Odyssey Selects JBR Recovery Limited for SS Gairsoppa and SS Mantola Silver Cargo Processing

12 Jun 2012 1:27 PM | Anonymous

Odyssey Selects JBR Recovery Limited for
SS Gairsoppa and SS Mantola Silver Cargo Processing
 

Tampa, FL – June 11, 2012 – Odyssey Marine Exploration (NasdaqCM: OMEX), pioneers in the field of deep-ocean exploration, today announced it has executed a contract with JBR Recovery Limited to support the logistics, refining and monetization of the anticipated silver cargoes from SS Gairsoppa and SS Mantola when recovered.

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 were torpedoed by German submarines, the Gairsoppa during WWII and the Mantola during WWI. During those wars, the UK government insured privately owned cargo under their War Risk Insurance program. Historical records indicate that combined the ships could have been carrying over 240 tons of silver bullion.

After extensive research, a competitive bid process, review and site inspection, Odyssey selected JBR, one of Europe’s leading silver recovery and precious metal recycling specialists, to provide a range of services for what could be the largest precious metal recovery conducted in the deep ocean.

http://shipwreck.net/pr249.php

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