The government of Colombia has announced that it has located the remains of the Spanish galleon San Jose, lost in a battle against the British ship Expedition, in the War of Spanish Succession, 307 years ago. The wreck, located not far from Cartagena, is believed to be carrying a cargo including gold, silver and emeralds, with a value estimated to be in the billions.

The wreck is reported to be in a location different from that of a site previously believed to be the San Jose, a site which inspired lawsuits between the Colombian government and the American salvage company Sea Search Armada over the ownership and disposition of items to be recovered.

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