26/09/2011 08:57 BST | Updated 26/11/2011 05:12 GMT

SS Gairsoppa: £148 Million In Silver Discovered In Wreck Of Second World War Cargo Ship

The largest ever consignment of precious metal found in the sea - 200 tons of silver worth £148m - has been discovered along with the wreck of a British cargo ship sunk during the Second World War by a German U-boat.

Odyssey Marine, an American underwater archaeology and salvage firm, will announce the discovery today along with plans to recover the bullion as part of a contract with the British Government which will see the company retain 80 per cent of the value of the cargo.