Dear Omagine Investors; To clarify our previous comment, Omagine Inc. (OMAG) never planned to, nor does it have any present intention to, finance the Omagine Project through the further issuance of shares of OMAG.  OMAG's wholly owned subsidiary, Journey of Light, Inc. (JOL) is presently in the process of forming a subsidiary of its own - Omagine SAOC (the "Project Company") in Oman. JOL will then cause the Project Company to sell minority equity stakes of the Project Company to a limited number of already identified investors. JOL will cause the Project Company to contract with a large local financial institution as its (the Project Company's)  financial advisor and placement agent for (i) any further equity that may be  required subsequent to the signing of the Development Agreement (and JOL management believes at this time that further equity is unlikely to be required, but chose to make provision for the eventuality as a cautionary measure), and (ii) the placement of all required debt (bank loans, etc.) to cover the construction and other financing requirements of the Project Company during the period of construction - and beyond.

So, although like any other responsible corporate entity OMAG may, at its option and depending on future circumstances, decide in the future to issue further shares of its common stock for business requirements that it may have from time to time, it does not intend to do so for the purpose of any Omagine Project financing - all of which Omagine Project financing is intended to be handled as indicated above.  We hope this clarifies the Company's plans and objectives.

Regards,

AGORACOM Investor Relations