silverado goldmines (867737)

6-Jan-2006

Other Events



Item 8.01 Other Events
Approval of 2006 Stock Option Plan

The board of directors has approved the Company's 2006 Stock Option Plan. The 2006 Stock Option Plan provides for the grant of options to purchase up to 37,000,000 common shares of the Company to the Company's directors, officers, employees and eligible consultants.


Grants of Stock Options

We granted options to purchase an aggregate of 30,000,000 shares to certain of
our insiders on January 4, 2006 as follows. All options are fully vested and are
exercisable at a price of $0.05 per share for a seven year term from the date of
grant, being January 4, 2013:

                           NAME                             NUMBER OF OPTIONS
Garry Anselmo, President and Director                           15,000,000
James Dixon, Director                                            3,000,000
Stuart McCulloch, Director                                       3,000,000
John McKay, Secretary                                            2,000,000
Ed Armstrong, President of Silverado Green Fuel Inc.             4,000,000