What's the threading? What's the seat post size?
There is a word, of which i see only four letters --[ . . . ] R E R A -- on the left side of the seat lug, just below where the seat stay is brazed on; they are filled with brass and filed smooth, with more letters presumably lost in the glare. Can you read them? They will probably only identify the lug manufacturer, rather than the frame manufacturer, but still... a good clue. I wonder what [MENTION=333224]juvela[/MENTION] knows about this.
The long crimp on the outside of the drive side chain stay is pretty distinctive. I can't recall ever seeing that before. Should be a clue.
The same goes for the <FI> stamp on the seat lug.
It appears to be a very nice frame, and knowing who made it would probably enhance its value. But, that said, I can't identify it.