The Mine is situated in the eastern portion of the historic Innoko mining district in southwest Alaska.
The property position covers 50 square kilometers, for which the seller holds mineral exploration and development rights on 90 patented mining claims (2,642 acres) and 109 State Mining Claims (12,760 acres) totaling 15,402 acres.
More than a half million ounces of gold have been recovered from alluvial placer deposits in the Innoko mining district, and of this total, and estimated 250,000 ounces were derived directly from this Mine.
Buildings and Equipment
The property is equipped with buildings capable of housing 30+ people, a kitchen and dining hall, two showers and wash houses, a brand new 48’x 48’ Hangar, a 30’x 50’ Quonset shop, and 5 separate parts buildings. The seller is also including $3.1M of heavy equipment in the sale (an itemized list is available).
The seller at present has all the up to date required permitting.
Sales Price and Commission
The sale price for Mine in it’s in entirety, is US $16,000,000 dollars. The seller is willing to finance a qualified buyer with 20% down or $4M. Sales commission will be the standard 5% for commercial property.
The testing and reserves data was recorded as part of the mineral patenting process, which converted federal claims into 2,642 acres of private fee simple property. This sampling and evaluation of the Mines reserves is an independent Federal estimate of gold values, and was not done for private speculative reasons. BLM estimated at the end of the patenting process, which was completed in 1988 that there was over 600,000 ounces of reserves still remaining on the patented property. At today’s price of approximately $1500 gold, the estimated dollar value of the remaining reserves equals nearly $900,000,000 million dollars.
From 1988 to present mined approximately 15% to 20% of BLM’s estimated reserves. Approximately five (5) miles of the total fifteen (15) miles of patented claims have actually been mined.
Hard Rock (Lode) Introduction
While the Hard Rock portion of the property is currently under contract with a mid-tier Junior mining company based out of South Africa. The Seller would be willing to transfer its portion of their current Joint Venture agreement to a company or group of investors upon completion of a bill of sale. This option is available, provided the entire property is purchased outright.
Several Hard Rock companies have formed joint ventures with the Seller since our purchase of the property in 1994 to locate the ‘Lode’ or Hard Rock sources of the gold found at the Mine. Much of the interest in the property as a location of a substantial Hard Rock source was developed because the Mine has produced some of the largest gold nuggets found in the state of Alaska. The property has also produced high quantities of quartz-gold related nuggets, both finds often associated with a concentrated Hard Rock source. Since 1996 nearly 2 million dollars worth of information has been compiled relating to the Hard Rock (lode) possibility. As a result of these studies and exploration, there are strong indications of several lode locations grouped throughout the property. This, along with the Mines close association with the another project ( located approximately 35 air miles southwest of the Mine, with estimated Gold Reserves of 19 million ounces), shows the tremendous potential that the property offers, and makes the Mine one of the more exciting properties in the state of Alaska.
Since our startup in 2002, nearly 1100 ounces of large gold nuggets have been recovered, the Mine has become one of the largest Metal Detecting Sites in the State of Alaska.
Serious inquiries welcome. Prospectus available.