Discovery of '113-year-old Russian warship' sparks goldmine hopes

Source Shinil Group

A team of worldwide experts discovered the remains of the cruiser Dmitrii Donskoi - sunk 113 years ago - near the island of Ulleungdo, the UK Telegraph reports.

Are these the remains of the 113-year-old Russian warship, the Dmitri Donskoi, which is thought to have sunk carrying 200 tonnes of gold?

He said the company will unveil details about what it has found in the boxes at a press conference next week, and it plans to contract a Chinese salvage company to recover the wreck. There's a good chance that this year's treasure-hunt story will come out of South Korea, where a company claimed this week that it has discovered a sunken Russian warship.

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.

In response to queries, the Monetary Authority of Singapore (MAS) said that Shinil Group is neither regulated nor licensed by it, and advised consumers to deal only with entities regulated by MAS.

In addition, one report said the South Korean government has indicated the Shinil group has neither notified it, nor applied for an excavation permit.

The unlisted Shinil was founded on June 1 and its president recently agreed to acquire shares in local company Jeil Steel.

The shares continued their steep rise morning before Jeil clarified that it has "no relation to the treasure ship business", causing prices to drop more than 20 per cent.

A joint team made up of experts from South Korea, Britain and Canada discovered the wreck on Sunday and used two manned submersibles to capture footage of the vessel, with the company behind the discovery promising to use a percentage of the money to fund the construction of a railway line linking Russian Federation and South.

"Concerning the treasure ship salvage project, investors' discretion is recommended as there are risks of them suffering great losses if they rely on rumours", South Korea's Financial Supervisory Service said in a statement. The Seoul-based Shinil Group carried out this significant exploration. It promised additional coins to those who helped sign up others. In addition to carrying port expenses and salaries for the fleet's sailors and officers, she may have held gold reserves of other Russian ships damaged in the Battle of Tsushima in May 1905. They scuttled the ship the next morning, May 29, 1905 - and the crew were captured by the Japanese. The group estimates that the gold that reportedly went down with the Donskoi is worth $170-billion.

The ministry said that Shinil Group hasn't applied for approval.

Russian scholars raise doubts about the existence of gold on the ship, saying such valuable cargo would not have been transported by warship, instead of trains, which are much safer.

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