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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.

It only took two days for his five-person team to discover the wreck, but that was because the worldwide team of experts from Britain, Korea and Canada already had a relatively good idea of where she had gone down, Nuytten said.

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

They also have said some gold coins could have been aboard the ship to pay the salaries of Russian navy officers. Citing historical accounts, The Express reports that the Dmitry Donskoi may be treasure laden.

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.

A spokesman for Shinil Group said on top of the salvage fee, the company plans to donate 10% of the bullion for tourism projects on nearby Ulleungdo Island, including a movie set and a memorial of the ship.

The warship would have taken part in the Battle of Tsushima which saw Russian Federation defeated by Japanese warships.

If the government based its calculation on the company's $132 billion claim, Shinil would have to deposit at least $13.2 billion - even though it is still unclear how much it would be allowed keep of any possible gold that may be found in the shipwreck.

By the company's estimates, there may be as much as 200 tons of gold inside the fabled ship, and that the entire treasure could total up to $133 billion.

"The body of the ship was severely damaged by shelling, with its stern nearly broken".

"The three masts were broken and overturned, the two chimneys were broken, and there was a trace of bombardment on the side of the ship", said the statement.

South Korea's Financial Supervisory Services on Wednesday warned against "overheated" investment, citing past cases of treasure-hunting companies that saw their stock skyrocket after a discovery only to end up filing for bankruptcy.

Experts from the United Kingdom and Canadian marine exploration company Nuytco also part of the worldwide team working on the Dmitry Donskoi project.

Alexei Kojevnikov, a history professor at the University of British Columbia, said he is skeptical, as ships going into major battle have no reason to carry any gold.

But Russia could argue that it retains full ownership - a claim that would be justified under worldwide law as long as it did not infringe upon South Korea's sovereignty.