Minorca Purchases Canarc Shares
February 27, 1998
Vancouver, British Columbia, Canada, February 27, 1998....Mr.
Bradford Cooke, President of Canarc Resource Corp., is pleased to
announce a strategic purchase of Canarc shares by Minorca Resources Inc.
Minorca has purchased a $1,000,000 private placement, consisting of
1,333,400 Canarc shares at $0.75 each. In addition, Minorca has also
acquired 800,000 Canarc shares in a private transaction. Minorca
has granted Mr. Cooke, or his assigns, a votingtrust over the 2.13 million
Canarc shares held by Minorca.
Stated Mr. Cooke, "We view this strategic investment as an opportunity
for Canarc to add value to its existing portfolio of attractive gold projects,
for the benefit of all shareholders. The additional working capital
should also facilitate Canarc's ability to pursue attractive acquisitions
and joint ventures during this time of low gold prices."
Canarc Resource Corp. is a growth-oriented, international gold
exploration and mining company with active projects worldwide. Major shareholders
include Barrick Gold Corp. and Echo Bay Mines Ltd. The Company's common
shares trade under the symbol "CCM" on the Toronto Stock Exchange as well
as on the following exchanges: Vancouver: Vista-CCM, Frankfurt: Third Market
Segment-CAN, Berlin: Over the Counter-CAN, NASD: Electronic Bulletin Board-CRCUF.
For further information, contact:
Manager of Investor Relations
Tel: (604) 685-9700