineral deposit exists on any of Silverado's mineral properties. If one or more commercially viable mineral deposits do exist, they are likely to be gold or antimony lode deposits. Geo-technical work has begun to find a source or sources of the nugget gold and discoveries have been made. Further exploration will be required before a final evaluation as to the economic and legal feasibility of mining the Nolan or any of Silverado's properties is determined. There is no assurance that further exploration will result in a final evaluation that a commercially viable mineral deposit exists on any of Silverado's mineral properties.
II. LOW-RANK COAL WATER FUEL PROJECT
Management anticipates spending approximately $300,000 during the current fiscal year on bench testing of Mississippi lignite coal and the first phase of a feasibility analysis of the construction of a commercial plant. While there are no assurances that financing will be obtained, Silverado has initiated the permitting process, and will continue with other related work as it proceeds to arrange sufficient funds to begin construction of a commercial facility of a size yet to be determined.
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. -----------
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Alan Greenspan. |
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