Global Marine Ltd. Finds Lost Treasure; Contracted To Salvag

CHARLESTON, S.C.--(BUSINESS WIRE)--Aug. 25, 2005--Global Marine Ltd. (Pink Sheets: GLBM) announced today that the company has entered into a subcontractor's agreement to salvage the remaining 35 tons of Sir Francis Drake's silver treasure located offshore of Ecuador, using 21st century technology and the company's dive team of Ecuadorian and U.S. salvage professionals.

The agreement requests that Global Marine act on behalf of the contractor, who has access to the offshore Ecuadorian salvage permits. GLBM will mobilize its divers and equipment to begin the salvage operations.

History of the Drake Silver

In order to lighten his ship's heavy cargo for the treacherous Pacific crossing, Drake and his men regretfully threw overboard in excess of 1,350,000 pesos of silver -- an estimated 45 tons. Silver coins, ingots and bars found at the site off the coast match the silver that Drake unloaded onto a sandy bottom some 50 feet deep. Numismatic professionals estimate that the value of this circa 1578 silver may be worth approximately $100 million if properly marketed. Archival documents also mention the unloading of gold coins and jewelry at the same location.

Documents from historic accounts, books and archives verify that in 1578 the Spanish and the English had been witness to the dumping of the Drake treasure.

Attempts in the past to locate and salvage the treasure have proved mostly unsuccessful; however, the pirate Bartholomew Sharp, who anchored over the right spot, used weighted tallow to fish up a few hundred pieces of eight.

Archival data also indicates that in 1930 a steam dredge sailed into the cove and within a week had dug up 10 tons of silver ingots using a steam shovel. It departed swiftly when the government requested them to leave the area. Subsequently, the Ecuadorian government imposed strict laws concerning salvage of treasures in their territorial waters. Since that partial recovery, the exact location of the treasure has been lost over time.

The Ecuadorian government patrols this permitted area and to GLBM's knowledge no other salvage has taken place. The area was permitted after Ecuador changed its salvage laws allowing foreign involvement.

Since the area is a treasure find and no wrecks are involved, there will be very little archaeological work performed. GLBM expects the project to take three to four weeks, after which the silver and coins will be sold through Global's network of historical, cultural and marine artifact dealers or added to the company's artifact assets.

In the Ecuadorian coastal region, Global Marine has identified an additional 22 shipwrecks, captains' logs, eyewitness accounts and manifests from archives in Seville, Spain. The shipwrecks of Ecuador have been evaluated by independent archaeologists to be worth an average of $220 million of treasure within each wreck site. GLBM will begin to survey a number of reefs and coves, which have been identified as potential targets on recent dives. The site evaluation dives have produced coins and other valuable artifacts, which lead the company to believe that further permits need to be requested.

Two Ecuadorian citizens have joined the company as country consultants to help develop the diving, search, permitting and recovery phase for each project.

Further information on this recovery and other company business is available on the corporate Web site.

Global Marine Ltd.

Global Marine Ltd. is a publicly traded firm whose primary business is oceanographic and historic marine archaeological recovery. Global Marine has located a number of found shipwreck and other oil and gas marine survey projects in different stages of growth. The company offers its shareholder base and other investors an opportunity for growth.

This press release does not constitute an offer to sell or a recommendation to purchase any securities.

This release contains "forward-looking statements." Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. GLBM does not undertake to update any of its forward-looking statements that may be made from time to time. The information in this press release is provided solely for the reader's general knowledge; it is not intended to be a comprehensive review for all matters and developments concerning either GLBM or this recovery operation.