“Alaska’s Secret Gold Mine: Biggest Gold Discovery of last 20 years”

By Travis Johnson, Stock Gumshoe, March 18, 2009

So … if you’re breathing, and you can read, and you’ve ever subscribed to any investment service or resource of any kind, you’ve probably seen this ad. My readers have wildly varying opinions of Stansberry & Associates and their newsletters, but one thing is certain: They know how to get the word out.

And the word, this time, is a teaser about a huge new gold discovery — aptly timed, with gold up here around $900 and many investors still manic for gold coins in the great “flight to safety.”

But it’s not just a gold discovery, it’s a gold discovery in the United States — so no worrying about South American arm-twisting, Russian government “partners”, or South African mines gone dark for lack of electricity. Of course, plenty of worry still about NIMBYs, and complaints about the environmental devastation that gold mining can bring, and other complications, I’m sure … but still, let’s see if we can figure this out.

The ad is for Matt Badiali’s S&A Oil Report (which, despite the name, seems to be their general “all commodities” newsletter now — I think they used to have an “S&A Gold Report” too, but it must not have been very popular). Matt says he offers “The world’s best–kept mining secrets—REVEALED,” and it will cost you about $50 a year. I don’t much care whether you wish to subscribe or not (you can see the opinions of a couple subscribers here, if you’re interested, or add your own if you’ve tried the service), but don’t subscribe just to find the name of this “secret Alaska gold mine” — for that, you’ve got your friendly neighborhood Stock Gumshoe on the case …

So what is the teaser today? Well, we know it’s a gold discovery in Alaska. Badiali throws in a nice quote at the top to get us excited:

“Mining journalist Mary Pemberton says, ‘the value of the minerals are worth hundreds of billions of dollars if they’re mined'”

Not bad! Except as far as I can tell, Mary Pemberton isn’t a mining journalist so much as she is an AP reporter in Alaska — she covers mining sometimes, but at the moment she’s covering the Iditarod, and last year she wrote plenty about Sarah Palin and Ted Stevens. And she really broke open the Snowzilla story for us lower 48 folks. Doesn’t mean a generalist reporter can’t impart the facts about a mine, of course … so what else do we hear?

“On October 13, 2007 this small firm published the results from its exploration in an area known as ‘Bristol Bay.’

“The results: This deposit holds 39 MILLION ounces of gold… absolutely huge in the mining business.

“To put that into perspective, that would make it the single largest gold deposit in America today, far exceeding the two largest existing mines – the Carlin and Goldstrike gold mines of Nevada. ”

OK, so that’s a whole mess of gold. And yes, if 39 million ounces were somehow to be removed from that mine, it would be worth, well 39 million times $900, carry the one, OK, I don’t want to complain, but it looks to m