Odyssey Marine Exploration (NASDAQ:OMEX) Stumbles On Record 61 Tons Of Silver.


Dallas, Texas 07/23/2013 (Financialstrend) – Odyssey Marine exploration (NASDAQ:OMEX), on July 22, 2013 dug up 61 Ton of Silver bullion from a 1941 sunk British ship. Odyssey is an archaeological company engaged in exploration of deep-ocean shipwrecks to recover treasures and artifacts. It engages high-tech equipments such as side-scan sonar, magnetometers, advanced robotic technology among other advanced methods.

The British ship SS Gairsoppa is said to have been sunk by Nazi U-boat back in 1941. The ship carried a huge amount of silver, 1100 ounce in weight being 1574 ingots. The recovery was made in two different dives made in 2012 and then recently in July 2013. The recovery is touted to be the biggest discovery in treasured shipwreck history. The procedure was said to be a very complex one, caused by the sheer size of the ship and the depth to which it sank, which was more than three miles below North Atlantic. The ship had taken only about 20 minutes to sink with officer Richard Ayres being the lone survivor, after it was attacked by the Nazis.

The company has till date, in the two dives have uncovered 2792 silver ingots from the wreck accounting for 99 percent of the reported silver on the ship.  The company entered into the agreement with British Transport Department to keep 80 percent of the proceeds from the recovery.

The trading volume rallied dramatically after recovering a high amount of silver. The traded volume exceeded the average 50 day volume of 481K to reach a record of 2131K stocks in a day’s trading.  The stocks did not show much movement, closing at $3.35 on July 22, 2013. The company is expected to earn heavily from the discovery, with the current market price of the silver being valued at 36.5 million dollars or pound 22 million.