Ruby Mining Company Raises Over $1 Million in Private Placement


ATLANTA, May 9, 2005 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM), conducting operations through its subsidiary, Admiralty Corporation (Admiralty), announced today that a private offering of securities to accredited investors has been completed. Gross offering proceeds totaled $1,058,602.60. The offering consisted of a warrant exercisable at $0.35 for one share of restricted common stock. The warrant cost $0.10 each and it is exercisable until January 31, 2008. The common stock is restricted from resale under Rule 144, unless a registration of the shares occurs first. A mixture of current shareholders and new investors purchased the warrants. Additionally, a number of warrants were exchanged for existing debt.

CEO G. Howard Collingwood, stated, "The company is building the issuance of warrants into its fund raising efforts in order to create a source of continuing capital for the future and to encourage expanded ownership in the company with longer term investors who believe in the future of Admiralty."

The proceeds will be used for working capital, capital expenditures, professional fees and expenses, and accounts payable.

In other news, our survey and recovery ship, the New World Legacy is currently working at the site that we recently arrested in international waters in the Caribbean Sea. Information on our progress can be found on our website www.admiraltycorporation.com under the topic "Project Orange".

Please visit our web site www.admiraltycorporation.com for other news.

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.


            

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