On 14 October 1980, a press conference held by 83 year old Ryoichi Sasakawa, the Chairman of the Japanese Shipbuilding Industry Foundation at the Tokyo Press Club. Next to him was a small grey ingot, made of platinum. It was stated that the ingot had been salvaged from the Russian armed cruiser, Admiral Nakhimov. The cruiser sunk on 28 May 1905 by the Japanese fleet during the Russo-Japanese