Canarc Commences Gold Production At Sara Kreek Mine, Republic Of Suriname.VANCOUVER, B.C.--(BUSINESS WIRE)--Nov. 6, 1995--Canarc Resource Corp. (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 .TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ) announced today that small scale gold production has commenced at the Company's Sara Kreek Mine, in the Republic of Suriname, owned jointly with our Surinamese partner, Suriname Wylap Development Company Ltd. A total of 16 kilograms (over 500 oz.) gold has been produced in four months since the June 1995 start-up of mining and processing operations. Sara Kreek Mine is a small, surface placer mine utilizing excavators, bulldozers and dump trucks to strip overburden o·ver·bur·den tr.v. o·ver·bur·dened, o·ver·bur·den·ing, o·ver·bur·dens 1. To burden with too much weight; overload. 2. To subject to an excessive burden or strain; overtax. n. 1. (stripping ratio 0.5 to 1), and dig and haul approximately 70 cubic metres of ore per day to the coarse ore bin. Hydraulic monitors break up the unconsolidated, clay-rich gravels in the coarse ore bin prior to feeding the pay gravels over a sluice box. Sluice box concentrates of black sand and gold are refined using Knelson Concentrators and Wilfley Tables to produce a pure 900+ fine (22 carat) gold concentrate for sale to the Central Bank of Suriname The Central Bank of Suriname (Dutch: Centrale Bank van Suriname) is Suriname's highest monetary authority and the country's governing body in monetary and economic affairs. It was established on 1st of April 1957. . Normal start-up problems have been resolved and the first mining unit is currently producing about 1 Kg. gold per week. Gold recoveries are estimated at more than 2 grams per cubic metre but significant losses of fine gold are expected from this type of recovery plant. In the first quarter of 1996, Canarc and partner plan to double the production rate to 2 Kg. gold per week by adding a second production unit (currently under construction with equipment on order). Suriname Wylap Development Co., as operator, also intends to install three large Knelson Concentrators (already on-site) and other equipment in order to enhance fine gold recovery and reduce gold losses from the sluice box. Mineable reserves in the immediate vicinity of the camp are currently estimated to be sufficient for about one year of production, or 50,000 cubic metres containing 100 Kg recoverable gold (about 3200 oz. gold). Geological resources are thought to exceed 1.5 million cubic metres, or 3 tonnes recoverable gold (about 100,000 oz.), within the top 3 metres of the alluvial gravels draining the W.P., P.P., D.P. and E.B. hard rock gold prospects. These four bulk tonnage targets occupy only 10 percent of the 22,500 hectare Sara Kreek property. Ongoing surface soil sampling and prospecting has identified another 8 soil gold anomalies, indicating significant new potential for both hard rock gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. and additional alluvial gold reserves. Canarc is currently seeking an industry partner to continue exploration work at Sara Kreek and advance the bulk tonnage gold prospects to the feasibility stage. Discussions are now underway with two companies. Canarc owns an 80 percent interest in the subsurface mineral rights at Sara Kreek, subject to a 20 percent net profit interest held by Wylap. Canarc is also to receive 80 percent of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of gold production from the surface mining operation until it has received full payback of its investment with interest. After payback, Canarc will own a 50 percent interest in the surface placer mine, and Wylap will own the other 50 percent. Canarc Resource Corp. is a growth-oriented international gold exploration and mining company with active projects in North, Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . 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. (4 percent) and Echo Bay Mines Ltd. (10 percent). ON BEHALF OF THE BOARD OF DIRECTORS CANARC RESOURCE CORP. Bradford J. Cooke President CONTACT: Diane Thomas Vice-President or Robert Carriere Investor Relations Investor relations The process by which the corporation communicates with its investors. 604/685-9700 INDUSTRY KEYWORD: MINING REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-236-4266 or 80 |
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