ATLANTA, July 13, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its subsidiary, Admiralty Corporation ("Admiralty"), reports that Ocean Resources, Inc. (OTCBB:OCRI) and Ruby Mining, Inc. (OTCBB:RUBM) have jointly announced today a settlement with regard to the disputed validity of International Recovery Group (IRG), an operating entity that was jointly owned by the two companies. Under the terms of the settlement agreement, Ruby relinquishes all rights it had with regard to IRG, and IRG relinquishes all rights it had with respect to the permit that Ruby secured to conduct salvage operations in the Pedro Bank area. In exchange, Ruby is providing an undisclosed number of Ruby common stock warrants to a subsidiary of Ocean Resources, Caribbean Explorations, Inc. Additionally, Ruby has agreed to assist Ocean Resources to secure permission from the Government of Jamaica to conduct tourism diving expeditions on the Pedro Banks and once such permission has been obtained has agreed that Titanic Explorations, Ltd (TEL), a subsidiary of Ocean Resources, will have exclusive rights for such activities on its Pedro Bank sites. Net profits from any commercial diving venture will be shared 50/50 between TEL and Ruby.
"This settlement is indicative of our strategy to stay focused on our industrial metals recovery operations," stated Ocean Resources CEO, Dennis McLaughlin. "We feel that this outcome allows Ocean Resources to realize the value of its assets, and clears the way for the dividend distribution of Caribbean Exploration shares to our shareholders. We further believe that the appointment of Mr. Collingwood to the position of CEO of Ruby has greatly enhanced Ruby's chances for success in its core business, and we look forward to working together in the future."
Ruby Mining CEO, G. Howard Collingwood commented that, "We are pleased that any disagreement between our company and Ocean Resources has been resolved with a win/win solution."
About Ocean Resources:
Ocean Resources, Inc. (www.oceanri.com) is engaged in the business of deep-water recovery operations of valuable shipwreck cargos throughout the world.
About Ruby Mining:
Ruby Mining Company (www.admiraltycorporation.com) has developed unique and proprietary technology for the purpose of detecting precious metals in ocean environments and is in the business of finding and recovering valuable artifacts.
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.