A salvage firm says it will fight all the way for the right to exploit sunken treasure off Bermuda.

An American-based company, which says it has links with Britain, has been trying unsuccessfully for the last five years to obtain a licence to explore undiscovered wrecks which it believes may contain treasure worth millions of dollars.

But it is understood that local marine conservationists fear the company wants to plunder historic sites without thought for the archaelogy of the wrecks.

One marine expert said that is the most likely reason the Reciver of Wreck has continually denied licences to Bill Warren, president of Golden Quest Ltd., of Alpine, California.

But Mr. Warren has vowed to take the Bermudian authorities all the way to the Privy Council in London if he is further denied the access he desires to Bermuda's waters.

He said: "Your (Collector of Customs) and his predecessors have illegally denied our rights to work treasure shipwrecks. According to your shipwreck law, responsible companies are to be granted licences to locate and salvage very valuable wrecks -- this is not being done.'' Mr. Warren claims to know the whereabouts of a 16th Century Spanish galleon, which he says contains valuable artefacts, but says locals and tourists have been stealing from the site.

"This is a crime, those valuable goods will be sold on the black market and you will not profit. Neither will we.'' He claims he would be able to "curate'' the treasure after stripping out a vessel, storing it in a Bermuda warehouse before either selling it off and splitting the profits or letting the Government pay the salvage firm 50 percent of the value.

But a maritime expert said artefacts found on the sea bed belong to mankind, not to the man that finds it.

"He doesn't have the right to exploit the maritime artefacts of Bermuda,'' he said.

Bill LeDrew, Bermuda's Collector of Customs, said he couldn't comment on individual cases but said licences were not granted to overseas companies unless they were working on a specific project with, for example, the Maritime Museum.

He said Mr. Warren's company would be able to come and explore Bermuda's waters but if they found anything they would then have to apply for a licence to explore.

The usual procedure for anyone applying for a licence is for the Receiver of Wreck to take advice from the Historic Wrecks Authority -- which comprises historians, the National Trust and others knowledgable in the Island's maritime heritage.

The applicant may then have to make a presentation before the authority before a decision was made.

"They try to get a balance between archaelogists and commercial divers,'' he said.

"They are extremely knowledgable,'' said Mr. LeDrew. "We would then take that advice very seriously.'' He added the law was there to control access to wrecks in Bermuda's territorial waters and to protect the wrecks from any damage.

BUSINESS BUC