Odyssey's Latest Shipwreck Find Yields over 500,000 Silver and Gold Coins
May 18 2007 - 8:15AM
Business Wire
Odyssey Marine Exploration (AMEX:OMR), the world�s leader in the
field of deep-ocean shipwreck exploration announced today that it
has completed the pre-disturbance archaeological survey and
preliminary excavation of a Colonial period shipwreck site
code-named �Black Swan� in an undisclosed location in the Atlantic
Ocean. The artifacts recovered from the site include over 500,000
silver coins weighing more than 17 tons, hundreds of gold coins,
worked gold, and other artifacts. All recovered items have been
legally imported into the Unites States and placed in a secure,
undisclosed location where they are undergoing conservation and
documentation. It is believed that this recovery constitutes the
largest collection of coins ever excavated from a historical
shipwreck site. They were recovered in conformity with Salvage Law
and the Law of the Sea Convention, beyond the territorial waters or
legal jurisdiction of any country. The Company does not believe
that the recovery is subject to sovereign immunity by any nation
pursuant to the Law of the Sea Convention. The work accomplished to
date on this site has diligently followed archaeological protocols
using advanced robotic technology, and the artifacts are now
undergoing a meticulous conservation process by some of the world�s
most experienced coin conservators. The Company is not prepared to
disclose the possible identity of the shipwreck at this time, and
may only do so after thoroughly examining the artifacts, analyzing
the research and proving the identity, if possible, of the
shipwreck. �Our research suggests that there were a number of
Colonial period shipwrecks that were lost in the area where this
site is located, so we are being very cautious about speculating as
to the possible identity of the shipwreck,� said John Morris,
Odyssey Co-founder and CEO. �Nevertheless, we have treated this
site with kid gloves and the archaeological work done by our team
out there is unsurpassed. We are thoroughly documenting and
recording the site, which we believe will have immense historical
significance.� �The remarkable condition of most of the first 6,000
silver coins conserved has been a pleasant surprise, and the gold
coins are almost all dazzling mint state specimens,� said Greg
Stemm, Odyssey�s Co-founder. �We are excited by the wide range of
dates, origins and varieties of the coins, and we believe that the
collecting community will be thrilled when they see the quality and
diversity of the collection.� The excavation of this site follows
Odyssey�s successful excavation of the SS Republic�, a shipwreck
lost in 1865 off the US coast. The deep ocean robotic
archaeological excavation of that site produced approximately
65,000 artifacts, including over 50,000 coins with a retail value
of over $75 million. The company is continuing operations on
several other projects with its ships and ROV systems, and is
currently awaiting the appointment of Spanish archaeologists
following an arrangement with the Spanish Government and the Junta
of Andaluc�a prior to resuming operations on the Sussex project
pursuant to an agreement with the UK Government. For security
reasons, as with the �Black Swan� project, the company may only
announce the results of the other current projects after completion
of the excavations or delivery of the artifacts to a safe location.
About Odyssey Marine Exploration Odyssey Marine Exploration is a
Publicly Traded US Company with several shipwreck projects in
various stages of development throughout the world. Additional
information about Odyssey, the �Black Swan� project, and the
Company�s other activities is available at www.shipwreck.net. For
additional information, please contact Natja Igney, Odyssey�s
Manager of Corporate Communications, at 813-876-1776 ext 2553.
Odyssey Marine Exploration believes the information set forth in
this Press Release may include "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Act of 1934. Certain factors that could cause
results to differ materially from those projected in the
forward-looking statements are set forth in "Risk Factors" in the
Part I, Item 1A of the Company's Annual Report on Form 10-K for the
year ended December 31, 2006, which has been filed with the
Securities and Exchange Commission.
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