ATLANTA, Jan. 27, 2005 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM), conducting operations through its subsidiary, Admiralty Corporation (Admiralty), announced today that construction has begun on a restoration laboratory to manage the artifacts which may 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 the restoration laboratory. The active guard station will be on the ground floor utilizing the front porch of the building.
Jamaican Coast Guard personnel have selected the location for the building. It is in the bend of the main entry road, offering a view of the entrance, the harbor and across the base. Another major attribute of the site is the existence of a very substantial concrete foundation on the site. A large building was situated on that location in the past. The building is gone, leaving a foundation which is approximately 4 times larger than the restoration lab building. This extra room will permit the placement of a storage container for temporary secure storage should it be needed. Also, an area for large items such as cannons or anchors is also available outside the laboratory space which can be utilized for restoration if and when needed, without having to consume valuable laboratory space.
Jamaican shareholders of Ruby who are in the construction business are supplying the building materials at their cost. The Coast Guard is furnishing the land and the labor to build the facility and Ruby is supplying 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 and restored. The laboratory is essential to attain full archaeological recovery.
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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.