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In an 8-K filed yesterday, Omagine stated:

LLC's attorneys were informed yesterday by the Ministry of Tourism ("MOT") that the Development Agreement ("DA") has now been approved by the Ministry of Legal Affairs ("MOLA") with one minor comment (the nature of which we are presently unaware).

This approval by MOLA is the final Government approval required. MOT further informed LLC's attorneys that (i) the MOLA comment will be discussed and resolved with us as soon as possible after the Government returns to work after December 31st, and (ii) the Omagine Project and the final conclusion of the Development Agreement "is now a priority for MOT".

Assuming the Shareholders Agreement with RCA and ALM are finalized in early January and the DA is also finalized in that time period, management presently expects to sign the DA with the Government of Oman sometime in late January 2011.