Any advice for buying a Gold Claim?

[BabushkaLady]

I had a conversation with a acquaintance last year about her gold claim in N. Cali. She was thinking of selling it and we talked some. I did a little research last year and found that they were going for more then I would spend. Well, this year we had the same conversation and a very realistic price came up.

She hasn't panned or dredged in three years. We're thinking of taking a trip to the claim this summer. It is very reasonable to maintain with about $120 in fees per year.

I would consider it a vacation / entertainment investment. It is on 20 acres with the creek and I could camp there. ROI is not at the top of my concerns, but I'll have a feel for that when we actually pan. If it has some gold whatsoever it would pay for itself quickly.

Does anyone have a gold claim? How much time do you spend there?

What regulations should I be concerned with? or other considerations?

[Saul Mine]

Go to the Bureau of Land Management and your state Bureau of Mines. They are nice people eager to help you.

You don't own anything with a claim, it's only a claim. So it isn't worth more than a few hundred bux unless the deal includes some equipment or something. If there is equipment you have to occupy the place constantly to keep drifters from stealing everything.

[BabushkaLady]

Thanks Saul Mine. --I realize I won't own anything, but the opportunity and rights to do what I enjoy anyway. If the price wasn't so appealing I wouldn't even consider it!

I've gathered some information, I just don't like to ask the beautician if I need a haircut! So I thought I'd throw it out here for any hands-on advice.

Thanks again.