The shares continued their steep rise morning before Jeil clarified that it has "no relation to the treasure ship business", causing prices to drop more than 20 per cent.
There is scepticism about Shinil's claim and the Financial Supervisory Service is closely monitoring trade activity involving the shares of Jeil Steel. And according to the AP, another Korean company made similar claims about the Donskoi in the past-and was subsequently accused of lying to raise its stock prices and avoid bankruptcy.
He said the company will unveil details about what it has found in the boxes at a press conference next week, and it plans to contract a Chinese salvage company to recover the wreck.
Despite longstanding rumors about the ship's precious cargo, Russian researchers have said it is unlikely that the Donskoi ever carried tons of gold into battle.
Shinil Group has also launched a cryptocurrency exchange linked to the ship's discovery.More news: Daily Show host defends joke about 'Africa winning the World Cup'
Companies from China, Canada and the United Kingdom are all helping the South Korean team raise the wreck, which will start in October.
They also have said some gold coins could have been aboard the ship to pay the salaries of Russian navy officers.
Shinil Group, a recently founded company based in Seoul, released submarine footage of what its analysts believe could be the shipwreck of the Dmitrii Donskoi, a Russian cruiser that vanished 113 years ago during the Russo-Japanese war.
"We might be able to refloat the ship within three to six months after acquiring a green light", the company said.
If Shinil's speculation turns out to be true, the shipwreck would be one of the world's most astonishing treasure finds in recent history - and a likely source of a diplomatic and legal tug of war.More news: Russian Federation call for Ukraine referendum illegitimate, says White House
And there are questions about the gold's worth being estimated at $180 billion - the Bank of Korea's 104 tons of gold reserves are valued at about $6.5 billion.
A spokesperson for South Korea's Ministry of Oceans and Fisheries said ownership of a wreck would be determined after consultation by a number of agencies, including the coast guard and the Ministry of Foreign Affairs, and would require a monetary deposit by the company.
It noted that investors already suffered great losses in 2003 when the bubble burst and Donga Construction Co, which claimed the discovery of the "treasure ship", went belly-up. Park disputed that, saying 80 percent of the potential treasures would belong to the company while the rest would go to a South Korean government coffer.More news: Offset reportedly arrested in Atlanta