The approval letter neets to be signed and sent back to Oman agreeing with the terms of the approval letter, then the attorneys and Mr. Drohan will sign with Oman the DA.
NEW YORK, May 12, 2008 (PRIME NEWSWIRE) -- Omagine, Inc. (OTC BB:OMAG.OB - News), (the ``Company'') today announced it received an official letter from the Government of Oman (the ``Government'') formally approving the terms by which the Omagine Project will be developed (the ``Approval Letter'').
The Company is required to formally notify the Government in writing by May 30, 2008 of its approval of the Approval Letter and furnish the Government with various confirmations relating to shareholders of the Project Company and elements of the Project.
The Company's president, Frank J. Drohan, said: ``We are gratified by this final approval and pleased with the results. Our carefully chosen strategic investor partners including CCC, Bank Muscat and local Omani business persons are committed to delivering this signature project for the people of the Sultanate of Oman. Our attorneys are now concluding the Development Agreement with the Ministry of Tourism and we and the Government look forward to signing it within the next several weeks.''
