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Trading Symbol  TSE:CCM
NEWS ANNOUNCEMENT ---------- FOR IMMEDIATE RELEASE

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Canarc Raises $500,000 Private Placement Financing

Vancouver, British Columbia, Canada                                                                         September 10, 2002

Canarc Resource Corp. (CCM:TSX and CRCUF:OTC - BB) announces that it has agreed to a $500,000 non-brokered private placement financing consisting of 1,250,000 units at $0.40 per unit.

Each unit will consist of one common share and one half common share purchase warrant.  Each full warrant can be exercised to purchase an additional common share at $0.50 within a two-year period.

A 7.5% finders fee will apply to a portion of the financing.  The net proceeds will be added to working capital. 

Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company.  Our property portfolio covers projects in Canada, Mexico, Costa Rica and Suriname.  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 please contact Bradford Cooke at (604) 685-9700.

On Behalf of the Board of Directors

CANARC RESOURCE CORP.

Bradford J. Cooke

President and CEO

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