LOS ANGELES, CA (Catholic Online) - Only one member from the 85-strong crew survived the torpedo attack when the ageing steamer tried to reach Ireland. The vessel was on its way back to Britain from India when it ran low on fuel and tried to divert to Galway harbor. It was spotted and sunk by the German submarine.

Three members of the crew survived in a lifeboat and reached the Cornish coast two weeks later, but two died trying to get ashore. Second Officer Richard Ayres was the only one who made it to the Cornish coast alive. He was awarded an MBE for his attempts to rescue his fellow sailors and lived until 1992.

The wreck of the 412-foot ship was found this summer nearly 4,700 miles below the North Atlantic, 300 miles off the Irish coast. It was confirmed as the SS Gairsoppa as recently as last week.

"We've accomplished the first phase of this project - the location and identification of the target shipwreck," Odyssey Marine's senior project manager Andrew Craig says. "Now we're hard at work planning for the recovery phase.

"Given the orientation and condition of the shipwreck, we are extremely confident that our planned salvage operation will be well suited for the recovery of this silver cargo."

Remote-controlled robotic submarines should be able to retrieve the bullion. Work would begin in the second quarter of 2012, Odyssey said.

It's "highly unlikely" that any human remains would be found, given the age and depth of the wreck. "Even though records indicate that the lifeboats were launched before the ship sank, sadly most of her crew did not survive the long journey to shore," Odyssey's chief marine archaeologist Neil Dobson says.

"By analyzing the known configuration and research about the Gairsoppa and her final voyage and painstakingly exploring the shipwreck site to record each element and item, our team of experts was able to positively identify the site as the Gairsoppa.

"By finding this shipwreck and telling the story of its loss, we pay tribute to the brave merchant sailors who lost their lives."

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