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Global Marine Ltd. Finds Lost Treasure; Contracted to Salvage 35 Tons of Sir Francis Drake's Silver and Gold
CHARLESTON, S.C., Aug 25, 2005 (BUSINESS WIRE) -- Global Marine Ltd. (Pink Sheets: GLBM) announced today that the company has entered into a subcontractor's agreement to salvage the remaining 35 tons of Sir Francis Drake's silver treasure located offshore of Ecuador, using 21st century technology and the company's dive team of Ecuadorian and U.S. salvage professionals. The agreement requests that Global Marine act on behalf of the contractor, who has access to the offshore Ecuadorian salvage permits. GLBM will mobilize its divers and equipment to begin the salvage operations.
History of the Drake Silver
In order to lighten his ship's heavy cargo for the treacherous Pacific crossing, Drake and his men regretfully threw overboard in excess of 1,350,000 pesos of silver -- an estimated 45 tons. Silver coins, ingots and bars found at the site off the coast match the silver that Drake unloaded onto a sandy bottom some 50 feet deep. Numismatic professionals estimate that the value of this circa 1578 silver may be worth approximately $100 million if properly marketed. Archival documents also mention the unloading of gold coins and jewelry at the same location.
Documents from historic accounts, books and archives verify that in 1578 the Spanish and the English had been witness to the dumping of the Drake treasure.
Attempts in the past to locate and salvage the treasure have proved mostly unsuccessful; however, the pirate Bartholomew Sharp, who anchored over the right spot, used weighted tallow to fish up a few hundred pieces of eight.
Archival data also indicates that in 1930 a steam dredge sailed into the cove and within a week had dug up 10 tons of silver ingots using a steam shovel. It departed swiftly when the government requested them to leave the area. Subsequently, the Ecuadorian government imposed strict laws concerning salvage of treasures in their territorial waters. Since that partial recovery, the exact location of the treasure has been lost over time.
The Ecuadorian government patrols this permitted area and to GLBM's knowledge no other salvage has taken place. The area was permitted after Ecuador changed its salvage laws allowing foreign involvement.
Since the area is a treasure find and no wrecks are involved, there will be very little archaeological work performed. GLBM expects the project to take three to four weeks, after which the silver and coins will be sold through Global's network of historical, cultural and marine artifact dealers or added to the company's artifact assets.
In the Ecuadorian coastal region, Global Marine has identified an additional 22 shipwrecks, captains' logs, eyewitness accounts and manifests from archives in Seville, Spain. The shipwrecks of Ecuador have been evaluated by independent archaeologists to be worth an average of $220 million of treasure within each wreck site. GLBM will begin to survey a number of reefs and coves, which have been identified as potential targets on recent dives. The site evaluation dives have produced coins and other valuable artifacts, which lead the company to believe that further permits need to be requested.
Two Ecuadorian citizens have joined the company as country consultants to help develop the diving, search, permitting and recovery phase for each project.
Further information on this recovery 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 oceanographic and historic marine archaeological recovery. Global Marine has located a number of found shipwreck and other oil and gas marine survey projects in different stages of growth. The company offers its shareholder base and other investors an opportunity for growth.
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 provisions of the Private Securities Litigation Reform Act 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.
KEYWORD: United States Ecuador North America South America South Carolina INDUSTRY KEYWORD: Entertainment Other Entertainment Government Transport Other Government Maritime Professional Services Other Professional Services Consumer Men SUBJECT CODE: Product/Service
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Did you see this jump 20% in 2 minutes after the news? My order didn't fill. In my opinion, this will gap and run all day tomorrow. Watch for a dip.
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Do you have the heart of a treasure hunter? this is one of those opportunities that only comes along once in a life time, like Mel Fisher finding the Atoshia, and WOW, MILLIONS! even if you lose money you will have the feeling of the hunt! If they bring in the CACHE you will have enough money to buy some of this treasure, get it now before they start bringing up the Gold or Silver.Only 3 to 4 weeks to pay day!
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have *not* DD'd, but just for memory's sake? The most recent one of these had bigger runs once it was a Q-play...selling off the ship...just a hedzup...good luck
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Global Marine Ltd. Finds Lost Treasure; Contracted to Salvage 35 Tons of Sir Francis Drake's Silver and Gold
CHARLESTON, S.C., Aug 25, 2005 (BUSINESS WIRE) -- Global Marine Ltd. (Pink Sheets: GLBM) announced today that the company has entered into a subcontractor's agreement to salvage the remaining 35 tons of Sir Francis Drake's silver treasure located offshore of Ecuador, using 21st century technology and the company's dive team of Ecuadorian and U.S. salvage professionals. The agreement requests that Global Marine act on behalf of the contractor, who has access to the offshore Ecuadorian salvage permits. GLBM will mobilize its divers and equipment to begin the salvage operations.
History of the Drake Silver
In order to lighten his ship's heavy cargo for the treacherous Pacific crossing, Drake and his men regretfully threw overboard in excess of 1,350,000 pesos of silver -- an estimated 45 tons. Silver coins, ingots and bars found at the site off the coast match the silver that Drake unloaded onto a sandy bottom some 50 feet deep. Numismatic professionals estimate that the value of this circa 1578 silver may be worth approximately $100 million if properly marketed. Archival documents also mention the unloading of gold coins and jewelry at the same location.
Documents from historic accounts, books and archives verify that in 1578 the Spanish and the English had been witness to the dumping of the Drake treasure.
Attempts in the past to locate and salvage the treasure have proved mostly unsuccessful; however, the pirate Bartholomew Sharp, who anchored over the right spot, used weighted tallow to fish up a few hundred pieces of eight.
Archival data also indicates that in 1930 a steam dredge sailed into the cove and within a week had dug up 10 tons of silver ingots using a steam shovel. It departed swiftly when the government requested them to leave the area. Subsequently, the Ecuadorian government imposed strict laws concerning salvage of treasures in their territorial waters. Since that partial recovery, the exact location of the treasure has been lost over time.
The Ecuadorian government patrols this permitted area and to GLBM's knowledge no other salvage has taken place. The area was permitted after Ecuador changed its salvage laws allowing foreign involvement.
Since the area is a treasure find and no wrecks are involved, there will be very little archaeological work performed. GLBM expects the project to take three to four weeks, after which the silver and coins will be sold through Global's network of historical, cultural and marine artifact dealers or added to the company's artifact assets.
In the Ecuadorian coastal region, Global Marine has identified an additional 22 shipwrecks, captains' logs, eyewitness accounts and manifests from archives in Seville, Spain. The shipwrecks of Ecuador have been evaluated by independent archaeologists to be worth an average of $220 million of treasure within each wreck site. GLBM will begin to survey a number of reefs and coves, which have been identified as potential targets on recent dives. The site evaluation dives have produced coins and other valuable artifacts, which lead the company to believe that further permits need to be requested.
Two Ecuadorian citizens have joined the company as country consultants to help develop the diving, search, permitting and recovery phase for each project.
Further information on this recovery 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 oceanographic and historic marine archaeological recovery. Global Marine has located a number of found shipwreck and other oil and gas marine survey projects in different stages of growth. The company offers its shareholder base and other investors an opportunity for growth.
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 provisions of the Private Securities Litigation Reform Act 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.
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Global Marine to Begin Operations to Recover Sir Francis Drake's Silver and Gold 'Treasure'
CHARLESTON, S.C., Sep 08, 2005 (BUSINESS WIRE) -- Global Marine Ltd. (Pink Sheets: GLBM) 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 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 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, 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, who anchored over the same site, used weighted tallow 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 and oil and gas marine survey projects in different stages of growth. The company offers its shareholder base and other investors an opportunity for growth.
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 provisions of the Private Securities Litigation Reform Act 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.
SOURCE: Global Marine Ltd.
CONTACT: Global Marine Ltd. Doug Beatty, 843-744-4361 Fax: 843-744-4973 www.GlobalMarineLtd.com
get it now payday in just a few weeks
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Only 2.27 million O/S this could be the start of something big!
GLBM -- Global Marine, Ltd. Com ($0.001)
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Global Marine: Global Marine and NSW team win Caribbean contract
Grand Bahamato Bimini contract combines Global Marine and NSW expertise to build a cost-effective and cutting-edge Caribbeantelecom infrastructure
Sep 21, 2005 (M2 PRESSWIRE via COMTEX) -- Chelmsford UK: NSW (Norddeutsche Seekabelwerke), a world leader in the field of repeaterless fiber-optic submarine cable systems, has signed its first contract with Global Marine Systems Limited (Global Marine), which will cover the marine installation and support of the Grand Bahama to Bimini submarine network. The point-to-point installation contract, which spans 120 km and links 8 Mile Rock on Grand Bahama Island to Alice Town on the Island of Bimini, will begin later this month. Against a backdrop of increased telecom liberalisation and a growing demand for bandwidth across the Bahamas, the alternative cabling industry is playing a pivotal role in helping the region redevelop its existing telecom infrastructure to improve the quality and cost of its communication services for consumers, local businesses and the rest of the world. For the latter, this is achieved by reducing the cost and improving the quality of calling the Bahamas from abroad.
Pedro Sotomayor, Sales Director Americas at NSW, says: "Global Marine's reputation and long-standing history of leading the submarine cable and maintenance industry, together with its previous experience of working in the Caribbean, meant that it was the natural partner of choice to enter this region. It was vital to secure a deal that was not only competitive, but also comprehensive in its offering, and we look forward to a successful working relationship."
"This contract reiterates our market leading position in the undersea cable installation and maintenance sector," said Stephen Scott, commercial director for Global Marine. "It is an exciting time for the telecommunications industry in the Bahamas and the Caribbean in general. We look forward to working with NSW to help this important region continue the liberalization of its telecommunications infrastructure. By driving down the cost of communications, new opportunities for economic development will continue to emerge."
About Global Marine Systems Limited:
Global Marine installs more than 50 percent of the world's buried fibre optic cables and between 30 and 40 percent of all subsea cables repairs and maintenance. In April 2005, it secured a USA-Australia underwater cable maintenance contract for Southern Cross Cable Network.
NSW is a Corning Cable Systems company and part of Corning Incorporated's telecommunications segment. It is a world leader in the field of repeaterless fiber-optic submarine cable systems, and supplies cable, cable joints, branching units and other accessories, complete turnkey submarine networks, repair and maintenance services and tailor-made submarine telecommunications solutions for the integration of offshore oil and energy facilities.
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
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Global Marine: Global marine completes acquisition of SBSS shareholding
M2 Communications via COMTEX
Sep 21, 2005 7:23:29 AM
Transaction completes acquisition from Global Crossing & solidifies Global Marine presence in fast growing Asian markets
Chelmsford, UK, Sep 21, 2005 (M2 PRESSWIRE via COMTEX) --
Global Marine Systems Limited today announced the completion of its acquisition of the shareholding in S.B Submarine Systems from Global Crossing.
As part of the purchase of Global Marine by Bridgehouse Marine in August 2004, Bridgehouse sought to acquire the shareholding in S.B. Submarine Systems (SBSS) pending approval by China Telecom, the other partner in the joint venture as well as the regulatory authorities in the PeoplesRepublicof China.
The $32 million transaction was completed last week following an extensive review of Global Marine and its' shareholders by partner China Telecom who has approved the deal through the formal process of waiving their right to prevent the transaction.This process also included a formal application for approval to the Ministry of Commerce in Chinaand the issuance of a new business license by the State Administration of Industry and Commerce.
"I am delighted to see this key piece of Global Marine fall into place. SBSS is a core part of the Global Marine business and brings unique capability and market access to our portfolio" said Gabriel Ruhan, Managing Director of Global Marine. "China Telecom has proved to be a discerning and supportive partner and we look forward to strengthening our relationship in the coming years."
Today the Asian markets are the fastest growing telecommunications markets in the world. Since the formation of the joint venture in 1995, Global Marine has provided technology transfer and technical support to SBSS. The longstanding relationship between Global Marine and China Telecom have build SBSS into one of the strongest providers of Marine installation capabilities for both the Telecommunications and Oil and Gas industries in Asian waters. "The joint ventures in Asia underscore our commitment to partnering with other industry leaders and we remain committed to supporting these companies." said Ian Douglas, Director Asia Pacific "Global Marine has unrivalled depth and breadth thanks to our history, unparalleled technical capability and geographic reach afforded by our own assets and the long standing partnerships we enjoy globally."
Additional information for editors:
About SBSS:
S.B Submarine Systems is based in Shanghaiand has been providing installation and maintenance services to the submarine cable industry since formation in 1995. S.B.S.S currently provides maintenance to the major Telco's in the Asia Pacific Region through the Yokohama Zone Maintenance Agreement. The company has installed over 25,000kms of telecoms cable and leads the industry in the application of 3 metre plough burial. In 2005 S.B.S.S undertook the installation of SMW4 and has also played a significant ole in the installation of the TATA system (2004), TIS (2003), APCN2, China-US and a host of other major international submarine projects. Since 2002 SBSS has employed its expertise in the oil and gas industry which now accounts for over a third of the company's revenue.
Global Marine has been in business for well over a century and continues to be the pre-eminent provider of submarine cable installation and maintenance services in the world. Since the installation of the first telegraph cables in the 1850s, it has been essential for system owners to produce detailed cable maps to plot the location of a cable on the seabed, keep it maintained and ensure that information is regularly updated.
Global Marine has remained at the forefront of cable installation and maintenance ever since. Operating with the world's most advanced fleet of cable ships and subsea vehicles, it is a market leader in marine cable installation and maintenance for telecommunications, as well as scientific research, oil, gas, utilities and the renewable energy sector.
It has installed more undersea fibre optic cables than any other operator. More than 50% of the world's buried fibre optic cables have been installed by Global Marine Systems and between 30 and 40% of all subsea cables repairs and maintenance are undertaken by the company.
Global Marine is at the forefront of data record management and is continually developing new technology to meet the needs of the submarine cable industry. Its developments in state of the art geographical information systems and computer mapping technology play a vital part in the drive for greater system security.
CONTACT: Deborah Bartlett, Marketing& Communications, Global Marine Systems Limited Tel: +44 (0)124 570 2105 e-mail: deborah.bartlett@globalmarinesystems.com Kathryn Hughes/Vicky Hayden, PR Consultants, HBL Media Tel: +44 (0)20 7612 1830 e-mail: kathryn@hblmedia.com/vicky@hblmedia.com
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
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