Record Gold Production From Sara Kreek Mine in Suriname
Vancouver, British Columbia, Canada,
September 11, 1997
Vancouver, British Columbia, Canada, September 11, 1997.....Canarc Resource Corp. is pleased to announce record gold production for the first six months of 1997 from the Sara Kreek Gold Mine in Suriname. To the end of June, 1997, raw gold production totalled 2,051 oz., a 412% increase over the 498 oz. produced over the same period in 1996.
Since the re-commencement of mining at Sara Kreek in 1995 by Canarc's Subsidiary Company, Sara Kreek Resource Corp., gold production has increased steadily. August production set a new monthly record at 727 oz. gold. Annual production for 1997 is now projected to exceed 4,500 oz., or double last year's production o f 2,280 oz.
Sara Kreek is a small surface placer mine operated by Canarc's partner, Suriname Wylap Development Co., and produces gold nuggets and dust by sluicing of alluvial gravels from several creeks on the property. Sara Kreek is one of the largest gold districts in Suriname, having produced over 500,000 oz. gold historically. No formal gold reserves have bee estimated for the Sara Kreek Gold Mine. However, systematic pitting and panning of the gold bearing creeks indicate the possibility of many years of production at current rates. Full capacity is anticipated to average 643 oz. per month or 8,000 oz. per year by 1998.
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