ATLANTA, March 24, 2005 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM), conducting operations through its subsidiary, Admiralty Corporation (Admiralty), announced today that it has signed a Joint Venture Agreement (JVA) with Corazon & Corazon to arrest and potentially recover valuable artifacts from a shipwreck thought to be either a sixteenth or seventeenth century wreck. The wreck site is situated in international waters in the Caribbean. Several dives have already been made on the wreck and various artifacts have been viewed, including lead sheathing, copper tacks, flints, a large bronze peg (thought to have been used to hold planking together), musket balls, cannon balls, 28 cannons and 5 anchors.
The remains discovered to date are in water less than 100 feet deep. It is believed that the bulk of the remains lie at such relatively shallow depth. Admiralty intends to arrest the wreck in the next few weeks and then to carefully examine the wreck site in due course utilizing its search and recovery vessel, the New World Legacy.
Corazon & Corazon is a Georgia Corporation formed in 1998 to do charitable work. One of the principals of Corazon & Corazon, Dr. Stephen Foster, has been performing charitable work in the Caribbean as a physician. It was during this period that he discovered the wreck while sport diving.
Please visit our website 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.