SS Gairsoppa and SS Mantola Silver Cargo Recovery Expedition Underway

31 May 2012 3:59 PM | Anonymous

SS Gairsoppa and SS Mantola Silver Cargo Recovery Expedition Underway

**Recovery Vessel Seabed Worker En Route to Begin Operations**

Tampa, FL – May 31, 2012 - Odyssey Marine Exploration (NasdaqCM: OMEX), pioneers in the field of deep-ocean exploration, today announced that the M/V Seabed Worker has departed port and is on its way to begin operations to recover the anticipated silver cargoes from the SS Gairsoppa and SS Mantola shipwrecks. Historical records indicate the Gairsoppa was carrying up to seven million ounces of silver and the Mantola was carrying approximately 600,000 ounces of silver when each sank. Odyssey discovered both shipwrecks in Q3 2011 and conducted a series of reconnaissance dives to both sites in March and April 2012.

Both the Gairsoppa and Mantola projects are being conducted under contract with the UK Department for Transport. Under these contracts, which follow standard commercial practices, Odyssey will retain 80% of the net salved value of the cargoes after recovery of expenses. Both merchant ships torpedoed by German submarines, the Gairsoppa during WWII and the Mantola during WWI. At that time, the UK government insured privately owned cargo under their War Risk Insurance program.

 

http://shipwreck.net/pr248.php

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