ATLANTA, Nov 10, 2003 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its wholly-owned subsidiary, Admiralty Corporation ("Admiralty"), today announced the nullification, cancellation and discontinuation of International Recovery Group, LLC ("IRG"). IRG was formed in early March of 2002 between Ruby and Argosy International, Ltd. ("Argosy"), an affiliate of Ocean Resources, Inc. (OTCBB:OCRI), as a joint venture to conduct marine exploration operations on the Pedro Bank and engage in shipwreck exploration and recovery operations in other jurisdictions. However, IRG has been virtually inactive and the involvement of Argosy has been virtually non-existent from IRG's formation 20 months ago. Moreover, several fundamental conditions to IRG's viability and continuation as an entity have never been satisfied, not the least of which were the lack of sufficient funding, the failure to have even an organizational meeting, and the failure of the Government of Jamaica to approve Argosy as the Project Manager for the Pedro Bank expedition. No concrete steps whatsoever have been taken by IRG in furtherance of IRG's stated purpose "to explore shipwrecks and shipwreck sites and to research, conserve, and market objects from such shipwrecks and shipwreck sites." Ruby has received no help or support from Argosy, never received its $1,000,000 fee from IRG, and, as a 50% owner, deems IRG rescinded, abandoned, cancelled, dissolved, and terminated and any agreements or arrangements between Ruby and Argosy null and void and of no further effect. Ruby has notified Argosy in writing of its decision and position in this matter.
Herbert Leeming, Chairman and CEO of Ruby, commented, "It is unfortunate that IRG never really got off the ground. We honestly tried repeatedly to elicit assistance from Argosy, but were unsuccessful in our efforts. Frankly, it was quite rare for us even to get a response at all to our calls. Be that as it may, what is done is done (or in this case maybe I should say 'undone') and it is better to go forward than look back. Fortunately, Ruby did not depend on IRG to maintain the integrity of the Pedro Bank Permit. Instead, we showed our resilience and our commitment to that project and we alone kept that Permit alive and well. We alone met repeatedly with the representatives of The Jamaican National Heritage Trust (the "Trust") and other Jamaican officials. We alone paid for and engaged the services of the Center for Maritime and Underwater Resource Management ("CMURM") and worked hand in glove with CMURM to prepare the project design for conduct of marine archaeological operations on the Pedro Bank which was accepted by the Trust."
Murray Bradley, CFO, Secretary and Treasurer, stated, "We now view this development as positive for the shareholders of Ruby because we will now keep one hundred percent (100%) of the net revenues for the Pedro Bank project. Additionally, since we are now moving forward with our intentions to acquire a survey and salvage ship, it makes even more sense for us to reap the rewards for the entire project."
Herbert Leeming further stated, "We have already executed a letter of intent to acquire the ship we would like to use for initial Pedro Bank operations, the New World Legacy. We are currently in negotiations with qualified and experienced mariners and nautical experts to work on our Pedro Bank operations. We have brought in a new President and Chief Operating Officer who has proven operational capabilities to manage our Pedro Bank operations, as well as our other operations. We have developed solid, ongoing working relationships with highly qualified marine archaeologists and Jamaican officials. We are in the process of raising the capital necessary to begin operations on the Pedro Bank early next year. Thus, we are busy bringing together all of the elements necessary to make the Pedro Bank project in particular and the overall company in general very successful. "
Information about the Company
The Company has developed unique, proprietary detection technology, which it calls ATLIS, for use in locating and recovering valuable cargoes from historical shipwrecks. The initial target area for the Company's archaeological operations is the Pedro Bank, Jamaica, for which Admiralty holds an exclusive exploration permit. The Company's principal objective is to utilize its ATLIS detection technology, in partnership with governments, archaeologists, historians, engineers and scientists, to become the recognized world leader in the location and recovery of historic shipwrecks.
The Company is also actively exploring the potential use of its ATLIS technology to assist governmental authorities in locating unexploded ordnance (bombs, artillery shells, ammunition, weapons, and other potentially explosive military devices and materials), commonly referred to as "UXO," in both marine and terrestrial environments.
Additional information about the Company can be found at www.admiraltycorporation.com.
Caution Regarding Forward-Looking Statements
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