The wreck of the Russian Imperial Navy cruiser Dmitrii Donskoi.
By the company's estimates, there may be as much as 200 tons of gold inside the fabled ship, and that the entire treasure could total up to $133 billion. Shinil also asserts in its statement that it is the "only entity in the world who discovered Donskoi".
The photo of the stern shows markings that the company claim spell out the ship's name in Russian.
Two manned submersible craft filmed the wreck last Saturday 425 metres beneath the ocean after the team from Canada, South Korea and United Kingdom found it.
He further described the boxes as "tightly lashed" - an indication that they contain "really precious stuff". According to Reuters, KIOST has maps of the wreck's location and photos dating 2007 on their website.
A South Korean construction company has also laid claim to being the first to discover the Russian warship, South Korean media said.
But after people began speculating on the stock market, South Korea's financial supervisory service warned it is looking for evidence of investors being misled.
After spending years trying to find the ship, the firm is now preparing to salvage the fabled treasure in a planned joint operation with companies from China, Canada, and Britain. The team aims to raise the ship in October or November and it believes that it holds £100 billion worth of gold as of today. In addition to Shinil Group, there are at least two other contenders vying for the claim. It promised additional coins to those who helped sign up others.
The Telegraph added that half of the treasure found will be handed to the Russian government, while 10 per cent of the remainder will go towards tourism investment in the Ulleungdo island. Countries may either claim parts of treasures if the ships that carried them were state-owned or if the discoveries were made near their shores in territorial waters, as specified by United Nations treaties.
An official at the Pohang Regional Office of Oceans and Fisheries, which has authority on Shinil's case, said it hasn't formally discussed the company's claim because Shinil has yet to submit a request to seek a salvage right. Kolesnichenko said that the vessel is a Russian war grave, since it contains the remains of Russian sailors, and any major work at the site would require Moscow's consent.
"A war vessel is the territory of the state whose flag it bears regardless of the waters it is in".