The claim is that a dagger, a recurve bow, and a neanderthal skeleton, have been found in a submarine cave off the coast of california. Since neanderthals have till now only been found in the middle east and europe, this is remarkable. Moreover, they've never been found with bows or, as far as I know, elaborate art.
Googling the same strings as appear on this site only turn up discussions of it, no academic references. It seems like someone posted this page and then everyone just parrots it. I contacted the page author and he seemed defensive, and didn't cite any proof. He claimed to also just be repeating what he found on internet "out of interest", so he might not be the author of the hoax.
If you look carefully at the dagger and the guy holding the skull you can see that the dagger is mirrored/photoshopped, and the guy and the skull, have been pasted into a generic background of a science lab.
The deathly silence in the journal repositories give this one away. Searching for "neanderthal" and "monterey" gives no results using an AND search, only if you search with OR, but then none of the articles mention both things together. This suggests that the find is completely made up.
Googling for "Pacific Shelf Research CEO, Curt Novolin" returns only repeats of the page, no such company or person shows up. Good hoax.