CHARLESTON, S.C., July 7, 2005 (PRIMEZONE) -- 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.
Further developments will be released on the Company's Website and other public releases.
Global Marine Ltd.
Global Marine, Ltd.'s primary business is the oceanographic, and sales of recovered historic marine cultural artifacts. GLBM is active on found shipwrecks worldwide, each in different stages of development.
The Global Marine logo can be found at: http://www.primezone.com/newsroom/prs/?pkgid=1670
This press release does not constitute an offer 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.