[December 23, 2004] Ocean Resources to Conclude Operations on Mediterranean Wreck, Resupply for Next Project Tweet DALLAS --(Business Wire)-- Dec. 23, 2004 -- Ocean Resources, Inc. (OTCBB:OCRI) today announced it has decided to conclude operations on its Mediterranean mission and begin preparations for its next metals recovery project, expected to commence in February 2005. Ocean Resources Chief Operating Officer, Kit Chambers, stated, "We feel that with the experience and the refinements that we have been able to accomplish with our new equipment in the Mediterranean, it is in the Company's interest to go straight to a project that has a potential recovery many times more valuable." He added that the Mediterranean project was, in part, a substitute for the initial combination field test and recovery project near Ireland, which was postponed due to bad weather. "We felt it was a sound management decision to work a wreck that was near Europe, close to port, and in waters deep enough to prove the overall system prior to going to a much more remote site in yet deeper waters." President of Ocean Resources, Andrew Way, explained that as recently as Dec. 1, 2004, the Company had anticipated staying on this site until approximately $2.5 million in metals had been recovered; however, the state of the wreck and the local conditions dictated that the recovery would take longer than could have been anticipated. "The Company's ROGE deep sea recovery system performed in an excellent manner and, in some regards, exceeded our expectations. We retrieved some three tons of tin ingots from this wreck and, had it been economical to remain on site, a more extensive recovery could have been made." Chairman Dennis McLaughlin stated that "The decision to move from the Mediterranean to our next recovery site was made possible by the performance of the equipment and the crew and by the practical experience that they obtained. As on any field trial, we were able to make significant modifications to the equipment that will work to our future advantage. The ship, the ROGE and the crew are now ready for a more significant metals recovery effort and it is simply in the best interests of our stockholders that we take advantage of this opportunity and move on to our key project which we anticipate will be far more lucrative." In preparations for the next recovery project, the vessel will be in port the next few weeks for maintenance, crew changes and re-supply. Ocean Resources, Inc. is a marine salvage operator utilizing proprietary technology and sea recovery expertise to retrieve commodity metals from World Wars I and II merchant shipwrecks lying at previously unreachable depths. The company's ROGE (Remotely Operated Grab Excavator), a hydraulically operated multi-jaw grab, is among the world's most advanced deep sea excavating devices, capable of seizing up to three tons of material in a single grab and operating at depths of up to 16,000 feet, nearly double that of any competitive device. Ocean Resources' recovery operations are directed by Graham Jessop, an internationally accomplished deep sea salvage expert who participated in recoveries from the RMS Titanic, RMS Carpathia, S.S. John Barry and HMS Edinburgh. For further information, visit www.oceanri.com. This press release may contain "forward-looking statements." All statements, other than statements of fact, included in this release and without limitation statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially from the Company's expectations due to changes in operating performance, project schedules, prices and other technical and economic factors. [ Back To TMCnet.com's Homepage ]