Invest in Expansion

On September 28th, 2011 the State of Alaska auctioned off 84 sub-sea mining leases in the Bering Sea in the near shore waters around Nome, raising 9.3 million dollars. Our team secured over 3200 acres of these leases, making us the second largest mineral rights leaseholder offshore Nome. With proven or probable reserves of 300,000 ounces of gold.

Andrew C. Lee in Nome working on sub-sea crawler.

Andrew C. Lee in Nome working on version 1 of sub-sea crawler.

We have a long history of gold mining offshore Nome, Alaska. At our current rate of production, it would take 32 years to mine the best 10% of these leases. We need to expand.

If you are looking to invest in a Nome operation, there are several options available to you: Near-shore operations (either excavator or suction dredge) in a crowded field and severely depleted resource, there are deeper water diver-less operations put together by people with no track record of success who are experimenting with unproven designs, and then there is us with proven results, proven technology, and decades of profitable ground available to us.

Our first 550 acre mining lease came from the 1999 lease sale, which we retain past the 10-year term through the continuing production clause. Our current dredge boat has been in operation since 2004, and for many years was the largest offshore dredge in Nome until the Christine Rose was built in 2010. In 2015 we were the 6th largest dredge boat operating in Nome. Since 2004 we are the only successful gold mining operation in waters deeper than 40 feet.

Several pounds of placer gold Andrew Lee helped mine from the bottom of the Bering Sea

Several pounds of placer gold Andrew Lee helped mine from the bottom of the Bering Sea

Our leases were extensively studied by government researchers and previous leaseholders as part of multimillion dollar studies; but very little of it has been mined due to its depth. Depth is not an issue for our design. The results of these studies and our sampling and mining the past couple years show that like everywhere else around Nome, the gold distribution is not uniform, and only approximately 10% of these acres are considered to be a high enough grade to be worthwhile to mine.

We are interested in finding suitable partners or investors who can bring the investment capital required to construct a second, much larger and more efficient Bering Sea gold mining dredge; using all the things we have learned over the past 11 successful years of running the prototype in Nome.

We have 11 years of operational experience with the prototype. It worked so well that we have incrementally upgraded it over the years. We are the only successful gold dredge of this type in Nome and the largest in the US. We have ownership in over 3200 acres of mining leases and operating agreements for over 2900 more acres. A dozen similar designs built by others have failed over the past decade where we have succeeded. We are not limited by water depth like excavator-style and diver operated gold dredges.

If this sounds like something you can be a part of, you can contact us via email to “invest” at “safonatt.com”

Bering Sea gold sample. Dried and screened to several sizes to determine the distribution of each mesh range.

Bering Sea gold sample. Dried and screened to several sizes to determine the distribution of each mesh range.

Offshore Nome gold sample drying on an outdoor propane stove.

Offshore Nome gold sample drying on an outdoor propane stove.

Andrew C. Lee with a few pounds of gold he mined off the Bering Sea floor near Nome, AK

Andrew C. Lee with a few pounds of gold he mined off the Bering Sea floor near Nome, AK

A several pound sample of placer gold mined from the floor of the Bering Sea near Nome, Alaska.

A several pound sample of placer gold mined from the floor of the Bering Sea near Nome, Alaska.