Canarc Initiates Arbitration with Grassalco; Seeks Compensation for and Resolution of Grassalco's Defaults Under the Benzdorp Property Agreement, Suriname.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 18, 1999-- Canarc Resourc(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. announces that it has filed for arbitration of a dispute with its Surinamese partner, Grassalco, regarding compensation for, and resolution of, various Grassalco defaults under the Canarc-Grassalco agreement governing the Benzdorp property in the Republic of Suriname. Pursuant to the agreement, the arbitration has been filed under the UNCITRAL UNCITRAL United Nations Commission On International Trade Law (United Nations Commission on International Trade Law The United Nations Commission on International Trade Law (UNCITRAL) was established by the United Nations General Assembly in 1966 "to promote the progressive harmonization and unification of the law of international trade. ) rules with the London Court of Arbitration in London, England. Canarc is seeking to have Grassalco honour its obligations to incorporate a Suriname corporation, issue shares of the corporation to Canarc and transfer its mineral titles for the Benzdorp concessions to that corporation. Grassalco was to have met these obligations over 2 years ago and although Canarc repeatedly asked Grassalco to meet its commitments and Grassalco constantly promised to do so, it has not done so. As a result of their breaches of the agreement, Grassalco has caused significant damages to Canarc, including the withdrawal of Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. last August from an option agreement with Canarc to explore the Benzdorp property and if successful, construct and operate a large gold mine at Benzdorp. Canarc is therefore seeking compensation from Grassalco for millions of dollars in cash and other forms of compensation. Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company. Production increased 36 percent last year to 9500 oz. at the Company's Sara Kreek (80 percent) mine . Reserves and resources now total 2 million oz. at the New Polaris (100 percent) and Bellavista (18 percent) projects. Our large exploration portfolio includes joint ventures with Homestake and Noranda. 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. and Echo Bay Mines. The Company's common shares trade under the symbol "CCM" on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . ON BEHALF OF THE BOARD OF DIRECTORS CANARC RESOURCE CORP., Bradford J. Cooke, President NOTE: If you have an E-Mail address and would prefer to receive Canarc's News through this format, please E-Mail us at canarc@compuserve.com. |
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