CLR the crap out of it, use some brass bristled brushes to get the worst of it out. Clean the rust off thoroughly. Lube liberally with a silicon lube or whatever you like that can penetrate into pits and other parts of the metal. Work it a few times to ensure the oil gets in.
Let it sit for a day or so, then lube it again. (or use it during that day, whatever, just be sure to lube it some more.)
After doing this a couple of times, mine hasn't rusted again, it just got the dark iron patina and it's kept itself like that, even when I go months without using or touching the press. My press is also estimated to be over 40 years old and is working like a champ.
Originally Posted by greasemonkey
1911's instill fairy dust in the bullets, making them more deadly.