I'm glad you are getting the opportunity Layne, I hope it all "pans out" for you!
The hair went up on the back of my neck when I read your post though. I've been reading your posts on this forum and others for the last few years so I'm really rooting for you. I'm with John though - something smells fishy here. I've included above the portion of your post that sent my BS radar tingling.
Two people can't locate a 120 acre claim. It takes 6 locators to make and hold a 120 acre claim. It might take the BLM a year or more to get around to it but if there are really only two locators they will be voiding the location case file. The claim will be declared void from the beginning as if it never existed.
I would strongly suggest you discover the answer to two questions before putting down any of your savings on this deal:
1. What
exactly is the status of the claim location with the county recorder, BLM and Master Title Plat?
And
2. Why the heck would these guys, or more importantly a mineral examiner, believe that they have a placer that covers 120 acres? 120 acre placers are rarer than hens teeth and the law requires every 10 acres to be proven mineral in character.
If this were your typical "lets go out this weekend and see if we can find a little gold" claim you might be good to go. You are not talking about a little weekend fun, you are talking about feeding your family. Experienced professional miners sniff the pile very closely before stepping in it much less taking the bite as you are considering.
Successful miners need to know a lot more than what equipment might be good for a deposit before mining. Considering you are a newbie to the world of making a living mining you may as well start with the necessary process of playing devils advocate to any deal that you might be considering. It will become a skill that you will come to find invaluable if you are to survive in the world of small mining.
In our mining group a deposit must be tested and defined in area and recoverable values
before a claim is made. Even then the miners aren't brought in until all the cost/benefits of that particular claim are considered in relation to other discoveries. This is a point often missed by greenhorns. Without future prospects to be mined any single deposit is a dead end job. Once your one prospect is mined out or becomes unprofitable you are unemployed unless you have other deposits already vetted and defined. This is an ongoing process - a job.
There are a lot of reasons a good prospect can go south. I'm sure you are already thinking of possibilities like water, fuel costs, access, weather and a played out streak. All those things can, and do, happen but in my experience the most common reasons mining ventures fail is the human factor. People make mistakes. As you will discover over time, if you succeed in living your dream, a steady mining partner that you can depend on is much rarer than a big gold strike. Two such partners is a virtual impossibility. You can make your odds much better by always being one of those rare good partners yourself but you can't do that for the other miners you partner with.
Just my two cents.
Good luck and
Heavy Pans