ATLANTA, Sep 19, 2002 /PRNewswire-FirstCall via COMTEX/ -- RUBY MINING COMPANY (OTC Bulletin Board: RUBM), a Colorado Corporation, d/b/a Admiralty Corporation ("Admiralty"), Atlanta, Georgia, today announced it is in discussions with representatives of a group of concerned citizens who live near Tybee Island, Georgia. Their concerns center on the perceived danger posed by a hydrogen bomb reported to be lost in the ocean near Tybee Island in 1958 after a mid-air collision between a fighter jet and a bomber carrying the nuclear weapon. Admiralty has been asked by the citizens group to become involved with the appropriate governmental authorities to determine if its proprietary ATLIS technology, which was developed to find gold and silver coins, bars and artifacts in historic shipwrecks, can be used to locate the lost bomb. A wealth of information regarding the so-called "Tybee Island Bomb Incident" can be found at http://www.tybeebomb.com . Admiralty cannot and does not attest to the accuracy or authenticity of the information available on this Internet site.

In commenting on these discussions and the circumstances giving rise to them, Herbert Leeming, Admiralty's Chairman and CEO, stated that, "We believe that our ATLIS technology would be highly effective in helping to locate an object in a marine environment the size and composition of a hydrogen bomb. After all, the very purpose of our technology is to identify and locate non-ferrous objects buried in sand or mud under the ocean."

This development will represent Admiralty's first potential opportunity to apply its proprietary ATLIS technology to the detection and location of unexploded ordnance (commonly known as "UXO") lost or abandoned in the territorial waters of the United States and other countries. Detailed information on the general UXO problem in this country and the public monies budgeted to find solutions to this problem can be found at http://www.uxocoe.brtrc.com, the Internet site for the Department of Defense's Unexploded Ordnance Center for Excellence, the agency set up to investigate and coordinate efforts to solve the UXO problem. Admiralty also cannot and does not attest to the accuracy or authenticity of the information available on this Internet site.

In assessing the potential business opportunity for Admiralty in providing services to help detect and locate underwater UXO, Mr. Leeming commented, "We believe the ATLIS technology can be employed to help governmental authorities and others in underwater UXO location efforts."

About Admiralty Corporation

Admiralty has developed proprietary remote-sensing technology for use, in conjunction with domestic and foreign governments, marine archaeologists, academic institutions, national laboratories and other maritime and scientific experts, in locating and recovering valuable cargoes from historical shipwrecks. Admiralty also now plans to deploy this technology in the business of locating unexploded ordnance in marine environments. More information on Admiralty can be found at http://www.admiraltycorporation.com .

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.

Additional Information and Where to Find It

Admiralty files annual, quarterly and special reports and other information with the United Sates Securities and Exchange Commission ("SEC"). You may read and copy any reports, statements or other information filed by Admiralty at the SEC's public reference room at 450 Fifth Street, N.W., Washington, D.C. 20549 or either of the SEC's other public reference rooms in New York, New York or Chicago, Illinois. Please call the SEC at 1-800-SEC- 0330 for further information on the public reference rooms. Admiralty's filings with the SEC are also available to the public from commercial document retrieval services and at the Internet web site maintained by the SEC at http://www.sec.gov.

      Contact:   Herbert C. Leeming
                Chairman and CEO
                Ruby Mining Company
                (404) 231-8500
                     MAKE YOUR OPINION COUNT -   Click Here
                http://tbutton.prnewswire.com/prn/11690X05647163

SOURCE Admiralty Corporation; RUBY MINING COMPANY

Herbert C. Leeming, Chairman and CEO of Ruby Mining Company,
+1-404-231-8500

http://www.admiraltycorporation.com

Copyright (C) 2002 PR Newswire. All rights reserved.

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