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Note: Odyssey Marine Exploration now trades on the American Stock Exchange (Amex) under the symbol OMR.


TAMPA, FL - November 06, 2003 - Odyssey Marine Exploration, Inc. (OTC Bulletin Board: OMEX), a leader in the field of deep ocean shipwreck exploration, has completed detailed necessary pre-disturbance survey work and has begun the archaeological excavation of the SS Republic shipwreck site.

The archaeological pre-disturbance work included a detailed photomosaic of the shipwreck site and debris fields. More than 4600 digital still photographs were taken during the photomosaic and site survey work over the course of 23 dives.

ZEUS, Odyssey's Remotely Operated Vehicle (ROV), can only see a small portion of the shipwreck at any given time. The photomosaic provides a detailed high-resolution image of the entire site. This can be used in later study and documentation of the SS Republic. The photomosaic also serves as a map to the Odyssey team to determine excavation area priorities. The precise location of any artifact on any area of the photomosaic is available in the database compiled by the Odyssey team. When an object of interest is viewed in the photomosaic, the database file provides a precise X and Y coordinate of that artifact so that the ROV can be directed to exactly that spot.

"We are thrilled by the detailed images of the site. Each dive has revealed more information about the cargo and site configuration," reported Greg Stemm, Odyssey Co-founder and Director of Operations. "And now, we're beginning to remove sediment and debris to reveal what lies beneath. Archaeological excavation of the site has begun."

To the company's knowledge, this is the first time that a geographically correct color photomosaic of a shipwreck and debris field on a deep-water shipwreck has ever been produced. The fact that the detailed study was produced on site during operations, rather than after months of post-processing work on shore is also a first.

After the Republic project, Odyssey plans to conduct an archaeological excavation on HMS Sussex, a British warship that sank in 1694. The company has several additional projects that can be undertaken after the Sussex project is complete.

"We're not in business to excavate one shipwreck," stated John Morris, Odyssey Co-founder and CEO. "Deep ocean shipwreck exploration and excavation is an emerging industry with real potential and we plan to be the leader in the field. The SS Republic is the first of a number of recovery projects planned utilizing Odyssey Explorer and ZEUS."

The SS Republic was a sidewheel steamer that was lost in deep water in 1865 after battling a hurricane for two days. All the crew and passengers made it safely off the vessel, although a number of passengers eventually died on one of the rafts before they could be rescued. The ship, en route from New York to New Orleans, was reportedly carrying a large cargo of gold specie. Pictures from the SS Republic shipwreck site, which lies approximately 1700 feet deep below the surface of the Atlantic, are available at

Odyssey Marine Exploration has several shipwreck projects in various stages of development throughout the world, including the Sussex and SS Republic projects.

Additional information about Odyssey, the SS Republic and HMS Sussex projects, ZEUS and the Odyssey Explorer is available at

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The Company believes the information set forth in this Press Release may include "forward-looking statements." Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors," and "Business" in the Company's annual report on Form 10KSB for the year ended February 28, 2003, which has been filed with the Securities and Exchange Commission.

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