ATLANTA, April 8, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its wholly-owned subsidiary, Admiralty Corporation ("Admiralty"), today reaffirmed its position announced publicly on November 10, 2003 that International Recovery Group, LLC ("IRG") is defunct and further that neither IRG nor Ocean Resources, Inc. (OTCBB:OCRI) ("OCRI") nor any affiliate of OCRI has any rights to or interest in Ruby's Pedro Bank license or the Pedro Bank permit or the use of Ruby's ATLIS(tm) technology. Accordingly, Ruby disputes and denies OCRI's claim in a press release issued on Tuesday, April 6, 2004 that OCRI has the right to participate with Ruby in its Pedro Bank project. It is Ruby's position that it (together with the Jamaican Government) holds exclusive rights to the Pedro Bank project. Ruby is currently consulting with its corporate and litigation counsel on the appropriate legal steps it should now take to fully enforce its position and negate and counteract the recently announced position of OCRI.
Ruby further notes that OCRI made no objection, until now, to Ruby's position which was delivered to OCRI in writing five and one-half months ago. Ruby finds it inappropriate and unconscionable for OCRI to suddenly seek to claim rights in the Pedro Bank project when Ruby has expended enormous sums of money, time and energy over the past two years on this project while OCRI failed to contribute or even offer to contribute anything to this effort. Ruby intends to vigorously prosecute and defend its position and aggressively protect and preserve its exclusive rights in and to the Pedro Bank project and the deployment of the ATLIS(tm) technology on that project.
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.