SOURCE: Marine Exploration, Inc.

February 26, 2008 13:14 ET

Marine Exploration, Inc. -- MEXP, Through Its Joint Venture Partner, Hispaniola Ventures, LLC, Has Chartered Its Survey and Salvage Vessel for Immediate Operations in the South Atlantic and Caribbean Sea

MIAMI, FL--(Marketwire - February 26, 2008) - Marine Exploration, Inc. (PINKSHEETS: MEXP) and its Joint Venture Partner, renowned explorer Burt Webber's Hispaniola Ventures, LLC, have chartered a first class 128 foot vessel for its survey and salvage projects in the South Atlantic and Caribbean Sea. The Charter has been entered into for a period of six months, with provisions for multiple renewals. The Vessel, Ocean Lady, has already been modified to Mr. Webber's exact specifications with a state of the art operations center, side-load platform and rear dive platform. It will carry a four person crew and a nine member exploration team, comprised of Mr. Webber, his assistant director, dive master and six additional trained divers. The exploration team has lived on board the Vessel for the past month and the Vessel is currently being equipped with state of the art survey equipment in anticipation of the Team's departure. Pictures of the Ocean Lady can be seen at beginning tomorrow.

MEXP is currently pursuing two primary projects north of the Dominican Republic for which a state of the art host country treasure-salvage is already in place. The first objective will be to locate a pre-1688 treasure wreck that is believed to be lying on the Navidad Bank, which cannons and bars were actually seen by Captain Swinstead in 1688, but were never recovered. He gave testimony of this sighting to the Royal Governor of Jamaica. Long Term, MEXP will explore more wrecks under the Dominican Contract and the Company has plans in place to pursue additional multiple notable shipwrecks, worldwide.

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.

Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.