SALVAGE UPDATE Britannia's Gold

Britannia’s Gold Ltd

CONTINUED OPERATIONS IN FAIR WEATHER

Over the past week the team have made good progress at site helped by good weather conditions and excellent equipment reliability. The initial uncovering and breaching of the top deck did however uncover a shipwreck in total disarray below decks! An accumulation of poor quality rivets used at time of construction, the torpedo strike, sinking impact damage and 100 years of decay has meant the internal decks have shifted within and collapsed upon themselves. Adding to this is the vast volumes of silt which had built up within the wreck over the many decades; subsequently the team decided to remove all accessible deck plating and bulkheads in the vicinities of the cargo locations; this is now all but completed which leaves us with a huge amount of compacted cargoes mixed within the hardened silt, a great deal of wood used at the time for packing and many other items of overburden.

Having dual capabilities with our tooling and ROV’s has assisted greatly in our efficiency with this difficult shipwreck; we are currently breaking through the materials by means of remotely operated grabs and powerful suction dredge units, keeping extreme vigilance at all times on the lookout for the desired cargoes.

The weather is due to turn against us in the coming days which will put us on stand-by until it passes by. We will take this opportunity to conduct maintenance on all the equipment and have everything in a state of readiness to dive the moment the wind and sea state allows.

Will Carrier | COO Britannia’s Gold