Colombia has found the wreck of a Spanish galleon that sank off the coast of Cartagena and is thought to be laden with emeralds and gold and silver coins, the country’s president, Juan Manuel Santos, said on Friday.

More details will be provided at a news conference on Saturday, Santos said on his Twitter account.

Gran noticia: ¡Encontramos el Galeon San José! Mañana daré los detalles en rueda de prensa desde Cartagena. — Juan Manuel Santos (@JuanManSantos) December 4, 2015

“Great news! We have found the San José galleon. Tomorrow we will provide details at a press conference from Cartagena,” Santos tweeted.

The San José sank in 1708 in the Caribbean Sea close to the walled port city of Cartagena and is said to be carrying a hoard worth £1bn. It was part of the fleet of King Philip V as he fought the English during the War of the Spanish Succession.

The government’s claim on Friday did not shed light on a legal wrangle with Sea Search Armada (SSA), a US-based salvage company which had a longstanding suit against Bogota over ownership of the wreck. SSA said in 1981 it had located the area in which the ship sank.

SSA and the government were partners back then and, following international custom, they agreed to split any proceeds. The government later said any treasure would belong to Colombia.

In 2011 a US court declared the galleon the property of the Colombian state.