×

Odyssey Receives Updated Assessment of Oceanica Resources Deposit

OME logo

TAMPA, Fla., July 7, 2014 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean exploration, has received an NI 43-101 compliant "Technical Report: Revised Assessment" that concludes the measured and indicated phosphorite resources at the Oceanica deposit now total 327.2 million ore tonnes at 18.5% P2O5, an increase of 20% over the last preliminary assessment total of 273.5 million ore tonnes.

An independent Qualified Person (QP) produced the updated report, which provides an extensive preliminary evaluation of a portion of the mineral deposit controlled by Odyssey's subsidiary, Oceanica Resources, S. de. R.L. However, the report does not yet include an evaluation of the entire deposit, rather only data derived from 199 drill holes, which have been tested and analyzed to date. This compares to 161 drill holes previously analyzed. The samples do not include concession areas where testing has not yet been conducted nor areas below the core sample depth where the core ended with full mineralization. Thus, additional testing is expected to increase the measured and indicated phosphorite resources in the deposit, and updates will be provided when completed.

Over 760 total core samples have been tested by the Florida Industrial and Phosphate Research Institute, a highly respected, independent, not-for-profit phosphate and fertilizer research center based in the U.S.

Updated Preliminary Report Highlights

  • Measured and indicated phosphorite resources increased 20% over the prior estimate to 327.2 million ore tones.
  • Measured and indicated phosphorite resources average P2O5 estimate again inline at more than 18%.
  • Assessed amount and quality of the ore places it in the top-tier of new world phosphate rock deposits.

Summary of Data

Ore Tonnes
(in millions)
Estimate New Prior
Measured 106.9 92.4
Indicated 220.3 181.1
Total Measured and Indicated 327.2 273.5
Inferred 166.4 231.9
Total Deposit 493.6 505.4

Assaying and metallurgical testing of the core samples at approximately one meter intervals indicates the potential to produce a phosphate rock concentrate at 28% to 30% P2O5 with a favorable CaO/P2O5 ratio of 1.5 to 1.55 and a Minor Element Ratio (MER) of 0.07 to 0.08. The chemical analysis suggests that the concentrate would be suitable for the production of phosphoric acid using the wet process methods.

An extensive environmental impact report has been completed and is in the final stages of review before submission. The report includes extensive analysis, tests, reports and models from outside experts and environmental scientists on the mineral deposit, which is located in waters 70-90 meters deep and centered approximately 40 km offshore.

Phosphate is a key and irreplaceable component of fertilizers, and the location of this deposit makes it an attractive potential sourcing site for fertilizer companies in the Americas, Pacific Rim and Asia. The relatively shallow depth of the deposit and minimal to no overburden will allow the use of existing standard dredging ships and equipment.

In 2013, Odyssey received $27.5 million in cash from the sale of a minority stake in the Oceanica subsidiary, a project that was initially reported in March 2013. As previously announced, the company has engaged J.P. Morgan as its financial advisor to help it evaluate options to best maximize the value of the project including alternatives for financing, potential partnerships or other strategic options.

About Odyssey Marine Exploration

Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state of-the-art technology for shipwreck projects and mineral exploration. For additional details, please visit www.odysseymarine.com. The company also maintains a Facebook page at www.facebook.com/OdysseyMarine and a Twitter feed @OdysseyMarine. For additional details on Odyssey, please visit www.odysseymarine.com.

Cautionary Note to U.S. Investors

The U.S. Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "ore" "measured" "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit us from including in our filings with the SEC. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and urged to consider closely the disclosures in the our Form 10-K which may be secured from us or from the SEC's website at http://www.sec.gov/edgar.shtml.

Forward Looking Information

Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission on March 17, 2014. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties, and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.

CONTACT: Media Contact: Liz Shows Odyssey Marine Exploration, Inc. (813) 876-1776 x 2335 lshows@odysseymarine.com Investor Relations Contact: Ron Both Liolios Group, Inc. (949) 574-3860 OMEX@liolios.com

Source:Odyssey Marine Exploration, Inc.