Odyssey Announces Second Silver Cargo Shipwreck Discovery for 2011

11 Oct 2011 8:58 AM | Anonymous

Odyssey Announces Second Silver Cargo Shipwreck Discovery for 2011
**SS Mantola Shipwreck Cargo to be Recovered by Odyssey Under UK Government Contract**

Tampa, FL –October 10, 2011 - Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean shipwreck exploration, announced today that it has discovered a shipwreck that was torpedoed during the World War I while carrying a shipment of silver. The SS Mantola sank on February 9, 1917, after being torpedoed by German submarine U-81. Odyssey discovered the shipwreck approximately 2,500 meters beneath the surface of the North Atlantic Ocean, approximately 100 miles from the SS Gairsoppa shipwreck.

In 1917, the British Ministry of War Transport paid a War Risk Insurance Claim for £110,000 (in 1917 value) for silver that was on board the Mantola when she sank. This sum would equate to more than 600,000 ounces of silver based on silver prices in 1917. In September 2011, the UK Government Department for Transport awarded Odyssey a salvage contract for the cargo of the SS Mantola. Under the agreement, Odyssey will retain 80% of the net salved silver value recovered.


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