Sunken ship carrying 7 million ounces of silver discovered

I read an article today that said a Florida-based exploration company confirmed Monday the discovery of a torpedoed British cargo ship that records indicate was carrying 7 miillion ounces of silver. I did the math and thats 700,000 10 ounce bars. The article says is worth 200 million. I tried to the calculation myself but my dollar store calculator wouldn't go that high.

http://news.ca.msn.com/world/shipwreck-carrying-dollar200m-in-silver-located

 

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I gues this is old news as someone else posted a similar story earlier today.
The story I read was from CBC so their must be some truth to it.
Regardless, a nice find for the company, they get to keep 80%.

Anyone know how silver holds up in salt water?

 

Salt water can corrode silver, however as long as it weighs to what the article says then that should imply the loss of metal caused by corrosion is already taken into account otherwise it would have weighed differently. If they are basing the price on the number of bars and what size is stamped on the bars then it could in fact be less, but I don't know by how much. Salt water can also discolor the metal, but I don't think that will matter if it's melted. Very cool find for the company. I'm surprised they get to keep 80%, score.

 

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