Canada's government says the discovery bolsters its claim to sovereignty over the Northwest Passage, which is feared threatened by increased shipping.
The Investigator was abandoned while searching for the Franklin expedition, itself lost with all its crew during a mission to discover the passage.
"It's an incredible site," Canadian Minister of the Environment Jim Prentice told the BBC by teelephone from Mercy Bay. "You're looking at what people have not seen in 156 years, which is a remarkably intact British sailing vessel."
The death from deep-vein thrombosis (DVT) of a 36-year-old passenger on a transatlantic flight has provided a frightening reminder of the risks of taking sleeping pills on aircraft, particularly when travelling long-haul.
The New England Journal of Medicine reported last week that the woman, an American citizen, had taken a single sleeping tablet shortly before departure and spent most of the flight asleep in one position – undoubtedly the critical factor in her death.
In Mississippi, out-of-work fishermen are preparing to go back on the water to look for oil again. Gulf coast fisherman Barry Rando just wants to work.
"Because there is no oystering and no shrimping right now and that was our way of living," says Rando. "Anything BP can throw at us we'll take it."