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Ocean Resources Signs Letter of Intent for Second Metals Recovery Project; Valued at $7 to $9 Million
DALLAS, Sep 1, 2004 (BUSINESS WIRE) --
Ocean Resources, Inc. (OTCBB:OCRI) today announced it has signed a Letter of Intent for a second project to recover a cargo of copper ingots. These ingots have a manifested current market value of $7 to $9 million. The project involves the wreck of a World War II cargo vessel lying in less than 1100 feet of water. Ocean Resources' Remotely Operated Grab Excavator (ROGE), a proprietary, high capacity multi-jaw grab, will descend to the ship and attempt to bring the cargo of ingots to the surface.

This project will also be directed by Graham Jessop, the Company's vice president of salvage recovery operations and an internationally recognized deep sea salvage expert who participated in recoveries from the RMS Titanic and other high profile wrecks.

Following and concurrent with this project, Ocean Resources will proceed with recoveries of copper and other base and semi-precious metals from the company's proprietary inventory of World Wars I and II merchant wrecks.

These wrecks have a current combined manifest cargo value of over $110 million.

"This Letter of Intent is, we believe, further evidence that our deep sea recovery expertise and proprietary equipment are in high demand," said Ocean Resources chief executive, Dennis McLaughlin. "Our objective now is to maximize recoveries to realize the highest return over the shortest possible period. With the continuing appreciation in the price of copper and other base and semi-precious metals, as well as the Company's economical cost structure, this is a truly viable second project for the Company."

Base 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., nickel from $4.40 to $6.30 per lb. and cobalt from $10 to $24 per lb.

Ocean Resources expects to issue news on the progress of its projects on a continual basis, said Mr. McLaughlin.

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, Inc.

Eisenberg Communications
Media Contact:
Rick Eisenberg, 212-496-6828

[e-mail]

or
Ocean Resources
Investor Contact:
Andrew Way, 214-389-9800

[e-mail]

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