Bradford Cooke, President and CEO of Canarc Resource Corp. (CCM: TSX and CRCUF: OTC-BB), provides the following review of the Third Quarter 2005 and the outlook for the Fourth Quarter.
During Q3, 2005, Canarc focused on further field work on the Benzdorp concessions in Suriname and engineering work on the New Polaris property in Northern British Columbia, in order to advance these projects to the next stages of their development.
At Benzdorp, a total of 555 soil samples were collected at 25 m intervals on 200 m spaced grid lines over the van Heemstra prospect area, located approximately 5 km north of the JQA prospect. The samples are still being assayed but results should be available shortly.
At New Polaris, a possible 25 km road route from the mine-site to tidewater on Taku Inlet was scouted as a shorter alternative access to the proposed (and permitted) 165 km Redcorp road to Atlin, BC. Some of the buildings and equipment were also repaired in anticipation of the next phase of in-fill drilling.
Canarc is currently in discussion with an intermediate gold mining company to joint venture the Sara Kreek property in Suriname. Management is also continuing discussions with possible buyers for the Company’s carried interest in the new Bellavista gold mine in Costa Rica.
During Q3, Glencairn Gold, the majority owner of Bellavista, announced that 510,000 tonnes of ore grading 1.64 gpt gold had been mined and placed on the heap leach pads. A total of 4100 oz. gold was produced during the quarter prior to the scheduled 6 week shut-down of mining operations for the rain season on September 15, 2005.
Canarc’s 6% shareholding in Endeavour Silver Corp. rose 32% in value during Q3, reflecting a jump in the Endeavour share price. Endeavour closed a CA $14.4 million financing at CA $2.40 per share in early October 2005.
The Company recently announced the commencement of a 10 hole, 9200 foot, Phase 2 in-fill drill program at New Polaris. Drilling should be complete by the end of November and results are expected in early January.
An airborne geophysical survey should be completed over Benzdorp by December 2005 in order to highlight the geology and structures on the property.
Minera Aztec Silver Corp., a 63% owned Canarc subsidiary, is in the process of re-organizing its corporate affairs so that it can pursue base metal acquisitions. Canarc also plans to evaluate several gold projects for possible acquisition.
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 assets are its 100% interest in the New Polaris gold deposit in British Columbia and its 80% option on the Benzdorp gold property in Suriname. 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 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: [email protected] or visit our website, www.canarc.net. The TSX Exchange has neither approved nor disapproved the contents of this news release.