Odyssey Marine (OMEX) Jumps Higher After Search For $260 Million in Silver Highlighted

March 29, 2011 12:08 PM EDT
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Shares of Odyssey Marine Exploration Inc. (Nasdaq: OMEX) are jumping higher Tuesday after a Bloomberg article highlighted the company’s search for millions of dollars of silver from the 1941 shipwreck of the S.S. Gairsoppa.

The article notes the company is attempting recover silver valued at as much as $260 million by October from the Gairsoppa, which was torpedoed by a Nazi submarine in 1941 and sunk off the Irish coast. There is an estimated 4-7 million ounces of silver at the site, according to the CEO, and the cost to search would be less than $10 million. The U.K. government said it would allow the company to keep about 80 percent of the bullion treasure.

Analyst Mark Argento at Craig-Hallum Capital Group called Odyssey Marine a "big idea" stock. "It’s got biotech-type returns without the massive upfront capital. he next few months should prove interesting," Argento said in a phone interview with Bloomberg

Shares of Odyssey Marine are up 12.4 percent to $3.08 midday. The stock is up 122 percent over the last year.

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