ATLANTA, May 4, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its wholly-owned subsidiary, Admiralty Corporation ("Admiralty"), announced that the United States Patent office has issued Patent number US 6,724,191 B1 dated April 20, 2004 and titled "Systems and Methods Useful for Detecting Presence and/or Location of Various Materials". The inventor is James W. Larsen. The patent is assigned to Admiralty Corporation and seven (7) claims have been allowed. The abstract reads, "The present invention provides systems and methods which can be employed to locate or detect presence of various materials, including nonferrous metals. These systems include new and useful sensors, circuits, systems and devices which power and/or interoperate with the sensors, and methods of making, operating and using such systems. Any or all of the systems, devices or processes can be combined with other systems, devices or processes disclosed."
Additional patents have been filed and are currently pending.
We have begun to post on our web site: (www.admiraltycorporation.com) a series of articles discussing historic ships believed to have wrecked within the Pedro Bank permit area. For the past several years, Admiralty has been laying the ground work for its planned archaeological operations on the Pedro Bank. Of particular interest are historic shipwrecks from the 1500s through the 1800s. To keep our shareholders and others apprised of this exciting endeavor, a continuing series of articles on the maritime heritage of the Pedro Bank will be posted on the Admiralty web site by our field archaeologists. The first submission is titled "The Tierra Firme Fleet of 1691: Caught by the Viper", an article which readers should find very interesting and informative.
In other news, we are pleased to announce that SPELMAN RESEACH, an independent investment research company, has rated our company. The report can be found on our web site and at: (www.spelmanresearch.com).
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 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.