Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean shipwreck and offshore mineral exploration, has begun 2013 operations on the SS Gairsoppa shipwreck site as scheduled. On May 22, the Odyssey team aboard Swire Seabed's Seabed Worker left port in Bergen, Norway. The team reached the Gairsoppa site and commenced operations on May 29, after several days awaiting the passage of an intense weather system.
In 2012, Odyssey recovered 1,218 silver ingots weighing approximately 1.4 million ounces from the Gairsoppa site. The company believes an additional 1,599 insured silver ingots and what could be a substantial amount of uninsured silver remains at the Gairsoppa site.
After completing silver recovery from the Gairsoppa, Odyssey plans to begin recovery operations at the SS Mantola shipwreck, which is believed to contain 600,000 ounces of silver. Recently obtained research indicates the likely location of the room where bullion would have been stored on the Mantola.
"Weather in the North Atlantic is now becoming more appropriate for operations and our 2013 recovery season on the Gairsoppa and Mantola has begun," said Mark Gordon, Odyssey's president and COO. "The team and equipment used last year aboard the Seabed Worker helped us successfully recover a record-breaking 48 tons of silver. This year we've added some very specific tools to our kit to maximize the efficiency of the expedition. The ship reports that all the equipment, including some new technology that was added over the winter, is working well and they have already made progress on the shipwreck."
About the SS Gairsoppa and SS Mantola
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
"The silver bullion recovered to date was refined and sold on the London Metals Exchange. The first sale occurred in September 2012 and continued thru January 2013. Over $41 million in proceeds have been received to date. In addition, over $600,000 in gold value was extracted as a by-product of the silver smelting process."
Whats a few bars here and there, really, like there arent any Mercedes coins floating around are there?