Exploraciones Oceanicas Extends Environmental Review Time Frame To Provide Time For Newly Elected Government Officials To Be Briefed On The

TAMPA, Fla., June 22, 2015 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean exploration, reported that Exploraciones Oceanicas (ExO) the Mexican company that controls the "Don Diego" offshore phosphate resource has opted to extend the review period for their Environmental Impact Assessment (EIA) by resubmitting the EIA. Odyssey controls ExO through the company's 54% ownership in Oceanica Resources.

"This additional time is intended to allow ExO to brief the Governor, Congressmen, Mayors and community leaders in the Baja California Sur State who were elected June 7 so they can thoroughly understand the details of the project and the positive effects it will have on their state and communities. It is important to demonstrate how the phosphate sands extraction initiative will bring substantial economic benefits to their constituencies and help provide a stable supply of inexpensive fertilizer to the agricultural industry and entire nation with minimal environmental impact," commented Daniel de Narvaez, managing director of ExO in Mexico.

Under the Mexican legal process, the only mechanism to extend the EIA time frame, thereby allowing the briefings to occur after Monday, June 22, is to resubmit the EIA, which is expected to take place in the coming weeks.

"In making this decision, ExO is coordinating with the technical and environmental team at MINOSA, Odyssey's strategic investor, which has extensive experience and a successful track record of navigating environmental and regulatory procedures in Mexico. Their team will also manage the outreach program to address any questions from newly-elected officials and community leaders who will obviously have a significant interest in this initiative," noted Mark Gordon, Odyssey's president and chief executive officer.

Economic assistance, employment and extensive environmental monitoring and mitigation programs have already been developed and voluntarily proposed by ExO. These programs were designed to reinforce the company's commitment to good corporate citizenship and environmental stewardship. Local officials and industry leaders will be briefed and their ideas sought for maximizing the benefit of these programs on a local basis. These measures include significant job creation in the region; monitoring and protection programs for marine turtles, fish, benthic invertebrates, marine fauna, marine mammals including whales, and seabirds; education programs; and a seafloor restoration program.

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