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. 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. 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 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. 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. 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. 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, The Daily Telegraph reported. 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.
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.