It was sunk by a British warship in 1708 on its way from South America to Spain, ruled by King Philip V at the time.
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The galleon sank off the coast of Cartagena more than 300 years ago.
“Great news: We have found Galleon San Jose!“.
He added that researchers “have no doubt” that after decades of searching they have finally discovered the San Jose shipwreck as “they were able to see the brass cannons that were unique to that ship and that had dolphins carved on them”. It is believed to have been carrying 600 people and 11 million gold coins and jewels from then Spanish-controlled colonies when it sank sank off Colombia’s Baru peninsula, south of Cartagena in about 700 feet of water.
The site has not yet been tapped, but the government said excavation is likely to take several years – the discovery is entirely based on scans of the site.
The cargo is said to be vauled at 1 billion dollars, according to BBC.
Pedro Mendoza/AP Colombia’s President Juan Manuel Santos talks to the media during a press conference in Cartagena, Colombia, Saturday.
Experts confirmed that they found the San Jose on November 27, Santos said.
Commodore Charles Wager described the close quarters broadsides – and said the San Jose exploded with such intensity he could feel the heat from his own ship.
Another development also felt a blow to Sea Search Armada.
In a broadcast to the nation, Mr Santos said the discovery is the largest haul of national treasure ever lost at sea.
Colombia’s Supreme Court has ordered recovery of the treasure before the global dispute can be settled.
The fight over San Jose’s sunken treasure is one of many worldwide disagreements regarding the home of ancient artifacts.
On Twitter, the issue was trending under #GaleonSanJose, as users of the one-to-many social network debated whether to return the loot to Spain, and made various estimates about its current value. In the footage English-speaking crew members aboard a Colombian naval ship can be seen launching the underwater vehicle into the ocean.
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The Colombian government, however, says they located the ship in a place “never before referred to by previous studies”, and the wreckage – no matter how valuable – belongs in Cartagena.
