ATLANTA, May 26, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its wholly owned subsidiary, Admiralty Corporation ("Admiralty"), announced that the results of a preliminary archaeological survey, conducted during the 1980's, suggest that the C Shoal holds the remains of two or three vessels from the 1691 Spanish Terra Firma fleet, bound for Havana from Cartagena, Columbia. The 1691 fleet found itself within the clutches of "The Viper" (an early name for the Pedro Bank coined by Spanish mariners who feared the dangerous reefs, rocks and shoals laid out in the shape of a gigantic serpent) on a relatively calm night, after missing a course change. Four vessels from the fleet wrecked that night on the Pedro Bank.
A total of 26 magnetic anomalies were recorded, in 13 survey units, during the first five days of survey aboard the New World Legacy. Preliminary interpretations of these anomalies indicate that at least two debris trails are associated with C Shoal. This interpretation was aided by on-going archival research on the 1691 fleet, in Spain, by an expert Spanish archivist, Ms. Victoria Stapells Johnson, and the results of past archaeological investigations in Ruby's possession.
The second week of Ruby's archaeological operations began on May 18 and focused on a shallow-water survey of C Shoal and "ground-truthing" operations. The project's underwater archaeologists discovered cannons and a ballast pile (which is a true indicator of the presence of a historic ship) from two historic shipwrecks and anticipate at least one more shipwreck.
Next week, the following articles revealing exciting details and additional company information will be posted on www.admiraltycorporation.com: An article entitled Admiralty Corporation Investigates Historic Shipwrecks within "The Viper" authored by Kenneth J. Vrana, a member of the team that prepared Ruby's Pedro Bank plan of operations (approved by the Jamaican Government); chapter IV of the article The Tierra Firme Fleet of 1691: Caught by the Viper and several underwater photographs.
C Shoal is the first of several "high potential" target areas that Ruby's historical and scientific research has identified within the Pedro Bank permit area.
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.