OCRI a forward looking event lol a boat leaving in september. (COMTEX) B: Ocean Resources to Depart September 15 for Initial Metals Reco
B: Ocean Resources to Depart September 15 for Initial Metals Recovery Project
DALLAS, Aug 27, 2004 (BUSINESS WIRE) -- Ocean Resources (OTCBB:OCRI) today
announced that its vessel, MV Ocean Boomer, will leave port at Liverpool,
England on or before September 15 en route to an Atlantic Ocean salvage
operation of copper ingots. The recovery project, the company's first, is being
performed on behalf of Great Britain's Treasury Department. The proceeds of sale
of any ingots salvaged will be realized upon return to port, said the company.
Semi-precious metals are currently in a period of significant appreciation on
international commodities markets. Since September 2003, copper has risen from
$.80 to $1.30 per lb. Accordingly, the cargo of copper ingots on this first
recovery project is valued at $5 to $7 million. 14% of recovery proceeds is
payable to Great Britain's Treasury Department.
The target wreck is a World War I merchant ship sitting bolt upright with cargo
holds open in a relatively shallow 1300 feet of water. Ocean Resources'
proprietary ROGE (Remotely Operated Grab Excavator), a hydraulically operated
multi-jaw grab, will descend to the ship and attempt to bring its copper ingots
to the surface. ROGE is among the world's most advanced deep sea excavating
devices, capable of passing through narrow hatches, seizing up to three tons of
material in a single grab and operating at depths of up to 16,000 feet, almost
double the capacity of competitors.
The project will be directed by the company's vice president of salvage recovery
operations, Graham Jessop, an internationally accomplished deep sea salvage
expert who participated in the recoveries of the RMS Titanic, RMS Carpathia,
S.S. John Barry and HMS Edinburgh. Following this project the company will
embark on additional projects of found, identified and surveyed World Wars I and
II merchant wrecks holding manifested cargoes with a combined current market
value of over $110 million.
Ocean Resources CEO, Dennis McLaughlin, stated, "Our proprietary archive of
precise wreck locations, combined with our leading edge technology and deep sea
recovery expertise, places us in an excellent position to lead the market in
this industry."
After assuming the chief executive post at OCRI in September 2003, Mr.
McLaughlin strategically expanded the Board of Directors and revised the
company's business plan to capitalize on the continuing increase in the value of
semi-precious metals. Under the direction of the Board, MV Ocean Boomer has
undergone a $1 million dollar refit and customization to adopt and maximize the
use of the company's proprietary ROGE and ROV (Remotely Operated Vehicle)
technologies.
"The company will issue news detailing the results of its initial expedition
immediately upon return to port," said Mr. Andrew Way, a director of the
company.
About Ocean Resources:
Ocean Resources, Inc. (www.oceanri.com) is engaged in the business of deep-water
recovery of fully processed commodity metals through an industrial-based
retrieval operation with shipwrecks that already have been identified, located
and videotaped.
Disclaimer
This press release may contain "forward-looking statements". All statements,
other than statements of fact, included in this release and without limitation
statements regarding potential future plans and objectives of the Company, are
forward- looking statements that involve risks and uncertainties. Although the
Company believes that the expectations reflected in such forward-looking
statements are reasonable, there can be no assurance that such statements will
prove to be accurate. Actual results and future events could differ materially
from those anticipated in such statements. Actual results may differ materially
from the Company's expectations due to changes in operating performance, project
schedules, prices and other technical and economic factors.
SOURCE: Ocean Resources
CONTACT: Eisenberg Communications
Media Contact
Rick Eisenberg, 212-496-6828
eiscom@msn.com
or
Ocean Resources
Investor Contact
Andrew Way, 214-389-9800
away@oceanri.com
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Copyright (C) 2004 Business Wire. All rights reserved.
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KEYWORD: TEXAS UNITED KINGDOM INTERNATIONAL EUROPE
INDUSTRY KEYWORD: MINING/METALS
TRANSPORTATION
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THE STANDOFF
