On March 1, 2010, Silverado Gold Mines Ltd. (the "Registrant") sold and issued a promissory note (the "Note") to Garry Postma Construction Ltd. for the purchase price of $50,000.

The unpaid principal balance of the Note bears interest at a rate equal to twelve percent (12%) per annum if repaid by the Registrant within ninety (90) days from the date of the Note, or eighteen percent (18%) per annum if repaid at any time thereafter. The Note matures on September 1, 2010.

The foregoing summary of the Note does not purport to be complete and is qualified in its entirety by reference to the full text of the Note, a copy of which is filed as Exhibit 99.1 hereto and incorporated by reference herein.

Exhibit No. Document

99.1 Promissory Note