WOW Kalu'ak Fishing Derby details

Blizzard has just released the details of the Kalu'ak Fishing Derby that's coming with patch 3.3. The full announcement after the break.

Some of the major points of the announcement:
The derby happens at 8:00pm Server Time every Wednesday.
You have to be the first person to catch the Blacktip Shark and turn it in to win the Derby.
The quest giver, Elder Clearwater, is located in Dalaran.
Two item rewards (detailed after the break). One is a BoA +5% XP ring, and one is a BoP pair of boots that teleport you to Booty Bay.
Winning the Derby increases Kalu'ak rep by 5000.

The full details after the break.

From Slorkuz:

Coming in patch 3.3.0, the esteemed Tuskarr of the Kalu'ak are proud to introduce to Northrend the Kalu'ak Fishing Derby, a test of fishing skill with a healthy dash of luck! Every Wednesday beginning at 8 PM players can try to catch the elusive Blacktip Shark. Elder Clearwater sits in Dalaran for one hour awaiting the return of the quickest, most experienced fisher to bring him the first catch of the night. This champion fisher will be rewarded in-kind for his or her fishing expertise. Those who aren't able to return with the first catch will still receive just reward for getting the Blacktip Shark to Elder Clearwater before he takes his leave.

It is said that these sharks' favorite meal are the bite-sized Pygmy Suckerfish. Perhaps a hook in their waters will do the trick. Because of the increased concentration of fish, you have an increased chance to catch a shark from fishing pools. Don't forget, in patch 3.3.0 you never catch trash from fishing pools, regardless of skill.

The derby winner will receive a substantial chunk of experience (or money at maximum level) and gain 5000 reputation with the Kalu'ak. In addition, the champion will be given a choice between two unique rewards:

Dread Pirate Ring
Binds on Account
Unique-Equipped
Finger
+34 Stamina
Requires level 1 to 80 (80)
Equip: Improves critical strike rating by 53.
Equip: Improves hit rating by 29.
Equip: Experience gained from killing monsters and completing quests increased by 5%.

Boots of the Bay
Binds When Picked Up
Feet
Requires Fishing (200)
Equip: Increased Fishing +15.
Use: Whisks you away to the finest drinking establishment in Booty Bay. (1 Day Cooldown)

To keep it interesting, the Achievement "Master Angler of Stranglethorn" has been changed to "Master Angler of Azeroth." This can be earned by winning either the Kalu'ak Fishing Derby or the Stranglethorn Fishing Extravaganza.

Please bear in mind this feature will be undergoing testing on our Public Test Realms and is subject to change prior to the release of patch 3.3.0.