DGAP-News: Spectral Capital Completes Acquisition of Vast Kazakhstan Gold Resource
(firmenpresse) - DGAP-News: Spectral Capital Corporation / Key word(s): Disposal
Spectral Capital Completes Acquisition of Vast Kazakhstan Gold
Resource
20.01.2011 / 14:39
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Spectral Capital Completes Acquisition of Vast Kazakhstan Gold Resource
News - 20th of January 2011
SEATTLE, Washington: Spectral Capital Corporation (Business Wire - 20
January 2011) - Spectral Capital Corporation, ('Spectral' or the 'Company')
(FCCN.OB) (F3SN:F) is pleased to announce that it has completed
satisfactory due diligence and closed its acquisition of a vast gold
resource in the Republic of Kazakhstan.
Spectral acquired a 65% interest in the gold resource in a region in
Kazakhstan which has already yielded significant gold production. Under
the terms of the acquisition, Spectral agreed to provide financing for
development and extraction of the gold resource in an amount of
$200,000,000 USD over a five-year period. Additionally, Spectral agreed to
pay a 1% net smelter royalty on gold extracted from the property and to
grant warrants to purchase 5,000,000 shares in Spectral at an exercise
price of $3.50 per share.
'This massive resource is ready to produce gold in 2011 and has all the
permits required by Kazakh authorities', stated Jenifer Osterwalder,
Spectral CEO. 'This resource is substantially larger even than our
existing Chita region properties and the reports we received in due
diligence indicate that extraction costs should be equal to or lower than
extraction costs on our Chita properties. This region of Kazakhstan has
attracted investment from some of the world's leading multi-national mining
companies. We are committed throughout 2011 to making Spectral into a
company with a diversified portfolio of mineral assets in a variety of
areas throughout the world's most productive mining regions.'
About Spectral:
Spectral Capital is focused on the acquisition of a significant portfolio
of properties for mining activities. In September 2010, the Company
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 owns 47% 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. Development and exploration
activities are currently being undertaken. In January 2011, Spectral
acquired a 65% interest in a a gold mine in Kazakhstan, in one of the
region's most promising areas for gold extraction. Spectral continues to
develop a diversified portfolio of mineral assets in some of the world's
most productive mining regions.
Spectral Capital is a US based publicly trading company and is listed on
the OTCBB as FCCN and Frankfurt exchange as F3SN. Spectral is a Nevada
state corporation.
PRESS RELEASE FORWARD LOOKING STATEMENT:
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future events
and the Company's growth and business strategy. Words such as 'expects,'
'will,' 'intends,' 'plans,' 'believes,' 'anticipates,' 'hopes,'
'estimates,' and variations on such words and similar expressions are
intended to identify forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will prove
to have been correct. These statements involve known and unknown risks and
are based upon a number of assumptions and estimates that are inherently
subject to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ materially
from those expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially include, but are not
limited to, changes in the Company's business; competitive factors in the
market(s) in which the Company operates; risks associated with operations
outside the United States; and other factors listed from time to time in
the Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's expectations with
respect thereto or any change in events, conditions or circumstances on
which any statement is based.
Contact:
Jenifer Osterwalder
206-262-7820
End of Corporate News
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109562 20.01.2011
Datum: 20.01.2011 - 14:39 Uhr
Sprache: Deutsch
News-ID 33035
Anzahl Zeichen: 0
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Kategorie:
Business News
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"DGAP-News: Spectral Capital Completes Acquisition of Vast Kazakhstan Gold Resource"
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