Picking up gold mines for a song

The LA Times had a feature story on the weekend centred around venture capitalist David Badner, who is buying up defunct gold mines in Colorado in hopes of capitalizing on the high gold price.

Sixty-year-old Badner recently bought three gold mines at auction for less than the price of a house in Vancouver- $540,000:

With gold selling at over $1,600 an ounce, Badner is part of a small but growing trend of fortune hunters looking to use modern technology to recover what earlier miners left behind.

However, the story quotes officials saying little gold has emerged from mines re-opened in the area, which is rich in mining lore.

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