£155 Million of Silver Bullion Recovered from World War Two Shipwreck

(All images by telegraphtv via YouTube)

A record 48-tons of silver bullion worth around £155 million has been recovered from a World War Two shipwreck off the coast of Ireland. The cargo ship SS Gairsoppa was sunk by a German torpedo in 1941, 300 miles south-west of Galway. The operation to recover 1,203 silver bars from the wreck was the heaviest and deepest of its kind to date.

The silver, discovered last September, belongs to the British Government, which reportedly paid £325,000 to the owners of the cargo. At the time of its sinking, the Gairsoppa was being used by the British Government’s War Risk Insurance programme. The ship carried 85 crew, including two gunners, but only one officer survived the incident.

The treasure was recovered by Odyssey Marine Exploration and is set to be featured on Channel 5 in the UK and Discovery Channel in the US. Odyssey said the recovered bullion accounted for around 43 per cent of the insured bars – roughly a fifth of the silver believed to be on board.

Meanwhile, the firm is set to salvage a further 600,000 ounces of silver believed to be on another shipwreck, the SS Mantola, 100 miles away from the Gairsoppa. Odyssey chief executive Greg Stemm said: “This technology will be applicable to other modern shipwreck projects currently being scheduled as well as our deep ocean mineral exploration activities.”

Watch the Telegraph’s full YouTube video here.

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  • seadog20

    Greg Stemm, the co-founder and current CEO of Odyssey. Marine Exploration, and John C. Morris, the co-founder of Odyssey Marine Exploration, were both sued by the Securities and Exchange Commission.

    It appears that Neptune Minerals is insolvent.

    Oceanica is extremely unlikely to get an environmental permit.

    Oceanica’s cofounding shareholder, DNA Ltd, Inc, is tied to a Panamanian entity whose principal members are connected to a number of alleged financial crimes – why did Odyssey Marine Exploration structure it this way?

    Isn’t it weird that Odyssey Marine Exploration has been unable to address any of the serious questions posed by concerned shareholders?

    It’s concerning that John Morris, the founder of Odyssey Marine, is currently being sued by members of Seagrass Recovery.

    Odyssey Marine Exploration and Neptune Minerals have been tied to brokerage firms with many FINRA sanctions, this is very alarming – would you invest in this company? Buyer beware.

    Odyssey Marine Exploration has disappointed 100% of the time on its estimated project recoveries, can you trust anything they say?

    Why does Odyssey Marine Exploration have opaque and unexplained offshore subsidiaries in the Bahamas and Panama? These are completely unnecessary for Odyssey’s operations.

    Based on its current cash reserves and negative cash flow Odyssey Marine Exploration could very well go bankrupt in 2014.

    Odyssey Marine Exploration was held in contempt of court after it lost the Blackswan case.

    World-class phosphate mining companies have previously evaluated and passed on the Oceanica asset – Odyssey is the only company interested in this uneconomic asset.

    Didn’t Odyssey’s chairman Brad Baker get exposed for signing on both sides of a deal?

    Why does Odyssey Marine Exploration use an auditor that has been sanctioned multiple times by the Public Company Accounting Oversight Board?

    Based on accurate historical records, there was never any secret army gold aboard the SS Central America.

    It’s alarming that Odyssey Marine Exploration started as a shell purchased by Timothy Brasel, who was later cited by an SEC civil action for stock manipulation.

    It’s shocking that the predecessor of Odyssey Marine Exploration, Seahawk, went bankrupt – but it’s even more shocking that every other reverse merger treasure hunting company (six in total!) have also gone bankrupt.

    It’s alarming that Odyssey Marine Exploration has lost nearly $200,000,000 of shareholder capital while insiders have personally made millions – how much longer can this continue?

    Isn’t it ironic that Odyssey Marine Exploration has posted enormous financial losses but CEO Greg Stemm makes enough money to afford five houses for himself and his family? That doesn’t seem fair at all.

    Why does Odyssey host closed conference calls in which only their investment bankers get to ask questions? Why won’t Odyssey answer questions from other shareholders? Are they hiding something?

 
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