A salvage team claim to have discovered the wreck of an Imperial Russian warship, said to have sunk laden with gold more than a century ago.
The international 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.
The company financing the operation claim the vessel went down carrying 5,500 boxes of gold coins and 200 tons of gold bars.
"We found the body of the Dmitrii Donskoi 434 meters deep in seas 1.3 kilometres off Ulleung Island at around 9:50 a.m., Sunday," the Shinil group said.
The salvage team claim to have found the ship’s name written on the stern of the wreck. The cruiser is said to show battle damage, but many features are in good condition despite 113 years on the seafloor.
The wreck has eluded previous search teams, with some questioning whether it really existed.
The next step for the salvage team is to further explore the wreck, which could finally solve a mystery which has persisted for over a century — does the wreck conceal a cargo of lost treasure?
“We’ll soon go ahead with procedures to rescue the ship,” the salvage company said.
Until then, the final secret of the Dmitrii Donskoi remains hidden.