What's this newly-discovered treasure ship

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A.� It is believed to be the wreck of a 17th-century British warship called HMS Sussex that foundered in a violent storm off Gibraltar in 1694. < xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

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Q.� And the treasure

A.� The flagship's cargo of gold coins and other valuables is still on board, according to reports. Contemporary records say the Sussex was carrying 'a million piastres' - which could be worth up to $1 billion.

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Q.� Who's found it

A.� Florida-based Odyssey Marine Exploration, led by Neil Cunningham Dobson, has apparently discovered the wreck at a depth of more than 3,000ft after a search covering 200 square miles of the Mediterranean.

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Q.� Apparently

A.� The company is being cagey, the say the least. It declines to confirm that this is the Sussex and will give no details of its possible value. A press release issued after newspaper reports said: 'The company believes that the Sussex was carrying a cargo with a substantial numismatic value when she sank. However, the theoretical potential value is based on circumstantial evidence from historical documents. There is always the possibility that even if the site located is the Sussex, it may contain nothing of value, or only a fraction of the amount that is suggested by historical research.'

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Q.� So what happens next

A.� If the ship is the Sussex, Odyssey will start talks with the Ministry of Defence to obtain a licence to conduct an archaeological excavation.� A ministry spokesman said: 'This company believes the results of its exploratory research show this is HMS Sussex. But anything on board remains Crown property. If there is gold, it is Crown gold.' Odyssey, however, is claiming salvage rights because the vessel sank outside British waters. The company has proposed the British government receive any cultural artefacts recovered, and it keeps the valuables.

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Q.� Why was the ship carrying so much gold

A.� The Sussex was the flagship of Rear Admiral Sir Francis Wheler, who set sail for the Mediterranean in 1693. The gold was a payment to the Duke of Savoy to keep him in the Grand Alliance.

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Q.� Grand Alliance You've lost me.

A.� The Grand Alliance included Britain, the Holy Roman Empire, Dutch Republic, Spain, and the Duchy of Savoy (an area now in south-east France that borders Italy). Its intention was to stop French territorial expansion.

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Q.� So why the bribe

A.� The Dukes of Savoy never went to war in the 17th Century without first ensuring the necessary subsidies. They were, after all, right next to France and therefore instantly in the firing line. The French had also tried to get the Duke to switch sides by offering gold and a royal marriage - so the British had to up their offer.

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Q.� How did the Sussex sink

A.� Wheler and his flag captain Charles Hawkins sailed to Spain, accompanied by a naval fleet and a convoy of merchant ships. From Cadiz, Wheler entered the Mediterranean with Dutch vessels and almost immediately ran into a heavy gale. The Sussex, laden with 80 cannon, was battered by the seas. Only two of its 550 crew survived. There was no time to rescue the men, let alone the treasure. The admiral's body washed up on shore several days later, clothed only in his nightshirt.

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By Steve Cunningham