On Friday, Spectral Capital Corp. announced that they signed a Letter of Intent to acquire a significant gold mine resource in Kazakhstan. Spectral Capital Corporation is a U.S. based publicly trading company that lists on the OTC Bulletin Board as FCCN and on the Frankfurt exchange as F3SN.
The Company is currently engaging in due diligence on the Kazakhstan property. They expect to close the acquisition early in the first quarter of 2011. This is provided that the due diligence process validates the size and scope of the gold resource.
Jenifer Osterwalder, Spectral CEO, stated, “We believe that this massive resource is already in production and has all the permits required by Kazakh authorities. This resource is substantially larger even than our existing Chita region properties. The mine owners were attracted to our ability to commit to and raise substantial capital for the full exploitation of this enormous resource for our mutual benefit.”
Spectral announced last Thursday that they successfully acquired a controlling interest in their principal gold and mineral development property in the Chita Region of Russia. The Company acquired an additional 5 percent interest in the properties. This brings their total interest in properties to a controlling 52 percent interest.
They plan to develop their mineral properties in the Chita region over the coming 24 months. Spectral will pay $5,000,000 USD over a two-year period for the additional 5 percent interest.
Headquartered in Seattle, Washington, Spectral Capital Corporation focuses on the acquisition of a significant portfolio of properties for mining activities. In September 2010, they purchased an interest in mineral properties in the Chita region of the Russian Federation. The Kadara and Kaltagay license is located in the Mogochinsky district of the Chita Region, which has several gold mines in production, in the Russian Federation.
Spectral now owns 52 percent of the License for prospecting, exploration, and production of gold and all other metals. The length of the License runs to 31 August 2031. The size of the License is 186 square kilometers or 18,200 hectares. Spectral is currently undertaking development and exploration activities.
For more information visit: www.spectralcapital.com