Odyssey Marine Reports Recovery of 15,500 Silver and Gold Coins

Odyssey Marine Exploration Inc. (NASDAQ:OMEX) announced its Q3 2014 results, commenting that during the period it focused primarily on recovering gold from the SS Central America and “support for the submission” of the environmental impact assessment for its Don Diego phosphate mineral deposit.

Other highlights include:

• Completed the 2014 season’s offshore operations at the SS Central America shipwreck site and recovered more than 15,500 silver and gold coins, 45 gold ingots, gold dust, nuggets, jewelry, and various other artifacts. Odyssey’s share of the expected proceeds from the recovered cargo is far in excess of the project costs and is expected to generate a significant profit margin to Odyssey.

• Received new data and analysis in an NI 43-101 compliant revised assessment completed by an independent expert that concludes the measured and indicated phosphorite resources in the ‘Don Diego’ mineral deposit now total 327.2 million ore tonnes at 18.5% P2O5, an increase of 20% over the measurements reported in the first quarter of 2014. This assessment does not include concession areas where testing has not yet been conducted nor areas below the core sample depth where the core ended with full mineralization.

• Secured a new $10 million credit facility with a marketing partner and received the first $5 million on the facility in the quarter. Subsequent to the third quarter, Odyssey received a further $2.5 million of cash on the loan facility.

• Terminated the long term charter of the Dorado Discovery vessel, while maintaining a relationship with the ship owner that provides access to the vessel for future projects. This action and other cost savings should reduce monthly operational expenditures by 25% by 2015. The company also transferred some of the equipment from the Dorado Discovery to the Odyssey Explorer vessel to increase asset utilization.

Click here to read the full Odyssey Marine Exploration Inc. (NASDAQ:OMEX) press release.