61 Tons of Silver Bullion Recovered from 1941 Shipwreck

Odyssey Marine Exploration Inc. (NASDAQ:OMEX) announced that this month it has recovered more than 61 tons of silver bullion from a shipwreck almost three miles deep.

As quoted in the press release:

This recovery of bullion from the SS Gairsoppa, a 412-foot steel-hulled British cargo ship that sank in February 1941, consists of 1,574 silver ingots weighing about 1,100 ounces each or almost 1.8 million troy ounces in total, sets a new record for the deepest and largest precious metal recovery from a shipwreck. The silver has been transported to a secure facility in the United Kingdom.

Including the silver recovered in 2012, Odyssey has now recovered 2,792 silver ingots from SS Gairsoppa or more than 99% of the insured silver reported to be aboard the Gairsoppa when she sank. Under the terms of Odyssey’s contract with the UK Department for Transport, which follows standard commercial practices, Odyssey will retain 80% of the net salved value of the cargo. The contract was awarded to Odyssey following a competitive tender process.

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