"The body of the ship was severely damaged by shelling, with its stern nearly broken, and yet the ship's deck and sides are well preserved", says Shinil Group, which plans to raise the ship this fall. It's expected it would be divided up somehow between Russia, South Korea, and the company credited with its discovery.
There is scepticism about Shinil's claim and the Financial Supervisory Service is closely monitoring trade activity involving the shares of Jeil Steel. "Dong-Ah Construction made similar claims over the same ship but failed to deliver on its promises and went bankrupt, causing huge losses for investors".
[The warship] is believed to still contain 200 tons of gold bullion and coins worth 150 trillion won ($130 billion).
Russian scholars have said in the past that Russia was unlikely to put so much gold on a single ship and that it must have been much safer to move it by train.
The company said in a statement: "We spotted things that look like treasure boxes, but we have not opened them yet".
The Seoul-based Shinil Group is managing the salvage operation.
Cave boys speak of 'miracle' rescue
Ardoon, 14, said though people can't predict the future, the experience had taught him about the consequences of acting careless. Some of them aspire to become Navy SEALs when they grow up while some dream of becoming professional footballers.
Shinil disagreed on the amount of its possible deposit, saying what it had officially located was the shipwreck, not treasures on it.
Local laws aimed at preserving national territory and property require the company to deposit 10 per cent of the estimated value of the shipwreck before starting its salvage works. Company spokesman Park Seong-jin said his company will file a request for the ship's salvage right later this week.
The global team say they discovered the wreck of the Dmitrii Donskoi off the coast of South Korea, where it was scuttled during the Russo-Japanese war in 1905. It estimates the gold would have a value today of around $130 billion.
But now there is a fight to claim the ship's treasure, with both the Russians and the Korean divers claiming ownership of the haul.
The funds may be used for joint Russian Federation and South Korean projects, such as a railroad connecting Russian Federation with Korea.
But Russia could argue that it retains full ownership - a claim that would be justified under global law as long as it did not infringe upon South Korea's sovereignty.