More than $20,000 in cash prizes are at stake in the third annual Anacortes Salmon Derby on Saturday and Sunday.

The event hosted by the Fidalgo Chapter of Puget Sound Anglers is part of the Northwest Salmon Derby Series.

All proceeds from the event go to scholarships for youth pursuing education in fisheries and related sciences. More than $50,000 has been given to more than a dozen students thanks to the 2007 and 2008 derbies.

This year the fishing starts bright and early at 6 a.m. Saturday in Marine Area 7 around the San Juan Islands. Weigh-ins will be at the derby tent at the Cap Sante Boat Haven up until 6 p.m.

It starts all over again on Sunday at 6 a.m. with the weigh-in scales closing at noon. The awards ceremony is 1:30 to 2:30 p.m.

“The salmon fishing has been good, not great,” said event chair Jay Field. “Some days have been good, others days they’re hard to find, but they’re out there.”

The prize for the biggest fish is $12,000, second place is $4,000 and third is $2,000. The person with the fish matching the secret weight will take home a $2,000 prize.

Last year’s big winner was Nancy Cabe of Mount Vernon. She brought in a chinook salmon weighing in at 24.22 pounds. The year before it was Ronald Henning of Puyallup with a 22.08-pounder.

Merchandise prizes will also go to first-place winners in the youth, women’s, active military, 70-years-plus and Fidalgo Angler member divisions.

The event will begin with a kickoff get-together at 6 p.m. Friday. Derby rules and other announcements will be made then followed by a fishing seminar by Capt. John Keizer of Salt Patrol, a sport fishing Web site. Fidalgo Angler Capt. Jim Aggergaard will then give participants tips on the best places to fish in San Juan waters.

Field gave the presentation last year to about 350 people and received a lot of good comments. He said Derby participants new to the area appreciated the organizers caring enough to get them started.

Field said it takes a lot of work to put on the derby that basically turns into a three-day community event. But that was the vision when the Anglers conceived the idea a few years back, he said.

At that time, they hoped it would become as big as it has, Field said. But they never thought it would come with the amount of enthusiasm it would take to sell 800 tickets in just 14 days.

Field said organizers were not only surprised how quickly the $50 tickets sold out this year, but how much everyone is helping out in spite of the tough economy.

“We had a lot of people calling to see what they could do,” Field said.

The derby lost its lead sponsor from last year due to financial difficulties, Field said. But they’re making up for it with lots of smaller donations.

Helping organize the event with the Fidalgo Anglers is the Port of Anacortes, which provides discounted moorage and boat launches for derby participants.

“I say the same thing every year,” Field said. “It just would not be the success it has been without the port and port staff — from the commissioners who support this derby to the executive director to the harbormaster, to the harbormaster’s staff, operations, security — these people are fantastic. They embrace this thing, they enjoy it.”

Other sponsors include the Anacortes Chamber of Commerce, Ace Hardware, the Northwest Marine Trade Association, Anacortes Brewery, which will be serving up beer and wine at a no-host social Saturday evening, and Trident Seafoods, which will be donating salmon burgers for a Sunday barbecue lunch for derby participants and volunteers.

In addition to the 800 tickets sold, 100 more will be given out for certain levels of sponsorship, making a total of 900 competitors during the weekend.

In a few short years, Field said he doesn’t doubt organizers will be able to say “We have the premier derby in the state.”

For more on the derby, go to: http://www.anacortessalmonderby.com.