FR DAMALT Cel RSL ARRON P YIN LSE ie EI Gh STL Local companies on treasure hunt CUBA HOLDS: far more reward than getting a nice tan cheaply for North Vancouver- based companies Canpac Divers and ‘Terrawest Industries. By lan Noble News Reporter It holds treasure — treasure sunk hundreds of years ago that Cuba's communist -government has not allowed anyone to touch. Until now. After three years of haggling cover 4 five-year contract to search - » for'and raise treasures from waters “surrounding the sun-drenched Caribbean island, Canpac owner Glenn Costello wants to get started. .“I’s going to be fun,” he said, “We're going to be digging up histo- EYee ow _. “I'm curious to see what's down there.” “+ What he expects to find are . decaying Spanish .galleons and whatever objects they hold. Hundreds of years ago, in the heyday of Spanish plundering of the New World, Spanish ships would congregate in Havana Harbor, Laden with gold, emeralds, pearls, silver, porcelain und silks from Central and South America, the ships would then set sail for Spain, Sometimes, however, — they wouldn‘t make it. Pirates and others attacked the vessels, often sending them on a short trip to the bottom, Some sunken ships have never been salvaged, According to Terrawest, many documented wrecks lie in the 6,000-square-kilo- metre (3,720-square-mile) area Canpac can search, None of the wrecks have been pursued using today’s detection, navigational and recovery systems, Whatever the joint venture finds will be split between Cuba, Canpac and Terrawest Industries, which is listed on the Vancouver Stock Exchange and investing about $2 million in the project. Costello said more recent history rbusimess brieis BUSINESS BRIEFS .. “Compiled by lan Noble 5 North Shore business groups and individ- » uals wishing to submit Items to Business Briefs can fax them to the attention of Ian Noble eat 985-2104, or via modem at 980- $027 (User ID: mailbox. Password: let- bers.) ’¢ Diving for trains 3 North Vancouver’s Can-Dive ‘Marine Services: Ltd. will lift “locomotives out of Kootenay Lake ‘for CP Rail. Inv an April 3 announcement, Can-Dive said three 200-ton loco- “motives and two railcars derailed -and fell off a vertical rock embank- ment into Kootenay Lake.on Jan. 120, 1995.: Two: locomotives | are ‘ completely submerged and on their .. sides. One of them is'20 metres (64 “feet) below the surface. » The third locomotive is partially ‘out of the water, with the rear sec- tion in about 6 metres (20 feet) of water and the front resting on a rock ledge approximately 3.3 metres (1! feet) above the water. Can-Dive plans to recover the derailed railcars and locomotives. The company will also recover the three black boxes, remove fuel from locomotive fuel tanks and evaluate the condition of sub- merged items. The three new contracts with CP Rail follow a successful project ‘in February to recover the flight data recorder from a missing Lear jet off the Queen Charlottes, said Can-Dive. B.C. Business Stats *Statistics supplied by the North Vancouver Chamber of Commerce show 43.7% of B.C. workers were employed in busi- nesses with 50 or fewer workers. Another 8.7% worked in busi- nesses with 50 to 100 workers. There were 142,266 businesses eperating in the province in 1992. Si ONGAT NSA Rene cero ery whit SAREE EEE Ge tee Ua fat fs it. Pl ann | This Is your opportunity te learn i New tax planning Str. ategies = The myth of financial security In Canada In » the 1990s and beyond in A > implications of the budget for professionals 3 New Retirement & Estate Planning strategies lumen will be required as seating Is timited ~ Place: The Vancouver Trade & convention centre Date:, Tuesday, Aprii 14 “Time: 7 pm : DOOR PRIZES: “ Sponsored by: jim Perkins . FORTUNE - PEA: worked in Canpac’s favor when bagging the contract, The U.S. embargo on Cuba meant Cuba had to look beyond American companies for help. The collapse of the Soviet Union, a main source of funds for Cuba, has also spurred a Cuban cash grab for hard currency, Costello added Cubans are com- fortable with Canadians becuuse Canadians continue to trade with the island nation. Costello hopes to help Cuba eco- nomically, as well as recover some of the gountry's history. Said Terrawest: “This project, where a single successful recovery can Yield hundreds of millions of dallars ino a very short period of time, has been identified as critical to the (Cuban) economy.” Costello, who hus owned Canpac Eric Rutlidge BSc LLB Lawyer/Notary REAL ESTATE LAW . anc BUSINESS LAW 30 Years experience Lonsdale Quay C-15 Chesterfield Place Call 24 Hrs. 985-1331 for 19 years, suid the treasure hunt is a different type of work for the com- pany, but not the most difficult it has undertaken, Canpac has toiled on underwater gas pipelines, pumped oil from a stricken ship in the deep waters of 6.92% Ve, AT % » le oo Juan de Fuca Strait und salvaged a cruise ship off Venice, “That was 4 challenge," he said, Castello hopes to be in Cuba in about three weeks, unpacking equipment und setting the search process in motion, ONT. HYBRO (ANNUAL YIELD) STRIP BONDS +10 yrs. . 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