Russian 'treasure ship' that sank 113 years ago found off South Korean island [PHOTOS]

Dmitri Donskoii / Courtesy of Shinil Group

The wreckage of the ship. / Courtesy of Shinil Group

By Park Si-soo

A Russian battleship that sank 113 years ago in waters off South Korea's Ulleung Island ― allegedly carrying tons of gold coins and bars ― has been located.

The rusty hull of the Dmitri Donskoii was found on the seabed a kilometer from the island's Jeodong-ri and 434 meters underwater, said Shinil Group, a South Korean company which has endeavored to find the ship for years.

"We found the body of the Dmitrii Donskoi 434 meters deep in seas 1.3 kilometers off Ulleung Island at around 9:50 a.m., Sunday," Shinil Group said.

The vessel's shape and details were "confirmed to be identical with the Dmitri Donskoii," the company said. It inspected the wreckage with two manned submarines on Saturday.

At the time of discovery, the bow of the ship was 430 meters deep, with its stern heading toward the surface 380 meters deep.

"The body of the ship was severely damaged by shelling, with its stern almost broken, and yet the ship's deck and sides are well preserved," the company said.

The wreckage of the ship. / Courtesy of Shinil Group

The Russian military reportedly used the battleship during the Russia-Japan war in the early 1900s. It sank in 1905.

Rumors have it that the ship went down with 5,500 boxes of gold coins and bars that would now be worth 150 trillion won ($133.4 billion). It's unknown if the precious metal is in the wreckage.

"We are working to lift the wreckage," a Shinil official said. "We will also take a step to clear legal issues with respect to ownership of the wreckage."

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