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2002 First Quarter Report


First Quarter Review 2002

Vancouver, British Columbia, Canada, May 15, 2002

Bradford Cooke, President and CEO of Canarc Resource Corp. provides shareholders with this review of the First Quarter, 2002 and our plans for the Second Quarter. Over the past three months, Canarc has focused on only one project: negotiating with our partner Grassalco to resolve the outstanding issues regarding the Benzdorp property in Suriname.

I am pleased to say that we have made substantial progress towards amending the property agreement to allow Canarc to return to work at Benzdorp. Much work still remains to finalize the agreement and incorporate the local company to hold the concession titles but management is now optimistic that this can be accomplished in the Second Quarter 2002.

In the meantime, we saw a significant revival of the gold price with a 9% rise to US$305 in the First Quarter alone. Gold stocks recorded even greater gains as Canarc jumped 225% to CA$0.27 per share in the first three months of 2002. Several gold mining and selected gold exploration companies completed large financings for the first time in years, strong evidence that the capital markets have quickly developed healthy appetites for gold stocks.

We predicted that a new cycle was getting underway for gold in the Shareholder Update only twelve short months ago - now it is upon us - with a bang! Management firmly believes that as the gold price appreciates, it is only a matter of time before Canarc’s stock price starts to reflect the true value of our gold assets. However, the real upside in our shares lies in exploring and developing the potential of gold properties like Benzdorp and New Polaris.

Our goal for the Second Quarter remains focused on finalizing the Benzdorp agreement. Only then can we consider financing and commencing the next phase of exploration work on this exciting property. With a strong Board and a clean balance sheet, Canarc is now in the best shape it has been in for several years.


Bradford J. Cooke
President and CEO

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