$18M silver treasure discovered under North Atlantic Ocean, after SS Mantola ship sank in 1917 (Video)

By on Oct 10, 2011 in Europe, Lifestyle, United States Comments

A silver treasure was recently discovered under the North Atlantic Ocean, from the SS Mantola ship that sank in 1917, with the shipwreck discovery video available below.

SS Mantola shipwreck, entrance to Native Galley
Image Credit: Shipwreck.net

According to a press release by Odyssey Marine Exploration, Inc. on its official website on Monday, October 10, 2011, they discovered the shipwreck of SS Mantola that sank on February 9, 1917.

As noted in the report, the SS Mantola, which was carrying a shipment of silver, was torpedoed by German submarine U-81 during the World War I and was discovered about 2,500 meters beneath the said ocean.

The discovered silver treasure was said to have cost £110,000 (in 1917 value) as paid by the British Ministry of War Transport that year as a War Risk Insurance Claim; with The New York Times estimating it to be worth $18 million today.

Apparently, the British government paid an insurance claim that time on about 600,000 troy ounces of silver, or more than 20 tons; and now paid Odyssey a salvage contract for the cargo of the SS Mantola. The two had an agreement that the company will retain 80% of the net salved silver value recovered.

“The incremental costs to search for the Mantola were low, as this was a contingency project in the event that our team successfully completed the Gairsoppa search early,” Odyssey President and COO Mark Gordon was quoted at Shipwreck.net.

“We are planning to conduct the recovery expedition in conjunction with the Gairsoppa recovery, which will also make the operation very cost efficient.” Gordon added.

SS Mantola shipwreck discovery
Video Credit: Shipwreck.net/YouTube

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