Admiralty Announces Plan to Add Significant Line of Business; Company to Enter $380,000,000 Niche Market.

Business Editors/Technology Writers

ATLANTA--(BUSINESS WIRE)--Sept. 25, 2002

Ruby Mining Company (OTCBB:RUBM), a Colorado Corporation, d/b/a Admiralty Corporation ("Admiralty") today announced its plan to expand its business by utilizing its proprietary ATLIS technology first designed to locate and recover historic shipwrecks.

Admiralty now believes its ATLIS technology may provide assistance to governmental authorities in the detection and location of unexploded ordnance (bombs, artillery shells, ammunition, and weapons) commonly known as "UXO."

Admiralty has entered into discussions with the Unexploded Ordnance Center of Excellence, a Department of Defense agency formed to improve the effectiveness and economy of UXO clearance research and development. Due to the number of defense sites in the United States that are in need of UXO remediation, more than $100 million has been earmarked by the U.S. Department of Energy for fiscal 2002. Admiralty believes the use of ATLIS technology could significantly reduce the expenditure of time and financial resources.

Mr. Leeming, President of Admiralty Corporation, stated: "The problem of unexploded ordnance is enormous in the United States, and, sadly, it is even a far greater problem in many other parts of the world, where it poses a lethal threat and danger to thousands, perhaps tens of thousands, on a daily basis. We believe the ATLIS technology can be readily employed to help governmental authorities and others in what may be nothing short of massive UXO location and remediation efforts for decades to come."

Forward-Looking Statements 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that certain statements in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors. Actual events, circumstances, effects and results may be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. At this time, Admiralty has not entered into any arrangement to conduct a search for the alleged Tybee Island Bomb, and there can be no assurance that Admiralty will be successful in entering into any arrangement. In addition, Admiralty has not entered into any formal discussions with any government authorities concerning the detection or locating of any UXOs and there can be no assurance that any such discussions will take place. Consequently, the forward-looking statements contained in this release should not be regarded as representations by Admiralty or any other person that the projected outcomes can or will be achieved.