Global Marine to Begin Operations to Recover Sir Francis Drake's Silver and Gold 'Treasure'.CHARLESTON, S.C. -- Global Marine Ltd. (Pink Sheets: GLBM GLBM Ground-Launched Ballistic Missile ) announced today that the company has begun phase I of the recovery operation to salvage the remaining estimated 35 tons of Sir Francis Drake's silver treasure found offshore of Ecuador. Global Marine's team of salvage professionals, in cooperation with their Ecuadorian partners, will commence operations by employing proprietary technology, a unique airlift system and is expected to receive a large percentage of the net profits received from the sale of this historic "treasure." History of the Drake Silver To lighten his ship's cargo for the Pacific crossing, Drake and his men regretfully re·gret·ful adj. Full of regret; sorrowful or sorry. re·gret  ful·ly adv.re·gret threw overboard in excess of 1,350,000 pesos of silver, an estimated 45 tons. Silver coins, ingots and bars found at the site match the silver that Drake dropped onto a sandy bottom 50 feet deep. Numismatic nu·mis·mat·ic adj. 1. Of or relating to coins or currency. 2. Of or relating to numismatics. [French numismatique, from Late Latin numisma, numismat-, professionals estimate the value of this circa 1578 silver may be worth in excess of $100 million if properly marketed. Archival documents also mention the unloading of gold coins Gold coins Coin minted in gold, such as the American Eagle or the Canadian Maple Leaf. , jewelry and emeralds at the same location. Attempts in the past to locate and salvage the treasure have proved mostly unsuccessful; however, the pirate Bartholomew Sharp Bartholomew Sharp (born c.1650 - 1690?) an English buccaneer whose pirate career last only three years (1679-82). His flagship was the Trinidad. Sharp's career as a pirate captain began when the buccaneers, with whom he was sailing round South America, needed a new , who anchored over the same site, used weighted tallow tallow, solid fat extracted from the tissues and fatty deposits of animals, especially from suet (the fat of cattle and sheep). Pure tallow is white, odorless and tasteless; it consists chiefly of triglycerides of stearic, palmitic, and oleic acids. to fish up a few hundred pieces of eight. Archival data mentions that in 1930 a steam dredge had dug up 10 tons of silver ingots; however, it departed swiftly when the government intervened. The government patrols this permitted area and to GLBM's knowledge no other salvage has taken place. Preliminary dives have detected a very large target area of nonferrous metals. Samples of coins, bars and an ornate Spanish ring have been retrieved. Further information on this recovery including recent photographs and other company business is available on the corporate Web site. Global Marine Ltd. Global Marine Ltd. is a publicly traded firm whose primary business is in the oceanographic and historic marine archaeological fields. The company has a number of found shipwrecks This list of shipwrecks is of those ships whose have been located. Africa East Africa
This press release does not constitute an offer to sell or a recommendation to purchase any securities. This release contains "forward-looking" statements. Such statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are based on expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. GLBM does not undertake to update any of its forward-looking statements that may be made from time to time. The information in this press release is provided solely for the reader's general knowledge; it is not intended to be a comprehensive review for all matters and developments concerning either GLBM or this recovery operation. |
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