Russian shipwreck could be laden with lost gold: The Cube

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Shinil maintains that the ship holds at least 200 tons of gold worth 150 trillion won (around $132 billion); the company said it plans to release evidence next week supporting its assertion, Josh Smith of Reuters reports.

A South Korean company's claim to have found a sunken Russian warship has triggered investor frenzy amid speculation the ship was carrying an enormous amount of gold when it sank 113 years ago.

The Korea Times reports that the South Korean firm, which has been searching for the wreck for years, used two manned submarines to spot the ship on Saturday.

Video footage from the salvage team showed the ship's wheel, marine-growth incrusted guns and the anchor.

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A South Korean company has claimed that it has discovered a huge Russian ship which is rumoured to have massive stock of gold on board. If there's treasure found, half of it will go to the Russian government, and 10 per cent of what's left will be invested in tourism on Ulleungdo Island.

"The body of the ship was severely damaged by shelling, with its stern nearly broken, and yet the ship's deck and sides are well preserved", says Shinil Group, which plans to raise the ship this fall. It was scuttled during the 1905 Battle of Tsushima in the waters between present-day South Korea and Japan, during the Russo-Japanese War, which Moscow eventually lost. Shinil Group first discovered the ship earlier this month, then recruited the Vancouver-based exploration team to pinpoint the vessel and verify its identity. It estimates the gold would have a value today of around $130 billion.

Divers said the stern of the ship is in a poor condition along with the hull which has partially split, but that the upper wooden deck remains largely intact.

The funds may be used for joint Russian Federation and South Korean projects, such as a railroad connecting Russian Federation with Korea.

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Shinil has also launched a cryptocurrency through its website, claiming to be using the ship as collateral.

Experts from the United Kingdom and Canadian marine exploration company Nuytco also part of the global team working on the Dmitry Donskoi project. Shinil Group claims they are the only organization to discover the ship and that they have reason to believe there are billions of dollars of gold on board.

It says it will try and raise the ship which was said to be carrying 200 tons of gold when it foundered in 1905 but there has been some scepticism about the claim.

A South Korean Financial Ministry official responsible for the issue said that Russian Federation may be able to claim ownership.

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