ATLANTA, July 7, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its subsidiary, Admiralty Corporation ("Admiralty"), has posted on its Web site another installment on the renowned Terra Firma Fleet of 1691. "Chapter IV: The Bottom Line - What Might Be Found At The Shipwreck Site Today", is authored by James Reedy, Jr., an archaeologist from the Archaeology & Maritime Heritage International, LLC (AMHI). It appears that over 90 percent of the original cargos from ships lost from the 1691 fleet may remain un-salvaged. During our survey of C Shoal in May 2004, two sites which proved to be ancient wrecks were investigated. None of the signs of destruction usually associated with looting activity were evident. The large ballast piles, which typically are the first target of treasure hunters, were virtually intact. One site contained twenty large cannon and six anchors. Had the sites been thoroughly salvaged when the ships wrecked, it is doubtful the salvor would have left such valuable items behind. Although data on the four 1691 ships wrecked on the Pedro Bank is far from complete, it is logical to believe that they carried cargoes similar to those carried by the rest of the fleet. Quotes from existing records state of the four lost ships: "...the loss of silver and other effects is very considerable and the merchants are not prepared to let the English and pirates take that treasure." And further: "... the amount of silver which remained in the ships was considerable; it was said that two million (pesos) were lost in the said four ships." Data analysis and archival research continue.
The initial survey work in the Gulf of Mexico in the Underwater Treasure Associates permitted area has been completed. We were hopeful to find evidence of cannon in the area, but did not. A copy of the entire data file has been shared with Underwater Treasure Associates for detailed analysis by their geologist.
A new feature, "Questions from Shareholders," will be added this month to our website. Any shareholders or other interested parties are invited to e-mail us questions and we will try to respond.
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.