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Trading Symbol  TSE:CCM

Positive Feasibility Study Recommends Commercial Gold Production at Bellavista; Low Cash Operating Costs of US$156 per ounce

Vancouver, British Columbia, Canada,
April 28, 1999

Canarc Resource Corp. is pleased to announce that a positive feasibility study on the Bellavista Project in Costa Rica has been completed by partner Wheaton River Minerals Ltd. Commercial gold production is recommended with a low cash operating cost of US$156 per oz. gold.

Canarc owns an 18.3% carried interest in Bellavista, and receives annual pre-production payments of US$117,750 from Wheaton River each January. The study concludes that an average of 60,000 ounces of gold per year can be produced using open pit, heap leach methods over a 7.3 year mine life. Total life-of-mine production will be 436,000 ounces of gold.

At peak operation, the annual open pit mining rate will be 5,745 tonnes of ore per day or 1.62 million tonnes per year on the basis of six operating days per week. As previously reported, the proven and probable reserves on the property are estimated at 11,239,661 tonnes grading 1.54 grams gold per tonne. The strip ratio is 1.32:1.

Total cash costs including net-profit-interest royalties are estimated at US$179 per ounce. Capital costs are estimated at US$28.3 million. At a US$325 per ounce gold price, the pre-tax internal rate of return is 19%, and the net present value is US$20.2 million at a discount rate of 5%. Wheaton River is now in discussions with financial institutions regarding debt financing for the Bellavista project.

Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company. Production increased 36% last year to 9500 oz. at the Company's Sara Kreek (80%) mine . Reserves and resources now total 2 million oz. at the New Polaris (100%) and Bellavista (18%) 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.

For further information contact Robert Carriere, Investor Relations at (604) 685-9700 or visit our website:


Bradford J. Cooke

NOTE: If you have an E-Mail address and would prefer to receive Canarc's
News through this format, please E-Mail us at [email protected].

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