TAMPA, Fla., May 10, 2013 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the fields of deep-ocean shipwreck and offshore mineral exploration, reported results for the first quarter ended March 31, 2013.
- Monetized Odyssey's mineral assets for the first time with the sale of an ownership stake in Oceanica Resources (Oceanica), a company engaged in seafloor mineral exploration, generating gross proceeds of $15 million for 15% of the company. Odyssey currently holds 62.6% ownership in Oceanica after the sale.
- Preliminary assay results of core samples from Oceanica's mineral deposit are ongoing and confirm a high-value resource. Processing trials have been completed that confirm the resource can be feasibly and economically processed.
- Established multiple controlled foreign entities to efficiently manage anticipated future income streams from various offshore projects.
- Received an additional $1.8 million from the sale of silver bullion recovered from the SS Gairsoppa shipwreck, bringing total proceeds from the deep-ocean project to more than $41 million. To date, 1,218 Gairsoppa silver bars have been recovered and sold. An additional $500,000 was realized from sale of gold that was extracted from the silver smelting process.
- Proven salvage vessel and equipment secured under charter agreements for the completion of expected silver recoveries from the Gairsoppa and SS Mantola scheduled to commence in late May. Additional research recently obtained increases the company's optimism for efficient recovery results from both wrecks.