Seafarer's Quest Granted New Exploration Permit

Seafarer's Quest Granted New Exploration Permit

TAMPA, Fla., July 7, 2016 /PRNewswire/ -- Seafarer Exploration Corp (OTCQB: SFRX), a company focused on archeologically sensitive exploration, research and recovery of historic shipwrecks is pleased to announce that Seafarer's Quest, LLC has successfully been granted a three-year 1A-31 Exploration permit with a Dig and Identify modification for the southernmost area (Area 1) of the Melbourne Beach site from the Florida Bureau of Archeological Research (FBAR).

Kyle Kennedy, CEO of Seafarer, stated, "This permit for Area 1 may be the single most important permit Seafarer has ever received. The extensive exploration we have previously conducted in Area 2, which is on the north side of Area 1, combined with the most recent cesium vapor magnetometer survey we have of Area 1 strongly suggest to us a concentrated amount of hits are in Area 1."

Mr. Kennedy continued, "We will learn valuable insight about the wreck as we work through our prioritized targets over the coming weeks. Based on our combined research, exploration and experience from our archeologists, I feel very optimistic about Area 1, and the primary concentrated area of hits on the survey extends approximately 1,600 feet across. In that target rich area, we have several primary targets of additional concentration which we will explore first."

"I would also like to personally thank Dr. Tim Parsons, State Director, and Dr. Ryan Duggins, Head of Underwater Archeology, for their professional guidance. Without Dr. Parsons' direct involvement over the last six months, our permit for Area 1 might still be in limbo from when we originally made our first application for this site in May of 2014. I feel strongly with Dr. Parsons' integrity and fiduciary commitment to protect the state's assets and strict regulatory compliance, we are in good hands," added Mr. Kennedy.

Mr. Kennedy concluded, "Seafarer is continually evolving and growing. We are continuing to research and pursue opportunities with other sites, both in the U.S. and other countries, and aggressively follow revenue opportunities to help build shareholder value. This permit allows Seafarer to begin excavation immediately in Area 1 of the Melbourne site."

In addition to the new Area 1 permit, the MB514 area is also covered by the following permits.

1. 1A-31 Exploration Permit with a Dig and Identify modification for the MB514 Area 2 that will be renewed in July, 2017.
2. Department of the Army Corps of Engineers Permit for the MB514 area, renewed June 29, 2015 for a period of 10 years.
3. Florida Department of Environmental Protection Permit for the MB514 area, renewed June 08, 2016 for a period of 2 years.

All work will be conducted under the terms of the 1A-31 Exploration Permit with a Dig and Identify modification issued by the Florida Department of State, Division of Historical Resources, Bureau of Archaeological Research. Seafarer is strongly committed to performing all of the work in an archeologically sensitive matter so as to be respectful of the important historical considerations of the potential shipwreck.