TAMPA, Fla., June 11, 2012 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration (Nasdaq:OMEX), pioneers in the field of deep-ocean exploration, today announced it has executed a contract with JBR Recovery Limited to support the logistics, refining and monetization of the anticipated silver cargoes from SS Gairsoppa and SS Mantola when recovered.
Both the Gairsoppa and Mantola projects are being conducted under contract with the UK Department for Transport. Under these contracts, which follow standard commercial practices, Odyssey will retain 80% of the net salved value of the cargoes after recovery of expenses. Both merchant ships were torpedoed by German submarines, the Gairsoppa during WWII and the Mantola during WWI. During those wars, the UK government insured privately owned cargo under their War Risk Insurance program. Historical records indicate that combined the ships could have been carrying over 240 tons of silver bullion.
After extensive research, a competitive bid process, review and site inspection, Odyssey selected JBR, one of Europe's leading silver recovery and precious metal recycling specialists, to provide a range of services for what could be the largest precious metal recovery conducted in the deep ocean.
"Taking into consideration the unique nature of this project, we determined JBR was the best choice to meet the requirements of the contract with our government partners. JBR's experience, staff and facility provide a turn-key solution that is clearly the best match for this project," said Mark Gordon, Odyssey President and Chief Operating Officer. "By partnering with JBR, we are able to streamline logistics to securely transport, store, and refine potentially over 240 tons of silver. Working with JBR allows for this phase of the project to be completely executed in the UK which will produce a variety of time, cost and processing efficiencies."
Odyssey has chartered Swire Seabed's 291-foot Seabed Worker for the Gairsoppa and Mantola silver recovery operations. Both sites were discovered in Q3 2011, and reconnaissance dives were conducted in March and April 2012. Operations are currently underway.
About JBR Recovery Limited
JBR Recovery Ltd is a processor of materials containing silver, gold and other platinum group metals and is one of the UK and Europe's leading silver recovery and precious metal recycling specialists. JBR handles a wide range of materials and it's processes include incineration, melting, smelting and electrolytic refining to produce 999 refined 'Good Delivery' silver bars. JBR is one of only two UK companies who physically supply 'Good Delivery' silver to the London Bullion Market.
About Odyssey Marine Exploration, Inc.
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state-of-the-art technology. The Company is a world leader in shipwreck exploration, conducting extensive search and archaeological recovery operations on deep-ocean shipwrecks around the world. Odyssey also has a minority ownership stake in Neptune Minerals, a company focused on discovering and commercializing high-value mineral deposits from the ocean floor. Odyssey also provides contracting services, including proprietary deep-ocean expertise and equipment, to governments and companies around the world.
Odyssey offers various ways to share in the excitement of deep-ocean exploration by making shipwreck treasures and artifacts available to collectors, the general public and students through its webstore, exhibits, books, television, merchandise, educational programs and virtual museum located at www.odysseysvirtualmuseum.com.
Film crews from JWM Productions will be on board to capture Odyssey's 2012 marine operations. Odyssey has an agreement with JWM to produce at least three one hour television specials that are expected to air following the conclusion of seasonal operations.
Following previous successful engagements in New Orleans, Tampa, Detroit, Oklahoma City, Charlotte, Baltimore, Sarasota, and San Antonio, Odyssey's SHIPWRECK! exhibit is currently on display at the Mid America Science Museum in Hot Springs, AR.
For details on Odyssey's activities and its commitment to the preservation of maritime heritage please visit www.shipwreck.net.
The Odyssey Marine Exploration, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7185
Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2011, which has been filed with the Securities and Exchange Commission.