Ruby’s acquisition of shipwreck search and recovery vessel proceeds

2nd Feb 2004

Ruby Mining Company, which conducts its operations through its wholly-owned subsidiary, Admiralty Corporation today announced that the shareholders of Caribbean Treasure Hunters, Inc. have voted to approve the sale to Ruby of the New World Legacy, a 110-foot, 169-ton ship built specifically for historic shipwreck search and recovery operations in the Caribbean. The terms of the acquisition include 1,000,000 shares of Ruby’s Common Stock and the assumption by Ruby of the two perfected liens encumbering the Ship. The shares will be restricted under Rule 144 and must be held for one year from the date of issuance before they be sold.

The Ship will accommodate 21 persons, including a crew of 4. It has been outfitted with sophisticated dive-support equipment and special marine survey and recovery equipment, including a “fish tow” cesium magnetometer, two hand-held cesium magnetometers, sub-bottom mapping electronic equipment and software, two 18-foot Boston Whalers, a heavy-duty crane, air compressors for diving tanks, and a full dive air Nitrox system.Ruby intends to utilise the Ship for its Pedro Bank operations. The Ship should be ideal for such operations because many of the shipwreck targets are in shallow waters and the Ship only drafts 8 feet.


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