Odyssey Marine Exploration just finished a record-setting recovery effort in the North Atlantic, pulling 1,574 silver ingots from the wreck of merchant ship SS Gairsoppa three miles below the choppy seas. The total value is expected to rise more than $35 million.
The mournful tale of the SS Gairsoppa stood unchanged for seven decades — sunk by a German U-boat, 84 people killed, its fortune in silver bars forever lost to the Atlantic Ocean.
SS Gairsoppa Operation Results in Deepest, Largest Precious Metal Recovery**
Odyssey Marine Exploration (NasdaqCM: OMEX), pioneers in the field of deep-ocean exploration, today announced it has successfully recovered approximately 48 tons of silver bullion from a depth of approximately three miles. This initial recovery of bullion from the SS Gairsoppa, a 412-foot steel-hulled British cargo ship that sank in February 1941, totals 1,203 silver bars or approximately 1.4 million troy ounces of silver and has been transported to a secure facility in the United Kingdom. After unloading the cargo, taking on fuel and changing personnel, recovery operations will continue and are expected to be completed in the third quarter of 2012. This record-breaking operation has so far produced the heaviest and deepest recovery of precious metals from a shipwreck. . . . Read Complete Report