In 1894, the discovery of gold near Rainy Lake in northern Minnesota sparked a rush of prospectors, investors and workers hoping to make their fortunes. Rainy Lake City quickly grew into a busy settlement, complete with hotels, shops, saloons and a school. However, the gold deposits proved less rewarding than many had expected. Despite years of mining activity and repeated attempts to increase production, the operation recovered only $4,500 worth of gold before closing in 1898. Within seven years of its incorporation, the once-promising settlement had become a ghost town.
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