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TAMPA — Odyssey Marine Exploration Inc. (symbol: OMEX) located the shipwreck site of the SS Mantola this month. A 1917 insurance claim paid by the British government suggests the Mantola holds more than 600,000 ounces of silver.
While the price of silver is highly volatile, the precious metal's cumulative average price in 2010 was $20.19 per ounce, according to Kitco, a Canadian company that tracks commodity prices.
Two weeks ago, Odyssey announced that it had located the shipwreck site of the SS Gairsoppa, and estimated that the ship held 7 million ounces of silver.
Odyssey will retain 80% of the net value of the silver recovered from the shipwreck, per an agreement with the British government signed in September.
Odyssey Marine Exploration generated $6.7 million in revenues in 2010. Its stock is up nearly 50% over the past year, to a per share price of $2.68 in early Monday trading.
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