odyssey marine exploration (OMEX) Key Developments
Odyssey Marine Exploration Inc. Receives Updated Assessment of Oceanica Resources Deposit
Jul 7 14
Odyssey Marine Exploration Inc. has received an NI 43-101 compliant "Technical Report: Revised Assessment" that concludes the measured and indicated phosphorite resources at the Oceanica deposit now total 327.2 million ore tonnes at 18.5% P(2) O(5), an increase of 20% over the last preliminary assessment total of 273.5 million ore tonnes. An independent Qualified Person (QP) produced the updated report, which provides an extensive preliminary evaluation of a portion of the mineral deposit controlled by Odyssey's subsidiary, Oceanica Resources, S. de. R.L. However, the report does not yet include an evaluation of the entire deposit, rather only data derived from 199 drill holes, which have been tested and analyzed to date. This compares to 161 drill holes previously analyzed. The samples do not include concession areas where testing has not yet been conducted nor areas below the core sample depth where the core ended with full mineralization. Thus, additional testing is expected to increase the measured and indicated phosphorite resources in the deposit, and updates will be provided when completed. Over 760 total core samples have been tested by the Florida Industrial and Phosphate Research Institute, a highly respected, independent, not-for-profit phosphate and fertilizer research center based in the U.S. Updated Preliminary Report Highlights: Measured and indicated phosphorite resources increased 20% over the prior estimate to 327.2 million ore tones; Measured and indicated phosphorite resources average P2O5 estimate again inline at more than 18%; and Assessed amount and quality of the ore places it in the top-tier of new world phosphate rock deposits. Assaying and metallurgical testing of the core samples at approximately one meter intervals indicates the potential to produce a phosphate rock concentrate at 28% to 30% P(2) O(5) with a favorable CaO/P(2) O(5) ratio of 1.5 to 1.55 and a Minor Element Ratio (MER) of 0.07 to 0.08. The chemical analysis suggests that the concentrate would be suitable for the production of phosphoric acid using the wet process methods. An extensive environmental impact report has been completed and is in the final stages of review before submission. The report includes extensive analysis, tests, reports and models from outside experts and environmental scientists on the mineral deposit, which is located in waters 70-90 meters deep and centered approximately 40 km offshore. Phosphate is a key and irreplaceable component of fertilizers, and the location of this deposit makes it an attractive potential sourcing site for fertilizer companies in the Americas, Pacific Rim and Asia. The relatively shallow depth of the deposit and minimal to no overburden will allow the use of existing standard dredging ships and equipment.
Odyssey Marine Exploration Inc.(NasdaqCM:OMEX) dropped from Russell 2000 Index
Jun 30 14
Odyssey Marine Exploration Inc. will be removed from the Russell 2000 Index.
Odyssey Marine Exploration Inc.(NasdaqCM:OMEX) dropped from Russell 3000 Index
Jun 30 14
Odyssey Marine Exploration Inc. will be removed from the Russell 3000 Index.
Odyssey Marine Exploration, Inc. Enters into New $10.0 Million Credit Facility with Fifth Third Bank
May 16 14
Odyssey Marine Exploration Inc. entered into a new $10.0 million credit facility with Fifth Third Bank on May 7, 2014. On May 15, 2014, the company made the first draw on the new credit facility, and the Bank transferred $4.8 million to the accounts of the company.
Odyssey Marine Exploration Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014
May 12 14
Odyssey Marine Exploration Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the period the company reported revenue of $566,086 compared to $863,072 a year ago. Loss from operations was $9,663,727 compared to $7,807,183 a year ago. Loss before income taxes was $10,362,312 compared to $9,514,637 a year ago. Net loss was $9,798,757 or $0.12 per basic and diluted share compared to $9,665,379 or $0.12 per basic and diluted share compared a year ago. The decrease in revenue is primarily attributable to lower exhibit revenue and lower sales of other items.