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A U. S. exploration team pull parts of the 18th century ship, the HMS discovery on board their boat.

They announced the find of the 18th century vessel on Monday.

The find was kept under wraps for nine months whilst negotiations took place with the British government to determine salvage rights.

But now it's been made public, the Odyssey Marine Explorations said historical papers suggest four tonnes of gold were on board.

If found, the gold coins could be worth more than a billion dollars.

Gregg Stemm is the company's CEO.

(SOUNDBITE) (English) ODYSSEY'S CHIEF EXECUTIVE OFFICER GREGG STEMM, SAYING:

" The problem is archaeologists just don't have the money to do the work they need to do so shipwrecks are rotting and the treasure hunters a lot of them were not doing the work they needed to do. So we have come up with a new concept. A whole new paradigm which involves keeping all the cultural artefacts together, saving all the historical information, conducting the best archaeological work in the world but still allowing the sale of duplicate artefacts which incidentally are not that interesting from an archaeological standpoint anyway."

The ship has spent around 250 years at the bottom of the sea.

It was the pride of the British fleet when it was lost in a storm.

John Ford from the Discovery channel said it's a great find.

(SOUNDBITE) (English) PRESIDENT AND GENERAL MANAGER OF DISCOVERY CHANNEL JOHN FORD, SAYING:

"This is an amazing find both for the British people and people worldwide because it fills an important gap in history. The HMS Victory was an aircraft carrier of its day and the fact that it has gone down for 250 years without a trace has been one of the more astonishing gaps in maritime history."

The same exploration company discovered 17 tonnes of gold and silver coins in the North Atlantic in 2007.

But their discovery prompted legal action from Spain, saying the booty was theirs.

Basmah Fahim, Reuters.