Sunday, July 10, 2005


Global Marine Ltd. Locates 18th Century Spanish Shipwreck


Yahoo Finance
July 07, 2005

CHARLESTON, S.C. -- Global Marine Ltd. (Pink Sheets:GLBM) announced that they have begun the initial exploratory and archeological diving stage on a historic shipwreck.

The latest dives and verified evidence indicates that the wreck is of Spanish origin and has not been previously salvaged. Other factors such as the location, length of the keel, scribed name of the ship and artifacts at the site or recovered, lead the Company to believe it may be the valuable known Merchant ship it has been researching, in the Gulf of Mexico.

Preliminary data indicates that the shipwreck is of Spanish origin. Further archival data links the shipwreck to a flotilla heavily laden with New World cargo traveling between Vera Cruz and Havana on its voyage back to Spain. The initial dives indicate that the ship sank intact and coincides with archival information. For security and safety reasons the identity of Company wreck sites are confidential, however, will be released to the Public shortly after further artifacts are examined and dated.

The dive team returned to the site July 2nd with the necessary high-tech equipment to examine the wreck and the location of the cargo. Past magnetometer readings also indicate a sizable quantity of metallic anomalies near the wreck, typical of a debris field around a ship caught in a hurricane, grounded or other lost vessels. All will be examined closely.

Douglas Beatty, President of Global Marine was one of the initial divers to confirm the site in mid June and joined the dive team on July 2nd. By late July the dive team and archeologist will continue with the use of Side Scan Sonar, proton magnetometers and other high-tech equipment to map the site and catalog recovered artifacts. A wreck of this size may yield a substantial amount of cargo, which will be carefully studied, documented, cleaned, sold and donated, through the proper channels.


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