Canarc - Gold production jumps at Sara Kreek Property, Suriname.VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 5, 1996-- Canarc Resource Corp (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CCM CCM Contemporary Christian Music CCM Critical Care Medicine CCM County College of Morris (New Jersey) CCM Chama Cha Mapinduzi (political party, Tanzania) CCM CORBA Component Model .) Canarc Resource Corp. (CCM.TSE) is pleased to announce that gold production by Canarc's partner, Suriname Wylap Development Corp., from the Sara Kreek property in Suriname, continues to climb on a quarterly basis. Raw gold production for the third quarter totalled 22 kg. (688 oz.) from placer mining placer mining: see mining. placer mining Oldest method of recovering gold from alluvial deposits. It takes advantage of gold's high density, which causes it to sink more rapidly from moving water than the lighter siliceous materials with which it is in two creeks draining the WP gold prospect area. This reflects a 130 percent increase over the second quarter production of 9.5 kg. (297 oz.) and a 265 percent jump over the 6 kg. (188 oz.) produced in Q1, 1996. Gold production for the year to date is 37.5 kg. (1,171 oz.). Canarc and Wylap are on track to record another strong rise in gold production for Q4, 1996. The Companies now forecast another 60 percent jump in gold production to 35 kg. (1,125 oz.) for the fourth quarter based on recoveries of 10 kg. (321 oz.) in October and 15 kg. (482 oz.) in November. Production for December is anticipated to be around 10 kg. (321 oz.) due to the shorter production schedule to accommodate the holiday season. Production for the year is now forecast to come in at approximately 73 kg. (2,280 oz.), quadrupling quad·ru·ple adj. 1. Consisting of four parts or members. 2. Four times as much in size, strength, number, or amount. 3. Music Having four beats to the measure. n. over last years gold production of 19 kg. (610 oz.) Canarc owns an 80 percent interest in the Sara Kreek property, subject to either a 20 percent net profits interest or a floating net smelter royalty payable to Wylap on all lode gold production. However, Wylap has the right to a 50 percent interest in all placer gold production after it has paid back the project loans and investment advanced to it by Canarc from 80 percent of net cashflow from placer gold production. Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company with active projects worldwide. Major shareholders include Barrick Gold Barrick Gold Corporation TSX: ABX NYSE: ABX is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units (RBU's) located in Australia, Africa, North America and South America. Corp. and Echo Bay Mines Ltd. The Company's common shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "CCM'. -0- NOTE: If you have an E-Mail address See Internet address. e-mail address - electronic mail address and would prefer to receive Canarc's News Releases through this format, please inform us of your E-Mail address. CONTACT: Canarc Resource Corp., Vancouver Robert Carriere, 604/685-9700 |
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