First Quarter Review
Vancouver, British Columbia, Canada,
April 18, 2000
Bradford Cooke, President and CEO of Canarc Resource Corp. is pleased to provide shareholders with a review of the 1st Quarter and our plans for the 2nd Quarter.
For the first time in over two years, Canarc has several active exploration projects, each of which could positively impact the share price in the short term. The Company has three fully funded drilling programs, one of which commenced in late March and the other two scheduled for May and July.
In addition, the Prospectus for subsidiary Minera Aztec Silver has just been approved and the IPO should be completed shortly. That will allow Aztec to explore another attractive Mexican property, Nopalera.
Lastly, Canarc remains optimistic that a major drilling program will be carried out this year on the large Benzdorp property in Suriname. Management has also made offers on several strategic gold projects and we hope to close a significant acquisition in the 2nd Quarter.
Highlights from 1st Quarter
- Optimization Report on DP Gold Mine recommends a small, high grade, open pit operation producing 13,000 oz. over a 9 month period at $92 per oz. operating cost.
- Project Financing arranged on Bellavista Gold Mine for Wheaton River Minerals (Canarc 18% after payback) to build 60,000 oz. per year mine with 7 year life and $179 per oz. operating cost.
- Drilling Program commenced on Lobo 14 property to test multiple strong geochemical and geophysical anomalies, funded by Far West Mining.
- Drilling Program proposed on Lobo 6 and 8 properties to test 6 attractive geophysical anomalies, funded by Noranda Minerals.
Plans 2nd Quarter
- Complete $1.4 million Minera Aztec IPO and commence exploration at Nopalera.
- Continue Far West drilling program.
- Commence Noranda drilling program.
- Secure Benzdorp concession titles.
- Finalize Sara Kreek DP Mine Financing.
- Close one or more strategic gold project acquisitions.
We are seeing renewed activity in the junior mining sector for the first time since 1997. With so many projects now being actively explored, Canarc has an excellent opportunity to create new value for shareholders without relying on any increase in the price of gold. Management is looking forward to a good year for Canarc.
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.
CANARC RESOURCE CORP.
Bradford J. Cooke
For further information contact:
Tel: (604) 685-9700
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