Monday, May 21, 2007

Underwater Robot Recovers Over 500,000 Silver And Gold Coins

Odyssey Marine Exploration (OTC:OMR) announced last week that they had recovered over 500,000 coins from a colonial period shipwreck.

They are keeping the location of the site, code named "Black Swan" secret until they have completed their salvage operations.

The find is worth at least US $500,000,000 based on an estimated average value of the coins, some in "dazzling mint state" condition, at US $1000 each. The estimate is considered preliminary because only 6000 of the half million coins have been inspected.

The remotely operated diver Zeus has allowed the salvage team to use "diligently followed archaeological protocols" to ensure that they get the best historical value from the sites. However, Odyssey claims that they have still not been able to determine the identity of the ships.
The Zeus is capable of diving to 2500 m (8200 ft). It weighs 8 tons in air with 8 thrusters and 2 seven function manipulator arms. It is connected to the surface through a fiber optic umbilical for telemetry and high-definition video.

The treasure, they say, was recovered from "beyond the territorial waters or legal jurisdiction of any country," but they still expect other claims on the booty.

I think, technically, it all belongs to the robot, since he was the one who made the recovery possible, but it will be shared with he investors in the company.

Odyssey's Latest Shipwreck Find Yields Over 500,000 Silver And Gold Coins - Press Release

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