Tuesday, January 10, 2006

 

Recovery Operations on Site Containing Pay Ship Announced

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ProJo.com
January 06, 2006

NEWTOWN, Pa. -- Sovereign Exploration Associates International, Inc. (OTCBB: SVXP), announces plans to begin operations on site CBNS-3 containing the wreck of a British grand square-rigger pay ship, the H.M.S. Tilbury believed to be one of twenty ships in the British fleet sent to Halifax in 1757 to attack the fortress of Louisburg which was fortified by the French.

Under an official Treasure Trove licensing agreement with the Nova Scotia provincial government, Artifact Recovery & Conservation, Inc. (ARC), a portfolio company of SVXP, anticipates surveying the site this spring and, weather permitting, initiate recovery operations.

While anchored off the coast of Cape Breton in September 1757, the fleet encountered winds of hurricane level. The British ship believed to have been a pay ship and carrying in excess of 500,000 gold and silver coins when it went down at St. Esprit, Nova Scotia. Of the twenty ships, nine arrived in Halifax with masts standing, two sank, and the remainder of the fleet returned to England via Newfoundland.

A major focus of the exploration will be the large cargo of Spanish Pillar Dollars known to be on the pay ship. These coins were the principal coins found and used as currency in the Colonial years of America.

Robert Baca, CEO of SVXP, commented on the historical importance of the wreck site saying, "The H.M.S. Tilbury is another example of SVXP's valuable inventory of shipwrecks. We are very optimistic about the opportunities this shipwreck represents to our recovery operations in 2006."


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