Vancouver, Canada – August 24, 2010 - Canarc Resource Corp. (CCM: TSX, CRCUF: OTC-BB, CAN: DB-F) announces that Cap-Ex Ventures Ltd. has received TSX Venture Exchange approval of the option agreement dated March 22, 2010, between Cap-Ex Ventures Ltd. and Canarc Resource Corp. regarding the Tay-LP property.
Under the option agreement, Cap-Ex can acquire up to a 50-per-cent interest in Canarc’s option to acquire the Tay-LP property located in south-central Yukon from Ross River Minerals Inc. Cap-Ex may exercise the option by paying $230,000, issuing 200,000 shares, spending $675,000 on exploration and making $50,000 in royalty payments.
Cap-Ex is currently considering an airborne geophysical survey over select areas of the property in order to help define target areas for drilling.
Canarc Resource Corp. is a growth-oriented, gold exploration company listed on the TSX (CCM) and the OTC-BB (CRCUF). Canarc is focused on advancing its recently acquired Tay LP gold property in south-central Yukon and seeking a partner to advance its New Polaris gold mine project in north-western British Columbia to the feasibility stage. Barrick Gold Corp. is a shareholder.
CANARC RESOURCE CORP.
/s/ Bradford J. Cooke
Bradford J. Cooke
Chairman and C.E.O.
For more information, please contact Gregg Wilson at Toll Free: 1-877-684-9700, tel: (604) 685-9700, fax: (604) 685-9744, email: firstname.lastname@example.org or visit our website, www.canarc.net.
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