DALLAS -- Millionaire Jack Grimm said Sunday he is confident his crews will find and photograph the remains of the Titanic this summer and discover why the ill-fated vessel sank.
'The second stage of our expedition is pretty much on schedule,' Grimm said.'
We wouldn't be doing this unless we are confident of our success.'
The first phase of the expedition was completed last summer when sonar signals near where the vessel sunk led Grimm to believe the Titanic had been found. The oilman and a crack team of 36 oceanographers will set out again in early July for the site off the Grand Banks of Newfoundland. Phase II is expected to last about three weeks.
On its maiden voyage from England, the Titanic encountered a gigantic iceberg the night of April 14, 1912, and went down the next day, taking with it 1,503 of the more than 2,200 passengers on board. The ship's remains, including its cargo, are believed to be 12,500 feet below the surface.
Grim is picking up the $1.25 million tab for the first phase of the expedition and expects the second phase to cost 'a little less.'
What does he hope to gain from the expedition if it is successful?
'The artifacts from the Titanic should pay for the cost,' the oilman said. 'But that's not the idea. People from all over the world have been wanting to know what really happened to the Titanic and we hope to provide the answer.'
Grim has commissioned a research ship, and specially-designed television cameras and a submersible vehicle will be used to investigate the wreckage, if it is found.