Global Marine To Begin Operations To Recover Sir Francis Dra

CHARLESTON, S.C.--(BUSINESS WIRE)--Sept. 8, 2005--Global Marine Ltd. (Pink Sheets: GLBM) announced today that the company has begun phase I of the recovery operation to salvage the remaining estimated 35 tons of Sir Francis Drake's silver treasure found offshore of Ecuador.

Global Marine's team of salvage professionals, in cooperation with their Ecuadorian partners, will commence operations by employing proprietary technology, a unique airlift system and is expected to receive a large percentage of the net profits received from the sale of this historic "treasure."

History of the Drake Silver

To lighten his ship's cargo for the 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 match the silver that Drake dropped onto a sandy bottom 50 feet deep. Numismatic professionals estimate the value of this circa 1578 silver may be worth in excess of $100 million if properly marketed. Archival documents also mention the unloading of gold coins, jewelry and emeralds at the same location.

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

Archival data mentions that in 1930 a steam dredge had dug up 10 tons of silver ingots; however, it departed swiftly when the government intervened.

The government patrols this permitted area and to GLBM's knowledge no other salvage has taken place. Preliminary dives have detected a very large target area of nonferrous metals. Samples of coins, bars and an ornate Spanish ring have been retrieved.

Further information on this recovery including recent photographs 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 in the oceanographic and historic marine archaeological fields. The company has a number of found shipwrecks and 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.