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CANARC RESOURCE CORP.

NEWS ANNOUNCEMENT                          FOR IMMEDIATE RELEASE

Canarc Closes $500,000 Private Placement Financing

 

Vancouver, British Columbia, Canada                                                                                                                      September 30, 2002

 

 

Canarc Resource Corp. (CCM:TSX and CRCUF:OTC-BB) has closed its recently announced $500,000 private placement financing.  The net proceeds were added to working capital, which now stands at approximately CA $1.25 million.

 

An aggressive machine trenching program is now set to get underway on the Benzdorp gold project in Suriname.  The Company has expanded the program budget to CA $250,000 in order to more fully evaluate the size and grade of the JQA, JQW, JQS and other prospect targets with at least 24 trenches up to 10 metres deep.

 

Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company.  Our property portfolio includes 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.

 

ON BEHALF OF THE BOARD OF DIRECTORS

CANARC RESOURCE CORP.

 

Bradford J. Cooke

President                                             

 

NOTE:  For further information please contact Bradford Cooke at (604) 685-9700.  If you prefer to receive Canarc's News by E-Mail, please E-Mail us at [email protected].

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].