10KSB/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

AMENDMENT NO. 1 TO
FORM 10-KSB

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

For the fiscal year ended NOVEMBER 30, 2004

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

For the transition period from ____________________ to ____________________

COMMISSION FILE NUMBER: 0-12132

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

British Columbia, Canada	98-0045034
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification
	No.)
Suite 505, 1111 West Georgia Street
Vancouver, British Columbia, Canada	V6E 4M3
(Address of principal executive offices)	(Zip Code)
(604)  689-1535
Issuer's telephone number

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

Securities registered under Section 12(g) of the Exchange Act:
COMMON SHARES, NO PAR VALUE

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

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

State issuer's revenues for its most recent fiscal year $NIL

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed
by reference to the price at which the common equity was sold, or the average bid and asked price of such
common equity, as of a specified date within the past 60 days. (See definition of affiliate in Rule 12b-2 of the
Exchange Act.) $10,423,392 as of May 13, 2005

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest
practicable date. 268,187,680 common shares, no par value outstanding as of April 11, 2005.

Transitional Small Business Disclosure Format (check one): Yes  ¨  No  x

EXPLANATORY NOTE

This Amendment No. 1 (“Amendment No. 1”) to the Annual Report on Form 10-KSB for the year ended November 30, 2004, as filed with the SEC on March 30, 2004 (the “Original Form 10-KSB”), amends and restates in its entirety Item 7 of the Original Form 10-KSB and the audited financial statements for the years ended November 30, 2004 and 2003 included with the Original Form 10-KSB. The audited financial statements have been amended to:

1.              Denote certain information as at November 30, 2003 and for the year ended November 30, 2003 as being restated, and

2.              Add an additional Note 17 to the audited financial statements in order to provide an explanatory note regarding the Company’s amended and restated financial statements for the year ended November 30, 2003.

The amendments to the financial statements follow the filing by the Company of amended and restated financial statements for the years ended November 30, 2003 and 2002 with the Company’s Amendment No. 2 to Form 10-KSB for the year ended November 30, 2003 filed with the SEC on April 6, 2005. There have been no amendments to the Company’s balance sheet as at November 30, 2004 or the Company’s statements of operations, cash flows and stockholders’ equity for the year ended November 30, 2004.

This Amendment No. 1 does not amend any other information included in the Original Form 10-KSB.

ITEM 7.           FINANCIAL STATEMENTS.

Our audited financial statements for the year ended November 30, 2004, as set forth below, are included with this Annual Report on Form 10-KSB. Our audited financial statements are prepared on the basis of accounting principles generally accepted in the United States and are expressed in U.S. dollars.

	Page
Auditors’  Report – Amisano Hanson	F-1
Auditors’  Report – Morgan & Company	F-2
Consolidated Balance Sheets, November 30, 2004 and 2003	F-3
Consolidated Statements of Operations for the Years Ended November 30, 2004 and 2003	F-4
Consolidated Statements of Cash Flows for the Years Ended November 30, 2004 and 2003	F-5
Consolidated Statement of Stockholders’ Equity (Deficiency) for the Years Ended November 30, 2002 to 2004	F-6
Notes to Consolidated Financial Statements	F-7 to F-27

- 2 -

SILVERADO GOLD MINES LTD.

(An Exploration Stage Company)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

November 30, 2004 and 2003

(Stated in United States Dollars)

A PARTNERSHIP OF INCORPORATED PROFESSIONALS AMISANO HANSON
CHARTERED ACCOUNTANTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders,
Silverado Gold Mines Ltd.
(An Exploration Stage Company)

We have audited the accompanying consolidated balance sheet of Silverado Gold Mines Ltd. (An Exploration Stage Company) and its subsidiary as of November 30, 2004 and the related consolidated statements of operations, cash flows and stockholders' equity (deficiency) for the year ended November 30, 2004 and the period since recommencement of the exploration stage December 1, 2001 to November 30, 2004. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. The consolidated financial statements as of November 30, 2003 and for the year ended November 30, 2003 were audited by other auditors whose report dated January 31, 2004, except as to Note 17, which is as of February 3, 2005, expressed an unqualified opinion on those statements. Our opinion on the statements of operations, cash flows and stockholders’ equity (deficiency) for the period since recommencement of the exploration stage December 1, 2001 to November 30, 2004 insofar as it relates to amounts for the prior periods through November 30, 2003 is based on the report of other auditors.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States of America). Those standards require that we plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, these financial statements referred to above present fairly, in all material respects, the financial position of Silverado Gold Mines Ltd. (An Exploration Stage Company) and its subsidiary as of November 30, 2004 and the results of their operations and their cash flows for the year ended November 30, 2004 and the period since recommencement of the exploration stage December 1, 2001 to November 30, 2004, in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements referred to above have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has a working capital deficiency, has not yet achieved profitable operations and is dependent on its ability to raise capital from shareholders or other sources to sustain operations. These factors, along with other matters as set forth in Note 1, raise substantial doubt that the Company will be able to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Vancouver, Canada	“AMISANO HANSON”
February 21, 2005	Chartered Accountants

750 WEST PENDER STREET, SUITE 604
VANCOUVER CANADA
V6C 2T7
TELEPHONE: 604-689-0188
FACSIMILE: 604-689-9773
E-MAIL: amishan@telus.net

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of
Silverado Gold Mines Ltd.
(An exploration stage company)

We have audited the accompanying consolidated balance sheet of Silverado Gold Mines Ltd. (an exploration stage company) as at November 30, 2003, and the related consolidated statements of operations, stockholders’ equity, and cash flows for the year ended November 30, 2003. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform an audit to obtain reasonable assurance whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at November 30, 2003, and the results of its operations and its cash flows for the year ended November 30, 2003 in accordance with generally accepted accounting principles in the United States.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2(a) to the financial statements, the Company has suffered net losses and negative cash flows from operations since its inception that raise substantial doubt about its ability to continue as a going concern. Management plans as to this matter are discussed in Note 2(a). The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

As described in Note 17 to the consolidated financial statements, the accompanying consolidated financial statements of Silverado Gold Mines Ltd. as of November 30, 2003, and for the year then ended, have been restated.

As described in Note 5 to the consolidated financial statements, the Company adopted the provisions of Statement of Financial Accounting Standards No. 143 – “Accounting for Asset Retirement Obligations”, effective December 1, 2002.

Vancouver, Canada	“Morgan & Company”
January 31, 2004, except as to Note 17 which is as at February 3, 2005	Chartered Accountants

Tel: (604) 687-5841		P.O. Box 10007 Pacific Centre
Fax: (604) 687-0075		Sute 1488 - 700 West Georgia Street
www.morgan-cas.com		Vancouver, B.C. V7Y 1A1

F-2

SILVERADO GOLD MINES LTD.
(An Exploration Stage Company)
CONSOLIDATED BALANCE SHEETS
November 30, 2004 and 2003
(Stated in United States Dollars)

		2004			2003
					(Restated)
ASSETS
Current
Cash and cash equivalents	$	12,828		$	397,290
Gold inventory		48,819			100,519
Amounts receivable		8,162			23,093
Prepaid expense		122,000			-
Exploration and development advances – Note 10		532,131			118,889
		723,940			639,791
Property, plant and equipment – Note 4		1,640,791			2,296,957
	$	2,364,731		$	2,936,748
LIABILITIES
Current
Accounts payable and accrued liabilities – Note 5	$	365,297		$	398,840
Loans payable secured by gold inventory		-			7,873
Mineral claims royalty payable – Note 3		320,000			240,000
Convertible debentures, current portion – Note 7		176,652			193,303
Capital lease obligation, current portion- Note 8		510,014			594,085
		1,371,963			1,434,101
Asset retirement obligation – Note 6		489,300			489,300
Convertible debentures – Note 7		-			194,142
Capital lease obligations – Note 8		407,468			641,492
		2,268,731			2,759,035
SHAREHOLDERS’ EQUITY
Capital stock – Note 9
Authorized: unlimited common shares with no par value
Issued and outstanding:
224,449,587 common shares (2003: 146,027,352)		68,253,942			64,066,135
Additional paid-in capital		466,314			464,314
Shares to be issued		70,000			115,000
Deferred compensation		-			(77,712	)
Accumulated deficit		(68,694,256	)		(64,390,024	)
		96,000			177,713
	$	2,364,731		$	2,936,748
Nature and Continuance of Operations – Note 1
Commitments and Contingencies – Note 12
Subsequent Events – Note 15

APPROVED BY THE DIRECTORS:

“Garry L. Anselmo”	Director	“James F. Dixon”	Director
Garry L. Anselmo		James F. Dixon

F-3

SILVERADO GOLD MINES LTD.
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
for the years ended November 30, 2004 and 2003,
and for the period since recommencement of exploration stage
December 1, 2001 to November 30, 2004
(Stated in United States Dollars)

								Period Since
								Recommencement
								of Exploration
								Stage
								December 1, 2001
		Years ended November 30,						to November 30,
		2004			2003			2004
					(Restated)
General and Administrative Expenses
Accounting and audit	$	43,725		$	21,683		$	101,720
Advertising and promotion		270,822			417,856			1,262,270
Consulting fees		1,150,904			911,796			4,020,958
Depreciation, accretion and impairment – Note 8		275,432			354,756			1,428,322
Exploration expenses		1,395,078			5,273,582			7,881,164
Interest on convertible debentures		15,074			246,956			660,374
Interest on capital lease obligations		56,905			144,257			201,162
Legal		92,834			77,974			206,574
Loss (gain) on foreign exchange		(84,038	)		(58,671	)		(132,289	)
Management services		328,387			204,932			737,378
Office		331,621			581,205			1,287,218
Other interest and bank charges		6,911			8,741			20,331
Reporting and investor relations		33,559			15,397			52,386
Research		79,967			148,465			485,386
Transfer agent fees and mailing		24,347			25,449			68,224
Write-off of mineral claim expenditures		-			-			1,159,529
Write-down of property, plant and equipment		285,875			-			285,875
Loss before the following		(4,307,403	)		(8,374,378	)		(19,726,582	)
Interest and other income		3,171			8,435			90,495
Cumulative effect of accounting change – Note 6		-			(153,226	)		(153,226	)
Net loss for the period	$	(4,304,232	)	$	(8,519,169	)	$	(19,789,313	)
Basic and diluted loss per share before cumulative
effect of accounting change	$	(0.02	)	$	(0.07	)
Cumulative effect of accounting change		-			-
Net loss per share	$	(0.02	)	$	(0.07	)
Basic and diluted weighted average number of
common shares outstanding		187,220,337			117,206,696

SEE ACCOMPANYING NOTES

F-4

SILVERADO GOLD MINES LTD.
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the years ended November 30, 2004 and 2003,
and for the period since recommencement of exploration stage
December 1, 2001 to November 30, 2004
(Stated in United States Dollars)

								Period Since
								Recommencement
								of Exploration Stage
								December 1, 2001
		Years ended November 30,						to November 30,
		2004			2003			2004
					(Restated)
Cash Flows used in Operating Activities
Net loss for the period	$	(4,304,232	)	$	(8,519,169	)	$	(19,789,313	)
Adjustments to reconcile loss to net cash provided
by (used in) operating activities:
Cumulative effect of accounting change		-			153,226			153,226
Depreciation, accretion and impairment		275,432			354,756			1,428,322
Stock-based compensation		79,712			543,967			2,252,950
Stock issued for debenture		-			57,388			217,687
Non-cash interest expense		5,881			236,168			486,370
Non-cash consulting expense		577,140			-			577,140
Write-off of mineral claim expenditures		-			-			1,159,529
Write-down of property, plant and equipment		285,875			-			285,875
Changes in non-cash operating working capital:
Amounts receivable		14,931			(14,745	)		(5,286	)
Gold inventory		51,700			(90,370	)		(37,679	)
Prepaid expense		(122,000	)		-			(122,000	)
Exploration and development advances		(413,242	)		460,856			(532,131	)
Accounts payable and accrued liabilities		(33,543	)		(65,408	)		(231,097	)
Increase in mineral claims royalty payable		80,000			100,000			3,500
		(3,502,346	)		(6,783,331	)		(14,152,907	)
Cash Flows from (used in) Investing Activities
Purchase of property, plant and equipment		(8,193	)		(548,647	)		(1,327,393	)
Disposal of property, plant and equipment		103,052			-			103,052
		94,859			(548,647	)		(1,224,341	)
Cash Flows from Financing Activities
Common stock issued for cash (net of share issue cost)		3,295,644			6,758,820			15,871,464
Repayment of convertible debentures		(16,651	)		(21,696	)		(38,347	)
Share subscriptions received		70,000			115,000			185,000
Repayment of loans payable		(7,873	)		(27,856	)		(35,729	)
Due to related party		-			-			(291,310	)
Repayment of capital lease obligations		(318,095	)		-			(318,095	)
		3,023,025			6,824,268			15,372,983
Decrease in cash and cash equivalents		(384,462	)		(507,710	)		(4,265	)
Cash and cash equivalents, beginning of year		397,290			905,000			17,093
Cash and cash equivalents, end of year	$	12,828		$	397,290		$	12,828
Cash and cash equivalents consist of:
Cash	$	5,239		$	390,362		$	5,239
Term deposit		7,589			6,928			7,589
	$	12,828		$	397,290		$	12,828
Supplementary disclosure of cash flow information:
Cash paid for:
Interest	$	56,905		$	12,491		$	74,075
Income taxes	$	-		$	-		$	-
Non-cash Transactions – Note 14

SEE ACCOMPANYING NOTES

F-5

SILVERADO GOLD MINES LTD.
(An Exploration Stage Company)
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIENCY)
for the years ended November 30, 2002 to 2004
(Stated in United States Dollars)

													Deficit
													Accumulated
								Additional					During the
	Common Stock				Share			Paid-in		Deferred			Exploration
	Shares		Amount		Subscriptions			Capital		Compensation			Stage			Total
Balance, November 30, 2001	42,423,988	$	47,056,285	$	-		$	-	$	-		$	(48,904,944	)	$	(1,848,659	)
Shares issued:
For options exercised	6,900,000		925,000		-			-		-			-			925,000
For warrants exercised	16,250,000		1,970,000		-			-		-			-			1,970,000
For consulting fees	4,793,335		1,232,551		-			-		-			-			1,232,551
For private placements	20,775,000		2,922,000		-			-					-			2,922,000
In lieu of payment for debentures	6,944,308		1,465,927		-			-		-			-			1,465,927
Share subscriptions	-		-		268,613			-		-			-			268,613
Stock option granted	-		-		-			292,320		(164,213	)		-			128,107
Net loss for the year	-		-		-			-		-			(6,965,911	)		(6,965,911	)
Balance, November 30, 2002 (restated)	98,086,631		55,571,763		268,613			292,320		(164,213	)		(55,870,855	)		97,628
Shares issued:
For private placements (net)	24,651,340		5,344,245		-			-		-			-			5,344,245
For options exercised	200,000		70,000		-			-		-			-			70,000
For warrants exercised	15,278,171		1,344,575		-			-		-			-			1,344,575
For consulting fees	2,511,668		554,085		(268,613	)		-		-						285,472
In lieu of payment for debentures	5,299,542		1,181,467		-			-		-			-			1,181,467
Subscriptions received	-		-		115,000			-		-			-			115,000
Amortization of stock-based compensation	-		-		-			-		129,397			-			129,397
Stock option granted	-		-		-			171,994		(42,896	)		-			129,098
Net loss for the year	-		-		-			-		-			(8,519,169	)		(8,519,169	)
Balance, November 30, 2003 (restated)	146,027,352		64,066,135		115,000			464,314		(77,712	)		(64,390,024	)		177,713
Shares issued:
For private placements	55,114,441		2,564,899		(115,000	)		-		-			-			2,449,899
For warrants exercised	14,876,597		845,745		-			-		-			-			845,745
For consulting fees	6,416,667		577,140		-					-			-			577,140
In lieu of payment for debentures	2,014,530		200,023		-			-		-			-			200,023
Subscriptions received	-		-		70,000			-		-			-			70,000
Amortization of stock-based compensation			-		-			-		77,712			-			77,712
Stock-based compensation	-		-		-			2,000		-			-			2,000
Net loss for the year	-		-		-			-		-			(4,304,232	)		(4,304,232	)
Balance, November 30, 2004	224,449,587	$	68,253,942	$	70,000		$	466,314	$	-		$	(68,694,256	)	$	96,000

SEE ACCOMPANYING NOTES

F-6

SILVERADO GOLD MINES LTD.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
November 30, 2004 and 2003
(Stated in United States Dollars)

Note 1	Nature and Continuance of Operations
	The Company is an exploration stage company and is in the process of exploring its resource properties and has not yet determined whether these properties contain reserves that are economically recoverable. The company is also engaged in the development of low-rank coal-water fuel as a replacement for oil fired boilers and utility generators.
	These financial statements have been prepared on a going concern basis, which assumes the realization of assets and settlement of liabilities in the normal course of business. The Company has a working capital deficiency of $648,023 as at November 30, 2004, has not yet achieved profitable operations and has accumulated losses totalling $68,694,256 since inception. The Company is in arrears of required mineral claims and option payments for certain of its mineral properties at November 30, 2004, in the amount of $320,000 (2003: 240,000) and therefore, its rights to these properties may be adversely affected as a result of these non-payments. The Company understands that it is not in default of the agreements in respect of these properties. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that the Company will be able to continue as a going concern. These consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern.
	The Company plans to continue raising capital through private placements and warrant issues. In addition, the Company is exploring other business opportunities including the development of low-rank coal-water fuel as replacement fuel for oil fired industrial boilers and utility generators.
Note 2	Summary of Significant Accounting Policies
	These consolidated financial statements are prepared in conformity with United States of America generally accepted accounting principles. The application of Canadian generally accepted accounting principles to these financial statements would not result in material measurement or disclosure differences.
	The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgement. Actual results may differ from these estimates.

F-7

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 2

Note 2	Summary of Significant Accounting Policies
	The financial statements have, in management’s opinion, been properly prepared within the framework of the significant accounting policies summarized below:
	a)	Basis of Consolidation
		These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Silverado Green Fuel Inc. All significant inter-company transactions have been eliminated.
	b)	Environmental Costs
		Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the costs can be reasonably estimated. Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Company’s commitment to a plan of action based on the then know facts.
	c)	Basic and Diluted Loss Per Share
		Basic loss per share are computed by dividing the loss for the year by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if potentially dilutive securities were exercised or converted to common stock. The dilutive effect of options and warrants and their equivalent is computed by application of the treasury stock method and the effect of convertible securities by the “if converted” method. Fully diluted amounts are not presented when the effects of the computations are anti-dilutive due to the losses incurred. Accordingly, there is no difference in the amounts presented for basic and diluted loss per share.
	d)	Financial Instruments
		The carrying value of cash and cash equivalents, accounts payable and accrued liabilities and loans payable secured by gold inventory approximate fair value because of the short-term maturity of these instruments. The carrying amounts reported in the balance sheet for convertible debentures approximate their fair values as they bear interest at rates which approximate market rates. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.

F-8

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 3

Note 2	Summary of Significant Accounting Policies
	e)	Income Taxes
		The Company uses the assets and liability method of accounting for income taxes pursuant to Statement of Financial Accounting Standards (“SFAS”) No. 109 “Accounting for Income Taxes”. Under the assets and liability method of SFAS No. 109, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
	f)	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 the financial statements, even though such companies should comply with Financial Accounting Standard Board Statement No. 7, if applicable. Accordingly, the Company has not been referred to as being a development stage company. Accumulated results of operations are presented from December 1, 2001, the date the Company re-entered the exploration stage.
	g)	Gold Inventory
		Gold inventory is valued at the lower of weighted average cost and estimated net realizable value.
	h)	Mineral Claim Payments and Exploration Costs
		The Company expenses all costs related to the acquisition, maintenance and exploration of mineral claims in which it has secured exploration rights prior to establishment of proven and probable reserves. To date, the Company has not established the commercial feasibility of its exploration prospects, therefore, all costs are being expensed. The Company sold 187 troy ounces of gold for proceeds of $54,849 which have been directly applied as a reduction to exploration costs.

F-9

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 4

Note 2	Summary of Significant Accounting Policies
	i)	Asset Retirement Obligation
		Effective December 1, 2002, the Company adopted SFAS No. 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 mount of the liability, the Company will recognize a gain or loss on settlement.
	j)	Property, Plant and Equipment
		Property, plant and equipment are stated at cost. Depreciation is provided as follows:

Building, plant and equipment	Straight line over 3 to 20 years
Mining equipment under capital lease	Straight line over 10 years
Auto and trucks	Straight line over 10 years
Computer equipment	Straight line over 3 years

k)	Cash and Cash Equivalents
	The Company considers all liquid investments, with an original maturity of three months or less when purchased, to be cash equivalents.
l)	Foreign Currency Translation
	The Company considers its functional currency to be the U.S. dollar for its U.S. and Canadian operations. Monetary assets and liabilities denominated in foreign currencies are translated into U.S. funds at the rates of exchange in effect at the year- end. Non-monetary assets and revenue and expense transactions are translated at the rate in effect at the time at which the transactions took place. Foreign exchange gains and losses are included in the determination of results from operations for the year.

F-10

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 5

Note 2	Summary of Significant Accounting Policies
	m)	Revenue Recognition
		Proceeds on gold recoveries from test mining are recorded as a reduction of exploration costs during the period the Company is in the exploration stage.
	n)	Research Expenditures
		Research expenditures are expensed in the year incurred.
	o)	Accounting for Stock-based Compensation
		Effective November 1, 2002, the Company adopted the fair value recognition provision of SFAS No. 123, “Accounting for Stock-based Compensation”. Under the modified prospective method of adoption selected by the Company under the provisions of SFAS No. 148, “Accounting for Stock-based Compensation – Transition and Disclosure”, compensation cost recognized in 2003 is the same as that which would have been recognized had the recognition provisions of SFAS No. 123 been applied from its original effective date. Results for prior years have not been restated. The value of shares issued to non-employees for services is measured at the date the services are performed.
	p)	Recent Accounting Pronouncements
		In May 2003, SFAS No. 150, “Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity”. This standard establishes how an issuer classifies and measures certain financial instruments with characteristics of both liabilities and equity. This standard becomes effective for any financial instruments entered into or modified after May 31, 2003. We do not expect the adoption of SFAS No. 150 to have a material effect on our financial statements.
		In April 2003, the FASB issued SFAS No. 149, “Amendment of Statement 133 on Derivative Instruments and Hedging Activities”. This statement amends and clarifies financial accounting and reporting for derivative instruments, including certain derivative instruments embedded in other contracts (collectively referred to as derivatives) and for hedging activities under SFAS No. 133 “Accounting for Derivative Instruments and Hedging Activities” entered into after June 30, 2003. We do not expect the adoption of SFAS No. 149 to have a material effect on our financial statements.

F-11

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 6

Note 2 Summary of Significant Accounting Policies

p)	Recent Accounting Pronouncements – (cont’d)
	In January 2003, the FASB issued FASB Interpretation No. 46 (“FIN 46”), “Consolidation of Variable Interest Entities”. This interpretation gives guidance that determines whether consolidation of a Variable Interest Equity is required and is effective for all variable interest entities with which we become involved beginning in February 2003, and all pre-existing entities beginning after June 15, 2003. We do not expect the adoption of FIN 46 to have a material effect on our financial statements.
	In December 2002, the FASB issued SFAS No. 148, “Accounting for Stock-Based Compensation – Transition and Disclosure”. SFAS No. 148 amends SFAS No. 123 “Accounting for Stock-Based Compensation” to provide alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation. In addition, SFAS No. 148 amends the disclosure requirements of SFAS No. 123 to require prominent disclosures about the method of accounting for stock-based employee compensation and the effect of the method used on reported results.
	In November 2002, the FASB issued SFAS interpretation No. 45 (“FIN 45”), Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Guarantees of Indebtedness of Others”. FIN 45 requires that upon issuance of a guarantee, the guarantor must recognize a liability for the fair value of the obligation it assumes under that guarantee. The initial recognition and measurement should be applied on a prospective basis to guarantees issued or modified after December 31, 2002. Disclosure requirements are effective for financial statements of both interim and annual periods that end after December 15, 2002. We have no guarantees to unaffiliated third parties so the adoption of FIN 45 had no impact on our financial statements.
	In June 2002, the FASB issued SFAS No. 146, “Accounting for Costs Associated with Exit or Disposal Activities”. This standard addresses the recognition, measurement and reporting of costs that are associated with exit or disposal activities. SFAS No. 146 is effective for exit or disposal activities that are initiated after December 31, 2002. The adoption of SFAS No. 146 had not impact on our financial statements.

F-12

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 7

Note 3 Mineral Property Interests

A)	Ester Dome Gold Project, Fairbanks Mining District, Alaska
	The Ester Dome Gold Project encompasses all of the Company’s properties on Ester Dome, which is accessible by road 10 miles northwest of Fairbanks, Alaska. The specific properties at this site are as follows:
	i)	Grant Mine
		This property consists of 26 state mineral claims subject to payments of 15% of net profits until $2,000,000 has been paid and 3% of net profits thereafter.
	ii)	May (St. Paul)/Barelka:
		This gold property consists of 22 state mineral claims subject to payments of 15% of net profits until $2,000,000 (inflation indexed from 1979) has been paid and 3% of net profits thereafter.
	iii)	Dobb’s:
		This property consists of 1 unpatented Federal mineral claim and 4 State mineral claims subject to payments of 15% of net profits until $1,500,000 has been paid and 3% of net profits thereafter.
B)	Nolan Gold Project, Wiseman Mining District, Alaska
	The Nolan Gold Project consists of 4 contiguous properties covering approximately 6 square miles, 8 miles west of Wiseman and 175 miles north of Fairbanks, Alaska. The specific properties at this site are as follows:
	i)	Nolan Placer:
		This property consists of 158 unpatented Federal placer claims.
	ii)	Thompson’s Pup:
		This property consists of 6 unpatented Federal placer claims and is subject to a royalty of 3% of net profits on 80% of production.

F-13

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 8

Note 3 Mineral Property Interests – (cont’d)

B)	Nolan Gold Project, Wiseman Mining District, Alaska – (cont’d)
	iii)	Dionne (Mary’s Bench):
		This property consists of 15 unpatented Federal placer claims.
	iv)	Smith Creek:
		This property consists of 35 unpatented Federal placer claims.
	v)	Nolan Lode:
		This property consists of 67 unpatented Federal lode claims. The lode claims overlie much of the placer properties and extend beyond them.
		During the year ended November 30, 2003, the Company staked 36 unpatented Federal lode claims.
C)	Hammond Property, Wiseman Mining District, Alaska
	This property consists of 24 Federal placer claims and 36 Federal lode claims covering one and one-half square miles and adjoining the Nolan Gold Properties. The Company is obligated to pay a royalty equal to 10% of gross production and is subject to a minimum royalty of $80,000 per year. As at November 30, 2004, royalty payments totalling $320,000 (2003: $240,000) are unpaid, in arrears, and included in mineral claims payable.
D)	Eagle Creek Property, Fairbanks Mining District, Alaska
	This property consists of 77 state mineral claims. The Company has an option agreement to purchase a 100% interest in the property for $400,000 of which $68,000 remains to be paid. The amount of $5,000 per year is required to be paid to keep the agreement in good standing.

F-14

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 9

Note 4	Property, Plant and Equipment
	Property, plant and equipment primarily include mining equipment and camp facilities at the Nolan Gold Project.

		2004
				Accumulated		Net Book
		Cost		Amortization		Value
Nolan Gold Project buildings	$	63,000	$	63,000	$	-
Nolan mining equipment		855,730		262,557		593,173
Nolan mining equipment
under capital lease		1,134,342		95,197		1,039,145
Other equipment		420,823		412,350		8,473
	$	2,473,895	$	833,104	$	1,640,791
		2003 (Restated)
				Accumulated		Net Book
		Cost		Amortization		Value
Nolan Gold Project buildings	$	63,000	$	5,879	$	57,121
Nolan mining equipment		667,410		96,896		570,514
Nolan mining equipment
under capital lease		1,746,320		207,866		1,538,454
Other equipment		543,113		412,245		130,868
	$	3,019,843	$	722,886	$	2,296,957

Note 5	Accounts Payable and Accrued Liabilities
	Accounts payable and accrued liabilities consist of:

		2004		2003
				(Restated)
Accounts payable	$	287,395	$	330,130
Accrued interest		77,902		68,710
	$	365,297	$	398,840

F-15

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 10

Note 6	Asset Retirement Obligations
	The Company adopted SFAS No. 143 on December 1, 2002. Upon adoption the Company increased its reclamation liability by $270,000, increased the carrying value of assets by $116,774 and recorded a cumulative effect adjustment of $153,226.
	Asset retirement obligations relate to the closure and reclamation of the Grant Mine Tailing Pond, and to the reclamation work associated with the Nolan gold Project consisting of dismantling and removal of site structures and equipment, and reshaping and revegetating the disturbed areas. The Grant Mine assets were written off as impaired effective December 1, 2001 and an amount of $47,378 was also charged to operations in the year ended November 30, 2003 for the increase in the asset retirement obligations related to those Grant Mine assets. The Company has no assets legally restricted for purposes of settling asset retirement obligations. Had SFAS No. 143 been applied to the year ended November 30, 2002, the accrued reclamation liability would have been $443,809.
	Reconciliation of asset retirement obligation for the years ended November 30, 2003 and 2004:

		Grant		Nolan
		Mine		Project		Total
Balance, December 1, 2002 (restated)	$	300,000	$	166,000	$	466,000
Accretion expense		15,000		8,300		23,300
Liabilities settled		-		-		-
Balance, November 30, 2003 (restated)
and 2004	$	315,000	$	174,300	$	489,300

Note 7	Convertible Debentures – Note 9
	Convertible debentures outstanding at November 30, 2004 and 2003 consisted of the following:

		2004			2003
Renegotiated in 2001	$	-		$	194,142
Issued in 1994		140,000			140,000
Issued in 1999		36,652			53,303
		176,652			387,445
Less: current portion		(176,652	)		(193,303	)
	$	-		$	194,142

F-16

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 11

Note 7	Convertible Debentures – Note 9 – (cont’d)
	a)	On March 1, 2001, the Company completed negotiations to restructure its $1,860,000 convertible debentures. The replacement debentures aggregated $2,384,892 and consisted of the original $1,860,000 principal amount plus all accrued interest to March 1, 2001. The debentures bear interest of 8.0% per annum. Interest is due and payable on a quarterly basis on February 28, May 31, August 31 and November 30. If the Company fails to make any payment of principal or interest, the Company must issue shares equivalent in value to the unpaid amounts of 20% below the average market price.
		Remaining debentures of $140,000 plus accrued interest of $76,027 are in default, however, it is unclear whether they will be exchanged for replacement debentures.
	b)	In February 1999 the Company issued a debenture for $75,000 with interest payable at a rate of 5.0% per annum. The debenture is unsecured and it was due on February 28, 2002. During the year ended November 30, 2004, the Company made a principal payment of $16,652 (2003: $21,697) and an interest payment of $Nil (2003: $3,750).
Note 8	Capital Lease Obligations
	a)	On October 11, 2002, the Company entered into a lease purchase agreement whereby the Company would purchase mining equipment valued at a total of $1,496,150. The agreement required payment upon signing of $550,000 (paid), $100,000 (paid) on or before December 1, 2003 and 24 equal payments thereafter for the balance of the purchase price plus interest at a rate of 12% per annum.
	b)	On February 14, 2003, the Company entered into a three-year lease agreement whereby the company would purchase mining equipment valued at a total of $250,170. The agreement required payment upon signing of $105,000 (paid), 25,000 on or before December 4, 2003 and 24 equal payments for the balance of the purchase price plus interest at a rate of 12% per annum.

During the year ended November 30, 2004, the Company entered into an agreement to combine the two lease agreements. The new agreement required payment upon signing of $50,000 (paid), monthly payments of $25,000 to December 2004 and $48,851 thereafter until July 2006 for the balance of principal plus interest at a rate of 7.5% per annum.

F-17

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 12

Note 8	Capital Lease Obligations – (cont’d)
	The assets and liabilities under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the asset. The assets are amortized over their estimated productive lives which are estimated to be 10 years. Amortization on assets under capital leases charged to expense in 2004 was $174,632 (2003: $170,462).
	Minimum future lease payments under capital leases as of November 30, 2004 and 2003 for each of the next two years and in the aggregate are:

		2004			2003
November 30, 2004	$	-		$	705,466
November 30, 2005		562,356			635,302
November 30, 2006		419,636			52,880
Total minimum lease payments		981,992			1,393,648
Less: interest		(64,510	)		(158,071	)
		917,482			1,235,577
Less: current portion		(510,014	)		(594,085	)
Long-term portion	$	407,468		$	641,492

F-18

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 13

Note 9	Common Stock
	Commitments:
	a)	Stock Options:
		A summary of the change in stock options for the year ended November 30, 2004 and 2003 is presented below:

			Weighted
	Number		Average
	of		Exercise
	Options		Price
Outstanding at November 30, 2002	2,800,000		$0.25
Granted	7,220,000		0.63
Exercised	(200,000	)	0.35
Expired	(400,000	)	0.35
Outstanding at November 30, 2003	9,420,000		$0.52
Granted	20,880,000		0.11
Expired	(870,000	)	0.18
Outstanding and exercisable at November 30, 2004	29,430,000		$0.24

As at November 30, 2004, the following stock options were outstanding:

Number of	Exercise
Options	Price	Expiry Date
6,500,000	$0.13	December 4, 2008
5,680,000	0.13	January 8, 2011
15,000,000	0.10	July 8, 2011
550,000	0.10	December 1, 2004
900,000	0.15	February 1, 2008
200,000	0.20	May 1, 2005
200,000	0.30	September 1, 2005
200,000	0.40	September 1, 2005
200,000	0.50	September 1, 2005
29,430,000

F-19

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 14

Note 9	Common Stock – (cont’d)
	Commitments: - (cont’d)
	a)	Stock Options: - (cont’d)
		The Company does not record a compensation expense on the granting of stock options to employees and directors, but does provide disclosure of the pro forma loss per share information had the Company elected to follow the fair value method. Using the Black-Scholes option pricing model the pro forma information is as follows:

		2004			2003
Net loss for the year as reported	$	(4,304,232	)	$	(8,519,169	)
Stock-based compensation		(1,431,600	)		-
Pro forma net loss for the year	$	(5,735,832	)	$	(8,519,169	)
Pro forma basic and diluted loss per share	$	(0.03	)	$	(0.07	)

The following assumptions were used for the Black-Scholes model:

Risk free interest rate	2.63% - 3.38%
Dividend free yield	0%
Expected volatility	74.8% - 111.1%
Weighted average expected stock option life	7 years

	The weighted average fair value of the employee and director stock options granted was $0.07 per share.
b)	Warrants:
	Warrants outstanding as at November 30, 2004 are exercisable into 1 common share for each warrant held and a summary is presented below:

F-20

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 15

Note 9	Common Stock – (cont’d)
	Commitments: - (cont’d)
	b)	Warrants: - (cont’)

	Exercise
	Price per
Number of	Warrant
Warrants	$	Expiry Date
5,000,000	0.0750	April 19, 2006
1,400,000	0.0750	May 10, 2006
2,000,000	0.0400	May 27, 2006
8,000,000	0.0650	June 9, 2006
8,000,000	0.0750	June 9, 2006
2,500,000	0.0650	July 9, 2006
2,500,000	0.0750	July 9, 2006
5,357,143	0.0550	September 15, 2006
2,857,143	0.0575	September 15, 2006
2,500,000	0.0650	September 15, 2006
2,333,333	0.0600	October 1, 2005
10,000,000	0.0500	November 1, 2006
10,000,000	0.0575	November 1, 2006
2,666,666	0.1500	February 25, 2007
65,114,285

	c)	Convertible Debentures – Note 7
Note 10	Related Party Transactions
	The Company has had related party transactions with Tri-Con Mining Ltd., Tri-Con Mining Inc., Tri-Con Mining Alaska Inc. (collectively the “Tri-Con Group”), all of which are controlled by a director of the Company.

F-21

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 16

Note 10	Related Party Transactions – (cont’d)
	The Tri-Con Group are operations, exploration and development contractors and have been employed by the Company under contract since 1972 to carry out all the Company’s fieldwork and to provide administrative and management services. Under the current contract dated January, 1997, work is charged at cost plus 25% for exploration and cost plus 15% for development and mining. Cost includes out-of-pocket or actual cost plus 15% charge for office overhead including stand-by and contingencies. There is no mark- up on capital purchases. The Tri-Con Group does not charge the Company for the services of its directors who are also directors of the Company. At November 30, 2004, the Company had advanced $532,131 (2003: $118,889) to the Tri-Con Group for exploration and development expenses to be performed during the next fiscal period on behalf of the Company. For the year ended November 30, 2004, the Tri-Con Group’s services focused mainly on corporate planning, mining, engineering and preparation for year round production on the Company’s Nolan property, administration services at both the field and corporate offices and the Low-Rank Coal-Water fuel project.
	The aggregate amounts paid to the Tri-Con Group each year by category, including amounts relating to the Grant Mine Project and Nolan properties, for disbursements and for services rendered by the Tri-Con Group personnel working on the Company’s projects and include interest charged on outstanding balances at the Tri-Con Group’s borrowing costs are shown below:

		2004		2003
Exploration, development and field services	$	948,729	$	3,841,618
Administrative and management services		831,017		427,551
Research		79,967		148,465
	$	1,859,713	$	4,417,634
Amount of total charges in excess of Tri-Con
costs incurred	$	275,121	$	984,726
Excess amount charged as a percentage of actual
costs incurred		14.8%		22.3%

The amounts charged for services by the Tri-Con Group approximate the fair value of these costs had they been performed by arm’s length parties.

F-22

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 17

Note 11	Income Taxes
	Tax effects of temporary differences that give rise to deferred tax assets at November 30, 2004 and 2003 are as follows:

		2004			2003
					(Restated)
Net operating loss carry forwards	$	12,075,000		$	14,467,000
Temporary differences arising from mineral
properties and building, plant and equipment		(1,364,000	)		1,051,000
Valuation allowance		(10,711,000	)		(15,518,000	)
Net future tax asset (liability)	$	-		$	-
At November 30, 2004, we had losses carried forward totalling $23,261,000 available to reduce future years’ income for U.S. income tax purposes which expire in various years to 2024. In addition, we had losses carried forward in Canada totalling CDN$14,501,000 which expire in various years to 2014. The provision for income taxes differs from the amount computed by applying the Canadian statutory federal income tax rate of 37.62% (2003: 37.62%) to net loss before provision for income taxes. The sources and tax effects of the differences are as follows:

		2004			2003
					(Restated)
Computed “expected” tax benefit	$	(1,718,000	)	$	(3,205,000	)
Tax loss expired during the year		1,546,000			1,021,000
Temporary differences and other		18,000			(86,000	)
Change in valuation allowance		64,000			2,200,000
Difference in foreign tax rate and other		90,000			70,000
Income tax provision	$	-		$	-

Note 12	Commitments and Contingencies
	a)	Severance Agreements with Directors
		The Company has entered into compensation agreements with two directors of the Company. The agreements provide for severance arrangements where a change of control of the Company occurs, as defined, and the directors are terminated. The compensation payable to the two directors aggregates $4,100,000 (2003: $4,100,000) plus the amount of annual bonuses and other benefits that they would have received in the eighteen months following termination.

F-23

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 18

Note 12	Commitments and Contingencies – (cont’d)
	b)	Consulting Agreements
		The Company entered into consulting agreements with ten individuals for various corporate planning and business development services to the Company. Under the terms of the agreements, the Company will issue an aggregate 1,255,000 shares over the length of the contracts which range from six months to two years. Consulting fees are calculated using the number of shares issued multiplied by the closing price on the day the shares were issued.
	c)	Office Lease
		The Company entered into a three-year office lease agreement. The Company is committed to the following annual basic rental payments:

Year ended November 30, 2005	$	51,784	(CDN$61,416)
2006		51,784	(CDN$61,416)
2007		12,946	(CDN$15,354)
	$	116,514

Note 13	Segment Disclosures
	a)	Reportable Segments
		The Company operates in one reportable segment being the acquisition, exploration and development of mineral properties. The Company’s development of low-rank coal-water fuel is in its initial stages and is not a reportable segment.
	b)	Geographical Information
		The following presents financial information about geographical areas:

		2004		2003
				(Restated)
Net loss for the year:
Canada	$	1,824,434	$	1,746,886
United States		2,479,798		6,772,283
	$	4,304,232	$	8,519,169
Long-lived assets:
Canada		8,473		19,618
United States		1,632,318		2,277,339
	$	1,640,791	$	2,296,957

F-24

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 19

Note 14	Non-Cash Transactions
	Investing and financing activities that do not have a direct impact on current cash flows are excluded from the cash flow statements. The following transactions were excluded from the statements of cash flows:
	During the year ended November 30, 2004:
	a)	the Company issued 1,956,458 common shares at various prices for total proceeds of $194,142 pursuant to payment of convertible debentures;
	b)	the Company issued 58,072 common shares at various prices for total proceeds of $5,881 pursuant to payment of interest payable on convertible debentures;
	c)	the Company issued 6,416,667 common shares at various prices for total proceeds of $577,140 pursuant to payment of consulting fees;
	d)	the Company utilized prior year’s share subscriptions of $115,000 for the issuance of common shares.
	During the year ended November 30, 2003:
	a)	the Company purchased mining equipment of $250,170 under capital lease;
	b)	the Company issued 4,990,641 common shares at various prices for total proceeds of $927,168 pursuant to payment of convertible debentures;
	c)	the Company issued 389,901 common shares at various prices for total proceeds of $57,388 pursuant to payment of interest payable on convertible debentures;
	d)	the Company issued 2,511,668 common shares at various prices for total proceeds of $285,472 pursuant to payment of consulting fees.
Note 15	Subsequent Events
	Subsequent to November 30, 2004, the Company:
	a)	issued 562,500 common shares at $0.04 per share totaling $22,500 pursuant to a private placement;
	b)	issued 13,927,001 common shares at $0.03 per share totaling $417,810 pursuant to a private placement;

F-25

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 20

Note 15	Subsequent Events – (cont’d)
	c)	issued 3,076,924 common shares at $0.0325 per share totaling $100,000 pursuant to a private placement;
	d)	issued 650,000 common shares at $0.06 per share totaling $39,000 pursuant to consulting fees.
	e)	issued 3,500,000 common shares at $0.06 per share totaling $210,000 pursuant to replacement warrants.
	f)	issued 2,000,000 common shares at $0.025 per share totaling $50,000 pursuant to consulting fees.
	g)	issued 1,150,000 common shares at $0.033 per share totaling $37,950 pursuant to consulting fees.
	h)	issued 75,000 common shares at $0.05 per share totaling $3,750 pursuant to consulting  fees.
Note 16	Comparative Figures
	Certain figures of the comparative year have been restated to conform with the current year’s presentation.
Note 17	Restatement
	The accompanying consolidated financial statements for the year ended November 30, 2003 have been restated to give effect to the write-off of exploration and mineral property costs previously capitalized, to correct a computation error in the amount of asset retirement obligations, to provide for an impairment charge on certain property, plant and equipment, and to correct an error in recording the effect of the issuance of shares of common stock issued at a 20% discount to debenture holders upon repayment of amounts due by way of stock issued instead of cash. These restatements occurred and were recorded for the years ended November 30, 2003 and 2002.
	The effect of the restatements on loss for the period and loss per share is as follows:

F-26

Silverado Gold Mines Ltd.
(An Exploration Stage Company)
Notes to the Consolidated Financial Statements
November 30, 2004 and 2003
(Stated in United States Dollars) – Page 21

Note 17 Restatement – (cont’d)

		2003
Net loss for the period, as previously stated	$	(3,675,079	)
Exploration costs written off		(4,766,335	)
Mineral property costs written off		350,000
Depreciation and accretion		(77,618	)
Beneficial conversion feature		(196,911	)
Cumulative effect of accounting change		(153,226	)
Net loss for the period, as restated	$	(8,519,169	)
Net loss per share, as previously stated	$	(0.03	)
Exploration costs written off		(0.04	)
Mineral property costs written off		(0.00	)
Depreciation and accretion		(0.00	)
Beneficial conversion feature		(0.00	)
Cumulative effect of accounting change		(0.00	)
Net loss per share, as restated	$	(0.07	)

F-27

ITEM 13.         EXHIBITS

Exhibit
Number	Description of Exhibit
3.1	Articles of the Company (1)
3.2	Amendment to Articles of the Company (2)
3.3	Altered Memorandum of the Company (3)
3.4	Amendment to Articles of the Company (8)
4.1	Share certificate representing common shares of the capital of the Company (1)
10.1	Agreement for Conditional Purchase and Sale of Mining Property between the Company and Roger C. Burggraf dated October 6, 1978 – Grant Mine Property (1)
10.2	Agreement for Conditional Purchase and Sale of Mining Property between the Company and Paul Barelka, Donald May and Mark Thoennes dated May 12, 1979 – St. Paul Property (1)
10.3	Lease of Mining Claims with Option to Purchase between the Company and Alaska Mining Company, Inc. dated February 3, 1995 – Hammond Property (4)
10.4	Change of Control Agreement between the Company and Garry L. Anselmo dated May, 1995(6)
10.5	Change of Control Agreement between the Company and James Dixon dated May, 1995 (6)
10.6	Amendment to Change of Control Agreement between the Company and Garry L. Anselmo (6)
10.7	Operating Agreement between the Company and Tri-Con Mining Ltd. dated January 1, 1997 (5)
10.8	Operating Agreement between the Company and Tri-Con Mining Inc. dated January 1, 1997 (6)
10.9	Operating Agreement between the Company and Tri-Con Mining Alaska Inc. dated January 1, 1997 (6)
10.10	Contract between the Company and Dr. Warrack Willson dated March 19, 2001 (6)
10.11	Equipment Lease Agreement between the Company and Airport Equipment Rentals Inc. dated October 11, 2002 (6)
10.12	2003 Stock Option Plan (7)
10.13	Form of Warrant Exercise Agreement between the Company and certain of the selling security holders (9)
10.14	Consultant Agreement between the Company and CEOcast, Inc. dated April 21, 2004 (9)
10.15	Subscription Agreement between the Company and Christoph Bruning dated May 10, 2004 (9)
10.16	Consultant Agreement between the Company and Smith Conciglia Consulting, Inc. dated May 16, 2004 (9)

- 3 -

10.17	Form of Delay Agreement between the Company and certain of the Selling Shareholders.(9)
10.18	2004 Stock Option Plan (10)
23.1	Consent of Morgan & Company(11)
23.2	Consent of Amisano Hanson(11)
31.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002(11)
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(11)

(1)	Filed as an exhibit to the Company’s Registration Statement on Form 10 filed initially on May 11, 1984, as amended.
(2)	Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed on July 15, 1997.
(3)	Filed as an exhibit to the Company’s Current Report on Form 8-K filed on September 11, 2002.
(4)	Filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended November 30, 1995.
(5)	Filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended November 30, 1996.
(6)	Filed as an exhibit to the Company’s Annual Report on Form 10-KSB for the year ended November 30, 2002.
(7)	Filed as an exhibit to the Company’s Schedule 14A Proxy Statement filed April 29, 2003.
(8)	Filed as an exhibit to the Company’s Current Report on Form 8-K filed on June 13, 2003.
(9)	Filed as an exhibit to the Company’s Registration Statement on Form SB-2 filed on May 19, 2004;
(10)	Filed as an exhibit to the Company’s Quarterly Report on Form 10-QSB filed on July 15, 2004.
(11)	Filed as an exhibit to this Amendment No. 1 to Annual Report on Form 10-KSB.

- 4 -

SIGNATURES

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

SILVERADO GOLD MINES LTD.
By:	/s/ Garry L. Anselmo
	Garry L. Anselmo, President
	Chief Executive Officer and Chief Financial Officer
	Director
Date:	May 25, 2005

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

By:	/s/ Garry L. Anselmo
	Garry L. Anselmo, President
	Chief Executive Officer and Chief Financial Officer
	(Principal Executive Officer)
	(Principal Financial Officer and Principal Accounting Officer)
	Director
Date:	May 25, 2005
By:	/s/ James F. Dixon
	James F. Dixon
	Director
Date:	May 25, 2005
By:	/s/ John R. McKay
	Stuart McCulloch  (signed by John R. MacKay his alternate)
	Director
Date:	May 25, 2005

- 5 -

EX-23.1

EXHIBIT 23.1

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the inclusion by reference of our report, dated January 31, 2004, except as to Note 17 which is at February 3, 2005, on the consolidated balance sheet of Silverado Gold Mines Ltd. as at November 30, 2003, and the consolidated statements of operations, stockholders’ equity, and cash flows for the year then ended in the Form S-8 Registration Statements of Silverado Gold Mines Ltd. filed with the United States Securities and Exchange Commission on August 22, 2003 and January 14, 2004.

Vancouver, Canada	“MORGAN & COMPANY”
May 25, 2005	Chartered Accountants

Tel: (604) 687-5841		P.O. Box 10007 Pacific Centre
Fax: (604) 687-0075		Sute 1488 - 700 West Georgia Street
www.morgan-cas.com		Vancouver, B.C. V7Y 1A1

EX-23.2

TERRY AMISANO LTD. 
KEVIN HANSON, C.A.  AMISANO HANSON
CHARTERED ACCOUNTANTS

EXHIBIT 23.2

May 25, 2005

Silverado Gold Mines Ltd.
#505 – 1111 West Georgia Street
Vancouver, BC.
V6E 4M3

Attention: Mr. Garry L. Anselmo, President

Dear Sirs:

RE:	SILVERADO GOLD MINES LTD. (the “Company”)
	REGISTRATION STATEMENT ON FORM S-8
	CONSENT OF INDEPENDENT AUDITORS

We hereby consent to the inclusion by reference of our report, dated February 21, 2005, on the consolidated balance sheet of the Company and its subsidiaries as of November 30, 2004 and the related consolidated statements of operations, cash flows and stockholders’ equity (deficiency) for the year ended November 30, 2004 and the period since recommencement of the exploration stage December 1, 2001 to November 30, 2004 in the Company’s Form S-8 Registration Statements filed with the United States Securities and Exchange Commission on August 22, 2003 and January 14, 2004.

Yours truly,

“AMISANO HANSON”

Chartered Accountants

750 WEST PENDER STREET, SUITE 604
VANCOUVER CANADA
V6C 2T7
TELEPHONE: 604-689-0188
FACSIMILE: 604-689-9773
E-MAIL: amishan@telus.net

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Garry L. Anselmo, Chief Executive Officer and Chief Financial Officer of Silverado Gold Mines Ltd., certify that;

(1)	I have reviewed this annual report on Form10-KSB for the year ended November 30, 2004 of Silverado Gold Mines Ltd.;
(2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
(4)	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	c)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal year end that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
(5)	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 25, 2005
	/s/ Garry L. Anselmo
By:	Garry L. Anselmo
Title:	Chief Executive Officer
	Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF
CHIEF EXECUTIVE OFFICER
AND
CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Garry L. Anselmo, Chief Executive Officer and Chief Financial Officer of Silverado Gold Mines Ltd., (the “Company”), hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(i)	the Annual Report on Form 10-KSB of the Company for the fiscal year ended November 30, 2004 (the “Annual Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(ii)	the information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Garry L. Anselmo
Name:	Garry L. Anselmo
Title:	Chief Executive Officer and
	Chief Financial Officer
Date:	May 25, 2005

This written statement is being furnished to the Securities and Exchange Commission as an exhibit to the Company’s Annual Report on Form 10-KSB. A signed original of this statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

This certification accompanies this Annual Report on Form 10-KSB pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.