Tuesday, 27th March 2007 (2135 views)

Permission has been granted for an American company to search the wreck of a ship off the coast of Spain and it is believed that it could hold tonnes of gold.

The HMS Sussex was sunk in a storm back in 1694 during the conflict between England and France and US-based Odyssey Marine Exploration is now seeking to explore the remains of the war ship.

Spanish officials have given the go-ahead for exploration to take place in the western Mediterranean on the shipwreck that some historians believe may contain as much as nine tonnes of gold coins and project officials have declared the find could be worth in the region of $500 million (£254 million).

Commenting on the development to the Associated Press, Greg Stemm, co-chairman of Odyssey, said: "Basically, I would be very surprised if this site is not the Sussex."

A date for the exploration work has not yet been set by the company and Odyssey has previously searched the site, in 2005, but the Spanish government raised concerns and efforts to locate the wreck and its gold were suspended.

 

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