Do miners have the right business model for finding silver and gold?
Odyssey Marine Exploration, an AMEX-listed company (OMR) specializing in the archaeologically-sensitive exploration and recovery of deep water shipwrecks throughout the world announced on Friday what is believed to be the largest collection of coins ever excavated from a historical shipwreck!
The artifacts recovered from the site include over 500,000 silver coins weighing more than 17 tons, hundreds of gold coins, worked gold, and other artifacts. According to preliminary reports, the value of the find may be around half a billion dollars.
Considering that the company had a market cap of a little over $200 million, it's one day surge of over 80% on Friday is understandable in light of the massive potential value of its discovery.
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