TAMPA, Fla., March 11, 2014 (GLOBE NEWSWIRE) -- 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, 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.