U.S. treasure hunter finds British shipwreck full of silver

A British sunken wreckage filled with silver was found in the Atlantic Ocean, a U.S. salvage company announced on Monday.

The wreckage was found in international waters some 500 km off the coast of Ireland, at a depth of some 5,000 meters, said the salvage company Odyssey Marine Exploration Inc.

The British cargo ship, SS Gairsoppa, was sunk on Feb. 17, 1941, after it was hit by a torpedo from a German submarine.

Its cargo included about 7 million ounces of silver (200 tons), which would be worth about 241 million U.S. dollars at current prices, the company said in a statement.

According to a contract the company signed with the British government in 2011, it will keep 80 percent of silver recovered from the wreck.

"Given the orientation and condition of the shipwreck, we are extremely confident that our planned salvage operation will be suited for the recovery of this silver cargo," said Andrew Craig, the recovery manager of the company.

The recovery operation is expected to begin in the spring of 2012, the company said.