CHARLESTON, S.C., May 26, 2005 (PRIMEZONE) -- 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.
Global Marine Ltd.
Global Marine, Ltd. is a publicly traded firm whose primary business is in the oceanographic and historic marine archaeological fields.
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 GLBM.