Monday, 4th October 2004 (3276 views)

Two treasure hunters are hoping to use money from floating their firm on the Alternative Investment Market, to help search for underwater cargoes of gold and other metals.

SubSea Resources is described by its owners as "a mining company with a difference" and will search commercial wrecks at depths of up to 6,000 metres.

The firm is searching for a host of metals, but is particularly keen on finding Inca gold in Spanish galleons.

Managing director, Mr Gleave, explained to the Telegraph: "We know of a number of treasure wrecks in the vicinity of our major targets for which the cost of recovery would be very small."

A site has already been located, with predicted revenues of $180 million by 2008 from an initial six sites.

It is hoped the flotation would raise $3.5 million for a vessel and computers, $4.5 million for equipment, $8 million for the first two searches and around $2 million on fees.

 

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