Money Pit Which is still in Oak Island - Oak Island lies directly against the western shore of Mahone Bay, off Nova Scotia, Canada, about 35 miles west of Halifax. Oak Island is noted as the location of the so-called Money Pit, a site of numerous excavations to recover treasure believed by many to be buried there. Many People Tried to get this gold salvage.Millions of dollars have been spent, and many lives have been lost as well.