The 412 foot steel-hulled ship was torpedoed while in the service of the Ministry of War Transport.
Odyssey Marine Exploration said it had confirmed the identity and location of the shipwreck site, nearly 4,700 metres below the surface of the North Atlantic, about 300 miles off the coast of Ireland in international waters.
The company said in a statement: "Contemporary research and official documents indicate that the ship was carrying Â£600,000 (1941 value) or seven million total ounces of silver, including over three million ounces of private silver bullion insured by the UK government, which would make it the largest known precious metal cargo ever recovered from the sea."
In 2010 the UK Department for Transport awarded the company, through a competitive tender process, the exclusive salvage contract for the cargo of the ship.
Under the agreement, Odyssey will retain 80 percent of the value of the silver.
Wonder where all that silver was going...