ATLANTA, June 25, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its wholly-owned subsidiary, Admiralty Corporation ("Admiralty"), announced that the New World Legacy sailed from Kingston Harbor en-route to Underwater Treasure Associates (UTA) permitted site in the Gulf of Mexico. Earlier this month Ruby entered into an agreement with UTA for purposes of managing the exploration and recovery of valuable shipwrecks and cargos and other underwater cultural heritage at a site in the Gulf of Mexico. Underwater Treasure Associates is the owner and salvor-in-possession of property within its permitted area pursuant to a ruling of a U.S. District Court.
This agreement represents the first of a series of planned actions which are designed to diversify Ruby's operations and opportunities. The agreement does not give Underwater Treasure Associates any ownership position in Ruby or any rights in, or access to, the proprietary ATLISTM technology. Instead, it allows Ruby to share the rights in a marine permit which will enable both companies to benefit if any shipwreck in the permitted area contains valuable cargo. Initial survey work will be conducted.
As Ruby continues to analyze the data collected from its expedition on the Pedro Bank (under license from the Government of Jamaica), begins preparation of a restoration laboratory, and completes and tests the ATLISTM field unit, we intend to fully utilize our research vessel, the New World Legacy, on other projects to maximize utilization of our resources. Discussions are currently underway with other companies who hold active permits to utilize the New World Legacy's outstanding survey capabilities as the hurricane season approaches at the Pedro Bank.
In other news, as mentioned previously, Ruby has taken steps to de-list its stock from the Berlin Stock Exchange. The stock has been de-listed as of June 16, 2004.
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.