Odyssey to Commence Gairsoppa Silver Project

07 Jun 2011 1:28 PM | Anonymous

Odyssey to Commence Gairsoppa Silver Project
Tampa, FL – June 7, 2011 - Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) has executed a charter agreement to utilize the Russian Research Vessel Yuzhmorgeologiya to conduct search operations for the SS Gairsoppa. The Gairsoppa was torpedoed by a German U-Boat in February 1941 while enlisted in the service of the United Kingdom Ministry of War Transport. Contemporary research and official documents indicate that the ship was carrying as much as 7,000,000 ounces of silver. In 2010, the United Kingdom (UK) Government Department for Transport awarded Odyssey, through a competitive bid, the exclusive salvage contract for the cargo of the SS Gairsoppa. Under the salvage contract, Odyssey will retain 80% of the bullion value of the cargo after expenses.

Odyssey expects to commence operations on the SS Gairsoppa project in July 2011 using the Yuzhmorgeologiya, a vessel owned by the Russian government and managed by CGGE International. The timing of the recovery operation will depend on the physical disposition of the shipwreck and weather. The UK Dept for Transport has extended Odyssey’s salvage agreement for an additional year to take into account a salvage operation that is expected to extend into 2012.


http://shipwreck.net/pr223.php

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