ATLANTA, Feb. 27, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its wholly owned subsidiary, Admiralty Corporation ("Admiralty"), today announced that the newly acquired shipwreck search and recovery vessel, the New World Legacy, will sail for Jamaica's Pedro Bank on April 4, 2004.
Personnel from Ruby and Ruby's marine archaeological consulting group, the Center for Maritime & Underwater Resource Management (CMURM), were in Jamaica last week establishing shore logistics for the arrival of the New World Legacy. Jamaican governmental officials have been formally notified of the sailing date, as specified in Ruby's Pedro Bank permit. An article covering parts of the visit appeared last week in "The Gleaner," a Kingston, Jamaica newspaper. A copy of this article is posted on Ruby's Internet site.
The New World Legacy, a 110', 169-ton ship, was built specifically for historic search and recovery operations in the Caribbean. The ship will accommodate 21 persons, including a crew of 4. It has been outfitted with sophisticated dive-support equipment and special marine survey and recovery equipment, including a "fish tow" cesium magnetometer, two hand-held cesium magnetometers, sub-bottom mapping electronic equipment and software, two 18-foot Boston Whalers, a heavy-duty crane, air compressors for diving tanks, and a full dive air Nitrox System. Ruby intends to utilize the ship for its Pedro Bank operations. The ship should be ideal for such operations because many of the shipwreck targets are in shallow waters and the ship only drafts 8 feet.
Ruby is currently completing construction of its first operational remote-sensing field unit which incorporates the Company's patented ATLIS(tm) detection technology. Construction of this unit was begun in early December of 2003 and completion is expected in late April of 2004. After testing, this unit will be taken to Jamaica for deployment on the New World Legacy.
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 2002 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.