Spectral Capital Corporation (FCCN) 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.”

IN OTHER FCCN NEWS:

Spectral Capital Corporation, (FCCN) is pleased to announce details and progress regarding its planned $167,500,000 financing through the Export-Import Bank of the United States.

‘The Export-Import Bank (’Ex-Im Bank’) is the Official Export Credit Agency of the United States Government. We have been impressed with the way that Ex-Im Bank has assisted US Companies, like Spectral, to develop substantial, capital intensive projects throughout the world. Today, we received the Letter of Interest from the Ex-Im Bank indicating their interest in providing direct loans or loan guarantees totaling $167,500,000 USD toward the development of our Gold and Mineral Property in the Chita Region of Russia, subject to the completion of a satisfactory evaluation by Ex-Im Bank regarding all of the outstanding issues necessary to complete a financing like this one.’ Announced Jenifer Osterwalder, CEO of Spectral. ‘Although we believe that more than $200,000,000 USD will be required to fully develop the project, a loan or guarantee from Ex-Im Bank of $167,500,000 will go a long way toward providing the financing that we need to fully exploit the Chita Property.’

Spectral plans to raise a total of more than $200,000,000 during the first 36 months of development of its Chita Property and has made a minimum commitment of $35,000,000 within the first 24 months.

‘A letter like this is not a binding financing commitment and such a commitment cannot be issued until full and final approval of Spectral’s loan application through the entire body of due diligence issues is conducted by Ex-Im Bank. We are working very hard to complete the Final Commitment process and have made the due diligence and completion of the required Final Commitment process our number one current management priority. We feel very confident that we will secure a Final Commitment and very excited about working with Ex-Im Bank.’ Continued CEO Jenifer Osterwalder.

Sign up for free stock alerts at http://www.pennygovernance.com/signup

***************************************

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!

Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. PennyGovernance.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold PennyGovernance.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (read more @ http://pennygovernance.com/disclaimer) Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a newswire as well as an IR and PR firm. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period. Crown Equity Holdings Inc. (CRWE.OB) has received five thousand dollars in cash from a third party (Seo Freisin, Inc) for 1 day advertisement services for Spectral Capital Corporation (FCCN.PK).

***************************************