Subsea Resources PLC (AIM: SUB) is pleased to report that on Thursday 22nd
December 2003 the Company reached agreement with underwriters in respect of a
20th century cargo of Aluminium.
The wreck, code named Sally, sank in the late 20th century and lies in close
proximity and at similar depth to the Company's primary target for 2006
-Project Celia (5,500 tonnes copper). Sally, thought to be carrying
some 8,500 tonnes of aluminium, is being prepared as an immediate follow on
project to Celia.
John Kingsford, Operations Director noted that 'in the happy event that
we complete Celia ahead of schedule then Sally will be a simple target for the
recovery team to move to in a short space of time and with no re-tooling
required'.
The Company can return to the wreck at a later date without revising the agreed
contract. In the event that the work schedule for 2006 does not allow the
project to move ahead, it is likely that Sally will then form the follow on
project for Miranda (4,500 tonnes nickel), which is scheduled for summer 2007.
The terms of the recovery contract are based on a standard salvage agreement and
will allow the Company to retain some 90% of the recovered cargo.
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