Canarc confirms discovery

Drilling at the Polaris-Taku property in northwestern British Columbia is confirming the discovery of a new zone of gold mineralization.

Owner Canarc Resources (TSE) drilled 14 surface holes from seven collar locations, intersecting altered and mineralized shear veins ranging from 5 to 55 ft. in width over a strike extent of 1,200 ft. Six of the 14 holes exceeded a cutoff grade of 0.2 oz. per ton.

The company believes the new North zone may be the faulted northerly extension of the Polaris-Taku’s past-producing veins (which yielded 231,000 oz.) and its current resource, estimated at 1.03 million oz. The company is updating this resource estimate, and a new exploration and development plan is near completion.

Drill results from the North zone are as follows:

Hole Interval Width Grade

(ft.) (ft.) (oz./ton)

PC-94-1 119.0- 124.5 5.5 0.18

PC-94-3 62.5- 69.5 7.0 0.20

PC-94-4 39.2- 75.1 35.9 0.045

229.2- 303.5 74.3 0.053

incl 282.7- 286.7 4.0 0.31

PC-94-6 315- 371.1 55.6 0.18

incl 330.8- 344.4 13.6 0.21

and 357.0- 371.1 14.1 0.26

PC-94-7 127.1- 164.1 37.0 0.052

PC-94-9 191.7- 204.3 12.6 0.32

PC-94-10 198.9- 209.4 10.5 0.19

incl 200.9- 206.0 5.1 0.24

PC-94-11 169.7- 215.0 45.3 0.16

incl 170.9- 190.2 19.3 0.25

PC-94-12 130.5- 186.8 56.3 0.084

PC-94-14 18.0- 34.3 16.3 0.063

185.8- 202.6 16.8 0.11