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Date Posted: 19:55:23 04/04/02 Thu
Author: Steve Herschbach
Subject: Well, in Alaska...
In reply to: mlgdave 's message, "Re: Can you make a decent living prospecting?" on 17:54:09 04/04/02 Thu


Typical Alaska Small Gold Mining Operation

Hi Matt,

I assume you really mean mining. Nobody makes money prospecting. A prospector is a guy looking for a spot to mine, and so you'd better have lots of money or another job. Here in Alaska most of the real prospecting is being done by major mining corporations.

Most small guys are engaged in mining known deposits. By small I mean someone with a few bulldozers, trackhoes, and some kind of wash plant. There are roughly 300 operations of this sort in Alaska. Only a minority are really making a living from it. The majority do it as a summer job and more for the lifestyle than the money.

The few that make a full living at it are facing hard times. Increasing environmental regulation combined with the continued low price of gold is really putting the squeeze on. Many of the operators are also running out of reserves at their current locations. They can afford to mine where they are. But when the ground dries up it is very expensive to move elsewhere. For many that is the end of road, and lots of guys see it not too far ahead.

Anything short of heavy equipment would not be worth even considering as anything more than a summer job at the very best. A few guys do ok suction dredging, but only for a summers wage if they are lucky. Metal detectors might make a buck in Australia, but they are at best just a prospecting tool in the United States.

Unless there is a dramatic rise in the price of gold things are likely to get worse instead of better as far as the prospects of getting into mining for profit in Alaska. It is possible, but like most things it takes money to make money. I would want to buy or lease good ground, and have a bulldozer, trackhoe, and trommel as a minimum size operation. And plenty of cash reserves.

Remember, the best way to make a small fortune gold mining is to start with a large fortune!

Steve Herschbach

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