Do fundo do mar... Sea bottom
Thursday, October 14, 2004
Ocean Resources to Commence Winter Recoveries Program
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Press Release
Source: Ocean Resources, Inc.
DALLAS--(BUSINESS WIRE)--Oct. 14, 2004--Ocean Resources, Inc. (OTCBB:OCRI - News) today announced that due to continuing unfavorable weather conditions in the North Atlantic, the company has chosen to depart from its current project west of Ireland and commence its $11 million winter recoveries program.
The first project of this program is a World War I wreck located in the Mediterranean Sea whose manifested cargos include over $2.5 million (at current spot market valuation) of tin ingots and other metals. The wreck has already been found and positively identified on the seabed. Ocean Resources plans to take advantage of milder weather at this location and commence recovery operations by November 1. This operation is expected to be completed within six weeks of its start date.
Immediately thereafter, the company will proceed to a World War II wreck off the east coast of Africa, which carried manifested metals cargos of over $9 million (at current spot market valuation). Recovery operations there are expected to last a period of four months.
"The intense hurricane activity and prevailing North Atlantic typhoon season has, for now, rendered recovery operations off the Irish coast potentially hazardous to crew and equipment, therefore it is in the company's interest to accelerate its winter recoveries program and return to the Ireland project in the spring," said Ocean Resources Chief Executive Dennis McLaughlin.
Ocean Resources' deep-sea excavator, ROGE, has performed superbly in sea trials at Bantry Bay in Ireland, retrieving up to four tons of metal per grab from a nearby shipwreck similar in age and contour to the Mediterranean wreck.
The Company's VP of Salvage Operations Graham Jessop stated, "The ROGE's underwater maneuverability has exceeded our expectations. Given these results, we are optimistic in our abilities to recover the metals we are after in our upcoming projects."
Ocean Resources' inventory of merchant shipwrecks includes World War I and World War II wrecks that carried copper, tin, nickel, and other metals for the war efforts.
OCRI will issue news on the progress of its Mediterranean project prior to completion, said Mr. McLaughlin.
Ocean Resources, Inc. is a marine salvage operator utilizing proprietary technology and sea recovery expertise in an attempt to retrieve significant supplies of commodity metals from World Wars I and II merchant shipwrecks lying at previously unreachable depths.
The company's ROGE (Remotely Operated Grab Excavator), a hydraulically operated multi-jaw grab, is among the world's most advanced deep sea excavating devices, capable of seizing up to three tons of material in a single grab and operating at depths of up to 16,000 feet, nearly double that of any competitive device.
Ocean Resources' recovery operations are directed by Graham Jessup, an internationally accomplished deep sea salvage expert who participated in recoveries from the RMS Titanic, RMS Carpathia, S.S. John Barry and HMS Edinburgh. For further information, visit www.oceanri.com.
This press release may contain "forward-looking statements". All statements, other than statements of fact, included in this release and without limitation statements regarding potential future plans and objectives of the Company, are forward- looking statements that involve risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such statements will prove to be accurate.
Actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially from the Company's expectations due to changes in operating performance, project schedules, prices and other technical and economic factors.
Press Release
Source: Ocean Resources, Inc.
DALLAS--(BUSINESS WIRE)--Oct. 14, 2004--Ocean Resources, Inc. (OTCBB:OCRI - News) today announced that due to continuing unfavorable weather conditions in the North Atlantic, the company has chosen to depart from its current project west of Ireland and commence its $11 million winter recoveries program.
The first project of this program is a World War I wreck located in the Mediterranean Sea whose manifested cargos include over $2.5 million (at current spot market valuation) of tin ingots and other metals. The wreck has already been found and positively identified on the seabed. Ocean Resources plans to take advantage of milder weather at this location and commence recovery operations by November 1. This operation is expected to be completed within six weeks of its start date.
Immediately thereafter, the company will proceed to a World War II wreck off the east coast of Africa, which carried manifested metals cargos of over $9 million (at current spot market valuation). Recovery operations there are expected to last a period of four months.
"The intense hurricane activity and prevailing North Atlantic typhoon season has, for now, rendered recovery operations off the Irish coast potentially hazardous to crew and equipment, therefore it is in the company's interest to accelerate its winter recoveries program and return to the Ireland project in the spring," said Ocean Resources Chief Executive Dennis McLaughlin.
Ocean Resources' deep-sea excavator, ROGE, has performed superbly in sea trials at Bantry Bay in Ireland, retrieving up to four tons of metal per grab from a nearby shipwreck similar in age and contour to the Mediterranean wreck.
The Company's VP of Salvage Operations Graham Jessop stated, "The ROGE's underwater maneuverability has exceeded our expectations. Given these results, we are optimistic in our abilities to recover the metals we are after in our upcoming projects."
Ocean Resources' inventory of merchant shipwrecks includes World War I and World War II wrecks that carried copper, tin, nickel, and other metals for the war efforts.
OCRI will issue news on the progress of its Mediterranean project prior to completion, said Mr. McLaughlin.
Ocean Resources, Inc. is a marine salvage operator utilizing proprietary technology and sea recovery expertise in an attempt to retrieve significant supplies of commodity metals from World Wars I and II merchant shipwrecks lying at previously unreachable depths.
The company's ROGE (Remotely Operated Grab Excavator), a hydraulically operated multi-jaw grab, is among the world's most advanced deep sea excavating devices, capable of seizing up to three tons of material in a single grab and operating at depths of up to 16,000 feet, nearly double that of any competitive device.
Ocean Resources' recovery operations are directed by Graham Jessup, an internationally accomplished deep sea salvage expert who participated in recoveries from the RMS Titanic, RMS Carpathia, S.S. John Barry and HMS Edinburgh. For further information, visit www.oceanri.com.
This press release may contain "forward-looking statements". All statements, other than statements of fact, included in this release and without limitation statements regarding potential future plans and objectives of the Company, are forward- looking statements that involve risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such statements will prove to be accurate.
Actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially from the Company's expectations due to changes in operating performance, project schedules, prices and other technical and economic factors.
