This is a bmp and is not the same image as the one in the gallery.
One of a series (Watermark level xx) in which it gets steadily harder to solve the puzzle, though there is a common theme to them all. The size and difficulty of the cache hide varies throughout the series. There is also a passphrase in each puzzle which will be some help with the next puzzle in the series.
I've had emails suggesting that this is "too hard" to solve. So, since this is meant to be the easy start to the series, I'll expand on what is required to obtain the coordinates. You need to process the image level01.bmp (the information is not present in level01.jpg). The bmp has 24-bit (RGB 8-bit) pixels. The information is encoded on bit 3 of the R and G and B planes. In order to simplify future levels of this series, the best way to solve it is with a computer program to massage the raw pixel data. However, in this case, I have been able to extract it, using image processing software which has an arithmetic mode. I hope this helps.
This cache is a film can.
Good hunting. You may also be interested in my other caches.