Canarc Resource Corp. Announces Placer Will Not Proceed with Option on Benzdorp Property.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Aug. 14, 1998-- CANARC RESOURCE(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. announced today that 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. Inc. has elected not to proceed with their option to earn a 60 percent interest in the Benzdorp property in Suriname. Canarc holds the right to earn up to an 80 percent net profits investment or a 100 percent interest subject to a net smelter royalty from Grassalco, a mining company owned by the Republic of Suriname. Grassalco failed to agree with the granting of the Placer option. Placer had offered to pay US$20 million in cash, spend US$3.5 million in exploration and deliver a positive feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. . It is Canarc's intention to proceed with the exploration and development of the Benzdorp property as soon as Grassalco meets its obligations under the existing agreement. At that time, Canarc will seek a new joint venture partner. Canarc has spent close to $2 million delineating several large porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. and shear-zone hosted gold targets which are now ready for drilling. Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company. Production increased over 300 percent last year to 7000 oz. at the Company's Sara Kreek (80 percent) mine. Reserves and resources now total 2.4 million oz. at the New Polaris (100 percent) and Bellavista (18 percent) projects. Our large exploration portfolio includes a joint venture with Homime. 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. . 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. On behalf of the Board of Directors Canarc Resource Corp. Bradford J. Cooke, President
CONTACT: Canarc Resource Corp.
Robert Carriere, 604/ 685-9700
http://www.mcomm.com/canarc
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