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Ocean Resources Prepares for Cargo Recovery from Two World War I Shipwrecks; Value Estimated at $7 Million
Ocean Resources, Incorporated (OTCBB:OCRI) today
announced preparation of the Company's search and recovery vessel,
"Ocean Boomer", is underway for the upcoming expedition in the North
Atlantic. This first project under the Company's new management is the
recovery and sale of over 2500 tons of copper ingots worth
approximately $7 million.
The 2 World War I shipwrecks lie adjacent to each other,
one-quarter mile underwater. The expedition is slated to begin in May
of this year and should be completed in early fall. The Company
expects to sell the recovered material on the spot market over the
course of the operation.
"By initiating this mission, the Company expects to take advantage
of the current rising commodity prices of base metals," said CEO
Dennis McLaughlin. "We believe this is the first of many successful
projects, the next of which will be the recovery of a World War II
cargo vessel with over 7,000 tons of copper, tin, cobalt, uranium, and
tantalite valued at over $56 million. We anticipate a consistent flow
of revenue approximating $4 million per month over the ensuing 14
month period that will be required to complete the project.
About Ocean Resources:
Ocean Resources, Inc. (www.oceanri.com) is engaged in the business
of deep water research, exploration, survey, and recovery operations
of valuable shipwrecks throughout the world. Through its subsidiaries,
the Company has years of collective experience and professional
expertise in the fields of research, location, and recovery of
valuable shipwreck artifacts and cargo.
Disclaimer
This press release may contain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements, other than
statements of fact, included in this release and without limitation
statements regarding potential future plans and objectives of the
Company, are forward- looking statements that involve risks and
uncertainties. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, there can
be no assurance that such statements will prove to be accurate. Actual
results and future events could differ materially from those
anticipated in such statements. Actual results may differ materially
from the Company's expectations due to changes in operating
performance, project schedules, prices and other technical and
economic factors. |
