Monday, 14th February 2005 (2666 views)

The historic gold-producing regions of the American West are reportedly being revisited as gold prices continue to climb to around $420 an ounce.

"In the past year, mining claims have just about doubled," Greg Visconty, the area mining geologist for three national forests in northeastern Oregon, told The Associated Press.

Mr Viscounty said that, of 4,000 claims in the area, about 250 of them active. He added that some people were mining to make a living, while others "just enjoy" it.

"Interest increased when the price hit $400 and looks like it will stay there," he explained. "That seems to be the make-or-break point." He added that, with the increasing sophistication of technology, the 'fines' (dust) were proving more lucrative than before.

A modern operation can show a profit at around 0.08 of an ounce of gold per ton of ore.

Ground not known as gold-bearing 40 years ago is readily identifiable as such today, said Russell Fields, president of the Nevada Mining Association.

 

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