TEHRAN (Press Shia Agency) – Dmitrii Donskoi, the Russian warship that is believed to have sunk in a naval battle 113 years ago while carrying £100 billion worth of gold was discovered off the coast of South Korea.

It is thought that the battle ship, which was discovered off the island of Ulleungdo, was sunken during the Russo-Japanese War and could have had the gold of an entire flotilla on board.

The Dmitrii Donskoi was an armored cruiser in the Russian Imperial Navy’s Baltic fleet which was deployed to the Pacific in the 1904-5 Russo-Japanese War, the Express reported.

The warship would have taken part in the Battle of Tsushima which saw Russia defeated by Japanese warships.

Some historical accounts have revealed the Dmitrii Donskoi carried the treasury of the entire flotilla which would have included the port expenses and also the salaries of sailors and officers.

The gold reserves of various other ships that were damaged in the battle could have been transported to the warship as well.

The South Korean treasure-hunting company, Shinil Group, spent many years attempting to find the treasure ship and is now preparing for a joint operation with companies from China, Canada and Britain to retrieve the treasure.

The Shinil firm has pledged to spend 10 percent of the money found on the warship on investment projects on Ulleng Island, which is a popular tourist destination for South Koreans.

The company also hopes to make a museum about the sunken ship.

The museum is likely to have an exhibition on Captain Ivan Lebedev, who died a few days after the Battle of Tsushima

Russia will also get an equal share of the money as they are the rightful owners of the ship and have been helping the South Korean firm with their search for the wreck.

The funds may be used for joint Russia and South Korean projects, such as a railroad connecting Russia with Korea.