Tampa, Florida:
Odyssey Marine Exploration Inc says it confirmed the identity and location of a World War II-era shipwreck believed to be carrying 7 million ounces of silver.
The SS Gairsoppa, a British cargo ship torpedoed by a German U-boat in February 1941, is sitting nearly 4,700 metres (15,420 feet) below the surface of the North Atlantic, about 300 miles (500 kilometres) off Ireland's coast. Records say it was carrying silver valued in 1941 at approximately 600,000 British pounds.
Based on Friday's closing price of $30.10 per ounce, the trove would be worth more than $210 million today.
Odyssey's salvage agreement with the United Kingdom calls for the company to retain 80 percent of the net salved value of the silver recovered.
Odyssey shares jumped 29 cents, or 11 percent, to $2.94 in morning trading.