ATLANTA, Sept. 21, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its subsidiary, Admiralty Corporation ("Admiralty"), has announced a strategic alliance with Nova Marine Explorations, the Parent Company of Nova Ray(r), Inc. ("NRI"), of Kirkland, WA, producer of the Nova Ray, a highly advanced winged submersible remotely operated vehicle (ROV), and John Doering, a renowned and experienced treasure hunter. An agreement has been signed by the parties to locate, arrest, explore for and recover four deep water shipwrecks which lie in international waters and which will need to be properly arrested. Mr. Doering, who will serve as the lead consultant on the project, participated in the search for the famed Atocha wreck with Mel Fisher and also was a key participant in the recovery of the heavily gold-laden SS Central America. More information about John can be found on our web site, www.admiraltycorporation.com. Ruby CEO, G. Howard Collingwood, stated, "To be working with a man of John's caliber and experience is an honor. We can and will learn much from his knowledge and guidance."
The first of the four wreck sites has been code named "Project Green." A copy of the full agreement can be found in Ruby's 8-K filings with the SEC and on our web site.
A ROV suitable to explore the sites is already under construction by Nova Ray(r) and work is expected to begin to arrest the wrecks in the fourth quarter of this year.
In other news, the New World Legacy is intact and her crew is safe. We expect to return to work in the Florida Keys later this week. Also, although the damage in Jamaica done by Hurricane Ivan was severe, all of our personnel are well and the area in which we plan to locate our restoration laboratory was not damaged.
Please visit our web site at www.admiraltycorporation.com for current news and see pictures from Key West.
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.