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        Canarc Closes $650,000 Private Placement Financing

Vancouver, British Columbia, Canada,                          March 12 , 2003

Canarc Resource Corp. (CCM:TSX and CRCUF:OTC-BB) has now closed its recently announced CA$650,000 private placement financing.  Most of this equity offering was taken up by existing shareholders.  The net proceeds were added to working capital in order to fund the next phase of exploration work on the Benzdorp gold property in Suriname.

An aggressive program of trenching and sampling is now underway in the JQA prospect area to follow up on the extensive gold mineralization trenched late last year and reported in January.  Additional sampling work will also be carried out to try and extend the mineralized zone along strike to the north and south.  Canarc plans to commence the first drilling program at Benzdorp in April.

Bradford Cooke, President and C.E.O., is also pleased to report that Canarc Resource Corp. is one of the featured companies of The MacReport.Net (, a leading provider of online business information.  Canarc will also be part of The MacReport.Net's coverage in the March issue of Institutional Investor magazine, the premier publication for professional finance.

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 is currently focused on developing the high grade New Polaris gold deposit in British Columbia and exploring the potentially large Benzdorp gold discovery in Suriname.  Major shareholders include Barrick Gold and Kinross Gold Corporation. 



Bradford J. Cooke

President and CEO

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