ATLANTA, Oct. 23, 2003 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM), a Colorado corporation ("Ruby"), which conducts its operations through its wholly-owned subsidiary, Admiralty Corporation, a Georgia corporation ("Admiralty"), today releases a preliminary report of the estimated population of historic shipwrecks at Pedro Banks, Jamaica, prepared by Kenneth J. Vrana and Philip J. Wright of the Center for Maritime & Underwater Resources Management (CMURM), www.cmurm.org.
Introduction
An important goal in archaeological survey of historic shipwrecks and other underwater cultural heritage is to profile the existing population of sites within a defined geographic area for purposes of research, education, and other aspects of resource management. A "profile" is defined as a set of data that describes and segments these sites according to certain characteristics. A "population" is all members of a target group.
In this instance, we are interested in profiling the population of historic shipwrecks within the prescribed area for Pedro Bank, Jamaica. The prescribed (survey) area is described in the license agreement between Admiralty Corporation and the Government of Jamaica, and totals approximately 2,000 square miles (5,200 square kilometers). Characteristics of these shipwrecks of importance to Admiralty Corporation and the Government of Jamaica include physical location, type of vessel, nationality, historic period of operation, current condition, and type of surrounding marine environment.
The study of written records (e.g., government documents, ship's manifests, personal diaries, popular accounts) can provide a preliminary profile of potential sites, however, the accuracy of written records is often limited by factual errors, omission of information, biases of authors, and sometimes, purposeful deceptions of reality. Professional historians, therefore, focus on the interpretation of "primary" records and study a variety of sources to enhance the accuracy of their conclusions. Primary records can be defined as those sources of information closest to the actual event (e.g., statements of witnesses, information gathered by governmental authorities investigating an accident).
Historical archaeologists study written records as well as material evidence (i.e., artifacts, structures, sites, landscapes) in order to shape and share their perceptions of the past. In the case of Pedro Bank, there have been some initial professional contributions in archival and other historical research (e.g., Robert Marx, Texas A&M University, Institute of Nautical Archaeology, Tryall Associates, Ltd., Jamaica National Heritage Trust). In addition, there are many secondary (popular) sources of information that may or may not be accurate in their accounts.
The most recent professional archaeological study at Pedro Bank was completed in 1987. The principal investigator of this study concluded (Parrent prob. 1988:14):
Surveys on Pedro Bank should continue until all of the area has been properly surveyed. The Genovesa, as well as other wreck sites, have yet to be found. In order to manage the archeological sites on Pedro Bank, the GOJ (Government of Jamaica) needs to know the location and tentative identification of all sites located there.
Pedro Bank Project
The study of primary written records in archives and other documentary collections is an important component of archaeological research for the Pedro Bank Project because (1) historic shipwrecks are a significant as well as interesting theme in the study of Jamaica's maritime heritage, and (2) only initial professional study has been completed on this theme. Based on a preliminary review of historical information from available sources, there are probably 300 or more historic shipwrecks located in the vicinity of Pedro Bank. Pedro Bank is a shallow-water "hazard to navigation" in the Caribbean Sea, and can be reasonably portrayed as a "ship-trap."
In particular, Pedro Bank is located along the primary Spanish sailing route between Cartagena, South America and Havana, Cuba during the 16th through early 18th centuries. This sailing route was used to transport "treasure" of the New World to Havana, in preparation for the long voyage back to Spain. Although many researchers have focused on the Spanish vessel la Nuestra Senora del Carmen (commonly called Genovesa), initial archival research indicates that as many as 10 vessels from Spanish treasure fleets may have been lost in the Pedro Bank area (Hoyt 1984:102). These lost vessels can be considered as valuable assets to shareholders and the Government of Jamaica through archaeological operations, educational products, and tourism-related offerings to the public. In addition, there are scores of other shipwrecks in the Pedro Bank area that will be of historical, cultural, educational, recreational, and economic value to shareholders and the Government of Jamaica.
Admiralty Corporation is looking forward to revealing the human stories and sharing the realities of Pedro Bank during the upcoming years of field operations. This will require an innovative scientific application of remote-sensing technologies, operational facilities, and professional expertise from many different disciplines and trades. The outcome, however, can provide a captivating window into European ambitions for wealth and glory in the Caribbean as well as development of Jamaica as a nation.
Bibliography:
Geddes, Donald G. 1988. Archival Research Concerning the Loss of Four Ships of the 1691 Spanish Tierra Firme Fleet: A Preliminary Report. In Underwater Archaeology Proceedings from the Society for Historical Archaeology Conference, pp. 65-67. Edited by James P. Delgado. Reno, Nevada.
Hoyt, S.D. 1984. The Archaeological Survey of Pedro Bank, Jamaica 1981-1983. In The International Journal of Nautical Archaeology and Underwater Exploration, Volume 13, No. 2, pp. 99-111. Academic Press, New York. (This article is the most comprehensive treatment of the archaeology of Pedro Bank that currently exists).
Lewis, Bernard C. 1949. Treasure on the Pedro Bank. In The Jamaican Historical Review, Vol. 2, No. 1, pp. 26-32. Jamaican Historical Society, Kingston, Jamaica. (This article focuses on Genovesa).
Marx, Robert. 1983. Shipwrecks in the Americas. Bonanza Books, New York. (Suggests 145 shipwrecks in Jamaican waters from 1504-1824).
Marx, Robert F. 1971. Shipwrecks of the Western Hemisphere:1492-1825. Bonanza Books, New York, Parrent, James M. (prob. 1988). Archaeological Investigation of Pedro Bank, Part II. Unpublished report to the Jamaica National Heritage Trust. Tryall Associates, Ltd.
Information about Ruby/Admiralty (the "Company")
The Company has developed unique, proprietary detection technology, which it calls ATLIS, for use in locating and excavating valuable cargoes from historical shipwrecks, primarily Spanish, Portuguese, Dutch, English, and French shipwrecks dating from the late 15th through the 19th century. The initial target area for the Company's archaeological operations is the Pedro Bank, roughly 2,000 square miles of ocean territory approximately 80 miles southwest of Kingston, Jamaica. Admiralty holds an exclusive permit from the government of Jamaica for exploration and excavation of historic shipwrecks located in these waters. The waters of the Pedro Bank are believed to be some of the richest in the world for shipwrecks from three centuries of Spanish flotillas carrying gold and silver bars and coins, as well as valuable gemstones and artifacts, from Central and South America, to the Spanish Empire. Admiralty has also negotiated the key terms and conditions for a proposed license from the Government of Mexico to locate and excavate historic shipwrecks in the territorial waters of Mexico, a license which Admiralty believes will be issued by the end of the first quarter of 2004.
The Company has enhanced the shipwreck search capabilities associated with its ATLIS detection technology by positioning itself to acquire and use specialized fly-over (aerial) remote-sensing analyses to detect underwater anomalies, which may indicate the presence of historic shipwrecks in licensed waters. The Company is also actively prosecuting applications for patents to protect its ATLIS technology. The Company's principal objective is to utilize its proprietary, patent-pending technology, in partnership with domestic and foreign governments, marine archaeologists, research historians, and research scientists, to become the recognized world leader in the location and excavation of historic shipwrecks.
The Company is also actively exploring the possibility of utilizing its ATLIS technology to assist the federal government in locating unexploded ordnance (bombs, artillery shells, ammunition, weapons, and other potentially explosive military devices and materials), commonly referred to as "UXO," in the territorial waters of the United States. Once properly located, the UXO may then be safely disposed of on site or retrieved and transported to a safe disposal site. In an effort to expand this new business opportunity to include land mines and other land-based (terrestrial) UXO, the Company recently granted the Georgia Tech Research Institute a non-exclusive license to develop the ATLIS technology for use in locating land mines and other terrestrial UXO, without the obvious dangers inherent in conventional location methods which often rely on digging, probing, and drilling.
Both marine, but especially land-based, UXO pose a serious, often lethal, threat to the safety and well-being of millions of people. There are 15,000 to 20,000 new casualties in over 75 countries from land mines and UXO each year. The cost of successfully remediating the thousands of UXO and land mine sites worldwide is typically estimated in the hundreds of billions of dollars, and it has been estimated that 100 years may be required to conduct full remediation activities with conventional technology.
The Company plans to generate future revenues from six principal sources: (i) sale of select cargo and other cultural materials from historic shipwrecks; (ii) sale of merchandise; (iii) fees from artifact exhibitions; (iv) corporate sponsorship fees; (v) sale and licensing of intellectual property rights; and (vi) fees from government agencies for assistance in locating and retrieving UXO for disposal.
Additional information about the Company can be found at www.admiraltycorporation.com.
Caution Regarding Forward-Looking Statements
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectation or beliefs, as well as assumptions made by, and information currently available to, management. The Company's actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, but not limited to, governmental, monetary and fiscal policies; our ability to obtain financing for operations; our ability to establish and maintain relationships with foreign countries; our ability to secure and perform under contracts, licenses and other agreements; adverse changes in laws and regulations; adverse decisions and orders of courts and regulatory agencies; development of competing technology to ATLIS; our ability to acquire marine vessels and conduct successful operations; less than expected performance of the ATLIS technology under actual field conditions; the issuance of patents providing adequate protection for the ATLIS technology; the successful adaptation of the ATLIS technology for use in detecting UXO and land mines; and adverse changes in the securities markets. The Company does not undertake to update any forward-looking statements that may be made from time to time by, or on behalf of, the Company.