underwater exploration museum, believed to be unique in the world.

Trustees of the proposed Bermuda Underwater Exploration Institute hold their first annual general meeting in two weeks, having raised more than a million dollars towards building the museum -- which was controversially announced last year.

And they have "no doubt'' they will have raised $5 million by March 31 in order to win a $5 million match-offer promised by US company Fidelity International.

Museum trustee and president of Fidelity Bermuda, Finance Minister the Hon.

David Saul, said fund raising efforts had been going well since the proposal was made public amid some controversy last spring.

The East Broadway site favoured for the museum -- adjacent to Fidelity -- has also been secured, Dr. Saul said.

And the architectural firm of Barker and Linberg has been hired to design it.

The target date for completion is the latter part of 1994.

The museum will be located next to Pembroke Hall on property part-owned by the National Trust Endowment Company.

A variety of underwater and diving treasure exhibits will be featured, 3-D videos of deep-sea exploration -- many on loan from National Geographic -- will be shown and you will even be able to "ride'' to the bottom of the ocean in a submersible.

Exhibits will regularly change and such renowned institutes as the Smithsonian, Philadelphia Maritime Museum and Russian Academy of Sciences have offered to loan them.

A lecture theatre and harbour-side restaurant are also planned.

"It will be quite unique in that there is no other institute like it in the world,'' Dr. Saul said.

He added it would be an attraction for both residents and visitors, especially those off cruise ships in Hamilton.

Other board members include veteran diver Mr. Harry Cox, Ms Wendy Tucker, shell collector Mr. Jack Lightbourne, accountant Mr. David Lines, businessman and sailor Mr. Warren Brown and several others.