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Mining Explorers 2009: Canarc Resource Corp.

 

Last updated 11/1/2009 at Noon



CCM: TSX/CRCUF: OTC-BB/CAN: DB-Frankfurt

Chairman and CEO: Bradford Cooke

President and COO: Garry Biles

Vice President, Exploration: James Moors

Canarc Resource Corp. is a 22-year-old junior mining company focused on building shareholder value by discovering and developing gold mines throughout the Americas.

Barrick Gold Corp. is a shareholder.

Canarc currently is working to restart the Polaris-Taku Gold Mine in northwest British Columbia, a past producing, high-grade gold mine now called New Polaris.

The company is currently focused on seeking a partner to advance its New Polaris gold mine project in northwestern British Columbia to the feasibility stage, obtain operating permits, and begin project construction to achieve production within three years.

Based on an updated NI 43-101 resource estimate using a 6 grams-per-metric-ton gold cutoff grade, New Polaris contains measured and indicated resources of 519,000 ounces gold contained in nearly 1.29 million metric tons grading 12.5 grams per metric ton gold and inferred resources totaling 636,000 ounces gold contained in about 1.63 million metric tons grading 12.2 g/t gold, still open for expansion in other veins and at depth.

Canarc recently acquired an option to purchase the Tay-LP gold property located within the Tintina Gold Belt in southcentral Yukon Territory.

Tay-LP consists of 413 claims covering a 20-kilometer-long-by-4-kilometer-wide (12.4 miles by 2.5 miles) belt of gold prospects (8,000 hectares or 19,280 acres) on which several million dollars have been spent on exploration since 1984.

Historical drilling highlights include 3.6 g/t gold over 24.3 meters, 1.3 g/t gold over 31.8 meters and 4.0 g/t gold over 10.5 meters.

Canarc said gold mineralization at Tay-LP is somewhat similar to other recent gold discoveries within the Tintina Gold Belt, including the Rau property and the Ketza River gold deposit, which is located only 18 kilometers, or 11 miles, east of TAY-LP. Gold is associated with sulphide minerals (mainly pyrrhotite) in quartz breccias (containing elevated bismuth and tellurium) replacing favorable structures and strata within Cambro-Ordovician calcareous phyllites and marbles proximal to Cretaceous quartz monzonite stocks and sills.

Canarc also has interests in gold assets in Mexico.

Cash and short-term deposits: C$31,000 (at June 30, 2009)

Working capital: C$100,000 (at August 2009)

Market capitalization: US$9.09 million

#301-700 W. Pender St.

Vancouver, BC V6C 1G8

Tel: 604-685-9700, 877-684-9700

Fax: 604-685-9744

http://www.canarc.net

 

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