It looks more like you want to know how many feet are in 0.001 minute, not 0.001 degree.
It's different for latitude and longitude. For latitude (the N coord), it's always 6.074 feet. For longitude (the W coord), it depends on the latitude where you live. (For me, it's about 4.55 feet.) See this section of Markwell's FAQ for a description.
Yes, you are right. My mistake. I just remembered those are mins, not degrees. Duh!
After work I plan to calibrate the compass and leave on for a while and then try to find that cache again and see what happens. If nothing else it will tell me something about how consistant the unit is because I remember exactly where it placed me last time.
Thanks everyone for your help.
JC
Well, I give up on this one (HomeTown in Hopewell Jct, NY). I went and calibrated and recalibrated the compass, left on for 25 mins before using, etc and I was still getting bad results at the site.
I went there again and as I was walking along the path I got to the point where it last time said the cache was but the distance now indicated about 200' feet more to go which I said "Great, because the pictures of the cache posted by others were taken at a park bench" and the bench was about 200' from this position. However, as I got within 100' of the bench, the unit jump around and said it was 100' behind me and it brought me back to the place I was a few days ago. As I walked around it placed me at various spots within a 30' radius of the original spot. I didn't realized how inacurate these things are. It must be the heavy tree cover but I had good signals on at least 4 satellites. But I couldn't get a consistant fix to the cache. With all the trees and all the bushes and hidding places there were, I looked a little and just gave up and went home. Maybe the last person hid it REALLY good or maybe it is gone. Who knows. Oh, well. Maybe the next one will be easier.
JC