Bermuda already has the highest Gross Domestic Product (GDP) in the world, but a team of explorers and scientists say there is evidence of a treasure trove beneath us capable of enriching the lives of everyone.

Exploration of the seabed has unearthed evidence of rare metals which could challenge China's monopoly in the high technology market. These REEs (Rare Earth Elements) are needed for 21st century products such as cell phones, computers, navigation systems and hydrogen storage.

There is also the possibility of diamonds, gold, platinum, uranium and other precious minerals beneath our waters.

Nick Hutchings, chairman of Ocean Projects Ltd., says research has revealed lava deposits in the seamount of Bermuda's volcano which point to their presence.

One of the lavas - 'Bermudite', was originally discovered in the 'Deep Drill' experiments of 1972 when scientists drilled 800m into Bermuda's earth. In May 2006 however, Ocean Projects Ltd. and a team of scientists also discovered the rare lava carbonatite 3,600 ft down on the ocean floor.

Scientists Dr. Wolfgang Sterrer, a research associate at the Bermuda Natural History Museum, and Dr. Fabrizio Aumento, a marine environmental scientist from La Tuscia University, Italy, teamed up with Mr. Hutchings to explore the seabed aided by a Global Marine Systems ROV (Remotely Operated Vehicle).

They retrieved samples of Bermudites, unique alkaline intrusive sheets similar to the Meimechites found in Siberia, South Africa, and China.

Dr. Aumento, speaking at a BUEI lecture this week, said: "There are indications that on the north west slope of Bermuda there are very bright gold seams in the rock. Whenever we find these Bermudite rocks they are often associated with very rich mineral deposits."

Mr. Hutchings, 54, told The Royal Gazette: "The geology is promising because because we have this important sequence of lavas - we have the basalt, the Bermudites and now the carbonatites."

He said that one carbonatite plate in South Africa - the Palabora copper mine, had proven reserves (an estimated value) of $25 billion.

In Siberia, at Meimecha, the presence of Bermudites (called Meimechites) and carbonatites have yielded a wealth of platinum.

Mr. Hutchings said: "Our geology warrants further investigation as we have a particular combination of three lavas which make it very interesting. I must stress at this point we have not discovered any mineral deposits, only the potential for them. This is just the first step in a very long investigation."

In 1996 Bermuda gained sovereignty over its Exclusive Economic Zone, extending the country's borders from 21 square miles to 256,000 square miles.

Mr. Hutchings said: "Our country now stretches 200 miles in all directions, although 99.9 per cent of it is underwater. We know very little about it at present but there are signs there may be valuable natural resources."

He told the audience at the BUEI lecture: "The resources belong to the people of Bermuda and at the end of the day that is going to decide what is going to happen to them. Impartial accurate scientific data will ensure that when the time comes, an informed decision will be made."

Mr. Hutchings said yesterday that the Government would be responsible for managing these resources.

"The people of Bermuda could benefit in several ways," he said. "The first is through Government-funded infrastructure such as schools, roads and hospitals, which are paid for by the royalties and taxes. The second is the direct benefits to shareholders, through dividends, and thirdly, the benefit to the economy in Bermuda."

The challenge now is to conduct a comprehensive survey of our waters, drawing up a detailed map, and then to sit down with geologists to identify any interesting topographical features. The next step would be further exploration with an ROV, running video footage and collecting samples to identify what the rock is made from.

Mr. Hutchings, of Paget, said: "We have an exploration licence with the Bermuda Government and that means we have exclusive rights to negotiate with the Government for mining lease should we discover a mineral deposit. We could be lucky and find one on the next dive or it could take many years of exploration."

Ocean Projects Ltd. is privately owned and is restricted to 20 shareholders per share offer, but Mr. Hutchings said: "We are thinking very carefully about how to get a broad base of ownership in the company when the time is right. At some point next year there will be some kind of share offer where shares will be available and at that point we will be looking for at least $1 million in funding. The question then will be, do we go after a few big investors or lots of smaller investors or a combination of both."

He said each mapping exploration needs $100-$120,000 of funding.