SILVERADO GOLD MINES LTD.
THIS COMPENSATION AGREEMENT made and entered into this 8th day of May 1995 by and between
Garry L. Anselmo, (hereinafter, "Mr. Anselmo") and Silverado Mines Ltd., a British Columbia company having
its principal offices located at Suite 505, 1111 West Georgia Street, Vancouver, BC V6E 4M3 (hereinafter, "the
WHEREAS, Mr. Anselmo is the Chairman and a Member of the Board of Directors of the Company as well as
the Chief Operating Officer of the Company; and
WHEREAS, the Company recognizes the valuable services that Mr. Anselmo has rendered and is continuing to
render to the Company and its subsidiaries and believes that it is reasonable and fair to the Company that Mr.
Anselmo receive fair treatment in the event of a Change in Control of the Company; and
WHEREAS, both Mr. Anselmo and the Company wish formally to agree as to the terms and conditions that will
govern in the event of a Change of Control of the Company and a subsequent termination of the employment of
Mr. Anselmo by the Company for reasons other than Willful Misconduct by Mr. Anselmo;
NOW THEREFORE, in consideration of these premises and the mutual covenants and agreements hereinafter
set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by each of the Parties hereto, the Parties hereby covenant and agree as follows:
1. the Term of this Compensation Agreement shall begin on the date hereof and shall end on the third anniversary
hereof; provided, however, that
a) the Term shall be automatically extended by one year as of the end of each year in the Term unless either Party
shall have given the other at least ninety (90) days written notice of a desire not to extend, and
b) the Term shall, in any event, end upon the occasion of Mr. Anselmo's retirement as Chairman and a member
of the Board of Directors of the Company.
2. If, following a Change of Control of the Company, the Board of Directo