Ruby mine, home of gigantic nuggets for sale
 

HEY!!!

I found out today that the Ruby placer gold mine, home of gigantic nuggets is for sale. Actually the price is not unreasonable. Six million gets you 430 acres of fee simple land and 1320 acres of unpatented claims. Really not a bad investment, I just dont have 6 million I can spare at the moment.

Its a derilict old gold mine. Heck you could probably log the private land and get the 6 million back - the land is heavily timbered with pine.

Everything you need to know is at:
www.rubygoldmine.com

PS - I have NO intrest whatsoever in this property or the sellers or the real estate folks or anyone else remotely associated with it. I post this only for the fun of it. I thought you all might enjoy checking it out.

Chris

Re: Ruby mine, home of gigantic nuggets for sale
 

Let's buy it and rename it the GIM mine!

I've got a few Eagles to throw in.

LG :character

Re: Ruby mine, home of gigantic nuggets for sale
 

What kind of an A.R.M. loan could we get on it?:D

Re: Ruby mine, home of gigantic nuggets for sale
 

As california land is not cheap, and gold is rising, I have to wonder where the catch is. Probably a Superfund site. :frown:

Re: Ruby mine, home of gigantic nuggets for sale
 

There are lots of claims for sale in Montana and Idaho. They were cheap 5 years ago. Patented claims are the ones you want. Unpatented claims are like a tranferable lease. Unpatented means the government is in your business telling you what you can't do. That's OK if you have a mineral rich claim and don't care about anything but the minerals. On unpatented claims you don't own the land. That's the origin of the term "quit-claim deed". It ain't a deed at all.

In this case 6 million only gets you 430 acres of saleable land. fourteen thousand an acre is no bargain, land-wise.

Most of the patented claims I've seen have little mineral value and much recreational value. Most are used as homesteads or hunting camps.

Re: Ruby mine, home of gigantic nuggets for sale
 

Actually, while $14,000 per acre may be no great price for mountain land in Kentucky or Michigan, in California, single acre undeveloped lots in that area would go for 80 to 100K. The timber value of that land is probably 30K per acre or better.

Chris

Re: Ruby mine, home of gigantic nuggets for sale
 

Just about anywhere you go, single acre buildable lots with good road access costs 10 times as much per acre as large undeveloped acreage tracts. The spread is even greater when there is rugged terrain to deal with.

30k timber value per acre is pretty high, if it's really worth that much it's probably only on the unpatented claims and not subject to logging. That kind of timber value on a patented acreage is almost unheard of. Certainly the owner would have sold it all off long ago. I didn't look at the link.

Re: Ruby mine, home of gigantic nuggets for sale
 

I did and it is in Cali,

How hard will it be to get the timber permits to start with?

One could easily surmise that very little of the timber would qualify for logging as the PTB there would set the rules for what can be done or not.

Great looking timber, but it does beg the question about the logging availability.

Re: Ruby mine, home of gigantic nuggets for sale
 

It never occured to me that the Peoples Republic of Kalifornia required a permit for a landowner to cut his own timber. If you have an unpatented mine, the timber belongs to USFS or BLM, I think.

No way would I buy land in a marxist state on the assumption the state rulers would allow me to do anything with it.

Re: Ruby mine, home of gigantic nuggets for sale
 

Yeah hoarder,

We have discussed many times who really owns property, banksters paid off or not.

Re: Ruby mine, home of gigantic nuggets for sale
 

"That's the origin of the term "quit-claim deed". It ain't a deed at all."

Hoarder, could you please elaborate on this further?

Re: Ruby mine, home of gigantic nuggets for sale
 

When you sell an unpatented claim, which is little different from a lease from USFS or BLM, you "quit" that claim.

I, Hoarder, do hereby quit and transfer all my interests in claim #4567975 to Lacluster" or something like that.

A patented mining claim is a fee simple interest like any other real estate holding. Up until about 25 years ago you could file for a patented mining claim and by meeting some mineral development requirements you eventually became the legal owner. I remember the media coming down hard on this back then and legislation followed and now the only kind of claim you can file is an unpatented one in which you must follow certain procedures but never are granted ownership rights to the land.

In business sometimes someone will fill out a "quit claim" to assure someone else that he has no claim to something. The important thing is it doesn't prove ownership. I can quit-claim the Golden Gate Bridge to you.

Re: Ruby mine, home of gigantic nuggets for sale
 

:haha: :haha: :haha:

Please do so at your earliest convenience,

:beer:

Paper, paper, 'o there is paper everywhere.

Re: Ruby mine, home of gigantic nuggets for sale
 

Several years ago, a friend of mine bought several patented claims at tax sales. He's sold a few for a MAJOR profit. From what I understand you own all rights (timber, mineral, water, etc.). The timber on some of his claims is worth thousands. Most of the claims had little to no mining done, so they are basically virgin land.

Some of his claims follow a stream, hence are long and skinny. Placer claims I believe. I think the others are called lode claims when no water is involved.

Only problem I see with some claims is the access. Out in the middle of national forest, no roads, just a trail. But some folks might like the limited access.

He says the Forest Service sends letters asking him to donate, sale, or trade his claims. I guess it drives them nuts having private land in the middle of Forest Service land.

Hoarder is right about recreational value. Most people are buying, then putting a nice cabin on them. Still some mining propects if you choose to do so. I had my chance to buy some patented claims cheap, but waited. Now they're too rich for my blood. :eek:

MT Silver