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11-pound gold nugget found

Jan. 17, 2013 at 3:38 PM

BALLARAT, Australia, Jan. 17 (UPI) -- An Australian miner found a more than 11-pound gold nugget worth at least $300,000, a gold shop owner said Thursday.

The (Ballarat) Courier reported the nugget was found about 2 feet underground in Ballarat by a local prospector who took it to the Ballarat Mining Exchange Gold Shop.

Gold shop owner Cordell Kent said the nugget would be worth about $300,000 by weight but actually is more valuable left in its natural state.

"I can't remember a nugget this big ever being found locally," he told The Courier.

He said a find like this "gives people hope" and predicted a fresh gold rush.

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