ATLANTA, Dec. 15, 2003 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its wholly-owned subsidiary, Admiralty Corporation ("Admiralty"), today announced that it has commenced building the first ATLIS unit to be used in shipwreck search and recovery operations in the waters of the Pedro Bank, Jamaica. Ruby expects to launch its Pedro Bank expedition in the spring of 2004.
James Larsen, Ruby's Chief Technical Officer and the research scientist who developed the proprietary ATLIS technology, commented, "I am extremely excited and gratified to begin building the first ATLIS unit to be employed in field operations. This unit is functionally equivalent to the prototype units that we used in testing; however, it will have more than double the channel count due to improvements in electronics technology over the past two years. In addition, this unit will serve as a first generation model, which can be upgraded and enhanced as we learn from actual on site experience and apply that knowledge to improve the usability and functionality of the device. Also, we have already been working on additional features for the second-generation ATLIS field units, which should have expanded detection capabilities. We hope to have these units ready for deployment by 2005."
Herbert Leeming, Ruby's Chairman and CEO, commented, "The initial ATLIS field unit will be used in search and recovery operations on sites within the Pedro Bank permit which we have already identified and for which we already have significant supporting historical research. Such research indicates that there is a reasonably high probability the sites contain valuable Spanish shipwrecks. We are very anxious to begin testing the waters of these sites as soon as possible because this will be the first time technology like this will be deployed in a marine environment to detect and quantify precious metals."
Information about the Company
The Company has developed unique, proprietary detection technology, which it calls ATLIS, for use in locating and recovering valuable cargoes from historical shipwrecks. The initial target area for the Company's archaeological operations is the Pedro Bank, Jamaica, for which Admiralty holds an exclusive exploration permit. The Company's principal objective is to utilize its ATLIS detection technology, in partnership with governments, archaeologists, historians, engineers and scientists, to become the recognized world leader in the location and recovery of historic shipwrecks.
The Company is also actively exploring the potential use of its ATLIS technology to assist governmental authorities in locating unexploded ordnance (bombs, artillery shells, ammunition, weapons, and other potentially explosive military devices and materials), commonly referred to as "UXO," in both marine and terrestrial environments.
Additional information about the Company can be found at www.admiraltycorporation.com.
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