Canarc and Grassalco Reach Accord to Resolve Benzdorp Dispute; Arbitration and Legal Actions Withdrawn.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 7, 1999-- Canarc Resource (TSE See Tokyo Stock Exchange.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 .) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CRCUF) Canarc Resource Corp. is pleased to announce that an accord has been reached with N.V. Grasshopper grasshopper, name applied to almost 9,000 different species of singing, jumping insects in two families of the order Orthoptera. Grasshoppers are long, slender, winged insects with powerful hind legs and strong mandibles, or mouthparts, adapted for chewing. Aluminum Company (Grassalco) to resolve a dispute regarding the Benzdorp gold property in the Republic of Suriname. In a statement dated May 27th in Suriname, the parties jointly agreed to immediately withdraw their respective arbitration and legal actions and to finalize their discussions needed to complete the articles of incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. for the Benzdorp joint venture company within one week. In a sideletter to the statement, the parties further agreed that there are related issues that need to be resolved in a timely manner, as discussed in the meetings held on May 27. Once the incorporation of the Benzdorp joint venture company and the resolution of the related issues are completed, Canarc intends to seek a joint venture with a senior mining company in order to explore and, if successful, develop a large gold mine on the Benzdorp property. Canarc currently holds the right to earn up to an 80 percent interest in the Benzdorp concessions from Grassalco. Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company. Production increased 36 percent last year 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 after payback) projects. Our large exploration portfolio includes joint ventures with Homestake and Noranda. Major shareholders include Barrick Gold 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. and "CRCUF" on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. . 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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