A sunken Russian warship believed to contain $130 billion in gold bullion and coins has been found off the coast of a South Korean island — 113 years after it was scuttled during the Russo-Japanese War, reports said.

A joint team including South Korean, British and Canadian explorers on Sunday found the wreck of the Dmitrii Donskoi more than 1,400 feet below sea level and a mile off the coast of the South Korean island of Ulleungdo, according to CNBC.

The Russian Imperial Navy cruiser was carrying about 5,500 boxes of gold bars and coins — weighing some 200 tons — when it went down in 1905.

Its exact resting place remained a mystery until two manned submersibles piloted by the explorers captured footage of the warship’s remains.

“The body of the ship was severely damaged by shelling, with its stern almost broken, and yet the ship’s deck and sides are well-preserved,” according to the Shinil Group, a Seoul-based maritime salvage group that backed the team, reported the South China Morning Post.

More than a century’s worth of undersea growth crusted much of the vessel, but the explorers identified it as the Dmitrii Donskoi when they spotted the name spelled out in Cyrillic characters on the stern, the Morning Post reported.

The 5,800-ton ship was built in St. Petersburg and launched in 1883, equipped with both sails and a coal-powered engine, the report said.

The Donskoi was badly damaged during the Battle of Tsushima in May 1905 and reportedly scuttled by its captain shortly before his capture so that the Japanese couldn’t seize the gold.

The Shinil Group aims to raise the ship in October or November, reports said.

An agreement has been reached to return half of any gold found to the Russian government, with portions of the remainder going toward business development in northeast Asia, according to the South China Morning Post.

About 10 percent would be set aside for tourism projects on Ulleungdo, including a museum dedicated to the ship.</s>Image copyright Shinil Group Image caption The Shinil Group say this is the nameplate of the sunken Donskoi

A Russian warship that sank 113 years ago has been found off the coast of a South Korean island, salvagers say.

The Shinil Group, a South Korean firm, says it found the vessel Dimitrii Donskoi near Ulleungdo island.

Companies have claimed in the past to have found the wreck, amid historic rumours of treasure on board.

The cruiser was scuttled by her crew in 1905 after Japan's victory in the Battle of Tsushima - a key moment of the Russo-Japanese War.

Setting sail in 1885, the armoured cruiser served in the Mediterranean and the Baltic before heading to the Pacific.

Image copyright Getty Images Image caption The ship served in the Mediterranean and the Baltic before sailing to the Pacific

While not badly damaged in the battle itself, the ship fell behind the fleet and was attacked by the Japanese. Her crew scuttled the Donskoi off Ulleungdo.

Rumours persist that the Donskoi was carrying the gold for Russia's Pacific Fleet, used to pay crew salaries and docking fees - gold which would be worth billions of dollars if found today.

But no proof exists that the ship carried gold, with academics raising doubts that a warship would carry such valuable cargo.

Kirill Kolesnichenko, a professor of social sciences at Russia's Far Eastern Federal University, told Russian news site RIA Novosti that keeping all your money on one ship would be too dangerous. He asked why Russia would send gold by ship when it could move it by train to Vladivostok without any risk.

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Nevertheless, several Japanese and South Korean companies have made efforts to find the ship in the last century.

Don-A Construction was declared bankrupt by a Seoul District Court in 2001 after claiming to have found the wreck, but failing to lift it from the depths.

Now, Shinil Group say they have finally found the Donskoi, and have posted photos online and footage on YouTube of their team's alleged discovery.

However, doubts have been raised about the company.

South Korean news website Chosun Biz reported that Shinil Group was only founded in June, even though it says it is the successor company to Shinil Corporation, formed in 1957.

Moreover, the company was reportedly only formed with about 100 million Korean won (£67,689).

The company still has not applied for salvage rights to South Korea's Ministry of Maritime Affairs and Fisheries, BBC Korean says, and were it to do so it would need to pay 10% of the estimated value of the wreck - which, if rumours are true, would be far more than the company is worth.

Shinil Group told BBC Korean that they would hold a press conference soon to explain all doubts, and that salvage will take "about three months".</s>Divers off the South Korean island of Ulleungdo have discovered the fabled wreck of the Dmitrii Donskoi, a Russian warship that was sunk in 1905 and is rumoured to still contain 5,500 boxes of gold bars and coins said to be worth US$133 billion.

The badly damaged Russian Imperial Navy cruiser was located by manned submersibles at a depth of 434 metres about 1.3km off Ulleungdo on Sunday morning.

The Seoul-based maritime salvage company Shinil Group has been searching for the precise site of the wreck for several years and put together a team of experts from South Korea, China, Britain and Canada for this year’s effort.

Video footage released by the company shows images of extensive damage to the 5,800-tonne warship, which was scuttled after an encounter with Japanese warships in May 1905.

The footage also shows cannons and deck guns encrusted with marine growth, as well as the anchor and ship’s wheel.

The divers were finally able to positively identify the ship when floodlights on one of the submersibles picked out the name in Cyrillic characters on its stern.

“The body of the ship was severely damaged by shelling, with its stern almost broken, and yet the ship’s deck and sides are well preserved”, the company said in a statement on its website.

Built in St Petersburg and launched in August 1883, the Dmitrii Donskoi was designed to serve as a commerce raider and was fitted with both a full set of sails and a coal-fired engine.

The ship spent most of its operational career in the Mediterranean Sea and the Far East and was ordered to sail from the Baltic to join Imperial Russia’s Second Pacific Squadron after the Japanese fleet destroyed the majority of Russia’s naval power in the Far East in the opening encounters of the 1904-05 Russo-Japanese War.

The squadron was met by the Japanese fleet in May 1905 and decimated at the Battle of Tsushima. Assigned to protect the transport ships sailing at the rear of the formation, the Dmitrii Donskoi managed to evade the attacking force, but was later intercepted as Captain Ivan Lebedev steamed for the Russian port of Vladivostok.

Around 60 of the 591 crew were killed and further 120 injured before Captain Lebedev anchored off the island of Ulleungdo and ordered his men ashore.

The following morning, May 29, 1905, the ship was scuttled offshore and the crew were taken prisoner by Japanese landing parties. Captain Lebedev subsequently died of his wounds.

There are reports that the Dmitrii Donskoi was carrying the funds that the Russian fleet required to pay for fuel, port fees and the crews of its ships and that it was scuttled with 5,500 boxes containing gold coins and bars still in its holds so that the Japanese would not seize the prize.

Some South Korean media have speculated the value of the gold to be worth about US$133 billion (HK$1.044 trillion).

The Shinil Group says it aims to raise the ship in October or November. It added that it has reached an agreement with the Russian government to hand over half of the gold that is found aboard the vessel.

Around 10 per cent of the remaining bullion would be spent on tourism projects on Ulleungdo Island, including a museum dedicated to the ship and its crew.

A percentage of the rest of the gold will be donated to joint projects designed to promote development in northeast Asia, the company added, such as a railway line linking Russia and South Korea through North Korea.</s>SEOUL: A South Korean salvage team has reportedly found the wreckage of a Russian warship that is believed to contain about US$130 billion in gold.

According to a report by the Telegraph, the warship that sunk in a naval battle 113 years ago is said to contain a trove of gold bullion and coins.

The South Korean firm, Shinil Group, said that it had found the Dimitrii Donskoi near the island of Ulleungdo.

The team comprised experts from South Korea, Britain and Canada who discovered the wreck on Sunday (Jul 15) using two manned submersibles to capture footage of the vessel, said the Telegraph.

The video showed extensive damage on the vessel caused by an encounter with Japanese warships in May 1905, said the Telegraph.

The footage also showed cannons and deck guns encrusted with marine growth, the anchor and the ship’s wheel.

"The body of the ship was severely damaged by shelling, with its stern almost broken, and yet the ship’s deck and sides are well preserved," said Shinil Group in a statement.

The Dmitrii Donskoi was designed as a commerce raider and was part of the 1904 Russo-Japanese War. The ship mostly spent its time at sea operating in the Mediterranean and the Far East.

According to the BBC, some experts doubt the possibility that the ship carried gold, questioning why a warship would carry such valuable cargo.

Doubts have also been raised about the company after a South Korean news website, Chosun Biz, claimed that the Shinil Group was only founded in June, even though the company said it is the successor company to Shinil Corporation that formed in 1957, said the BBC.



The BBC also added that the company had reportedly only been formed with US$88,000.

Nevertheless, the company behind the discovery has promised to use part of the money to fund the construction of a railway line linking Russia and South Korea through North Korea, said the Telegraph.

The Telegraph added that half of the treasure found will be handed to the Russian government, while 10 per cent of the remainder will go towards tourism investment in the Ulleungdo island.

A portion of the treasure will be donated to joint projects to promote development in north-east Asia.</s>Shinil Group, the company behind the discovery, says it is aiming to raise the ship later this year - Shinil Group

A South Korean salvage team has discovered the wreck of a Russian warship that was sunk in a naval battle 113 years ago and is believed to still contain a trove of gold bullion and coins worth 150 trillion won, or £100 billion.

The Russian Imperial Navy cruiser Dmitrii Donskoi was discovered at a depth of more than 1,400 feet about one mile off the South Korean island of Ulleungdo.

A joint team made up of experts from South Korea, Britain and Canada discovered the wreck on Sunday and used two manned submersibles to capture footage of the vessel, with the company behind the discovery promising to use a percentage of the money to fund the construction of a railway line linking Russia and South Korea through North Korea.

The video includes images of extensive damage to the vessel caused in an encounter with Japanese warships in May 1905, along with cannons and deck guns encrusted with marine growth, the anchor and the ship’s wheel.

The identity of the 5,800-ton warship was confirmed when the crew of one of the submersibles were able to read the name on the stern.

“The body of the ship was severely damaged by shelling, with its stern almost broken, and yet the ship’s deck and sides are well preserved”, the Seoul-based Shinil Group said in a statement.

Launched in St Petersburg in August 1883, the Dmitrii Donskoi was designed as a commerce raider and fitted with both a full set of sails and a coal-fired engine.

The ship spent most of its career operating in the Mediterranean and the Far East and was deployed to Imperial Russia’s Second Pacific Squadron after the Japanese fleet destroyed the majority of Russia’s naval power in the Far East in the opening salvoes of the 1904 Russo-Japanese War.

The squadron was intercepted by the Japanese fleet in May 1905 and decimated at the Battle of Tsushima. Assigned to protect the transport ships at the rear of the formation, the Dmitrii Donskoi managed to evade the attacking force, but was later intercepted steaming for the Russian port of Vladivostok.

Around 60 of the 591 crew were killed and further 120 injured before Captain Ivan Lebedev anchored off the island of Ulleungdo and ordered his men ashore. The following morning, May 29, 1905, the ship was scuttled offshore and the crew were taken prisoner by Japanese landing parties. Captain Lebedev later died of his wounds.

There are reports that the Dmitrii Donskoi was carrying the fleet’s funds and went down with 5,500 boxes containing gold bars as well as a separate haul of 200 tons of gold coins. The gold was being stored in the ship's holds to stop the Japanese seizing it. Shinil Group estimates the gold would have a total value today of £101.3 billion. Half of any treasure found on board will be handed over to the Russian government The company says it is aiming to raise the ship in October or November. Half of any treasure found aboard the vessel would be handed over to the Russian government, the company said, while 10 percent of the remainder will be invested in tourism projects on Ulleungdo Island, including a museum dedicated to the vessel. A portion of the rest of the treasure will be donated to joint projects to promote development in north-east Asia, the company said, such as a railway line from Russia to South Korea through North Korea.</s>A South Korean firm made a splash on Tuesday after publishing, what it says, is a Russian Imperial Navy cruiser which was sunken during the Russo-Japanese War and may have had an entire flotilla's treasury on board.The Dmitrii Donskoi was an armored cruiser in the Russian Imperial Navy's Baltic fleet which was deployed to the Pacific along with several other ships to fight in the 1904-05 Russo-Japanese War. It took part in the Battle of Tsushima, which was disastrous for Russia. It fled crippled and chased by Japanese warships and was eventually scuttled by its crew to avoid surrender off the coast of what is now South Korea's Ulleung Island, or Ulleungdo.Shinil Group, a South Korean company, says it knows where the ship lies. On Tuesday it said its exhibition used a couple of submersibles to dive 434 meters deep in seas 1.3 kilometers off the island and found the rusty hull of the armored Russian warship. Footage and photos released by the treasure hunters clearly shows the word 'Donskoi' written in Cyrillic."The name... was discovered on the stern of the ship," Yonhap news agency cited the company as saying. "Our discovery has finally put a stop to a controversy over the Donskoi's existence and sunken location. We'll soon go ahead with procedures to rescue the ship."An equal share was promised to Russia as the rightful owner of the sunken ship. Shinil says the Russian government promised not to claim more and in fact has been helping the South Korean firm with their search for the wreck. The money would go into joint projects with Russia like a railroad connecting Russia with South Korea via North Korea.Considering that in the past the Dmitrii Donskoi had been falsely reported found, Shinil is currently organizing an exhibition of items it lifted from the seabed, to prove the find is real. They say they will put on display personal effects of Captain Ivan Lebedev, who ordered the ship to be scuttled and dies a few days after from wound received in the battle, as well as other evidence. The company said it would give an update on their salvaging plans later this week.</s>A South Korean salvage team has discovered the wreck of Russian warship Dimitrii Donskoi, 113 years after it sank.

The warship was scuttled off the island of Ulleungdo in 1905 to stop it falling into Japanese hands following the battle of Tsushima during the Russo-Japanese War.

The Donskoi is believed to have been carrying the gold supplies of the entire Second Pacific Squadron when it sank, which would be worth $133billion at today's prices.

Divers from salvage firm Shinil Group have been searching for the wreck for years and finally located it on Saturday at a depth of 1,400ft (434m) around a mile off the coast of Ulleungdo.

Teams concluded that the wreckage was likely the Donskoi because its sail plan appeared identical to the long-lost ship, which had three sails and two chimney stacks, relying on both wind and coal power to drive it.

A second exploration of the wreck the following day confirmed it to be the Donskoi after the ship's name was spotted written in Cyrillic across its stern.

Divers said the stern of the ship is in a poor condition along with the hull which has partially split, but that the upper wooden deck remains largely intact.

The armour on the side of the hull is well-preserved while the cannons, machine guns, anchor and steering wheel are all still in place.

A large number of iron boxes were also discovered in the ship's hold, which may contain the gold, though divers have not yet been able to open them.

Operations are now underway to raise the wreck from the sea bed along with companies from China, Canada and the UK.

Shinil Group believes there could be as much as 200 tons of gold on board the ship, which would be worth around $133.4billion.

Should their hopes prove correct, they have pledged to donate 10 per cent of their find to help develop Ulleungdo, which is a largely uninhabited island but an important tourist destination for South Korea.

Development plans would include a museum dedicated to the ship, according to The Telegraph.

Another 10 per cent will be gifted to Russia as the owner of the wreck, and would be used on projects such as a railway to connect Russia and South Korea running through North Korea.

The Donskoi was launched in 1883 and spent most of its life operating in the Mediterranean before being deployed to Russia's Second Pacific Squadron in 1904 after much of Russia's Far Eastern forces were destroyed by Japan.

The warship was guarding transport vessels at the rear of the convoy when it was intercepted by a much larger Japanese fleet in May 1905.

What followed became known as the Battle of Tsushima and was disastrous for Russia, with 21 of its 38 ships sunk and 4,500 killed - compared to just three Japanese ships lost and 117 dead.

The Donskoi escaped the battle itself, though was badly damaged and began steaming for the Russian far eastern port of Vladivostok.

Before it could get there it was intercepted by the Japanese, who opened fire.

At least 60 of the crew were killed and 120 more wounded, including Captain Ivan Lebedev, who ordered the ship to anchor off Ulleungdo and took his men ashore.

The following day the ship was scuttled to stop it falling into Japanese hands and the crew surrendered. Captain Lebedev later died of his wounds.

The Donskoi was believed to have been carrying gold supplies for the entire flotilla, which would have been used to pay port fees and the salaries of crew and captains while at sea.

It is also possible that smaller gold stores kept on board other vessels in the flotilla were transferred to the Donskoi as they went down.

Given a history of false claims about discovering the Donskoi in the past, Shinil Group has promised to bring some of Lebedev's personal effects to the surface as further proof of their discovery.

The salvage operation is scheduled to begin October and November and further finds will be presented to the public in December, RT reported.</s>A South Korean salvage team has reportedly discovered the wreck of a Russian warship that is believed to still contain 200 tons of gold bullion and coins worth 150 trillion won ($130 billion).

The Russian Imperial Navy cruiser Dmitrii Donskoi, which was sunk in a naval battle 113 years ago, was discovered at a depth of more than 1,400 feet about one mile off the South Korean island of Ulleungdo, according to The Daily Telegraph.

The U.K. newspaper reported that a joint team made up of experts from South Korea, Britain and Canada discovered the wreck on Sunday. They had used two manned submersibles to capture footage of the vessel.

The images caught by the submersibles show “extensive damage to the vessel caused in an encounter with Japanese warships in May 1905, along with cannons and deck guns encrusted with marine growth, the anchor and the ship’s wheel,” the Telegraph reported.

There are reports that the Dmitrii Donskoi, which was scuttled during the Russo-Japanese war in 1905, went down with 5,500 boxes of gold bars and coins still in its holds to stop the Japanese seizing it.

The Seoul-based Shinil Group, which led the exploration that found the ship, hopes to raise it in October or November. It estimates the gold would have a value today of around $130 billion.

Half of any treasure found aboard the vessel would be handed over to the Russian government, the company said, while 10 percent of the remainder will be invested in tourism projects on Ulleungdo Island, including a museum dedicated to the vessel, The Daily Telegraph reported.</s>It is thought that the battle ship, which was discovered off the island of Ulleungdo, was sunken during the Russo-Japanese War and could have had the gold of an entire flotilla on board. The Dmitrii Donskoi was an armoured cruiser in the Russian Imperial Navy’s Baltic fleet which was deployed to the Pacific in the 1904-5 Russo-Japanese War. The warship would have taken part in the Battle of Tsushima which saw Russia defeated by Japanese warships.

Some historical accounts have revealed the Dmitrii Donskoi carried the treasury of the entire flotilla which would have included the port expenses and also the salaries of sailors and officers. The gold reserves of various other ships that were damaged in the battle could have been transported to the warship as well. The South Korean treasure-hunting company, Shinil Group, spent many years attempting to find the treasure ship and is now preparing for a joint operation with companies from China, Canada and Britain to retrieve the treasure.

The company said in a statement: “We spotted things that look like treasure boxes, but we have not opened them yet. “We will open them up in due course.” The Shinil firm has pledged to spend 10 percent of the money found on the warship on investment projects on Ulleng Island, which is a popular tourist destination for South Koreans.

The company also hopes to make a museum about the sunken ship. The museum is likely to have an exhibition on Captain Ivan Lebedev, who died a few days after the Battle of Tsushima Russia will also get an equal share of the money as they are the rightful owners of the ship and have been helping the South Korean firm with their search for the wreck. The funds may be used for joint Russia and South Korean projects, such as a railroad connecting Russia with Korea.</s>The remains of the World War II era warship the USS Helena were discovered in late March by the expedition crew of entrepreneur Paul Allen’s R/V Petrel. The USS Helena, sunk by Japanese torpedoes in July 1943, was found off the coast of the Solomon Islands on the sea floor of New Georgia Sound, about 860 meters below the surface, according to a press release. The USS Helena was one of three US light cruiser warships to be sunk during World War II. The others were the USS Atlanta and the USS Juneau, which was found by Allen’s team in mid-March. Credit: Paul G. Allen via Storyful

SALVAGE crews have discovered the wreckage of a submerged Russian warship carrying £100 billion ($189 billion AUD) in gold.

Divers off Ulleungdo, an island in South Korea, found the Dmitrii Donskoi — which sunk in battle in 1905 — and is thought to still contain 5500 boxes of bullion and coins weighing 200,000 kgs.

The Imperial Navy cruiser was found at a depth of more than 420 metres about 1.6km off the coast of the South Korean island, according to The Sun.

It is understood the ship was deliberately sunk during the war so the Japanese wouldn’t seize its valuables.

A team of experts from South Korea, Britain and Canada discovered the ship at the weekend and used two manned submersibles to capture footage.

The images show extensive damage to the vessel, which was caused in an encounter with Japanese warships in May 1905.

The Seoul-based maritime salvage company Shinil Group has been searching for the precise site of the legendary wreck for years.

Half of any treasure found aboard the vessel would be handed over to the Russian government and would be used on projects such as a railway to connect to South Korea via North Korea.

Ten per cent of the remainder will be invested in tourism projects on Ulleungdo Island, including a museum dedicated to the vessel.

However, Russian experts today demanded all the valuable treasure should be handed back to the Kremlin.

Yaroslav Livanskiy, an official of the Russian Public Movement to Commemorate Those Who Died Defending the Motherland, said the find should be “given to us as a goodwill gesture”.

Footage showed cannons and deck guns encrusted with marine growth, as well as the anchor and ship’s wheel.

The divers were finally able to positively identify the ship when floodlights on one of the submersibles picked out the name in Cyrillic characters on its stern.

“The body of the ship was severely damaged by shelling, with its stern almost broken, and yet the ship’s deck and sides are well preserved”, the company said.

Launched in August 1883, the Dmitrii Donskoi was designed to serve as a commerce raider and was fitted with both a full set of sails and an engine.

The ship spent most of its career in the Med but was ordered to join Russia’s Pacific Squadron after the enemy fleet destroyed the majority of Russia’s naval power at the start of the 1904-05 Russo-Japanese War.

The Dmitrii Donskoi managed to evade the attacking force, but was later intercepted as Captain Ivan Lebedev steamed for the Russian port of Vladivostok.

Around 60 of the 591 crew were killed and further 120 injured before Captain Lebedev anchored off the island of Ulleungdo and ordered his men ashore.

The following morning, May 29, 1905, the ship was scuttled offshore and the crew were taken prisoner by Japanese landing parties.

There are reports the ship was carrying the funds that the Russian fleet required to pay for fuel, port fees and the crews of its ships and that it was scuttled so the Japanese would not seize the prize.

This story originally appeared in The Sun and has been republished with permission.
A joint-team of South Korean, British, and Canadian explorers announce the discovery of the wreck of Russian cruiser Dmitrii Donskoi, off the coast of Ulleungdo island. Dmitrii Donskoi was scuttled in 1905 during the Russo-Japanese War.