Tuesday, May 31, 2005


Global Marine Ltd. to Salvage 16th Century Sunken 'Treasure Ship' Code Named 'The Peso' Wreck


May 26, 2005

CHARLESTON, S.C. -- Global Marine Ltd. (Pink Sheets:GLBM) announced today that the Company has mobilized it's divers and equipment to the Gulf of Mexico to begin the archeological and recovery stages of what the Company believes to be a Spanish merchant shipwreck lost to a known hurricane.

Artifacts found on the site are circa 16th century olive jars, silver, glassware, lead, porcelain and a 12' anchor match the manifest of a valuable known wreck that the Company has been researching. Preliminary data indicates that the shipwreck is of Spanish origin and further archival data links the shipwreck to a "Treasure" flotilla traveling between Vera Cruz and Havana on its voyage back to Spain. The identity of the ship will be released at a later date.

The artifacts recovered and magnetometer readings also indicate a sizable quantity of metallic objects. The wreck, which sank intact, was recently uncovered by a hurricane. The permitted site allows the Company to begin operations immediately along with the Group, which made the initial discovery.

Douglas Beatty, President and CEO stated, "Mother Nature did a great job of uncovering the wreck! We are delighted for our shareholders. The diving season for Global has begun! The expected use of the newest 3D technology will determine the exact position of artifacts and recover them leaving the site virtually intact."

Further developments will be released to the public and on the Company's Website.


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