Canarc Resource Corp. (CCM: TSX and CRCUF: OTC-BB) (�Canarc� or the �Company�) announces that the final transfer of the Benzdorp property exploration concessions in Suriname from Grassalco, the state mining company, to Canarc�s subsidiary, Benzdorp Gold NV, has now been completed.
Canarc�s rights to acquire and develop the Benzdorp property are set out in a Shareholders Agreement dated April 1996 and an Amending Agreement dated August 2002.�The Company owns 40% of the voting shares of Benzdorp Gold NV and holds an option to earn an additional 40% currently in escrow by paying US$300,000 to Grassalco, spending US$3,000,000 on exploration and delivering a positive feasibility study.�Grassalco�s 20% of the voting shares gives it the right to receive either a floating net revenue interest (NSR) of 1.5% to 6% based on the price of gold or a 20% net profits interest (NPI) after Canarc recovers all of its capital investment with interest.
At 1,380 km�, Benzdorp is one of the largest mineral properties in the country.�The Benzdorp property is also the most prolific gold producing region in all of Suriname, having produced over 1,000,000 oz. gold historically, including 500,000 oz. from bucket-line dredging and 500,000 oz. by porknocking (small scale hydraulic mining) of the extensive, gold rich alluvial placer deposits.
From 1996 to 1997, Canarc explored the easternmost 5% of the property, and discovered several bulk tonnage and/or high-grade gold prospects within a semi-continuous, gold mineralized belt 20 km long.�Virtually every creek draining this gold mineralized belt has been mined for gold.�More recently, Canarc has focused on trenching of the large JQA porphyry-style bulk tonnage target and the Pointu Kreek shear-type high grade target that flanks JQA to the west. Canarc is now preparing to commence the first drilling program on the property.�The drill has cleared customs in Suriname and will be mobilized to the Benzdorp area this week.
Canarc Resource Corp. is a growth-oriented, gold exploration and mining company listed on the TSX (symbol CCM) and the OTC-BB (symbol CRCUF).�The Company�s principal asset is its 100% interest in the 1.3 million oz. (Not NI43-101 Compliant) New Polaris gold deposit located in northwestern British Columbia.�Major shareholders include Barrick Gold Corp. and Kinross Gold Corp.
On Behalf Of The Board Of Directors
CANARC RESOURCE CORP.
/s/�Bradford J. Cooke
Bradford J. Cooke
President
For more information, please contact Gregg Wilson at tel: (604) 685-9700, fax: (604) 685-9744, email [email protected] or visit our website, www.canarc.net.�The TSX Exchange has neither approved nor disapproved the contents of this news release.
