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CANARC RESOURCE CORP.

NEWS ANNOUNCEMENT������������������������� FOR IMMEDIATE RELEASE

Canarc Closes $500,000 Private Placement Financing

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Vancouver, British Columbia, Canada������������������������������������������������������������������������������������������������������������������� � September 30, 2002

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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.

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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.

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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.

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ON BEHALF OF THE BOARD OF DIRECTORS

CANARC RESOURCE CORP.

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Bradford J. Cooke

President ��������������������������������������������

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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].

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