Odyssey Marine Exploration Receives Preliminary Assessment of Oceanica Resources Mineral Deposit
11 March 2014 - 11:02PM
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the
field of deep-ocean exploration, has received an NI 43-101
compliant technical report/preliminary assessment from an
independent Qualified Person (QP) that provides an extensive
preliminary evaluation of a portion of the mineral deposit
controlled by the company's subsidiary, Oceanica Resources, S. de.
R.L.
The preliminary report does not include an evaluation of the
entire deposit, but utilizes data from 594 core intervals from 161
drill holes tested and analyzed to date. This does not include
concession extension areas where testing is still in process, or
areas below the core sample depth in which the core ended with full
mineralization.
The report concludes for the areas tested to date:
- Measured phosphorite resources are estimated at 92.4 million
ore tonnes at 18.5% P2O5 in an area of 23.11 sq. km
- Indicated phosphorite resources are estimated at 181.1 million
ore tonnes at 18.8% P2O5 in an area of 42.88 sq. km
- Inferred phosphorite resources are estimated at 231.9 million
ore tonnes at 20.1% P2O5 in an area of 44.19 sq. km
Work is continuing on the physical testing and assaying of
additional cores with the expectation of increasing the measured
and indicated phosphorite resources within the mineralized trend.
An updated technical report is expected during the second quarter
of 2014.
An environmental impact report is being prepared that includes
extensive analysis, tests, reports and models from outside experts
and environmental scientists on the mineral deposit, which is
located in waters 70-90 meters deep and centered approximately 40
km offshore.
In 2013, Odyssey received $27.5 million in cash from the sale of
a minority stake in the Oceanica deposit, a project that was
initially reported in March 2013. As previously announced, the
company has engaged J.P. Morgan as its financial advisor to help it
evaluate options to best maximize the value of the project
including alternatives for financing the project, potential
partnerships or other strategic options.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in
deep-ocean exploration using innovative methods and state
of-the-art technology for shipwreck projects and mineral
exploration. For additional details, please visit
www.odysseymarine.com. The company also maintains a Facebook page
at http://www.facebook.com/OdysseyMarine and a Twitter feed
@OdysseyMarine.For additional details on Odyssey Marine
Exploration, please visit www.odysseymarine.com.
Cautionary Note to U.S. Investors
The U.S. Securities and Exchange Commission (SEC)
permits mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms
in this press release, such as "measured" "indicated," and
"inferred" "resources," which the SEC guidelines strictly prohibit
us from including in our filings with the SEC. "Inferred mineral
resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. U.S. investors are cautioned not to assume that part or
all of the inferred mineral resource exists, or is economically or
legally mineable, and urged to consider closely the disclosures in
our Form 10-K which may be secured from us or from the SEC's
website at http://www.sec.gov/edgar.shtml.
Forward Looking Information
Odyssey Marine Exploration believes the information set forth in
this Press Release may include "forward looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Act of 1934. Certain factors that could cause
results to differ materially from those projected in the
forward-looking statements are set forth in "Risk Factors" in Part
I, Item 1A of the Company's Annual Report on Form 10-K for the year
ended December 31, 2012, which was filed with the Securities and
Exchange Commission on March 12, 2013. The financial and operating
projections as well as estimates of mining assets are based solely
on the assumptions developed by Odyssey that it believes are
reasonable based upon information available to Odyssey as of the
date of this release. All projections and estimates are subject to
material uncertainties, and should not be viewed as a prediction or
an assurance of actual future performance. The validity and
accuracy of Odyssey's projections will depend upon unpredictable
future events, many of which are beyond Odyssey's control and,
accordingly, no assurance can be given that Odyssey's assumptions
will prove true or that its projected results will be achieved.
CONTACT: MEDIA CONTACT:
Liz Shows
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2335
lshows@odysseymarine.com
INVESTOR RELATIONS CONTACT:
Ron Both
Liolios Group, Inc.
(949) 574-3860
OMEX@liolios.com
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