CHARLESTON, S.C., June 6, 2005 (PRIMEZONE) -- Global Marine Ltd. (Pink Sheets:GLBM) announced today that the Company has decided to offer to its collectors one of the first recovered artifacts from what the Company believes to be a Spanish merchant shipwreck lost to a known hurricane.
The piece is a beautifully preserved very large Spanish hand coiled clay "Olive Jar," which was one of the first artifacts selected from the wreck site prior to any archaeological study and recovery of the rest of the cargo lying quietly on the ocean floor.
Large-scale production of "Olive Jars" and the New World's clay and porcelain originated in Guadalajara, and were used by the Spanish and French from as early as the 14th century and even earlier by the Inca and Mayan Indians. The unique nature of these items was used to carry oils, food products, water and mercury. Mercury was transported back to Spain in large quantities and used in the smelting process of silver and gold that was carried on board.
The artifact is being offered to collectors for $112,000, as it is the first piece recovered and will have a certificate of authenticity of archaeological Providence from this historic wreck.
Other known artifacts at the intact site are circa 1600 silver, glassware, lead, porcelain and a 12' anchor match the manifest of a valuable known wreck that the Company has been researching. Preliminary data on the permitted site 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.
Pictures of the "Olive Jar," artifacts and further developments on the "Peso Wreck" 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 & historic marine archaeological fields.
This press release does not constitute an offer to sell or a recommendation to purchase any securities.
Statements contained in this release, which may or may not be historical facts, may be Considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.