ATLANTA, April 12, 2005 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM), conducting operations through its subsidiary, Admiralty Corporation (Admiralty), announced today that its ship, the New World Legacy, has sailed into Christobal, Panama to release crew members that must return home. The Corazon Grande sailed to Honduras. Christobal will be our homeport during recovery operations. Initial objectives, to confirm the shipwreck thought to be from the sixteenth or seventeenth century and to film and document items that can be seen on the ocean floor, have been exceeded. While we were able to examine only a relatively small portion of our 30 square mile arrested area, we located a second historical shipwreck, which we believe to be from the early 1800s. Also located were at least three more modern wrecks (fiberglass hulls). In addition to the wrecks located, many artifacts were collected.
The next step is to study the film, photographs and artifacts recovered to try and better date the wrecks and to start the process to identify the ships. This effort has already begun.
We confirmed the report of artifacts by Dr. Steven Foster (a principal of our project partner, Corazon) with our own divers (bronze spikes, large flints, lead sheathing, musket balls and many others) and we are now comfortable in stating that a ship from the sixteenth or seventeenth century indeed wrecked on the reef. We have not yet located the wooden deck that Dr. Foster located on an earlier dive. We believe that is has been covered over with sand. We will be searching for the deck very soon.
The second wreck carried at least 12 cannons and is in a fairly compact heap against the reef. A recovered cannon had the marking "ANS 1813", ANS is French for year. We have code named this wreck "Privateer" because initial research leads us to believe that it was a French Privateer. More work must be completed to confirm this.
It is most important that proper efforts be taken to discover and authenticate each ship's identity and history as well as to protect and preserve all artifacts. We are proceeding with deliberate haste and care and will share information at the appropriate time.
Please visit our website at: www.admiraltycorporation.com for more details (click on Project Orange).
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.