61 Tons of Silver Bullion Recovered from 1941 Shipwreck

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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.

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 SSĀ 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 SSĀ GairsoppaĀ or more than 99% of the insured silver reported to be aboard the Gairsoppa when she sank. Under the terms of Odysseyā€™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 fullĀ Odyssey Marine Exploration Inc. (NASDAQ:OMEX) press release.

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