Spectral Capital Corp. (FCCN.OB) Reports Promising Details/Status of Planned $167.5M Financing for Gold Mining Project

QualityStocks would like to highlight Spectral Capital (OTCBB: FCCN). The company is focused 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 Russia.

In the company’s news Friday,

Spectral Capital updated the markets with details on the progress of a planned $167.5M financing of the Chita operation via the Export-Import Bank of the United States (EIBUS).

Taken with the EIBUS track record of assisting other U.S. companies, FCCN was pleased to receive the Letter of Intent today from EIBUS, the United States Government’s Official Export Credit Agency.

With a minimum commitment of $25M in the first 24 months and plans to spend some $200M by year three, FCCN is excited by the prospect of securing the $167.5M loan/guarantee and is eager to get cracking with exploration and development at Chita.

The Kadara/Kaltagay license is located in Chita’s Mogochinsky district and is proximal to multiple producing gold mines. With a 47% interest in the license (expires late 2031, covers exploration through production of all metals), FCCN is well-positioned to fully exploit this roughly 46k-acre property.

CEO of FCCN, Jenifer Osterwalder, noted that while this letter does not constitute a binding commitment and should be understood to be contingent upon approval of FCCN’s loan application, the Company has put the Final Commitment process at the top of the priority list, working tirelessly to assure circumspect due diligence.

Osterwalder radiated confidence in the Company securing a Final Commitment, quite pleased with FCCN’s ability to live up to all expectations set forth by EIBUS and stressed the vast potential, both for shareholders and the Company alike, the Chita development represents.

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