Last month, Odyssey Marine Exploration executed an agreement with Britain's Maritime Heritage Foundation for the financing, archaeological survey and excavation, conservation and exhibit of HMS Victory and artifacts from the shipwreck site. Remains of HMS Victory, which will include several 4 ton, 11 foot long, dolphin handled cannons, estimated to be worth $75,000-$150,000 each, will be transferred to the Maritime Heritage Foundation, who have now assumed responsibility for the archaeological exhibits and  future management of the wreck site. The Foundation is a charity established to locate shipwrecks, investigate, recover and preserve artifacts to the highest archaeological standards and to promote knowledge and understanding of Britain's maritime heritage.

Mark Gordon, President of Odyssey Marine said, "It was reported 400,000 pounds sterling, which could equate to three to four tons of gold coins, whose historic value would be tremendous and by some estimates, the wreck could be worth a billion dollars." The new agreement with the British Maritime Foundation gives Odyssey 80 percent of the value of the coins, entitled to them under the laws of salvage, while the foundation will have the rest.

Sir Robert Balchin, chairman of the Maritime Heritage Foundation and kinsman to the Captain of HMS Victory, said, "We hope that this site will give us a unique insight into the world of the mid-eighteenth century Royal Navy.... We are very concerned that natural erosion, damage from fishing vessels and illegal looting may endanger the wreck and therefore we have planned an archaeological survey that will record the site before it deteriorates further. Odyssey Marine Exploration has proved its expertise and we are looking forward to working with them to protect the maritime heritage associated with Balchin's Victory."

Odyssey Marine Exploration, who call the Victory shipwreck "the largest floating strongbox in the Royal Navy" due to the vast amount of money said to be onboard, expect to raise the ship within the next few weeks depending on weather conditions. The event is expected to be a big one in Britain, with probably as much public interest and media coverage as the raising Henry VIII Tudor Mary Rose warship in 1982.

In what was one of Britain's most perplexing naval mysteries, the search that took almost three centuries ended in 2008 when Odyssey Marine Exploration discovered the remains of the galleon.

For more up to date information on the raising of HMS Victory and to end the mystery of exactly what valuable  treasures will be found on board, go to www.shipwreck.net.

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