Canarc Joint Ventures Additional Kalimantan Properties.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 4, 1996-- Canarc Resource Corp. (CCM-TSE) has formed 50/50 joint ventures with two companies on Canarc's Contract of Work Blocks B and H, located on the island of Kalimantan, Indonesia. Goldnev Resources Inc. and a private company have posted the Seriousness Bond requirements with the Indonesian government for Blocks H and B respectively, amounting to U.S.$1,637,300. The Companies will receive a refund of their bond funds once the C.O.W. applications are approved and signed by the Director General of Mines within the next 3 to 6 months. The properties lie within the Central Kalimantan Central Kalimantan (Indonesian: Kalimantan Tengah often abbreviated to Kalteng) is a province of Indonesia, one of four in Kalimantan - the Indonesian part of the island of Borneo. Its provincial capital is Palangkaraya. The province has a population of 1. Gold Belt and cover the same tertiary sedimentary rocks (Geol.) See See also: Sedimentary that host the huge Busang gold discovery of Bre-X Minerals. Canarc has borrowed the amount of US$946,000 from Quest Capital Corporation, a Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → for the purpose of posting the Seriousness Bond requirements with the Indonesian government for Block Q (Qatec). The Qatec property also lies within the Central Kalimantan Gold Belt. Under the terms of the Loan Agreement the Company will pay interest at 1 percent per month, compounded monthly, grant the Lender a bonus of 100,000 shares of the Company, and grant the Lender a 1 percent NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there . The Company anticipates that it will enter into a 50/50 joint venture agreement on the property with a third party in the near future, although no agreement has been reached at this time. Canarc has reserved the right to pay the share bonus in common shares of the possible joint venture partner. Canarc continues to seek appropriate joint venture partners to participate in Kalimantan properties. 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 Corp. (4 percent) and Echo Bay Mines Ltd. (10 percent). ON BEHALF OF THE BOARD OF DIRECTORS CANARC RESOURCE CORP. Bradley T. Aelicks Director CONTACT: Canarc Resource Corp. Robert Carriere Manager of Investor Relations Investor relations The process by which the corporation communicates with its investors. 604/685-9700 |
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