ATLANTA, Oct. 26, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), conducting operations through its subsidiary, Admiralty Corporation ("Admiralty), announced today that a Memorandum was signed on October 21, 2004, for Ruby to purchase 25% of Nova Marine Exploration, Inc. ("Nova Marine") for $1,500,000 cash and 1,050,000 shares of Ruby's common stock. Ruby and Nova Marine's close working relationship over the past few weeks has led the management of both companies to conclude that a formal ownership tie will produce extremely positive results for both companies.
Nova Marine has represented that it has an asset value of $8,000,000. Nova Marine owns approximately 75% of Nova Ray(r), Inc. and 50% of a collection of Chinese Porcelain currently valued at over $2,000,000. Information about this collection is available at www.oceanrecoveries.com. This collection was located and recovered by Marc and Krist Geriene, the two principal owners of Nova Marine. Nova Ray(r), Inc. manufactures and markets products using the patented Nova Ray(r) technology, including the Nova Ray(r) ROV (remotely operated vehicle). This ROV, with its patented wing design, solves long-time industry struggles with cable drag in strong currents, creating unmatched ocean and river maneuverability, stability and performance. Its design addresses and solves most of the challenges of difficult underwater environments. Nova Ray(r) is aggressively marketing its ROV for use in the Homeland Security market and recently signed an agreement to distribute its ROV in Australia, where the danger to divers posed by stinging jellyfish and sharks can be severe. Not only can the inspection of docks and harbors and the hulls of ships be conducted more safely with the ROV, it can also be accomplished in a more cost effective manner. For more information, view www.novaray.com. Lee McCauley, Manager of Diversified Financial Relations Consultants, LLC, Ruby's financial investor- relations consultant, stated that, "This represents a winning trifecta for Ruby's shareholders, Nova Marine's shareholders and the investors involved. We believe that Ruby's infrastructure and contacts can support Nova Marine while Mark and Krist Geriene have knowledge of several valuable shipwreck sites, especially in the Far East, and invaluable hands on experience in locating and recovering valuable artifacts. Additionally, the 25% ownership position in Nova Marine will strengthen Ruby's asset base."
Please visit www.admiraltycorporation.com for other news.
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.