Sunken Imperial Russian warship may contain $170 billion in gold

TREASURE hunters are swarming at the thought that a sunken Imperial Russian warship may contain $170 billion in gold.

UNDERWATER explorers have found the wreck of a Russian Imperial Navy ship that was sunk 113 years ago — and it may mean a huge haul of treasure as the ship is rumoured to contain $170 billion in gold bars and coins.

In a statement, salvage company Shinil Group confirmed that the stern of the Dmitry Donskoi had been discovered off South Korea’s Ulleungdo Island.

The South Korean salvage firm has been searching for the wreck for years. It was finally successful on Saturday, when two of its submarines spotted the ship, the Korea Times reports.

The Dmitry Donskoi, a 5800-tonne, iron-clad cruiser, was in a fleet of 38 Russian Imperial Navy ships deployed from the Baltic to the Pacific. It was badly damaged following an attack by Japanese warships during the Russo-Japanese War and was scuttled in the Sea of Japan on May 29, 1905.

And historical accounts suggest that the Dmitry Donskoi may be laden with treasure.

In addition to carrying port expenses and salaries for the fleet’s sailors and officers, the vessel may have held the gold reserves of other Russian ships damaged in the Battle of Tsushima in May 1905.

File photo of the Dmitry Donskoi. Are there riches to be found in its hulking wreckage? Picture: Getty

Rumours of a gold hoard on the ship have swirled for decades, although the possibility of a sunken treasure has also been viewed with scepticism. According to The New York Times, one historian argued that it would have been safer to send the gold to the Russian Pacific port of Vladivostok by rail, as opposed to using a ship.

In its statement, Shinil Group said that it had found a large amount of iron boxes in the ship’s stern, and “will take measures to preserve them”. The contents of the boxes have not been revealed.

In addition to the stern, 203mm cannons, 152mm long-distance guns, a number of machine guns, anchors, two stacks, three masts, wooden decks and armour are also visible on the wreck.

The stern of the Dmitry Donskoi. The ship has seen better days. Picture: PRNewsfoto/Shinil Group

“One-third of the stern is bombarded and the hull is severely damaged,” Shinil Group explained in a statement. “However, the upper deck of the wooden hull is almost untouched. The armour on the side of the hull is also well preserved, while the anchors, guns and machine guns remain in place.”

All three of the ship’s masts and its two chimneys are broken.

Experts from the UK and Canadian marine exploration company Nuytco are also part of the international team working on the Dmitry Donskoi project.

Other wartime wrecks have also become a source of fascination for treasure hunters. The SS Minden, a German cargo ship scuttled in waters near Iceland during the early days of World War II, for example, is rumoured to contain a huge trove of Nazi gold.

This article originally appeared on Fox News and was reproduced with permission.