ATLANTA, June 15, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its wholly-owned subsidiary, Admiralty Corporation ("Admiralty"), announced that it has entered into an agreement with Underwater Treasure Associates, LLP for purposes of managing the exploration and recovery of valuable shipwrecks and cargos and other underwater cultural heritage at a site in the Gulf of Mexico. Underwater Treasure Associates is the owner and salvor-in-possession of property within its permitted area pursuant to a ruling of a U.S. District Court. Initial survey work is expected to be conducted on site within the next few weeks.
This agreement represents the first of a series of planned actions which are designed to diversify Ruby's operations and opportunities. The agreement does not give Underwater Treasure Associates any ownership position in Ruby or any rights in, or access to, the proprietary ATLIS(TM) technology. Instead, it allows Ruby to share the rights in a marine permit which will enable both companies to benefit if any shipwreck in the permitted area contains valuable cargo.
As Ruby continues to analyze the data collected from its expedition on the Pedro Bank (under license from the Government of Jamaica), begins preparation of a restoration laboratory, and completes and tests the ATLIS(TM) field unit, we intend to fully utilize our research vessel, the New World Legacy, on other projects to maximize utilization of our resources.
In other news, Ruby has taken steps to de-list its stock from the Berlin Stock Exchange. Over a short period of time during April, over 200 U.S. companies were listed on the Berlin Exchange without their consent or knowledge. Ruby was one of these companies. CEO, G. Howard Collingwood, states: "It is in the best interest of our shareholders for us to control where our stock is listed. We do not believe that the initiator of this listing had Ruby's best interests in mind in making this listing."
Additional information about the company can be found at www.admiraltycorporation.com.
Forward-Looking Statements Caution:
This release contains "forward looking statements." Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements are based on expectations, estimates and projections that involve a number of risks and uncertainties (some of which are described in the Company's Annual Report for 2003 on Form 10-KSB filed with the SEC) which could cause actual results or events to differ materially from those anticipated. Ruby does not undertake to update any of its forward-looking statements that may be made from time to time.