ATLANTA, Dec. 21, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM), conducting operations through its subsidiary, Admiralty Corporation (Admiralty), announced today that construction will begin soon to build a restoration laboratory to manage the artifacts expected to be recovered at C Shoal in the Pedro Bank. An agreement has been reached with the Jamaican Coast Guard to build a two story building within the Coast Guard base in Port Royal, Jamaica. The building was designed by Jamaican Coast Guard engineers and the top floor will be utilized as a barracks for Jamaican Coast Guard personnel serving guard duty. The bottom floor will house our laboratory. The active guard station will be on the ground floor utilizing the front porch of the building. Ruby CEO, G. Howard Collingwood stated, "I cannot imagine a more secure location for our laboratory than within the fence of a Coast Guard base with guards in a room over the lab and guards on the front porch at all times."
Additionally, Jamaican shareholders who are in the construction business will supply the building materials at their cost. The Coast Guard will furnish the land and the labor to build the facility and Ruby will supply and pay for the building materials. This news demonstrates the commitment of Jamaica to the Pedro Bank project and the mutual expectation that valuable historical artifacts will be extracted.
Please visit our website at 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.