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AGORACOM WIRE - WEDNESDAY MAY 30TH, 2012

GOLDEN HOPE MINES (TSXV:GNH) Confirms High Grade Intersection of 64.1 g/t Au (Gold) over 1m Read More

The screen metallic analysis returned 82 g/t Au for an average grade of 93.5 g/t Au.
Two additional fire assays on the original pulp done prior to the screen metallic analyses returned 0.22 g/t Au and 0.12 g/t Au for an average fire assay grade of 0.41 g/t Au. The weighted average of all the fire assays and screen metallic assays from this 1-metre section in hole BD2011-184 is 64.1 g/t Au.

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CONTINENTAL ENERGY Geothermal Energy Project Receives US$ 11.5 Million Grant Read More * Client

AGORACOM Launches Graphite Stocks Blog

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Re: Follow Up Question

in response to Follow Up Question by thepez

posted on Feb 21, 08 08:07AM

Once again thank oyu for your inquiry. Pursuant to the draft Development Agreement now being discussed, Omagine Co's rights of use and ownership of the Omagine Site will be represented by a "Usufruct Agreement" wherein Omagine Co is granted a fifty (50) year lease over the Omagine Site at an annual lease cost of USD $0.80 per square meter, except that the lease cost during the first five years of the Usufruct (the construction period of the Omagine Project) will be zero.

The Projected Financial Model presently predicts an internal rate of return ("IRR") for the Omagine Project of 20% and net positive cash flow in excess of USD $600 million (the "Projected Cash Flow") over the five year period immediately subsequent to the signing of the Development Agreement. As of the date hereof, the "net-present-value" of such Projected Cash Flow is projected to be approximately USD $300 million.

Regards,

Agoracom Investor Relations

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