Formation records 50 millionth ounce of gold

Tom Gardner

Monday, April 15, 2002 | 10:58 a.m.

RENO -- A gold-rich swath of northeastern Nevada has produced more riches in the past four decades than all but two other mining regions in the world.

Within the past week, one of the mines on the 40-mile-long Carlin Trend geological formation yielded the 50 millionth troy ounce mined there since 1962 -- enough gold to fill a couple of average-sized living rooms.

At Friday's gold price of about $300 an ounce, that would amount to $15 billion.

Only South Africa's Witwaterstrand and Uzbekistan's Muruntau have equaled Nevada in reaching the 50 million-ounce plateau.

The Nevada Mining Association plans to observe the milestone Wednesday during Nevada Mining Week by presenting Gov. Kenny Guinn with a commemorative 1-ounce gold coin.

Mining is Nevada's No. 2 industry, behind tourism.

In September 1996, when gold sold for $380 per ounce, nearly 13,400 people held mining jobs in Nevada. The figure stood at just above 10,000 last month, according to the Nevada Employment Security Division.

Nevada is currently the world's No. 3 gold producer, behind South Africa and Australia, with half of its output coming from some 20 mines along the Carlin Trend west of Elko.

"Not too bad when the other two are nations and we're just a little state out here," said association President Russ Fields.