Investor Relations - RNS Announcements

Company : SubSea Resources PLC
TIDM : SUB
Headline : Location of Wreck
Released : 16:12 13-Nov-07
Number : 6472H

Tuesday 13th November 2007

SubSea Resources PLC

('SubSea' or 'the Company')

Successful location of target vessel

The Board of Subsea is pleased to announce that the Company's survey vessel "John Lethbridge" has located and positively identified a wreck, code-named Audrey. This ship is located in deep water in the Eastern Atlantic, close to project Miranda, and at the time of sinking was carrying a cargo of non ferrous metals which are estimated to have a gross value of approximately $28m at today's prices.

Discovery of Audrey followed three days of searching for the vessel using the sonar equipment on board the John Lethbridge. The target was only a few nautical miles from the theoretical sinking position, as established from contemporary records which are held in the Company's archives.

The John Lethbridge, the Company's 75 metre long survey ship, has provided a stable platform for these operations which are taking place in mid November and are on-going.

The sonar, which was towed over 8 kilometres behind the ship, was able to plot the wreck coordinates with great accuracy, allowing the Remote Operating Vehicle ("ROV") to quickly find the target, which is lying at a depth of more than 4500 metres. The ROV has provided very clear video and stills images, which will be required to plan future salvage operations.

Enquiries:

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