DATELINE: 18th September 2001

MEGA TREASURE WRECK
A commercial salvage company claims to have found a wreck that could yield one of the largest-ever hauls of treasure.
The firm Odyssey, based in Florida, says it may well have found the 17th century British warship HMS Sussex, sunk off Gibraltar in 1694 while carrying an extensive cargo of coins and other valuables.
The company has said that the haul could be worth anything at least £200 million, possibly some £650 million, depending on whether the coins are of gold or silver.
Having researched the vessel's history and obtained the backing of Britain's Ministry of Defence to conduct a search, Odyssey combed an area of some 200 square miles and located the wreck in more than 900m of water.
It is not yet clear what identifying features have been recorded, but Odyssey is seriously enough convinced to have reportedly held further meetings with the MoD.
Not surprisingly, there is strong debate over ownership rights to any potential finds. It is reported that Odyssey has proposed that the British Government would keep any finds deemed to be of cultural value, while coinage and other trade goods would be claimed by the salvage company.
Meanwhile, the MoD is reported to argue that all finds would be Crown property, such that negotiations would revolve around Odyssey receiving a salvage award.
HMS Sussex, the flagship of Rear Admiral Sir Francis Wheler, was carrying its highly valuable cargo as a payment from Britain to bring the Duchy of Savoy into the Grand Alliance (Britain, Spain, Holy Roman Empire, Dutch Republic and Duchy of Savoy), formed to resist French imperial ambitions.
The ship, described by historians as somewhat top-heavy with an armoury of some 80 cannon, sank when it was hit by a heavy gale after entering the Mediterranean. All but two of its 550 crew were lost.

---