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Britannia's Gold: Update November 2018

Britannia’s Gold Ltd

Following on from our last update distributed on the 12/11, the offshore team has continued operations in a bid to remove the hull plating above the desired strong room location. This has proven particularly difficult due to the plates physical properties which after analysis were found to be mild steel grade A. Grade A has the highest level of carbon content and makes for a very strong and brittle material; the rivets used to secure the plates together, as well as the structural framework of the vessel,  remain in extremely good condition and therefore give the overall hull structure a great deal of integrated strength.

Combined with adverse weather conditions halting operations at site for a couple of days, the above has meant the team has had difficulty in creating the necessary opening needed to gain access below. In total some 55m² of hull materials have been removed, giving partial exposure to the areas below but this is not large enough to work through.

Direct vertical access to the required location is always going to be best policy, however not always possible. Consequently, taking into consideration the difficulties to date and wanting to optimise  time at site, the salvage team has commenced cutting into the wreck from a different angle adjacent to the initial hull plate work area. The team is concentrating on removing overburden steelwork which is much easier to deal with due to its level of degradation; once cleared it will allow for a large horizontal access aperture to be made within the wreck. The grab is working efficiently at clearing this initial overburden with regular loads in excess of 20-tons being lifted and shifted.

It is difficult at this stage to put any precise time limit on clearing the area to allow for access as we don’t know what obstacles are under the large level of overburden and how they may still be connected to the wreck. At the current rate of removal, and without any unforeseen challenges, we estimate to take 3 days to complete the task and  will then be able to enter where we need to be to commence on the next phase of operations.

At last a substantial weather window has opened and the team are busy working round the clock in order to maximise every moment of available time.


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Britannia's Gold: Salvage Programme Progress Report 2

Britannia’s Gold Ltd

It has been a challenging week with repeated visits from Irish Navy, Air Force and Coast Guard questioning our activities.

Although BGL is legally within its rights to undertake salvage operations within international waters, the very rare nature of such operations does draw the attention of local authorities when a large salvage vessel shows up in their Exclusive Economic Zone (EEZ). In this instance BGL has been contacted by the controlling authorities for the region and asked to provide assurances that its operations are compliant with law and regulations as well as safe and without threat to the environment. We have been able to comply with all requests due to the company having a complete understanding of the relevant Acts and Regulations that apply to its operations and also having and maintaining a suitably equipped Safety Management System (SMS). Furthermore, BGL was happy to provide a full survey assessment to the local authorities, detailing the current status of the wreck.

Thankfully much of the time taken to agree all issues with the authorities occurred during a prolonged period of poor weather which had the salvage vessel on stand-by at location awaiting better conditions. Happily however,  the weather has since decreased and we have recommenced salvage operations with the full approval of the local authorities.

The single most difficult and time consuming part of this particular salvage operation is the breaking through of the outer hull plate; in this instance the hull plate is double thickness and the inner steel frames are  closer knit. This was needed as the vessel was sailing to Canada through Newfoundland and therefore needed to be strengthened to compensate for the ice it expected to encounter on a regular basis. We are making headway using specialist cutting equipment and structural removal work with our grabs and today, for the first time,  finally managed a glimpse inside the wreck through the worked aperture.

We still have a great deal of work to do but confidence remains high, driven on by the excitement brought about of recent developments.


More news to follow in due course…

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SITV makes strategic acquisition

Stockholm IT Ventures

STOCKHOLM IT VENTURES makes strategic acquisition and investment in Dubai based Blockchain Technology Capital


STOCKHOLM, SWEDEN (8 NOVEMBER 2018) – Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB – ISIN SE 0006027546) has acquired BlockChain Technology Capital Limited, a Dubai based blockchain startup, in an equity swap plus cash deal. SITV is going through a major acquisition drive as it positions itself as a global leader in providing next generation blockchain based financial services.

Blockchain is delivering tremendous disruption in all industry verticals especially in the financial services industry. SITV have been very busy over the last 12 months in acquiring the relevant financial technology and regulatory infrastructure to build the next generation of financial services by becoming a bridge between traditional financial asset classes and blockchain.

“We were very impressed with the founding team and want they wanted to do with their business as it fully aligned to our vision and roadmap for SITV”. – states Anthony Norman – CEO SITV.

The acquisition of BlockChain Technology Capital further strengthens SITVs expertise in the area of blockchain development, product innovation and advisory, building a strong blockchain ecosystem that connects all parts of its business.

“We are excited to be part of the SITV group to accelerate the vision of making it a global leader in the next generation of blockchain based financial services”.  – states Mujassum Butt Co-Founder and Managing Partner Blockchain Technology Capital.

“The synergies between us and SITV our tremendous and now being part of the group will further help grow our client base and strengthen our value offering” – concludes Asim Khan – Co Founder and Managing Partner Blockchain Technology Capital.

Blockchain Technology Capital will now become part of the SITV Group of companies and will continue to be based in Dubai, UAE and its management team and operation are going to be fully integrated with SITV’s.
About Stockholm IT Ventures AB
Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The Company specialises in clean and efficient low-cost energy cryptocurrency mining, production and related FinTech and Blockchain technologies. For more information visit You can also find the Company on FacebookTwitter and LinkedIn. Details on the Company’s Bytemine (BYTM) token and White Paper can be found at
Media Contact:
Stockholm IT Ventures AB, Anthony Norman,

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Britannia's Gold: Current Salvage Operation Update

Britannia’s Gold Ltd


London 5 November,

On arrival at site, BGL conducted  as-found surveys of the target to confirm findings of the  survey visit in April. There were no changes which allowed for preliminary salvage operations to commence in the form of grab and ROV cutting saw works on the hull plating above the believed cargo location.

However it was noted that the grab was not operating at full efficiency and the primary ROV was not operating at full dexterity. With weather conditions closing in, it was decided to put into port to collect technicians and additional ROV equipment and carry out the repairs required to the ROV system and to also make some modifications to the grab. All this was done effectively and the vessel departed harbour within 15 hours of its arrival and headed out into sheltered waters to carry out tests on the upgraded ROV. With the weather remaining poor and seas of 10 metre swells, these tests continued throughout the weekend, inclusive of the vessel’s transit back to site. The vessel is now back on location in favourable weather and has recommenced salvage operations this morning 5th November. “

Initial teething problems can always be expected with the integration of new equipment onto existing vessels; the BGL team believes they have now overcome these issues and look forward to prolonged productivity at the wreck site.

Philip Reid

Britannia’s Gold Ltd.

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