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Jamaica Approves Admiralty's Plan to Commence Archaeological Operations on the Pedro Bank


ATLANTA, Sept. 5 /PRNewswire-FirstCall/ -- Ruby Mining Company (OTC Bulletin Board: RUBM), a Colorado corporation d/b/a Admiralty Corporation ("Admiralty"), today announced that the Jamaica National Heritage Trust, on behalf of the Government of Jamaica, has accepted Admiralty's Project Research Design for the Pedro Bank (the "Project Plan") and, accordingly, has granted approval for Admiralty to commence archaeological operations on the Pedro Bank in accordance with the Project Plan and Admiralty's exclusive License Agreement with the Jamaican Government. The Project Plan is a very detailed document, which will guide Admiralty's remote-sensing surveys, site assessments, and excavations on the Pedro Bank as well as conservation of cultural materials recovered from prehistoric and historic sites. Pedro Bank is a large underwater "plateau" in the Caribbean Sea, southwest of Kingston, Jamaica.

The Project Plan was prepared for Admiralty by the Center for Maritime & Underwater Resource Management ("CMURM"), a non-profit organization which assists and advises businesses, communities, and governments on projects involving the management and development of maritime and underwater resources, and Mount McGovern Co., Ltd. ("Mount McGovern"), a Canadian firm with expertise in archaeology and heritage resource management. Areas of expertise of CMURM and Mount McGovern include historic shipwrecks and other maritime heritage, marine parks and protected areas, water-based recreation, coastal and heritage tourism, and scientific diving. CMURM and Mount McGovern produced the Project Plan in collaboration with the Government of Jamaica and Heritage Resource Management. The full title of the 340 page document is The Underwater Cultural Heritage of Pedro Bank, Jamaica: Project Research Design.

The importance of the Pedro Bank area as a repository of historic shipwrecks cannot be overstated. As the Project Plan notes, Pedro Bank represented a hazard to navigation on the historic sailing routes that crossed through this section of the Caribbean Sea. Consequently, numerous marine casualties have occurred at this location over time, and the remains of many submerged watercrafts are expected to currently exist. The majority of these sites are shipwrecks associated with exploration and territorial expansion by European nations from the late 15th to the 19th century. During this time, European economic systems, defined in terms of mercantile trade, were the essential maritime influences in the Caribbean region.

Kenneth Vrana, President of CMURM, commented that the acceptance of the Project Plan and the authorization for Admiralty to commence operations on the Pedro Bank represent "an important milestone in the development of public- private partnerships for underwater archaeological research. Such partnerships are becoming increasingly important in assembling the professional expertise, advanced marine technology, and financial capabilities necessary for conducting complex underwater operations."

Ms. Susanne Lyon, Executive Director of the Jamaica National Heritage Trust, stated that:

"The site is rich in the historic information it can provide. This agreement can be considered monumental. It has established a protocol for encouraging archaeological research through private sector partnership, not only in Jamaica, but in the entire Hemisphere.

"The Trust is excited with respect to the benefits to be realized, which included museum displays, educational products and other significant contributions to Jamaican Heritage Tourism Product."

Mr. Herbert Leeming, President and Chief Executive Officer of Admiralty, added the following: "The spirit of cooperation and hard work exhibited by representatives of Admiralty, the Jamaican National Heritage Trust, Jamaican Government, CMURM, and Mount McGovern is nothing short of remarkable. If this spirit continues as the Pedro Bank Project gets underway (and I am fully confident it will), I do not see how we can fail to make the Project a stunning success. And I believe I speak for all interested parties when I say that we are chomping at the bit to get in the water and get field operations on the Pedro Bank in full swing."

Information about Admiralty

Admiralty 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 Admiralty'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.

Admiralty 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. Admiralty is also actively prosecuting applications for patents to protect its ATLIS technology. Admiralty'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.

Admiralty 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, Admiralty 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.

Admiralty 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 Admiralty 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.

SOURCE Ruby Mining Company

CO: Ruby Mining Company; Jamaica National Heritage Trust; Center for Maritime & Underwater Resource Management; Mount McGovern

ST: Georgia, Jamaica

SU: OTC

Web site: http://www.admiraltycorporation.com

http://www.prnewswire.com

09/05/2003 08:30 EDT