Silverado Gold Mines Ltd. is an explorations stage company engaged in the acquisition and exploration of mineral properties in Alaska. The company operates with its wholly-owned subsidiaries Silverado Gold Mines Inc. and Silverado Green Fuel Inc. Silverado primarily targets potential gold exploration sites. They are currently exploring Nolan Gold Project in north Alaska. 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 also holds interest in Hammond property, Eagle Creek Property and Easter Dome property.
The company is consistently late with their regulatory filings with the Securities and Exchange Commission.
For the last quarter ended August 31, 2007, the company had no revenues. However according to the latest SEC filing they have actually gained profit during the last quarter despite millions worth of losses over the previous quarters. In October 2007, the company has announced the sale of recovered gold which made up over $660 thousand in revenues as stated in 8-K form filed the on same month.
The company had only $647 thousand in cash by the end of third quarter of 2007. Considering gains from the sale of recovered gold the company's only had cash resources adequate to sustain their activities for another quarter. Silverado planned to spend approximately $800,000 on its exploration activities connected with the Nolan Gold Project during the 4th quarter of 2007. The company has been actively issuing stock to raise capital over the 4th quarter. However their current financial situation remains questionable until disclosed in SEC filing.
On November 19, 2007, the company has obtained a permit to carry out underground explorations on Nolan Creek Property. In relation, the company stated they will be obtaining a customized front end loader to carry out a year round exploration program. Also the company has announced the completion of environmental health and safety program at Nolan property. The program included road upgrades and installation of appliances to provide safety and health protection to mine personnel.
Silverado also seeks to get funding from the United States federal and state governments in connection with the establishment of demonstration Green Fuel facility in Mississippi. The project should be worth approximately $26,000,000 however the company hasn't got any assurance of financing yet.
The stock has been on general downtrend from the beginning of May, 2007 and the situation doesn't seem to change much. The company has been raising cash by issuing common stock, warrants and convertible debentures. In our opinion the share price might continue to drop until the company will be able to produce revenue of its mining operations. Current situation seems rather favorable as the company has already made all the necessary preparations for the start of mining activities. The only remaining obstacle is their uncertain financial state.
The company is consistently late with their regulatory filings with the Securities and Exchange Commission.
For the last quarter ended August 31, 2007, the company had no revenues. However according to the latest SEC filing they have actually gained profit during the last quarter despite millions worth of losses over the previous quarters. In October 2007, the company has announced the sale of recovered gold which made up over $660 thousand in revenues as stated in 8-K form filed the on same month.
The company had only $647 thousand in cash by the end of third quarter of 2007. Considering gains from the sale of recovered gold the company's only had cash resources adequate to sustain their activities for another quarter. Silverado planned to spend approximately $800,000 on its exploration activities connected with the Nolan Gold Project during the 4th quarter of 2007. The company has been actively issuing stock to raise capital over the 4th quarter. However their current financial situation remains questionable until disclosed in SEC filing.
On November 19, 2007, the company has obtained a permit to carry out underground explorations on Nolan Creek Property. In relation, the company stated they will be obtaining a customized front end loader to carry out a year round exploration program. Also the company has announced the completion of environmental health and safety program at Nolan property. The program included road upgrades and installation of appliances to provide safety and health protection to mine personnel.
Silverado also seeks to get funding from the United States federal and state governments in connection with the establishment of demonstration Green Fuel facility in Mississippi. The project should be worth approximately $26,000,000 however the company hasn't got any assurance of financing yet.
The stock has been on general downtrend from the beginning of May, 2007 and the situation doesn't seem to change much. The company has been raising cash by issuing common stock, warrants and convertible debentures. In our opinion the share price might continue to drop until the company will be able to produce revenue of its mining operations. Current situation seems rather favorable as the company has already made all the necessary preparations for the start of mining activities. The only remaining obstacle is their uncertain financial state.
