But, gold rush historian Louise Halsey is confident there is gold to be found all over the Riverina.

"You could plot a trail from Goulburn to Parkes, Bathurst, Young, Junee - there's gold all through this area," Ms Halsey said.

The highest concentration of the precious metal was found near the site of the mine for sale.

"Gold was first found in Adelong in about 1852, and it created an extensive and explosive gold rush," Ms Halsey said.

Unfortunately the excitement was relatively short-lived. The gold rush enthusiasm had dried up by 1856, but in the interim years, Ms Halsey said, people came from far and wide with hopes of striking it rich.

"They came from all over the world - crisscrossing the world really - looking for gold," she said.

"It still is a real destination because of that gold," she said.

Over ensuing generations, the Riverina experienced up to three large gold booms, until large-scale mining ceased in 1919.

"Up to 26 tonne of gold-bearing ore went out of the Adelong mill until 1909," Ms Halsey said.

"That mine alone brought miners from Gundagai, Holbrook, and further afield from Goobarragandra River, Tumbarumba, it was very prolific."

Most was transported to Sydney's mint, but a lot was intercepted en route by rangers. Ms Halsey admits the amount that was stolen is unknown, but estimates it would have a total worth of hundreds of thousands of dollars.

Running tours and managing the site at the existing Adelong gold mill, Ms Halsey believes there is still plenty to be found in Adelong - but the method of extraction is somewhat problematic.

"There must still be gold in there, but it's very hard to get," she said.

"Nobody has had much success getting a lot of it, though little bits of gold are found every day.

"There have been several attempts to extract the ore, environmentally it's not sustainable. You'd have to have an open-cut mine, and that will not happen."

While expressions of interest are still being made on the mine for sale, its location has been left unknown. There are currently two historic mines that remain in various stages of operation along Adelong Falls.

But the task that awaits a prospective owner is not an easy one.

Since Ms Halsey has been managing the conservation of the historic sites beneath Adelong Falls, she has counted at least four companies that have come and gone in search of the gold.