GME Owned Companies - Atocha Treasure Company

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FORWARD LOOKING STATEMENTS
This presentation includes certain statements, estimates and projections with respect to anticipated future performance of Global Marine
Exploration, Inc. (“Global Marine Exploration”, the “Company”, “we”, or “us”). Such statements, estimates and projections reflect significant
assumptions and subjective judgments by the management of the Company concerning anticipated results. These assumptions and judgments are
believed by management to be reasonable but may or may not prove to be correct and there can be no assurance that any projected results are
attainable or will be realized. Forward looking statements may be influenced in particular by factors inherent to marine salvage and recovery
industry, including risks such as weather conditions, capital requirements, instability of foreign governments, demand for recovered artifacts,
disputes with respect to our title in any recovered artifacts, and other changes in economic, political, regulatory, and technological conditions. We
caution that the foregoing list is not exhaustive. Industry experts may disagree with these assumptions, judgments or management’s view of the
market and prospects for Global Marine Exploration, Inc. Except as otherwise required by applicable securities laws, we undertake no obligation
to update or revise any forward-looking statements in this presentation, whether as a result of new information, future events, changed
circumstances or any other reason after this presentation is distributed.
For More Information, contact Robert Pritchett – (813) 684-9347 – [email protected]
General Counsel
Barry Chapman
Attorney at Law
Valdosta, Ga.31601
229-245-9602
SEC Attorney
Marty Trabar
Foley&Lardner LLP
Tampa, Fl
813-229-2300
Accountant
Stephanie Surles
Howard, Moore and Mcduffie
Macon, Ga
478-742-5317
1
Auditor
Michael Wherley CPA
Pender Newkirk
Tampa Fl
813-229-2321
Project Overview
Global Marine Exploration, Inc. (GME) is the result of over 10 years of planning, development and negotiation to generate a solid model for
sustainable and profitable marine exploration. Diversification has been a key element in our planning and preparation. Our business model is
unlike anything in ocean exploration or maritime salvage operations today. We are equipped, staffed and very capable of historic shipwreck
salvage as evidenced by our history-changing salvage of the Punta Cana Pewter Wreck off the Dominican Republic. This wreck re-wrote several
history books and the assemblage of artifacts owned by GME are currently being prepared for auction in our state-of-the-art conservation
laboratory in Tampa, Florida.
GME has 4 divisions which help to diversify our strategy and position us favorably in several emerging markets. Anchor Research & Salvage is
our existing Dominican company currently performing survey and salvage work in our Dominican Republic lease areas. GME Deep formed as a
deep-water exploration division capable of meeting the current and future needs of GME’s treasure salvage activities. In addition, the Global
Antiquities Registry is a GME company specializing in recording, storing, and distributing artifact data and lineage via the internet. This is a
service that has long been missing from the private collector, museum, and academic communities involved in archaeological studies. Under the
banner Aqua Pulse USA, GME has also acquired the sole distribution license for AquaScan metal detection equipment in the US and Caribbean.
AquaScan products are the primary tools of choice for professional salvage divers, public safety dive teams, and commercial divers the world
over.
GME has secured salvage rights in two very large lease areas on the historic coast of Hispaniola in present day Dominican Republic. Our leases in
the Dominican Republic are consistently producing valuable artifacts and archaeological data. Moreover, our survey crews have located multiple
unexplored wreck sites within our current leases. Noted shipwreck historian and scholar Sir Robert Marx estimates that our southwest lease area
alone holds several billion dollars in bullion and artifacts. As part of GME’s expanding global initiatives, we are in negotiations with several other
countries known to harbor valuable historic shipwrecks. Areas of focus include: two targets in Haiti worth hundreds of millions, one in Brazil
worth over a billion and several wrecks in the Bahamas carrying immense treasures. Research provided by Marx also indicates that several heavily
laden galleons wrecked at Cape Canaveral and GME has already initiated the permitting process for this area. On the horizon, our Azores project
will be the most ambitious and lucrative salvage project ever undertaken. These islands were a major waypoint for the heavily loaded Spanish
galleons, where they made repairs and took on stores before pushing on towards the ports of Spain. Regardless of where GME crews are
working, the targets are always well-documented, heavily-laden galleons known to have wrecked in or near our lease areas. GME has the
technology and proven experience to find and salvage our current projects. With proper funding we can cost effectively expand our active
projects into the 200-3000 foot depth range, gaining unprecedented access to many additional sites and assuring viability well into the future.
2
Shipwreck History
Since humans began traversing the oceans, shipwrecks have occurred in staggering numbers. Many
factors have contributed to the sheer volume of ships wrecked the last five centuries, including naval
battles, poor ship construction and maintenance, weather, faulty or non-existent charts and maps,
poor navigation and fire, to name just a few. The United Nations, UNESCO convention and many
historians and authors1 estimate that there are over 3 million shipwrecks worldwide. Many of these
wrecked ships were carrying precious metals, coins, and other valuable artifacts in their cargo holds,
especially those wrecked during the colonization of the Americas. Global Marine Exploration, Inc.
intends to locate and salvage these richly laden vessels. **
During the colonial times, entire fleets of treasure-laden Spanish galleons were assembled and set sail together returning their treasures to Spain.
These galleons were poorly maintained and often over-loaded. They sailed with poor navigational instruments through uncharted waters.
Unpredictable factors such as hurricanes, winter storms, pirates, corsairs and British warships make it clear why so many ships were lost during
this time in history. The 1715 fleet salvaged by Robert Marx and Mel Fisher off the coast of Florida is a prime example. This fleet of 12 Spanish
ships left Havana and all of them wrecked on Florida’s east coast.2
Shipwreck salvage has been in existence almost as long as ships have been sailing. Native populations have always investigated anything they
found washing up on their shores, salvaging whatever they could. Over time, the salvage of shipwrecks became an industry of its own. The
Spanish tried desperately to salvage any treasure galleon that wrecked using Native American pearl divers and slaves. 3 In 1687 Sir William Phips
discovered and salvaged the Spanish Galleon Nuestra Señora de la Concepción, which wrecked in 1641 on the silver shoals 100 miles north of the
Dominican Republc.4 Phips salvaged over £210,000 (in 1687 bullion values) of silver and gold from the vessel. The wreck is still being worked
and treasure is still being recovered to this day.
In 1952 Art McKee was given the first treasure salvage lease by the state of Florida to hunt for treasure off the coast. He immediately began work
on the El Capitana, flagship of the 1733 fleet of treasure galleons.5 In 1960 Kip Wagner found Spanish coins on Wabasso Beach FL6. This find
sparked the creation of the Real Eight Company which included Robert Marx and Mel Fisher. Eventually Mel left the Real Eight Company and in
1985 went on to find the $400,000,000 Atocha shipwreck lost in 1622 off Key West.7
Modern salvage capability has grown exponentially over the last thirty years on many fronts. Researchers now have the internet for locating
information and maps. Advanced electronic survey equipment developed for mineral and oil & gas exploration is also now available. Sixty years
ago, simple metal detectors weren’t even available unless you were a soldier sweeping for land mines.
With the increased ability to research and locate shipwrecks available to salvage companies today, the time is right for the next round of
discoveries. Global Marine Exploration, Inc. is poised to be a leader in the new age of shipwreck discovery and salvage. **
**Projections are not guarantees of future Company performance, but reflect management's current estimates. These estimates are based on assumptions from management's review of certain current inputs and
trends, and if such assumptions are incorrect or otherwise incorrectly based on the usage of certain inputs and trends, our projections may not be accurate.
3
History of Shipwreck Salvage
2000 BC
Salvage of shipwrecks is detailed in many ancient texts dating back to before
biblical times.
0070
Apostle Paul was shipwrecked on the island of Malta in a winter storm, the
account of this disaster is detailed in the book of Acts.
1687
Phipps successfully located and salvaged part of the Conception which was
lost in 1641 on the Silver Shoals north of the Dominican Republic.4
1909
Modern Treasure hunters began venturing into the waters with handoperated hard hat diving gear.9
1940
Teddy Tucker began finding shipwrecks around Bermuda, including the treasure ship San Jose on which he found the fabled Tucker
Cross, a solid gold cross with emerald inlays worth millions in today’s dollars.11
1948
Art McKee and crew discovered Capitana el Rui off of Plantation Key. They recovered 20 different size cannons, thousands of
silver coins, silver statues, religious artifacts, candlesticks, pewter plates, swords, guns and pottery.12
1949
Art McKee opened McKee’s Museum of Sunken Treasure in Plantation Key.
1950s
Kip Wagner discovered Spanish silver coins after a hurricane near the Sebastian Inlet along Florida’s east coast. He received a
permit from the State of Florida for sea salvage work. Kip created the Real Eight Co. with a group of like-minded individuals who
located many artifacts, plus a lot of silver and gold coinage worth $6-8 million with dates no later than 1715.6
1954
Sir Robert Marx located several Spanish shipwrecks around the Yucatan and recovered millions in treasure and artifacts from
them.
1960’s
During this period Sir Robert Marx discovered over 100 ancient shipwrecks in Cadiz Bay and elsewhere around the southern
coasts of Spain and Portugal, which consisted of Egyptian, Phoenician, Greek, Roman, Byzantine, Spanish galleons, Portuguese
East Indiamen and pirate vessels. The valuable cargoes worth hundreds of millions were all donated to museums.
1963
Mel Fisher joined with Real Eight Co. and created the ‘mailbox’ system of blowers that divert the prop wash downward to the sea
floor. They began recovering thousands upon thousands of silver and gold coins, priceless gold jewelry with gems and pearls.
1967
Discovery of the 1588 Girona by Belgian diver and archaeologist Robert Stenuit.
1968
Mel Fisher relocated to Key West and began to search for the Nuestra Señora de Atocha off of the Matacumbe Keys. There he
recovered more treasure from the 1733 Fleet wrecks.7
4
Early Salvage Divers circa 1909
1972
Robert Marx discovered the wreck of the Nuestra Señora de Maravilla, the second richest wreck lost in the western hemisphere.14
Over the next five years, they recovered treasure valued at $400 million dollars.
1980
The Santa Margarita was found and salvaged by Mel Fisher. His teams recovered over $20 million in silver coins, artifacts and gold
chains.7
1985
After a 17-year search, the motherlode of the Nuestra Señora de Atocha is found. Silver bars, copper ingots, chests of silver coins,
artifacts, emeralds and more recovered in a 2 ½ year period amounting to over $400 million worth of treasure.7
1990
Sir Robert Marx discovered and partially salvaged the Portuguese carrack Flor Do Mar, lost in 1511 off Sumatra,
Indonesia, with the richest treasure ever lost worldwide. The ship was only partially salvaged by Marx before a devastating
earthquake and tsunami struck covering the wreck site and others in the area with landfill.
1994
Seahawk Deep Water Exploration, which later became Odyssey Marine Exploration was established.
2003
Odyssey salvaged the Civil War era shipwreck of the SS Republic and recovered over 50,000 gold coins and 14,000 artifacts.
2008
Potuguese East-Indiaman shipwreck circa 1510 was found off the coast of southern Africa laden with tons of gold bullion,
elephant tusks, gold coins and bronze cannons.
Present:
Hundreds of millions of dollars in treasure has been recovered by Odyssey Marine Exploration from wrecks like the Mercedes
carrying 650,000 silver coins, ($500 million worth that Spain went to court and won sovereignty over) and the SS Gairsoppa, (a
WWII cargo ship with approximately $44 million in silver recovered). The SS Mantola, with approximately $20 million in silver
from WWI is also being searched for. GME recently re-wrote history books with the Punta Cana Pewter Wreck.
In the last 3 years, over $1,000,000 in gold has been found on the 1715 fleet off Florida’s Treasure Coast.
Technology has advanced our capabilities on many fronts in the last decades:

Maps accurate to <1 meter, improved GPS positioning, sonar imaging and magnetometer sensitivity have all increased the
speed and potential of modern shipwreck salvors.

Many hard to find historical maps, books and documents are now digitized and available to researchers online.

Robotics and advanced diving technology have made great depths accessible to cutting-edge shipwreck explorers.

GME’s aggressive training policy has our dive teams positioned to quickly become the most advanced in our industry.

All of the equipment and personnel can become income generators in other industries.
5
Modern Shipwreck Salvage
SS Gairsoppa Shipwreck Nets $38 Million In Silver
While the SS Gairsoppa may not be worth its weight in gold, the 412-foot British shipwreck is worth a
whole lot in silver -- approximately $38 million of it.
According to Discovery News, treasure-hunting company Odyssey Marine Exploration has salvaged 48
tons of silver treasure from the sunken cargo ship sitting 15,420 feet deep in the North Atlantic. The
treasure hunters hauled in a whopping 1,203 bars of silver (a total of 1.4 million ounces) in what could be
the deepest, largest precious metal recovery ever.
Based on current precious metal prices, Bloomberg notes, the haul is valued at $38 million, though that's
just a fraction of the sunken treasure; Odyssey says this load represents only about 20 percent of all the
bullion residing in the Gairsoppa.
"With the shipwreck lying approximately three miles below the surface of the North Atlantic, this was a
complex operation,” Odyssey chief executive officer Greg Stemm said in a statement. “Our success on
the Gairsoppa marks the beginning of a new paradigm for Odyssey in which we expect modern shipwreck
projects will complement our archaeological shipwreck excavations.”
Torpedoed and sunk by a German U-boat, the Gairsoppa sat 300 miles off the coast of Ireland since
World War II, the Associated Press reports. But the merchant ship's contents were privately insured by
the War Risk insurance program, and once the owners were paid, the British government took possession
of the Gairsoppa and its cargo.
For its efforts, Odyssey will get to keep 80 percent of the recovered silver, minus expenses, per a contract with the U.K. The marine exploration company
hopes to have the remaining cargo recovered within 90 days.
"If you're mining on the coast, sooner or later you'll find a wreck," archaeologist Dieter Noli said in an interview Thursday.
6
Treasure-Laden Shipwreck Found off African Coast
Donna Bryson in Johannesburg, South Africa
Associated Press
May 2, 2008
A 500-year-old shipwreck has been found off the coast of southern Africa, laden with tons of copper ingots, elephant tusks, gold
coins, and cannons to fend off pirates.
The wreck and its treasure were recently discovered by geologists prospecting for diamonds off the coast of Namibia.
Namdeb Diamond Corp., a joint venture of the government of Namibia and De Beers, first reported the April 1 find in a statement Wednesday and
planned a news conference in the Namibian capital next week.
Judging from the notables depicted on the hoard of Spanish and Portuguese coins, and the type of cannons and navigational equipment, the ship went
down in the late 1400s or early 1500s, around the time Vasco de Gama and Christopher Columbus were plying the waters of the New World.
"Based on the goods they were carrying, it's almost certain that it dates from that time," said John Broadwater, chief archaeologist at the U.S. National
Oceanic and Atmospheric Administration.
"This find is very exciting because very few vessels from that period have been discovered," he said, adding that many early ships were thought to have
wrecked in that area.
It was, Noli said, "a period when Africa was just being opened up, when the whole world was being opened up
7
Shipwreck Gold Found off U.S.—Worth $180,000,000
Deep-water shipwreck explorers have raised Reconstruction-era gold and silver coins and other precious artifacts from what could be one of the richest
shipwreck treasures ever found. The treasure was found in the wreck of the S.S. Republic, which sank during a hurricane off the coast of Georgia in
1865. Records indicate that the ship was carrying coins worth U.S. $400,000—a fortune at today's values.
The paddlewheel steamship went to the bottom of the Atlantic in October 1865. The ship was en route to New Orleans with a cargo of coins and other
supplies destined to aid post Civil War Reconstruction. Passengers and crew were able to evacuate the sinking ship, though some died in a lifeboat
before they could be rescued.
The Republic was discovered last August in some 1,700 feet (500 meters) of water, about 100 miles (160 kilometers) southeast of Savannah. The find
capped an effort that had spanned a dozen years, but when the Odyssey team began excavating the site their success was much more immediate.
"The coins were in the area that we had predicted we would find them, and the first coin appeared within the first hour of excavation," Odyssey cofounder and director of operations Greg Stemm told National Geographic News. "I would like to think that we were that good, but there is always an
element of luck in this type of endeavor."
Odyssey Marine Exploration, based in Tampa, Florida, is a leader in the field of deep-ocean shipwreck exploration. While Stemm's team was on-target
with its estimate of the coins' location they have encountered some pleasant surprises. "The vast majority of the coins we are seeing are gold $20 and
$10 pieces, mostly in beautiful condition," Stemm said. "Because of the scarcity of silver coins during the period we frankly were surprised to find silver
coins as well—especially in such fine condition that you can actually still see the mint luster."
Many of the gold coins have a slight dark film that easily rinses away to reveal uncirculated surfaces preserved by years in the deep. To date, more than
750 gold coins have been recovered. Some 60 percent of them are Coronet Head 20 Dollar Double Eagles and the balance are Coronet Head 10 Dollar
Eagles. More than 900 silver Seated Liberty Half Dollars have also been recovered thus far. At the time of the Republic's discovery, estimates made from
historical records and comparable coin sales placed the cargo's possible value at U.S. $120 to 180 million. So far, there is insufficient information to
check the accuracy of those early estimates.
8
Shipwreck Salvage Process
9
Historical Research
Historic shipwreck research consists of many variables and avenues that can all lead to the desired
information. The Archive of the Indies in Seville, Spain is a great tool because the Spanish kept
incredibly good records of their gold and silver shipments. When a shipment was lost at sea the king
would demand answers, and anyone who survived the wreck had to give their written account of the
wreck to officials in Spain. Many authors used these archives to write historical records of hurricanes,
shipwrecks and shipping traffic to the new world. GME researchers work closely with historian and
archaeologist Sir Robert Marx, who has authored 64 books and over 900 archaeology reports and
popular articles. Mr. Marx was made a knight commander in 1962 in the order of Isabella the
Catholic for his epic, authentic Atlantic crossing in the Nina II replica of Columbus’ Nina.
Local history books have also yielded more than a few shipwreck locations for our researchers. Often
times a book on the history of Cuba15 will provide a vital clue about a ship that wrecked within
GME’s lease areas in the Dominican Republic. These books along with local newspaper archives can
be searched for accounts of shipwrecks that sometimes never made it into any official
documentation. Our researchers spend hours in libraries looking through special collections,
microfilms, maps and any other historical documentation available.
Document from Spanish Archives
Not all wrecks had survivors, so there is no record of what actually happened. In these cases, generally all we know is which port they left from,
where they were headed and the fact that they never arrived at their destination. These wrecks require a different approach and talking with local
divers and fishermen can often turn up important wreck locations that can’t be found in any archive or historical document. Local lobster, sponge
and spear-fishermen can be a wealth of knowledge because they know the local waters. When we meet a particularly knowledgeable or talented
local diver, we generally attempt to employ them so we can further train them and use their talents and knowledge of local waters to increase the
effectiveness of our team.
Wooden shipwrecks have been known to stay afloat long after loosing their masts and rudders, leaving them unable to navigate and at the mercy
of the currents and prevailing winds. For example, the galleon Nuestra Señora de la Concepción was hit by a hurricane off Florida’s east coast in 1641
but drifted nearly 700 miles before sinking on a reef system north of the Dominican Republic. Studying hurricane paths, prevailing wind
directions, ocean currents and flotsam accumulation points can sometimes help locate multiple shipwrecks in small areas.17 Knowing the trade
routes used by ships of the day can also help to narrow the search. All of this information coupled with detailed information on navigation
hazards like shoals, reefs and sand banks can narrow the search area and increase the chances of successfully locating a shipwreck.
GME uses all of these methodologies in combination to help us better understand where wrecks are and where others would most likely be. To
date our research has shown over 35 documented treasure wrecks near our current lease areas and we have currently located over 100 potential
wreck sites that still require further investigation.
10
Current and Future Exploration Areas
Global Marine Exploration, Inc. maintains a list of thousands of shipwreck sites worldwide that can be salvaged profitably. We are in continual
negotiation with government officials around the world to secure salvage rights to these wrecks. Below is a partial list with a brief explanation of
some of the most desirable areas and why GME is interested in searching for shipwrecks there.
Azores – The Azores were the final stop on the round trip made by the treasure fleets before arriving home in Spain. After the Atlantic crossing
the galleons were often in a poor state of repair and desperately in need of fresh water and food stores. The jagged reefs, shoals and Eastern
Atlantic storms all took their toll on the battered galleons. The shipwrecks here number into the thousands with a conservatively estimated value
of ten billion dollars. There is an entire chapter dedicated to the Azores in the book The World’s Richest Wrecks by Sir Robert Marx.
Bahamas – The Bahamas Channel was the most treacherous stretch of ocean that the galleons traversed on their route home. The narrow
passage between the Bahamas and Florida is lined with jagged reefs on both sides that have taken more than their share of ships returning to the
old world. Almost every treasure bearing ship that left the new world had to navigate the narrow passage, and hundreds of them did not make it
through due to hurricanes and Atlantic storms that are common in the area. It is estimate that several billion dollars in treasure was lost on the
reefs and shoals surrounding the islands.
Brazil – We have archival research on the Santa Rosa which was lost in 1726. It is potentially the largest single shipment of gold specie and bullion
ever sent by the Portuguese crown. GME has narrowed the search area, gathered all available documentation on the wreck and is prepared to
launch this expedition as soon as an agreement can be reached with the government.
Dominican Republic – Throughout the 16th century, Santo Domingo on the south coast was the primary port of entry and departure for all
Spanish shipping. After being loaded with treasure in Venezuela, Panama, and Mexico the galleons would reassemble in Santo Domingo for the
voyage home. Many ships left the treasure ports and wrecked on the southern shores of the Dominican Republic before making it to Santo
Domingo. Noted shipwreck historian and author Sir Robert Marx estimates that several billion dollars in treasure was lost on the southern coast
west of Santo Domingo.
Florida – The east coast of Florida has already produced well over a billion dollars in treasure in modern times. Remnants of 3 different treasure
fleets were discovered and salvaged over the last 50 years, however much of the coast has never been surveyed. Historical documents indicate that
several billion more is just under the sands between Cape Canaveral and Palm Beach.
Haiti – The country of Haiti occupies the western half of Hispaniola with the Dominican Republic having the eastern half. The same reef
systems and storms that deposited billions in treasure on the Dominican side were also at work on the Haitian side. Very little search and salvage
has been performed in Haiti’s waters, leaving billions still waiting to be discovered off her coasts. GME is currently looking at 2 specific, welldocumented targets that together would yield over a billion dollars in treasure and artifacts.
11
Physical Search for Shipwreck Sites
Global Marine Exploration, Inc. owns the latest in remote-sensing survey instruments such as the EdgeTech 4125 Side Imaging Sonar, Marine
Magnetics SeaSpy Magnetometer, Aqua Scan DX-200 Handheld Magnetometer and Aqua Pulse AQ1B Pulse Induction Metal Detectors.
Side Imaging Sonar uses sound waves in the form of acoustic pings
that bounce off of the sea floor and echo back to the unit. The time it
takes for the echo to return, and the frequency and volume of the
echo allow the unit to paint an almost photographic picture of the
bottom of the ocean. These images help us locate shipwreck sites and
debris like anchors, cannon and ballast piles. Sonar is especially
important in locating shipwrecks with bronze cannons and fasteners
because the lack of iron makes them almost invisible to
magnetometers and other search tools.
Side Imaging Sonar Image of a Shipwreck
Magnetometers detect minute variations in the earth’s magnetic field caused by deposits of iron and other ferrous metals. These instruments are
so sensitive that they can detect a single iron spike from many feet away. When towed in a tight grid, the data magnetometers record can be
processed into a map that can accurately pinpoint any ferrous metal deposits within the search grid. Magnetometers are invaluable for locating
large iron anchors which often point the way to a shipwreck site. They can also easily detect piles of cannons, ships fasteners and fittings that
mark the location of a ship wreck.
Handheld magnetometers are used to pinpoint smaller iron objects while divers are doing a visual search of the area. Our AquaScan DX-200
diver magnetometers are useful in determining the extent of the wreck sites, as much of the debris is generally buried under the sand. When used
in conjunction with our Aqua Pulse metal detectors we can be sure that all deposits of metallic artifacts are located and excavated.
The data from all of these instruments is combined with photographs of the site and a site plan drawn by the investigating divers. This
information is compiled into an archaeological report detailing the site and artifacts recovered and then printed as a book. Publishing the wreck
site location and details along with photographs and survey data starts to establish undisputable ownership of the wreck. Establishing ownership
insures that GME will have the first right to salvage the vessel should our investigations deem it an economically viable wreck to salvage.
12
Equipment Utilized
Global Marine Exploration, Inc. continually evaluates the latest technology and equipment to complete the job at hand. Our R&D team
studies the available options and weighs the benefits, features and reliability. They factor in years of significant personal experience against
the cost of acquisition and maintenance.
GME has a significant amount of equipment that is utilized for both the survey and the recovery functions of our shallow water work. With
additional funding we will add the deep water equipment which make accessible billions in treasure lost in the 200-3000 foot depth range.
Deep Worker Submersible
Underwater Metal Detector
Deep Diving Suit
Submersible Capable of work at 3000 feet
Diver Operated Magnetometer
Small ROV used for visual Inspections
Boat-Towed Magnetometer and Side Imaging Sonar
13
Example of Completed Survey Grid
Yellow indicates magnetometer survey to 60’ and blue is sonar survey to 300’.
14
Archaeological Data Recording and Publications
Every step of the GME process is documented and reported in a full
color book format. Each of the books detail company activities from the
last work period and provide research and information on the most
interesting artifacts recovered. These reports also include an updated site
map as well as photos and data on each artifact recovered. Proper
archaeological reporting is paramount to GME being considered for
salvage licenses in other countries and also establishes ownership of the
new wrecks discovered. A sampling of GME’s archaeological reports can
be found below.
15
Archaeological Site Plans
Site plans help our divers and crew leaders stick to the excavation plan laid out by our project archaeologists. The drawings also help
archaeologists determine many clues about the vessel and how it wrecked by allowing them to visualize the entire site at once.
16
Salvage & Rescue of Artifacts & Treasure
Initial salvage efforts are excavations in which areas of the wreck that hold the highest artifact densities are sampled. Using the data and artifacts
from these sample excavations helps us determine the proper salvage plan. Ships with perishable cargos that have long since succumbed to the
harsh environment of the sea are left as they were found. Ships carrying valuable cargo including precious metals, coinage and other artifacts are
scheduled for full archaeological excavation and mapping. Occasionally a shipwreck has a highly historical value without having a cargo of
intrinsic value. In these instances, the wreck sites are offered to academia to be meticulously studied or used in schools to teach future nautical
archaeologists on an actual wreck site.
Once a wreck is deemed economically viable for GME to salvage, a team is dispatched to the wreck and preliminary site/excavation plan is made
by one of our project archaeologists. This involves determining the extent of the wreckage, specific challenges for the site like wave and surge
action, depth, calcium carbonate growth, biological and environmental factors and creating a workable plan to overcome these obstacles.
Once the plan is in place, methodical excavation, documentation and artifact recovery commences. Dive
crews excavate the wreck site using host government and GME approved equipment to painstakingly recover
the artifacts. Once removed, each artifact is recorded and assigned a unique artifact ID number which is
logged along with the location of the find and any additional information or comments about the item.
This process continues until we are confident that the entire site has been excavated and that all artifacts have
been recovered from the area encompassed by the excavation plan. Often ships broke into several pieces
during the wrecking process so it is possible to have multiple sites from one wreck. In this instance, we
prepare a plan for each site.
Once all artifacts are removed and the site plan drawing is complete, our archaeologists go over the data collected to ascertain the approximate
age and nationality of the ship. This is not always an exact science as officials would invariably use whatever was available to outfit a ship for a
voyage. It was not outside the realm of possibility that a captured Dutch ship would be armed with Spanish cannons and then sent out on a
mission for the King of England.
17
Division and Ownership of Artifacts & Treasure
ARS currently holds two leases in the Dominican Republic. One lease is with the Sub Aquatic office of the Minister of Culture, the other lease is
with The Punta Cana Foundation, a non-profit organization that plans to build a museum to house the artifacts that our divers recovered in the
lease area just off the coast near Punta Cana.
GME applies a point-value system to all artifacts recovered. This point system takes into account many factors like condition, rarity, collectability,
uniqueness, weight (if precious metal), etc. Should the government choose a unique artifact during the division process, GME receives something
of equal point value. This is done to ensure the mutual success of all involved and an equal share of the value at division time. Furthermore, it
also allows us to establish a dollar value per point, which can be adjusted as required given that artifact values tend to increase as more details
about the wreck are elucidated.
After the division is completed and all parties agree that a fair and equitable split was made, title is awarded to GME for its portion of the
artifacts. Once we receive title, we own the artifacts and they are legal for export. Navigating this lengthy process also certifies the artifacts as
authentic shipwreck material and gives us the ability to issue certificates of authenticity. Once artifacts have an artifact ID number registered with
the Minister of Culture’s office, their provenance can be traced and ownership can be verified. At this point, the artifacts are immediately
transferred out of the country to our secure facility where they undergo full conservation in preparation for distribution.
A table full of rare and valuable 16th century pewter tableware recovered by GME awaiting division.
18
Conservation of Artifacts & Treasure
The processes used to protect the artifacts once they
have been removed from the saltwater environment
are almost as varied as the artifacts themselves. The
sea is a very harsh environment and artifacts are in a
constant state of degradation the entire time they are
submerged. Once the artifacts are removed from the
sea the destructive processes are accelerated. If the
artifacts are not stabilized and conserved they will
eventually be destroyed by inner galvanic corrosion.18
Proper conservation is an art form that comes only with experience and continuous study. Each different material provides its own unique
conservation processes. Metallic objects begin to deteriorate due to oxidation and salt intrusion. Different metals are affected at different rates.
Iron deteriorates rapidly while noble metals/alloys like bronze and silver deteriorate much more slowly. If dissimilar metal artifacts are in
proximity, the less noble metal becomes an anode and can decay much like a
sacrificial zinc anode intentionally does to protect a boat. Destructive
processes such as these are one of the reasons artifact rescue is so important.
Proper conservation is paramount to an artifact’s value and longevity.
GME’s experienced conservators monitor the artifacts continually, ensuring
that they are properly stabilized and ready to be sold or displayed.
Once ready for auction, artifacts will be documented and registered with the
Global Antiquities Registry. This provides the most accurate and complete
artifact documentation available, and registration in our online database
tracks the artifact’s provenance and chain of ownership throughout its life,
making for easy validation that it is an authentic shipwreck artifact legally
salvaged and properly titled. This has never before been available to
academics, historians, collectors, and museums.
19
Distribution of Artifacts & Treasure
The final step of the process is the sale and distribution of the artifacts. Properly conserved and documented shipwreck artifacts can bring great
value in a proper auction. Often an artifact that is documented as coming from a shipwreck is worth many times more than the same artifact from
a land site or private collection. In preparation for sales, each artifact is issued a Certificate of Authenticity which is signed by GME’s CEO and
the project archaeologist or conservator. This certificate includes the original artifact ID number which is registered with the Government. This
number can be used to verify the item as authentic shipwreck material, legally salvaged and exported by GME representatives.
GME’s artifacts are also registered with the Global Antiquities Registry (GAR) which adds further value and provides paper documentation.
Registering with GAR also provides a portable electronic registration, in the form of a USB thumb drive containing the registration, imagery and
documentation information in digital format. This registration further increases the value and desirability of artifacts recovered by GME.**
Most of GME’s artifacts will go to an auction house where similar items (and the private collectors of these items) are assembled. A large base of
collectors who are willing and able to pay top dollar for unique Artifacts that are verifiable shipwreck material frequents auctions known to offer
shipwreck material for sale. The fact that GME holds full title is extremely important and valuable, because many of the artifacts that have been
sold on the open market to date do not have documented title of ownership. Establishing ownership is extremely important because the rules and
regulations that govern the artifact trade are becoming more stringent. GME and its companies are setting the new standard for legal, verifiable
artifact sales by offering full title, certificate of authenticity and full registration with the Global Antiquities Registry. Buyers can feel comfortable
when buying from GME, because they are getting legal and authentic shipwreck antiquities with verifiable provenance.
**Projections are not guarantees of future Company performance, but reflect management's current estimates. These estimates are based on assumptions from management's review of certain current inputs and
trends, and if such assumptions are incorrect or otherwise incorrectly based on the usage of certain inputs and trends, our projections may not be accurate.
20
GME’s Southwest Dominican Republic Lease Area
Map of East Coast of Dominican Republic - Red Line Denotes ARS Salvage Lease Area
Map of Southwest Coast of Dominican Republic - Red line denotes ARS Salvage Area
21
GME’s Punta Cana, Dominican Republic Lease Area
East Coast of the Dominican Republic with GME’s Punta Cana Lease Area Bordered in Red.
NOTE: Sunken ship icons denote modern wrecks charted by the USGS survey.
22
Winds, Currents, and Hurricanes
Hurricane tracks across Dominican Republic for the last 100 years.
23
Target Area for Exploration in the Dominican Republic
Close-up of 2000’ of shoreline containing multiple wrecks that we believe were sailing together as a fleet
24
Global Marine Exploration, Inc. History
Global Marine Exploration, Inc. (GME), a C Corp., was formed in December of 2011 in the state of
Delaware for the purpose of international shipwreck discovery and salvage. GME was spawned from the
need for a US based company to take over artifact distribution from Anchor Research & Salvage (ARS).
2002
Robert Pritchett starts the process of shipwreck research and evaluation of the treasure salvage business.
2009
ARS Chairman and CEO Robert H. Pritchett forms Anchor Research & Salvage.
2011
Global Marine Exploration, Inc. is formed and acquires ARS.
2012
GME raises $950,000 in a common stock offering from January 2012 to end of February 2012. An additional $1.35 million is
raised through September of 2012.
2013
GME is currently in negotiations to increase productions and profits by entering into new contracts in other countries to rescue artifacts
and treasure.
2014
GME will begin survey operations off Cape Canaveral early in 2014 as we prepare for Dominican Republic dive season. Additional
equipment will be purchased and six key personnel will be trained in Emergency Medical Technician and Dive medical Technician.
25
GME Research & Development / Training
Global Marine Exploration, Inc. has a long-standing tradition of extensive training,
especially for our dive teams and top-water support crews. Within GME, a very active
Research and Development team is constantly evaluating (or creating) new technologies,
processes and equipment to increase our efficiency while lowering our operational costs.
Global Marine Exploration, Inc. dive teams undergo intense training on many levels
while the weather and seas are not conducive to working. This year’s accelerated survey
and archaeological recovery plan offers new challenges and the potential for great
rewards. Safety is always our primary goal and all GME divers are updated with full CPR
and First Aid medic training, including AED certifications. In addition all divers will be
completing Cave Diving, Technical Diving, and Trimix classes from PADI and IANTD.
Our senior dive team members recently completed training with the Kirby Morgan Pro
Dive Training Center in CA. Having our senior dive staff trained in surface-supplied hard
hat diving practices and procedures allows us to be prepared for any recovery situation
we might face.
In Tampa, GME’s Research & Development programs continue to improve the equipment and methods used for almost every facet of shipwreck
salvage and underwater exploration. Improving our procedures has already created a substantial reduction in operational and equipment costs for
the upcoming dive season. Into the future these changes will significantly reduce expenditures by reducing the size of vessel, number of people,
and number of man hours needed to complete a particular project. Lower operating costs allow more work to be done within a given budget.
Captain Larry Boswell and COO Bill G. Seliger are perfecting our Side-Scanning Sonar and Magnetometer data profiles for faster, more accurate
survey data processing. Six members of GME’s on-water team will be trained as EMT / DMT medical providers. Full training in deeper dive operations will
also be ongoing.
26
GME Management
Robert Pritchett (50) – Chairman and CEO
Robert was born in VA. He has been a successful multi-track builder and developer, and has worked in construction for 34 years. Pritchett
has extensive experience in all aspects of construction and project management including: subdivision site work/project plan and layouts,
water, sewer, electrical, plumbing, fire protection, roofing, concrete, and steel. He has managed construction projects in five states and two
countries. He has built apartments, shopping centers, subdivisions, and has done construction under government contract for the US Air
Force.
Mr. Pritchett has also handled the accounting for his projects including: budgets, receivables, payables, bulk material purchasing. He has
done business with twenty-six banks with his builder/developer career. His love for history and relic hunting started at the age of nine, first
finding musket balls in creek beds behind his house, to later diving in the waters along the East coast looking for Civil War relics.
Mr. Pritchett started diving in 1991 became a Diving Instructor in 1993. Since then he has instructed Open Water Diving, Deep Diving, Cave
Diving, Nitrox, Tri-Mix/Mixed Gas diving, and gas blending. Pritchett has taught diving courses for PADI, NAUI, IANTD, NACD,
NSS/CDS, NASD, US ARMY TDY at Fort Lee, VA. He has spent thousands of hours in underwater construction installing pilings for
docks, engineered dam projects and archaeological excavation work. Mr. Pritchett also earned his USCG Captain’s License in 1985.
Pritchett originally came to the Dominican Republic eleven years ago to explore and survey underwater caves. He was one of four explorers
and cartographers for the book Las Cuevas Sumergidas de República Dominicana. He is also a member of La Fundación Espeleobuceo
Hispanola, the Bermuda Cave Diving Association, lifetime member of both the National Association for Cave Diving and the International
Association of Nitrox and technical Divers. Bobby is a founding member of the Dominican Republic Speleological Society.
Jeimy Rodriguez (30) – EVP Government & Community Relations
Ms. Rodriguez studied law in the Dominican Republic as well as having held management positions for 3M and several medical laboratories. She
has a unique combination of skills that allow her to deal with complex negotiations with the different government entities and also to handle
communications with the media in the Dominican Republic. She was born and raised in the Dominican Republic and has worked closely with all
the Dominican government agencies related to our business. Being a native Dominican, Jeimy has an in-depth understanding of the cultural and
political environment in Latin countries.
27
GME Management
Ronald Alber (59) – EVP Director of Marketing and Investor Relations
Mr. Alber brings over 38 years of business start-up and management experience having started his first company at age 20. The company
Woodcraft Cabinets Inc., became the largest cabinet manufacturing company in Northern California and was sold in 1986. Mr. Alber acquired a
California B1 License to develop multiple real estate projects including condos, single-family homes and warehouses.
During the late 1980’s, Mr. Alber began his international career by setting up an import/export company in the Philippines. In 1992 he set up a
55,000 square foot manufacturing facility in Tijuana Mexico to produce office chairs. He grew the company to over $10 million a year in sales by
the second year with over 220 employees. The company was bought by its main customer and Mr. Alber agreed to stay on for five years to
manage operations. In total, Mr. Alber lived in Mexico for seven years while managing the day-to-day operations of the plant and became acutely
aware and accustomed to the ways of doing business in foreign countries.
In 2007 Mr. Alber moved to the Dominican Republic to head up a project for a Dominican company where he was in charge of designing and
manufacturing the interior finish package for a 330’ floating casino ship. The project was completed in 2009 and Mr. Alber moved back to the
U.S. and formed a yacht sales company called WME Luxury Yachts. Mr. Alber turned over operations of WME in early 2011 to his partner in
order to devote full time to ARS, which was later acquired by Global Marine Exploration Inc.
William G. Seliger (38) – COO Marine Operations
William brings over 20 years of shipwreck salvage experience to the company and authored the book Isla el Muerto and the Treasures of the
Consolación. He has also authored several archaeology reports and has co-authored several books with GME. He is an expert marine surveyor
using magnetometers and side scan sonar units. Previously Bill worked in Ecuador, Honduras, the Dominican Republic and the 1715 Spanish
Fleet in Florida. In addition to his leadership skills, Bill is also an excellent welder and fabricator. While working on the Consolación wreck in
Ecuador he conserved over 20,000 silver and gold coins. Bill is a certified cave and mixed gas diver, and now oversees all of our on-water
operations including developing dive and excavation plans, generating site maps and documentation.
David Sweetin (37) – Business Development
David has been fortunate to take part in activities from commercial to research diving for NOAA, NMFS, and Texas A&M University. As a
mixed gas and rebreather diver with the Woodville Karst Plain Project he routinely made exploration cave dives to 300’ in support of WKPP’s
World Record setting efforts. He has worked with NHK, BBC, and OLN as a diving/training coordinator for various underwater film-shoots, all
while training Cave and Technical divers in the U.S, Mexico, Europe, and Asia. Over the years, he has worked for several leading SCUBA
equipment manufacturers in sales, development and logistics. David also oversees GME’s information management and database systems that
feature state of the art information capture and security technology.
28
GME Key Personnel
Jason Nowell (44) – Graphic Design and Publications
Jason brings almost 10 years of shipwreck research, salvage and conservation experience to GME. Jason started his salvage career on the 1715
Fleet in Florida and has also worked on the north coast of the Dominican Republic and the outer banks of North Carolina. Jason studied graphic
arts and advertising in college and is responsible for creating our books, archaeological publications and marketing materials. Jason manages the
sales and service for our Aqua Pulse USA division and manages our Tampa, FL. conservation lab.
Larry Boswell – USCG Captain / Survey Technician
Larry holds a 100 ton master captains license since 1985. He has lived and worked in the Dominican Republic for 16 years and is fluent in Spanish
Claudio Rosina – Captain / Dive Team Leader
Claudio hails from Italy and holds a commercial diving license, he is also a certified PADI instructor and is fluent in 5 languages and holds Cave
and Mixed Gas diving certifications
Thomas Riffaud (26) – Crew Leader and Ship’s Service Manager
Thomas was born in France and served with the French Foreign Legion. He is fluent in French, Spanish & English. Thomas holds multiple dive
certifications including Cave diving and Mixed gas diving.
Anthony Molinas (36) – Artifact Processing and Data Entry
Anthony is a Dominican citizen who is fluent in Spanish and English. His computer skills keep our artifact database accurate and up to date.
Archaeological Team
Sir Robert F. Marx – Archaeologist and Historian
Marx is the author of 64 Books and over 900 archaeology reports and popular articles. He has been knighted in 3 countries for his work in
underwater archaeology, and is a welcome addition to our research and archaeological team.
Robert Westrick – Consulting Archaeologist
Robert has more than 10 years of experience in maritime archaeology and currently works on several high-profile deep-water investigations. His
experience with state permitting processes and outstanding archaeological reporting make Rob a great addition to our team.
29
Corporate Headquarters
In July of 2012, GME purchased its 10,000 square foot headquarters in Tampa,
FL. With ample room in our humidity controlled artifact storage lab, well
apportioned office spaces and large warehouse space for conservation work this
location provides the perfect environment for managing our global operations.
30
Current GME Fleet
GME currently owns and operates a myriad of vessels ranging from 18-foot exploration skiffs all the way up to two 100 foot floating operations
centers. Our fleet is well maintained and capable of meeting the current and future operational needs.
90 Foot RV Osprey (ex PTF-23)
30 Foot Survey / Dive Boat
100 Foot Live-aboard (Future Purchase)
26 Foot Stamas Survey Vessel
31
Custom Built 35 Ft. Catamaran
35 Foot Aluminum Propwash Excavation Vessel
GME Owned Companies
Anchor Research and Salvage, SRL (ARS) is a Dominican company formed in 2009 for the exploration
and recovery of sunken treasure. ARS applied for and received its first operational lease area in 2010. The
lease was awarded for a large portion of the southwestern coast of the Dominican Republic. Since that
time, ARS has also entered into a partnership with the Punta Cana Foundation which added a 2nd large
salvage lease area on the east coast of the Dominican Republic. In this lease area, ARS located its most
important shipwreck to date known as the “Pewter Wreck”. The Pewter Wreck has re-written the history
books on pewter makers in 16th century England and continues to yield pewter artifacts that are stunning pewter collectors world-wide.21 The
wreck also gave us some of the oldest and rarest Spanish silver coins ever found in the Dominican
Republic. Some of the coins from this wreck are so rare that less than a dozen are known to exist in the
world.22
Wonderful artifacts are not limited to the “Pewter Wreck”, as multiple wreck sites have been recorded
and documented in our southwest lease area as well. These sites still need further investigation but we
have already recovered bronze cannons, Venetian glass trade beads by the thousands and even silver and
bronze coins. Investigation and excavation of these sites will be the primary focus of the southwest
team once the survey plan is completed early in 2013. Our extensive research gives us good reason to
believe that several of these sites will yield silver and gold in quantity. This area is a treacherous stretch
to navigate and the fabled Spanish galleons used the route for centuries to transport their massive
shipments of silver and gold.16
Solid Gold Adornment Recovered by ARS
ARS has a stable and cordial relationship with government in the Dominican Republic, an experienced
and well equipped team of survey and salvage personnel and a proven operational plan in place.
Research indicates that over 100 treasure ships went down within our lease area, and survey results have
located a staggering amount of shipwreck sites which require further investigation. This gives us great
confidence that we will find and recover large amounts of treasure in the very near future. **
**Projections are not guarantees of future Company performance, but reflect management's current estimates. These estimates are based on assumptions from management's review of certain current inputs and
trends, and if such assumptions are incorrect or otherwise incorrectly based on the usage of certain inputs and trends, our projections may not be accurate.
32
GME Owned Companies
GME Deep, our deep-water division began taking shape in the 3rd
quarter of 2013. Using advanced technology and equipment, GME will
be able to extend its salvage capability from 200 feet down to 2,000 feet.
This represents an incredible amount of search and recovery capability
that is beyond the limits of our current equipment and remains largely
untouched to this day. Accessing these waters will open up billions of
dollars on opportunities for successful salvage operations. In addition,
the new equipment provides a potential new revenue stream that can
potentially pay the operating costs by leasing the equipment and crew to third parties. This affords GME a profit center rather than costly
equipment down time while still allowing GME full use of its capabilities.
Acquisition of this equipment will start in late 2013 and operations should
commence in mid-2014. The use of an AUV (Autonomous Underwater
Vehicle) will significantly increase capability and expediency of deep water
operations. AUV's act much like military drones, in that they do not require
an onboard pilot. They can “fly” a pre-determined course underwater which
allows them to very accurately map the seafloor. Technicians literally drop
the AUV in the water, it surveys the plotted course and comes up and meets
the boat at a predetermined location for retrieval. The cost per square mile
surveyed with this type of equipment is a small fraction of normal survey
operational costs, and the greater depth and accuracy makes the equipment
invaluable to meeting GME’s goals.
With the new capabilities of this equipment, GME can fill the gap between
shallow water exploration companies and the giants working in excess of 10,000 feet below the surface.
There is a market niche in the 100-3000 foot deep range and GME will be first on the scene to provide this
new line of cost effective mid-depth exploration. **
**Projections are not guarantees of future Company performance, but reflect management's current estimates. These estimates are based on assumptions from management's review of certain current inputs and
trends, and if such assumptions are incorrect or otherwise incorrectly based on the usage of certain inputs and trends, our projections may not be accurate.
33
Global Antiquities Registry (GAR) is an online
artifact database that offers registration,
documentation and research to museums,
educational institutions and collectors world-wide.
We have a provisional patent in place and our
system has been designed and tested online. GAR
will fill a void in the archaeological information
path that has existed for decades. With the advent
of the internet, previously unavailable
archaeological data is now available to users
world-wide. GAR’s artifact database will allow for
unprecedented research and artifact tracking.
GAR also offers the artifact holder a portable electronic registration (PER), which includes all
research and documentation given to us by the owner or acquired by our researchers on a USB
thumb drive. For special and unique artifacts, we generate 3-dimensional models with our highresolution 3D laser scanner. Once all of the documentation for the artifact is compiled together
along with GAR's information and imagery, it is supplied to the owner on a USB drive giving
him portable electronic documentation for his artifact.
The database itself is free to search and will be used by researchers,
archaeologists and educational institutions for research and comparison of
artifacts, adding to the knowledge base of online information. Having this
information stored online ensures that the archaeological record will stay
in place and be available in the future. In the past, much of these records
were destroyed by fire, flood, war and other unforeseeable disasters. GAR
hopes to make the loss of archaeological data a thing of the past by
making data available on the internet.
34
Aqua Pulse USA
GME recently acquired the equipment, inventory, and customer base of E.O. Industries, LLC. E.O.
Industries has been the authorized agent and repair service for Aquascan International, Ltd. for many
years. Aquascan is the manufacturer of the immensely popular Aquapulse AQ1B underwater metal
detector and the DX-200 handheld magnetometer.
The Aquascan line of underwater detection equipment is in common use by serious professionals in the
salvage industry. A new subsidiary of GME has been formed named Aqua Pulse USA, which will take
over the marketing, sales, and servicing of the Aquascan product line and will be the exclusive authorized
agent for Aquascan International Ltd. in the U.S.A. and Caribbean. The revenues from the sales and
service will pay for all overhead in the new GME world headquarters. It also cuts equipment costs for
GME and keeps all equipment in active service.
Aqua Pulse USA recently announced that it has an inventory of rental and lease equipment available to
customers who don't need to purchase a full unit. Having units available for rent adds a new revenue
stream to this division and also increases market exposure. New markets include Public Safety dive teams and commercial divers doing cable or
pipeline tracking and the oil and gas industry.
Aqua Pulse USA also coordinates our equipment
rental business which includes metal detectors,
handheld magnetometers, boat towed magnetometers,
side scan sonar units as well as ROV’s and underwater
camera equipment. AquaPulse USA also builds
custom airlift and induction dredge systems.
Aquapulse AQ1B underwater metal detector – 8-inch loop (left) and 15-inch loop (right).
35
Example of Current Excavation
Punta Cana Pewter Wreck
In late 2010, GME survey crews recorded a magnetic anomaly during a magnetometer survey off the east coast of the
Dominican Republic near Punta Cana. Per GME’s search and recovery plan, an exploration dive team visited the site
to determine what had generated the anomaly. The dive team located several iron cannon and large anchors in the
area, all dating from the early to mid-1500’s. A few artifacts were recovered from the area for study to determine
more information about the wreck.
After reviewing the site and a sampling of the artifacts, the wreck was
deemed viable for rescue and salvage operations. GME Project Director
William G. Seliger explored the area and determined the extent of the
wreckage. Bill then generated an excavation plan for the dive teams to
follow, ensuring that proper archaeological standards were followed
throughout the process. Once excavations began, it quickly became clear
that this wreck had some important history, noblemen and artifacts
onboard. Early excavations revealed fine English pewter in quantity along
with many other unique and valuable artifacts.
Artifacts found included nested weight sets used to check the weight of
precious metals, medicines and coinage. Also included were mortar and
pestle sets used for grinding medications and foods, medical equipment, personal items, an array of weapons such as
harquebuses and crossbows, small bells and a host of other small artifacts. The sheer volume of Pewter ware on this
wreck is staggering. Pewter was typically melted down and re-formed after heavy usage making pewter of this age
incredibly rare. Many of the maker’s marks have never been seen by experts or collectors and the variety of sizes and
styles recovered are re-writing the history books on 16th century pewter. Pewter expert Martin Roberts called the
Pewter Wreck “the largest single cache of 16th century pewter ever found”21, and special journals were published about
GME’s pewter finds by both the English Pewter Society and the Pewter Collector’s Club of America.
We believe many of the artifacts recovered were bound for royalty or noblemen. Uncommonly ornate items such as
gold-gilded horse stirrups, decorated ink wells, silver service bells, pewter ware, golden rings that doubled as wax seal
stamps for official correspondence and other items lead us to believe that several notable people may have been
travelling on this ship. **
**Projections are not guarantees of future Company performance, but reflect management's current estimates. These estimates are based on assumptions from
management's review of certain current inputs and trends, and if such assumptions are incorrect or otherwise incorrectly based on the usage of certain inputs and trends,
our projections may not be accurate.
36
Primary Search Target in the DR
1502 Spanish Fleet
For decades, the 1502 Spanish fleet has been the topic of much discussion and
exploration within the treasure hunting community. This particular fleet was special
for many reasons, most notably the sheer volume of treasure onboard. Oviedo, a
Spanish historian and writer present at the time the ships were being loaded said
“never before has so much gold been assembled for one voyage”.8 There are many
stories of a gold nugget large enough to eat off of and precious items that the
conquistadores had acquired from the Aztec, Incan and Mayan cultures they had
encountered. Artifacts from these cultures would be invaluable because few exist
today.
The 1502 fleet consisted of approximately 30 ships15 which assembled in Santo
Domingo harbor under the command of Nicolas De Ovando2. They were preparing to leave the port of Santo Domingo when Christopher
Columbus himself tried to enter the port on his 4th and final voyage to the new world. Columbus had a suspicion that a hurricane was on the way
based on the calm, heavy air and unusually calm seas. He tried to warn the fleet, but he was ignored and the fleet set sail the following day on July
4th, 1502.8
Less than 40 hours later, the storm Columbus had predicted struck Santo Domingo with a fury not before seen by anyone who experienced it.
Columbus had wisely sailed on to the next port to the west and weathered the storm there without losing any of his 4 ships. Ovando suffered a
much worse fate. Of the 30 ships in his fleet 25 were sunk in the storm, four were crippled and limped back to Santo Domingo after the storm
and only 1 made it to the intended destination of Spain.8
Through years of study, GME’s researchers have deduced the likely resting place of these missing wrecks. Many people have searched the east
coast and passages that lead to it, but no trace of the fleet has ever been located. Through the diligent study of ocean currents, prevailing wind
directions, trade routes, hurricane paths and historical accounts, we believe we know the general area where the fleet will be found. GME’s
southwest lease area includes this location and preliminary survey results look very promising.
The location and salvage of these wrecks will be a notable milestone in the history of shipwreck search and salvage. The artifacts will be the oldest
ever recovered from the new world, and the volume of treasure onboard these ships should value into the billions in today’s bullion value alone. 2
The historical and intrinsic value of the artifacts will likely be much higher.**
**Projections are not guarantees of future Company performance, but reflect management's current estimates. These estimates are based on assumptions from management's review of certain current inputs and
trends, and if such assumptions are incorrect or otherwise incorrectly based on the usage of certain inputs and trends, our projections may not be accurate.
37
References
1 – United Nations Educational, Scientific and Cultural Organization (UNESCO) white paper of Underwater Cultural Heritage
2 – Shipwrecks in the Americas – Robert F. Marx - p206
3 – Armada Espanola Vol. 3 – Cesar Fernandez Duro
4 – The Treasure Diver’s Guide – John S. Potter
5 – Galleon Alley, The 1733 Spanish Treasure Fleet – Bob Weller
6 – Pieces of Eight – Kip Wagner
7 – Treasure of the Atocha – R. Duncan Mathewson
8 – Shipwrecks in Puerto Rico’s History Volume I (1502-1650) - Walter Cardona Bonet
9 – The Book of Buried Treasure – Ralph D. Paine
10 – Florida’s Golden Galleons – Robert F. Burgess & Carl J. Clausen
11 – Treasure, A Diver’s Life – Teddy Tucker
12 – Galleon Hunt – Robert Weller
14 - Shipwreck: A Saga of Sea Tragedy and Sunken Treasure – Dave Horner
15 – Early History of Cuba, 1492 to 1586 – I. A. Wright
17 – Seville et l Atlantique – Chaunu
18 – Conservator’s Cook Book – Bradley A. Rodgers
19 – The Archaeologists Manual for Conservation – Bradley A. Rodgers
20 – Conservation in Archaeology – Texas A&M Nautical Archaeology Press
21 – Journal of the Pewter Society – Volume 15 – Martin Roberts
22 – Cobs, Pieces of Eight, and Treasure Coins – Sewell Menzel
Additional Reference Materials:
Shipwrecks Near Wabasso Beach – Robert Weller
Diving to a Flash of Gold – Martin Meylach
True Stories of Sunken Treasure – Robert Weller
Sunken Treasure and How to Find It – Robert Marx
A Guide to the Artifacts of Colonial America – Dr. Ivor Noel Hume
Submerged Cultural Resource management – Dr. James D. Spirek
Cuba – Irene Aloha Wright
The Spanish Seaborne Empire – J. H. Parry
Treasure Hunt – Peter Earle
The History of Underwater Exploration – Robert Marx
38
Maritime Archaeology – Keith Muckelroy
Archaeological and/or Historic Valuable Shipwrecks in International Waters – Eke Boesten
Shipwrecks of Florida – Steven D. Singer
Isla El Muerto and the Treasures of The Consolacion – William G. Seliger
Encyclopedia of Western Atlantic Shipwrecks and Sunken Treasure – Sir Robert F. Marx
A General History of the Pyrates – Daniel Defoe
Encyclopedia of Maritime and Underwater Archaeology – James P. Delgado
Spanish Galleon 1530-1690 – Angus Konstam
The Spanish Main 1492-1800 – Rene Chartrand
Dutch Ships in Tropical Waters – Robert Parthesius
The Spanish Treasure Fleets – Timothy R. Walton
Survivors Tales of Famous Shipwrecks – Walter Wood
The Dutch Seaborne Empire 1600-1800 – C. R. Boxer
The Portuguese Seaborne Empire 1415-1825 – C. R. Boxer
The British Seaborne Empire – Jeremy Black
The Practical Archaeologist – Jane McIntosh
Shipwrecks of the Sunshine State – Micheal C. Barnette
The Last Voyage of the San Miguel de Archangel – Robert Baer
Dictionary of Disasters at Sea During the Age of Steam 1824-1962 – Charles Hocking
The World’s Richest Wrecks – Robert Marx
In the Wake of Galleons – Robert Marx
Cronologia de los Naufragios – Alessandro Lopez Perez
Sunken Treasure – Six Who Found Fortunes – Robert Burgess
Underwater Archaeology – Amanda Bowens
The Oxford Handbook of Maritime Archaeology – Donny L. Hamilton
Cleaning Coins and Artifacts – David Villanueva
The Elements of Archaeological Conservation –J. M. Cronyn
Ethics and Values in Archaeology – Ernestene L. Greene
Archaeology and the Social History of Ships – Richard A. Gould
Coins of the Lost Galleons – Kathryn Budde Jones
Hurricanes of the Caribbean and Adjacent Regions 1492-1800 – Jose Carlos Milas and Sir Robert F. Marx
Shipwrecks of the Western Hemisphere – Sir Robert F. Marx
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