SEATTLE--(BUSINESS WIRE)--Spectral Capital Corporation (FCCN.QB) (F3SN:F) announced today that the Company's management team, along with its consultants, are in Kazakhstan for a site visit to their Bayankol River project. The management team is also conducting due diligence on additional acquisition targets that the Company has identified in Kazakhstan.
'I am pleased to be at the Bayankol River property to kick-off the exploration season that begins this month. Finally, the weather has improved enough for exploration work to begin shortly and we are looking forward to making continued progress on the property,' said Spectral CEO Jenifer Osterwalder. 'Additionally, we are convinced that Kazakhstan is an attractive destination for American companies to invest and make acquisitions. Toward that end, we are continuing due diligence here in Almaty of potential acquisition targets that can further expand our presence in Kazakhstan.'
'Additionally adding one or more substantial projects to Spectral's Kazakhstan portfolio would leverage our investments in personnel, legal and regulatory compliance and our developing experience with the Kazakh market. With last month's hiring of veteran manager Joel Adamson, who worked with Chevron/Exxon Mobile in Kazakhstan and spent more than a decade in country, our capacity building in the Kazakh market was accelerated. It continues now with the engagement of additional geological and consulting resources on the ground here to help us succeed,' concluded Osterwalder.
Spectral Capital is focused on the acquisition and development of a significant portfolio of properties in the natural resource sector, mainly in the Commonwealth of Independent States region. 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. Spectral owns 52% of the License for prospecting, exploration and production of gold and all other metals. The size of the License is 186 km2. In January 2011, Spectral acquired a 65% interest in a gold mine in the Bayankol River Basin of Kazakhstan, in one of the region's most promising areas for gold extraction. The size of the License is 702 km2. Exploration and development activities are currently being undertaken in both properties. Spectral continues to develop a diversified portfolio of natural resource assets in some of the world's most prolific regions.
Spectral Capital is a US-based publicly traded company and is listed on the US over the counter markets as FCCN and Frankfurt exchange as F3SN. Spectral is a Nevada state corporation.
PRESS RELEASE FORWARD LOOKING STATEMENT:
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