The archeologists quickly located a corroded wooden hull and much of its cargo, at the depth of about 20 meters.

The excavation process was made difficult due to low visibility and tidal currents in the area (which meant that on some days, the divers could work as little as 15 minutes[1]), and the series of expeditions, which took 9,800 man-days and 3,500 hours of diving time, concluded only after nearly a decade, in 1984.

[5] The ship was identified as a 14th-century Chinese vessel from the Yuan dynasty period.

In commemoration of the 40th anniversary of the excavation, the National Museum of Korea held a special exhibition dedicated to the shipwreck in 2016.

As 2010s, the ship and most of its related artifacts are displayed the National Research Institute of Maritime Cultural Heritage [ko] (the institution is also known as the National Maritime Museum in Mokpo).