News ReleaseCanarc Resource Corp (C-CCM) - News Release
Canarc Resource begins studies of New Polaris project
Canarc Resource Corp CCM
Shares issued 49,047,274 May 14 2003 close $ 0.50
Thursday May 15 2003 News Release
Mr. Bradford Cooke reports
Canarc Resource's engineering and resource studies have commenced on the New Polaris gold mine project in northwestern British Columbia.
The purpose of the engineering study is to evaluate the various mine development alternatives and determine which options are the most economically viable. This work should allow the board of directors to make an informed decision on proceeding with a feasibility program and mine development.
Canarc Resource has retained the services of Bruce Bried, PEng, to conduct the engineering study. Mr. Bried has a wealth of experience and expertise in operating and managing high-grade, underground gold mines. He spent 12 years as chief engineer and mine manager with Dickinson Mines Ltd., now Goldcorp, in Red Lake, Ont., and 10 years with Homestake, as mine superintendent at the David Bell, Ont., and Eskay Creek, B.C., mines, and general manager at the Snip, B.C., and Lead, S.D., mines.
Mr. Bried will be focusing on engineering aspects such as mining method (longhole versus shrinkage), underground access (ramp versus shaft), processing plant (concentrate shipping versus bioleach) and transportation options (road versus other). Concentrate shipping was not previously considered viable, but in December, 2002, the neighbouring polymetallic Tulsequah Chief mine project of Redcorp received its final approval certificate from the B.C. government, which gave Redcorp the right to proceed with the development of its 2,500-tonnes-per-day mine and 165-kilometre access road.
Canarc has identified other transportation options that may be viable prior to the completion of the Tulsequah Chief road. The company has also received expressions of interest from two companies with existing, undercapacity ore-processing facilities in North America to purchase gold concentrates from New Polaris. Shipping concentrates, instead of on-site ore processing, could substantially reduce the anticipated capital and operating costs of the project.
The goal of the resource study is to refine the ore model and produce a new estimate of reserves and resources that is compliant with National Instrument 43-101. The new model can then be used in the engineering study.
Canarc has retained the services of Roscoe Postle Associates Inc. to complete the resource study. Roscoe Postle has specialized in ore-reserve estimation for over 20 years, and has a wealth of experience and expertise in conducting resource studies on high-grade underground gold mines.
Canarc personnel will work with Roscoe Postle in rebuilding the ore-deposit model so that in addition to achieving the best possible geological fit, the company can also determine what portions of the deposit can most readily be drilled to move resources into reserves and add new resources to the estimate.
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