Canarc Closes $3 Million in Private Placement Financings.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 17, 2003

Canarc Resource Corp. (OTCBB:CRCUF) (TSX:CCM) announces that it has now closed the CA $3 million in private placement financings previously announced.

The Company issued 3,080,000 units at CA $0.90 per unit to raise CA $2,772,000. Each unit consists of one common share and one half common share purchase warrant, each full warrant being exercisable to purchase an additional common share at $1.05 within a two year period ending November 13, 2005. The proceeds will be added to working capital and used in part to fund the next phase of drilling on the Benzdorp property in Suriname.

Canarc also issued 250,000 units at $1.05 per unit to raise CA $262,500. Each unit consists of one flow through common share and one half common share purchase warrant, each full warrant being exercisable to purchase an additional common share at $1.25 within a two year period. The flow through investor, Endeavour Flow-Through Limited Partnership 2003, will receive the C.E.E. tax write-off as well as the tax credits related to the flow through shares. The proceeds will be used to fund the next phase of drilling on the New Polaris property in British Columbia.

Canarc Resource Corp. is a growth-oriented, gold exploration and mining company listed on the TSX (symbol CCM) and the OTC-BB (symbol CRCUF). The Company's principal assets are its 100% interest in the 1.3 million oz New Polaris gold deposit located in northwestern British Columbia and its option on the huge Benzdorp gold property in Suriname. Major shareholders include Barrick Gold Corp. and Kinross Gold Corp.

On Behalf of the Board of Directors

CANARC RESOURCE CORP.

Bradford J. Cooke, President and C.E.O.

The Toronto Stock Exchange has neither approved nor disapproved the contents of this news release.