May 7, 2013

Shipwreck Exhibit to Open End of the Month in NYC

Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) will exhibit silver recovered from the submerged ruins of a World War II at the show "Shipwreck!" in New York City's Discovery Times Square beginning May 24.

The company's press release explains that this will be the first public showing of treasures found last year:

Silver recovered from the World War II-era SS Gairsoppa shipwreck, which lies approximately three miles deep, will be on display. This is the first public showing of some of the 1,218 silver bars (approximately 48 tons) of silver recovered to date from the Gairsoppa, which is the heaviest and deepest recovery of precious metal from a shipwreck in history. 
In addition to the Gairsoppa silver, Odyssey is expanding the SHIPWRECK! Treasure Room to include a large selection of never-before-displayed coins from both the SS Republic and the “Tortugas” shipwrecks.
OMEX reported in the fourth quarter ending December 31, 2012:
The majority of the silver recovered in 2012 from the SS Gairsoppa shipwreck was sold in the quarter with fourth quarter proceeds of $30.1 million to Odyssey ($17.8 million of this was credited in third quarter to expenses as recoupment of project costs).
A management comment notes that the company 'salvaged 48 tons of silver from a depth of more than 15,000 feet.'

In other findings, Odyssey Marine reportedly retrieved treasure from the sunken Spanish galleon Buen Jesus y Nuestra Senora del Rosario. In 2012, Odyssey Marine turned over treasure recovered from an 18th century Spanish shipwreck to Spain where it is now on display.

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