The San Jose was spotted by deep sea camera sent down by experts to examine the wreckage ahead of a planned salvage operation.
Although no treasure has yet been spotted, experts remain convinced the vessel is the watery home of a stash of gold and silver coins and jewels .
The San Jose, thought by historians to be laden with emeralds and precious coins, sank in 1708. It was part of the fleet of King Philip V, who fought the English during the War of Spanish Succession.
A team of international experts, the Colombian navy and the country’s archaeology institute discovered the wreck last week near the island of Baru.
“Without a doubt, without room for any doubt, we have found, 307 years after it sank, the San Jose galleon.” Archaeological excavation and scientific tests on the wreck will continue to ensure it can be properly preserved, Santos said.
The San Jose was the subject of a legal dispute between Colombia and Sea Search Armada (SSA), a U.S.-based salvage company. SSA said in 1981 it had located the area where the ship sank.
The company and the government agreed to split any proceeds from the wreckage, but the government later said all treasure would belong to Colombia, a view that was backed by a US court in 2011.
Few government spokespeople will be able to speak further on the galleon until more investigations are completed, Santos said. It was unclear how much of the body of the ship remained and whether it would be brought to dry land.