Canarc seeks ways to advance New Polaris project iCanarc seeks ways to advance New Polaris project in Q2
Ticker Symbol: C:CCM
Canarc seeks ways to advance New Polaris project in Q2
Canarc Resource Corp (C:CCM)
Shares Issued 81,969,655
Last Close 5/17/2010
.11
Tuesday May 18 2010 - News Release
Mr. Bradford Cooke reports
CANARC SHAREHOLDER UPDATE FIRST QUARTER REVIEW AND SECOND QUARTER OUTLOOK, 2010
Canarc Resource Corp. is providing the following review of Canarc's progress in the first quarter of 2010 and its plans for the second quarter of 2010.
Q1 Review
- Optioned the Tay-LP gold exploration property in the Yukon to Cap-Ex Ventures Ltd.
- Sold 1,000,000 shares of Caza Gold privately at
.20 per share to raise $200,000 for working capital - Received expressions of interest from two companies regarding the New Polaris gold mine project
- Continued to evaluate opportunities to acquire new gold exploration and mining properties
In Q1, Canarc optioned the Tay-LP gold exploration project in the Tintina Gold Belt, Yukon to Cap-Ex Ventures Ltd. Cap-Ex can earn up to 50% of Canarc's interest by paying $100,000, issuing 200,000 shares, spending $675,000 on exploration and maintaining the underlying option with Ross River in good standing over a 19 month period, subject to receiving regulatory and exchange approvals and appropriate financing.
Q2 Outlook
Management will continue to seek strategic alternatives such as a joint venture or other means to advance the New Polaris high grade gold mine project to mine development and a full feasibility study. Discussions are currently underway with a couple of interested parties.
We will also continue to pursue new opportunities for growth by evaluating attractive gold projects in the USA and Canada for acquisition where management's exploration and mining experience can add value. Management is of the belief that this market environment is very attractive for making strategic gold property acquisitions at this time while asset values are depressed.
? 2010 Canjex Publishing Ltd.