Spectral Capital Corporation (FCCN)
Kazakhstan has many known gold deposits, representing a variety of geological environments. Kazakhstan produced approximately 9.94 t of refined gold in 2003. The country has gold reserves reported at over 1 500 t of gold with average ore grades of over 6g/t.
Spectral Capital Corporation recently announced 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. 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.