Permitting Progress at Tulsequah Chief Should Expedite New Polaris Project
Vancouver, British Columbia, Canada,
August 20, 1997
Vancouver, British Columbia, Canada, August 20, 1997.....Canarc Resource Corp. is pleased to report that the B.C. Government's Environmental Assessment Office (EAO) has accepted Redfern Resources' Project Report for the Tulsequah Chief Property. Redfern is now proceeding with the public and agency review process required prior to receiving final government approval of their Mine Development Certificate for Tulsequah Chief. Given the current time line, it is expected that Redfern could receive final government approval of their Project Report by year-end, 1997.
This is a major step forward in Redfern's mine permitting process and should favourably impact Canarc's mine permitting process for the New Polaris property. Canarc's New Polaris project is located adjacent to Redfern's Tulsequah Chief property in northwestern British Columbia.
Part of Redfern's proposed mine development includes the construction of an access road from Atlin, B.C. to the Tulsequah Chief minesite. Potential exists to connect New Polaris to Tulsequah Chief via a three kilometre connecting access road, after obtaining the necessary permits and approvals. Road access to New Polaris should dramatically improve the economics and feasibility of that project, which has been viewed strictly as a fly-in operation to date.
Also, Canarc has reached an agreement with Redfern Resources to share the environmental base line data collected by the two companies. Combining Redfern's database with environmental data collected at New Polaris will assist Canarc in moving New Polaris more efficiently through the Environmental Assessment Process in B.C.
Canarc's feasibility program at New Polaris has recently attracted significant interest from several large mining companies. The Company's technical group is currently updating the resource model prior to continuing discussions with a number of potential senior partners. New Polaris was previously reported to contain an indicated and inferred underground geologic resource totaling 3.9 million tons grading 0.41 ounces per ton gold, or 1.6 million contained ounces.
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