Spain going after sunken treasure

On 18/07/2009
In Treasure Hunting / Recoveries
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From Globe Newswire

Monday's blockbuster news concerning Spain's decision to search for sunken treasure in its territorial waters represents an enormously positive development for Legal Access Technologies, Inc., operating as UnderSea Recovery Corporation.

News articles released on Monday reported that Spain, a country that has opposed historic treasure salvage for many years, has ordered its navy to look for huge gold and silver reserves that were lost at sea in the 16th century.

According to these reports, naval mine sweepers are set to commence radar and sonar surveys to attempt to locate shipwrecks on the seabed off the southern coast of Spain.

The value of the gold and silver treasure, which is believed to include Inca and Aztec artifacts, is estimated at $140 billion dollars.

The wrecks to be sought were heavily laden treasure ships that went down in bad weather as they were returning to Cadiz from South America. One of the news reports also estimated the total number of treasure-laden shipwrecks in the world's oceans to number 3,000.

The Company believes this news to be a truly momentous announcement, as it legitimizes and validates historic shipwreck recovery as a business and an industry, and affirms the immense value of the business opportunities now available.

The Company plans to approach the Spanish Government as soon as its technology is completed and ocean-tested later this year, in order to explore a relationship with Spain to assist its navy in locating some of the treasure targeted in the news reports as well as other shipwrecks which lie in Spain's territorial waters.