With gold now selling above $500 per ounce for the first time since December 1987, interest in Alaska's gold potential is taking center stage once again. Major and junior mining companies alike are preparing to explore and develop Alaskan gold projects at a pace never before experienced.

Despite its historical association with famous gold rushes of the early 20th century, gold discoveries made in Alaska in the last 15 years dwarf its historic production. As a consequence, Alaska has emerged as one of the most attractive gold exploration venues in the world.

The justifications for this claim are as follows: Since 1880 Alaska has produced about 25 million ounces of placer (alluvial) gold and nearly 13 million ounces of lode (hard rock) gold.

Gold resources in Alaska have risen from about 1 million ounces (1 Moz) in 1985 to nearly 80 million ounces in 2003. Current value at $400/oz is US$32 billion.

In the last 7 years, total gold resources in Alaska have increased by over 50 million ounces giving Alaska a discovery rate of +7 Moz per year.

Compare the above rates of discovery to the worldwide discovery rate which has been falling steadily since 1994.

The cost to discover an ounce of gold in Alaska over that same 7 years was less than US$5 per ounce, a discovery cost among the lowest in the world.

During the past 15 years, two major gold belts have been identified in Alaska, the Tintina Gold belt of Interior Alaska and the western Yukon and the Kuskokwim Mineral Belt of southwest Alaska.

Significant gold discoveries in Alaska since 1985 include Fort Knox (+7 Moz), True North (2 Moz), Ryan Lode (2.4 Moz), Pogo (5.6 Moz), Rock Creek (1 Moz) and Donlin Creek (27 Moz).

Ryan Lode went into production in the late 1980's, Fort Knox in 1996 and True North in 2001. Pogo and Kensington are expected to receive operating permits in early 2004 while Nixon Fork is set to re-enter production later in the year. Donlin Creek and Rock Creek are at the advanced feasibility stage while Gil is in the preliminary feasibility stage.

All of the major gold discoveries made in Alaska in the last 15 years are unique in that, prior to their discovery, nothing like them was known to exist previously in Alaska.

Alaska contains 77 million hectares of land available to mineral entry - an area as large as Chile and twice the size of Nevada. Alaska contains more land open to mineral development than the rest of the United States combined.

Over the last 15 years, Canadian junior and major mining companies have contributed an average of 75% of the exploration funds expended in Alaska.