Deep sea gold rush could bankroll Bermuda

Posted: 10/01/2011 in all marine news

James Whittaker – 

Billions of dollars in gold and other precious metals lying beneath the ocean could fund the island’s economy for years to come, according to former Premier Dr David Saul.

Speaking after his international exploration company discovered 200-tonnes of silver on a World War II shipwreck off the coast of Ireland, Dr Saul said the deep-ocean off Bermuda harboured similar treasures.

He believes there are undiscovered shipwrecks thousands of feet below the surface that could be found using the same technology his firm Odyssey Marine — used to locate the SS Gairsoppa.

But he said shipwrecks formed just a fraction of the wealth waiting to be discovered in Bermuda’s territorial waters.

“The future wealth and prosperity of Bermuda is probably going to be under water. The real treasure won’t be defined in Spanish doubloons but in precious metal deposits.”

Odyssey Marine, of which Dr Saul is a co-founder, made world headlines this week for the $150million-haul of silver coins discovered on a cargo ship, that was sunk by a German U-boat 300 miles off the Irish coast in 1941.

Dr Saul, who also made hundreds of dives with pioneer of Bermuda wreck hunting Teddy Tucker in the 1960s, believes a new-era of underwater “prospecting” could generate enormous wealth for the island.

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