A South Korean company has claimed to have found a sunken Russian warship which was carrying an enormous amount of gold when it sank 113 years ago.

The Seoul-based Shinil Group said its divers discovered a wreck it identified as the 6,200-ton Dmitrii Donskoi, which went down during the 1904-1905 Russo-Japanese war off an eastern Korean island.

The company speculated about 200 tonnes of gold bars and coins that are worth 150 trillion won ($180 billion) would still likely be aboard the ship.

The discovery triggered an investor frenzy and South Korea's financial regulator issued a public warning against possible investment losses.

Shinil released photos and videos taken by search submarines, which showed markings on the stern the company said was the ship's name in Russian.

It said it hoped to hoist the ship from its depth of more than 400 metres within months.

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Other companies have made similar claims, but none has taken actual steps toward raising the wreck.

One of them, Dong-Ah Construction, was accused of spreading false rumours to bump up its stock prices and later went bankrupt.

Speculation over value of gold

Russian scholars have said in the past that Russia was unlikely to put so much gold on a single ship and that it must have been much safer to move it by train.

They also have said some gold coins could have been aboard the ship to pay the salaries of Russian navy officers.

It is unclear whether Shinil would receive South Korean Government approval of its salvage plans.

Local laws aimed at preserving national territory and property require the company to deposit 10 per cent of the estimated value of the shipwreck before starting its salvage works.

An official at the Pohang Regional Office of Oceans and Fisheries, which has authority on Shinil's case, said it has not formally discussed the company's claim because Shinil has yet to submit a request to seek a salvage right.

The Dimitri Donskoi ship pictured in April 1893. ( Wikicommons: DeGolyer Library, Southern Methodist University )

The official, who spoke anonymously to the Associated Press because he was not authorised to speak to media about the issue, said Shinil must deposit 15 trillion won ($US18 billion), based on the company official's speculation how much gold is likely aboard the ship.

Shinil disagreed on the amount of its possible deposit, saying what it had officially located was the shipwreck, not treasures on it.

It estimated the shipwreck's value at 1.2 billion won ($1.3 million) and planned to put down 120 million won ($143,689) as a deposit.

Some experts also said it is unlikely that the Donskoi — a thickly armoured warship with more than 12 artillery pieces, 500 sailors and presumably 1,600 tons of coal — would have had room for 200 tons of gold, which would be double the current gold reserves at South Korea's central bank.

And there are questions about the gold's worth being estimated at $180 billion — the Bank of Korea's 104 tons of gold reserves are valued at about $6.5 billion.

Even if the ship is hoisted and treasures are found, their ownership could be disputed.

A South Korean Financial Ministry official responsible for the issue said that Russia may be able to claim ownership.

Map The firm said it found the vessel near Ulleungdo Island.

AP/ABC