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Odyssey recovers huge silver cargo
Odyssey Marine Exploration has begun recovery of a silver cargo from from the SS Gairsoppa which lies three miles deep in the North Atlantic.
Credit: Odyssey Marine Exploration
This initial recovery of bullion from the SS Gairsoppa totals 1,203 silver bars or approximately 1.4 million troy ounces of silver
Odyssey Marine Exploration | Odyssey Marine Exploration Press Release | 07-19-2012
In July 2012, Odyssey announced the discovery of silver on the SS Gairsoppa. This record-breaking operation has so far produced the heaviest and deepest recovery of precious metals from a shipwreck.
“
With the shipwreck lying approximately three miles below the surface of the North Atlantic, this was a complex operation
”—Greg Stemm, Odyssey Chief Executive Officer
This initial recovery of bullion from the SS Gairsoppa, a 412-foot steel-hulled British cargo ship that sank in February 1941, totals 1,203 silver bars or approximately 1.4 million troy ounces of silver and has been transported to a secure facility in the United Kingdom.
The Gairsoppa was a 412-foot steel-hulled British merchant ship torpedoed by a German U-boat during World War II. During the War, the UK Government insured privately owned cargo under their War Risk Insurance program. After making an insurance payment of approximately £325,000 (1941 value) to the owners of the silver cargo lost aboard the Gairsoppa, the UK Government became the owners of the insured cargo.
In addition, an estimated 600,000 oz. of insured silver is expected to be found on the SS Mantola, a second modern shipwreck recovery project being conducted in conjunction with the Gairsoppa project.
Primary source â–º Odyssey Marine Exploration Press Release
Further reading â–º http://www.xray-mag.com/
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