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Odyssey To Release Select SS Republic Gold Coins

TAMPA, FL - August 9, 2004 - Odyssey Marine Exploration, Inc (AMEX:OMR), a leader in the field of deep ocean shipwreck exploration, is releasing the first phase of approximately 600 graded gold coins recovered from the SS Republic to select coin dealers for sale to the public. Due to the extraordinary market demand, these coins are being released before the excavation of the site is complete.

"We are seeing tremendous demand for these coins right now, and the public has expressed significant interest in getting a sample into collector's hands before the excavation is complete and the entire potential population is known," said John Albanese, Odyssey's Numismatic Marketing Strategist." The coins that are being released will be priced for retail sale between $5,000 and $75,000 and have populations that would not be significantly affected by finding the balance of the coins believed to be on the SS Republic."

To date more than 51,000 coins have been recovered including $20.00 Double Eagles, $10.00 Eagles, Half Dollars and Quarter Dollars. The collection includes over 100 different types of gold coins dating between 1838 and 1865 and contains several finest-known examples of United States gold and silver coins from the period.

The face value of recovered coins represents approximately 25% of the "$400,000 in specie" (face value in 1865) that historical research indicates was on board. Based on this research, additional coins are expected to be found on this shipwreck, but the coins selected for sale now should not have their price affected by any possible increase in their population.

A partial SS Republic population report for the gold coins being released in this phase is available at www.shipwreck.net/goldcoinpop1.shtml. Only the dates/mints being released are included in the report and not all quantities or varieties shown on the population report will be available for sale at this time.

The coins have been conserved by Numismatic Conservation Services (NCS) and graded and encapsulated by Numismatic Guaranty Corporation (NGC). NCS and NGC combined are a complete numismatic service organization: NCS is the only professional conservation service specializing in coins and other numismatic items and is the Conservation Service of Choice for the American Numismatic Association (ANA). NGC is the largest independent coin grading service in the world, having certified more than ten million collectable coins, and is the Official Grading Service of the American Numismatic Association (ANA) and the Professional Numismatists Guild (PNG).

Odyssey Marine Exploration is an American Stock Exchange Company (Ticker symbol: OMR) with several shipwreck projects in various stages of development throughout the world, including the SS Republic and HMS Sussex projects. The company's vessel Odyssey Explorer is currently conducting the archaeological excavation of the SS Republic and the company's second ship, RV Odyssey, is conducting search operations on a number of additional projects in the Atlantic Ocean.

Additional information about Odyssey, its projects and equipment is available at www.shipwreck.net.

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The Company believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. 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 29, 2004, which has been filed with the Securities and Exchange Commission.

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