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Odyssey Marine Exploration Finds 61 Tons of Silver (OMEX)

In a press release Monday, Odyssey Marine Exploration (NASDAQ: OMEX) said that it had recovered 61 tons of silver bullion. Shares are up nearly 1 percent in pre-market trading.

The discovery came from the SS Gairsoppa, a 412-foot steel hulled British cargo ship that reportedly sank in February of 1941 in waters three miles deep. It held 1,574 silver ingots weighing 1,100 ounces equaling 1.8 million troy ounces. The finds sets the record for the deepest and largest precious metal recovery from a known shipwreck.

Including silver that Odyssey recovered in 2012, the find now equals 2,792 silver ingots from the shipwreck which the company believes is 99 percent of the silver reported to be aboard the vessel. Under terms with the UK Department of Transport, Odyssey Marine Exploration will keep 80 percent of the proceeds.

“This was an extremely complex recovery which was complicated by the sheer size and structure of the SS Gairsoppa as well as its depth nearly three miles below the surface of the North Atlantic,” commented Greg Stemm, Odyssey’s chief executive officer. “To add to the complications, the remaining insured silver was stored in a small compartment that was very difficult to access.

The most recent find is valued at $36.5 million dollar at current market prices.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

 

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