ATLANTA, Aug. 5, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its subsidiary, Admiralty Corporation ("Admiralty"), has entered into an agreement with GCS Technologies, LLC ("GCS") to utilize its ship, the New World Legacy, to survey two locations in the Florida Keys. Ruby will be paid for its services and will receive a percentage of anything which may subsequently be recovered as a result of finds during the survey. Ruby CEO, G. Howard Collingwood, stated "This agreement is consistent with our plans to partner to support growth and to keep the New World Legacy fully utilized".
Founded in 2002, GCS Technologies, LLC is a Remote Sensing Research, Development and Location Services company in Atlanta, Georgia. The Company was established to utilize "State of the Art" commercial sensing equipment combined with a proprietary new generation of remote sensing instrumentation to search for precious artifacts or substances. GCS's proprietary technology involves several substance detection physics principles that are incorporated into aerial, water and land based remote-sensing operations focused on identifying ferrous, non-ferrous metals, gemstones, historical artifacts, crude oil, natural gas and radioactive elements. The technology system utilizes proprietary and non-proprietary technologies that are integrated to provide a more comprehensive cost effective, and less laborious/time consuming approach in finding targeted materials. The combination of GCS's technologies and the state of the art and proprietary equipment on the New World Legacy will result in an extremely powerful tool.
A new feature, "Questions from Shareholders," has been added to our website. The most recent addition gives some information about the Pedro Bank and the capabilities of the New World Legacy. Please pay us a visit.
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.