This circuit is a simple one, audio signal from the telephone line is sampled by the 600:600 ohm isolation transformer. The combination of 0.1uF/200V capacitor and 500 ohm resistor suppresses the high voltage present in the line during the ring signal.
Signals appearing at the secondary side of the transformer is clamped at 1V peak to peak by the two diodes connected back to back. Audio level at this point can be easily processed by an audio mixer before going to the transmitter. ---73 de du1vss.
