Bellavista Gold Mine Receives Project Financing Offer
Vancouver, British Columbia, Canada,
February 14, 1999
Bradford J. Cooke, President and C.E.O of Canarc Resource Corp. (CCM-TSE)
announces that the operator of Wheaton River Minerals Ltd., the Bellavista
Gold Property in Costa Rica (Canarc 18.3% carried interest after payback),
has received an offer of limited recourse project financing totaling US$19
million from Barclays Bank PLC.
An additional US$3 million to US$5 million subordinate financing is
currently being sought by Wheaton River. Subject to securing this
additional financing and clearing the conditions for the project financing,
Wheaton River intends to make a production decision by the end of March,
Construction could then commence on the Bellavista Gold Mine later this
year and production would commence by late 2001. The Bellavista Mine is
projected to produce an average of 60,000 oz. gold per year over a 7.3 year
mine life with total cash operating costs estimated at US$179 per oz.
according to Wheaton River.
Canarc Resource Corp. is a growth-oriented, international gold exploration
and mining company. Production increased 10% last year at the Company's
Sara Kreek (80%) mine. Reserves and resources now total 2 million oz. at
the New Polaris (100%) and Bellavista (18% after payback) projects. Our
large exploration portfolio includes joint ventures with Homestake and
Noranda. Major shareholders include Barrick Gold and Echo Bay Mines. The
Company's common shares trade under the symbol "CCM" on the Toronto Stock
Exchange and "CRCUF" on the OTC Bulletin Board.
For further information contact Robert Carriere, Investor Relations at (604) 685-9700 or visit our website: www.canarc.net.
ON BEHALF OF THE BOARD OF DIRECTORS
CANARC RESOURCE CORP.
Bradford J. Cooke
For further information contact:
Tel: (604) 685-9700
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