Good morning to you all. Please find enclosed a summary of the breaking small-cap and micro-cap financial news we highlighted on AGORACOM Small Cap TV this morning. It’s June 1st, 2011, and we’ve found 4 great press releases to report on at the open. Another great day for small-cap and micro-cap financial news. To watch the show live every morning at 9:30 AM, visit our front page.

Omagine LLC Shareholder Agreement Is Signed

Omagine, Inc. (OTCBB: OMAG) (OTCQB: OMAG)

today announced that Omagine, Inc. (the "Company") and three other investors (the "New Shareholders") have signed a shareholder agreement with respect to Omagine LLC (the "Shareholder Agreement"). Prior to the signing of the Shareholder Agreement Omagine LLC was a wholly owned subsidiary of the Company.

Omagine LLC was formed in the Sultanate of Oman by the Company to develop, own and operate the Omagine Project which is estimated to cost approximately $2.5 billion to develop and construct. The New Shareholders are (i) the office of Royal Court Affairs, (ii) Consolidated Contracting Company S.A. and (iii) Consolidated Contractors Co. Oman LLC.

"We are tremendously pleased with the recent signing of the Omagine LLC Shareholder Agreement and we are extremely proud to have such highly effective and strategic shareholders to guide the success of our Omagine LLC subsidiary," said the Company's president, Frank J. Drohan.

Drohan continued, "The Company's Board of Directors and the New Shareholders in our Omagine LLC subsidiary look forward to signing the Development Agreement with the Government of Oman and to beginning the development of the Omagine Project."

Pursuant to the Shareholder Agreement, the Company's 100% ownership of its Omagine LLC subsidiary will be reduced to 60% and the Company and the New Shareholders will invest approximately $70 million U.S. dollars into Omagine LLC.

The ownership of Omagine LLC is now as follows:

Omagine, Inc. 60%
Royal Court 25%
CCC-Panama 10%
CCC-Oman 5%

About the Omagine Project.
The Omagine Project is planned to be developed by Omagine LLC on approximately 245 acres of beachfront land facing the Gulf of Oman just west of Oman's capital city of Muscat and near Muscat International Airport. The Omagine Project is planned to integrate cultural, educational, entertainment and residential components, including tourism, retail, entertainment, hotels and commercial components plus approximately two thousand residences.

Last: 1.84Range: 2.00-0.51Market Cap: 23.1 million

Link to hub

Rio Novo Completes Acquisition of 100% of the Toldafria Gold Project in Central Colombia with Resource Estimate of 952,000 oz

Rio Novo Gold Inc RN

Rio Novo Gold Inc. (TSX:RN) (TSX:RN.WT) ("Rio Novo" or the "Company") is pleased to announce that it has completed the acquisition and assumed operational control of 100% of the Toldafria Gold Project, located in central Colombia. The acquisition, at an initial purchase price of about US$10 per ounce, immediately doubles Rio Novo's existing resource base to approximately 1.8 million ounces, and provides geographic diversification into one of the most important and underexplored gold jurisdictions in the world.

Toldafria Gold Project Highlights:

--A 947,000 oz Au Inferred resource at a grade of 2.38 g/t and 5,000 oz Au
Indicated at a grade of 3.88 g/t using 0.5 g/t cut off (for details
please refer to the Technical Report);
--Located 12 km southeast from Manizales, a city with a population of over
400,000 people and good infrastructure, daily air service, abundant main
grid hydropower, services, and an available workforce;

About Rio Novo

Rio Novo is currently focused on the acquisition, exploration and development of gold mineral resource properties in Brazil and is initiating similar efforts in Colombia. The Company's goal is to become a producer of gold in the short term by bringing into production its two Brazilian properties, the Almas Gold Project, located in the State of Tocantins State, and the Guaranta Gold Project, located in the State of Mato Grosso. Both projects enjoy established infrastructure in mining friendly jurisdictions. In addition to exploring and developing the Almas and the Guaranta Gold Projects, the Company intends to identify, explore and develop or acquire additional precious metals properties in Brazil and other established mineral jurisdictions in South America.

Last: 1.43Range: 2.82-1.10Market Cap: 158.8 million

Link to website

True North Gems Receives Positive Pre-Feasibility Study for Aappaluttoq Ruby Deposit

True North Gems Inc TGX

True North Gems Inc. (the "Company") (TSX VENTURE: TGX) is pleased to announce the receipt of a draft pre-feasibility study for the Aappaluttoq Ruby and Pink Sapphire Project in Southwest Greenland.

This study was completed on the Aappaluttoq deposit, one of several ruby discoveries on the property, and was prepared by EBA, a Tetra Tech Company, of Vancouver BC ("EBA") and MT Hojgaard of Denmark and Greenland following the resource estimate released on May 17, 2011. Key operating parameters:

--Open pit mine with a 9 year mine life

--Camp and mine facility easily accessible to cost-efficient water

transportation

--Total probable reserve of 161,600 tonnes of ore grading 350 grams per

tonne of clean corundum

--Processing of 1,100 tonnes of ore in the year of construction,

increasing to an average of 22,000 tonnes per year by year 3

--Initial capital investment of $37.4 million including contingency of

$4.4 million

--IRR pre-tax (100% equity) of 19.1%

--IRR after-tax (100% equity) 16.5%

--NPV pre-tax (100% equity) $25.7 Million (8% discount rate)

--NPV after-tax (100% equity) $17.5 million (8% discount rate)

"Today's release demonstrates that the Aappaluttoq ruby project is economic with modest capital requirements in a secure and welcoming jurisdiction. We believe that rough ruby and pink sapphire valuations completed on 2006 surface bulk samples and outlined in news releases of January 16 and 17, 2008, will ultimately prove to be lower than prices attained in the current market once sales are initiated," commented President and CEO Nicholas Houghton. "We look forward to completing the necessary next steps towards developing this mine and showcasing Greenland rubies and pink sapphires. We have the opportunity to open a new chapter in the coloured gemstone and jewelry world."

About the company

True North Gems Inc. is listed on the TSX Venture Exchange and is engaged in the exploration and development of Greenlandic and North American coloured gemstone prospects. The Company is a pioneer in coloured gemstone exploration and, currently in Greenland, has the rights to earn 100% interest in the Aappaluttoq ruby and pink sapphire project, holds a 100% interest in the Tsa da Glisza emerald property, Yukon, and the Beluga sapphire property located on Baffin Island, Nunavut. True North's prime focus remains the commercial advancement of the Aappaluttoq Ruby Project in Greenland.

Last: 0.11Range; 0.19-0.07Market Cap: 17.1 million

Link to hub

Salazar Continues to Cut High Grade in Curipamba With 7.95 Meters of 10.32 g/t Gold, 227.51 g/t Silver & 6.31% Zinc

Salazar Resources Ltd SRL

Salazar Resources Ltd. (TSX VENTURE:SRL)(FFRANKFURT:CCG) reports new assay results from the ongoing diamond drilling program on its 100% owned (30,327 ha), precious metals' rich Curipamba volcanogenic massive sulphide project in Ecuador. Hole 113 intersected 7.95 meters of mineralization grading 10.32 g/t gold, 227.51 g/t silver, 0.75% copper, 2.88% lead and 6.31% zinc, including 2.40 meters grading 33.24 g/t gold, 734.63 g/t silver, 2.31% copper, 9.42% lead and 18.99% zinc

Mr. Salazar says, "The hole 113 intersection is further confirmation of the extent and character of the high grade mineralization in this area of the El Domo deposit. The high gold and silver values are particularly impressive."

Salazar Resources Limited

About Salazar Resources: Salazar Resources Ltd. is a publicly-listed (TSX VENTURE:SRL)(FFRANKFURT:CCG) mineral resource company engaged in the exploration and development of new highly prospective areas in Ecuador. Led by a senior Ecuadorian management team and most notably by its namesake Fredy Salazar, this team has been instrumental in other major discoveries throughout Ecuador. Being an Ecuadorian based company gives the company a strategic advantage enabling the company to complete exploration at a rapid pace. With an excellent property portfolio (3 projects- 42,900 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador and throughout South America.

Last: 0.91Range; 1.60-0.80Market Cap: 36.3 million

Link to hub