The experts have found a Russian Imperial Navy cruiser Dmitrii Donskoi that had sunk 113 years ago 1400 feet deep in South Korea that is speculated to hold over £100 billion worth of gold.
It only took two days for his five-person team to discover the wreck, but that was because the global team of experts from Britain, Korea and Canada already had a relatively good idea of where she had gone down, Nuytten said. An official with the South Korean Ministry of Oceans and Fisheries said that the company had not yet applied for salvage rights, which would require a down payment of about 10% of the estimated value of whatever they recover to the area's maritime police. Other companies, such as the Dong-Ah Construction, have previously made such claims related to this wreck, seemingly to bump up their stock prices, but ended up going bankrupt, according to the Associated Press.
The ship spent most of its career operating in the Mediterranean and the Far East and was deployed to Imperial Russia's Second Pacific Squadron after the Japanese fleet destroyed the majority of Russia's naval power in the Far East in the opening salvoes of the 1904 Russo-Japanese War.
Shinil hoped to raise the wreck in October or November.
'The result was that the Shinil Group was able to find in a matter of days what it took us years to discove, ' a KIOST spokesman said, according to Korean news site Hani.
During the Battle of Tsushima, the Dimitrii Donskoi was chased by Japanese warships and was eventually scuttled by its crew to avoid surrender.
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.
Experts from the United Kingdom and Canadian marine exploration company Nuytco also part of the global team working on the Dmitry Donskoi project.
Another 10 per cent will be gifted to Russian Federation as the owner of the wreck, and would be used on projects such as a railway to connect Russian Federation and South Korea running through North Korea. Anchors and machine guns remain in place, while all three masts are reported broken. This includes plans for a museum dedicated to the ship.
Despite longstanding rumors about the ship's precious cargo, Russian researchers have said it is unlikely that the Donskoi ever carried tons of gold into battle.
There is scepticism about Shinil's claim and the Financial Supervisory Service is closely monitoring trade activity involving the shares of Jeil Steel.