ATLANTA, May 11, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its wholly-owned subsidiary, Admiralty Corporation ("Admiralty"), announced that it has begun magnetometry surveying in its licensed area of the Pedro Bank, Jamaica. The survey work conducted by the R/V New World Legacy will involve mapping target areas utilizing state-of-the-art magnetometry and sub bottom profiling. The data collected will then be integrated with data already collected from archival research to select prime shipwreck targets. The next step will be "ground truthing" (the process of verifying what an image really represents) by divers to more precisely pinpoint targets, after which the ATLIS(TM) field unit will be deployed to detect the presence of gold and silver. It is anticipated that the mapping of the first target area will take between four to twelve weeks, depending upon the number of targets and the weather.
Today, we have posted on our web site, www.admiraltycorporation.com, the second chapter, "Early Attempts at Salvage," of our article, "The Tierra Firme Fleet of 1691: Caught by the Viper." This article authored by Mr. James R. Reedy, one of Admiralty Corporation's field archaeologists, is the first of a series of articles discussing historic ships believed to have wrecked within the Pedro Bank permit area. For the past several years, Admiralty has been laying the ground work for its planned archaeological operations on the Pedro Bank. Of particular interest are historic shipwrecks from the 1500s through the 1800s. To keep our shareholders and others apprised of this exciting endeavor, a continuing series of articles on the maritime heritage of the Pedro Bank will be posted on the Admiralty web site.
We have also posted a link on our web site to the web site of our archaeologist firm, the Center for Maritime and Underwater Resource Management ("CMURM"). Please visit their site to learn more about interesting work that they have done and their qualifications.
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.