Cap-Ex Completes Airborne
Geophysical Survey over Canarc�s TAY�LP Gold Property in Yukon
Vancouver,
Canada - October 12,2010 - Canarc Resource
Corp. (CCM: TSX, CRCUF: OTC-BB, CAN: DB-F) announces that
Cap-Ex Ventures Ltd. (TSX-V:CEV) has completed a 470 kilometer,
helicopter-borne, VTEM geophysical survey over the Tay-LP gold property in
the Yukon Territory.
The
Tay-LP property is held under option by Cap-Ex Ventures Ltd. from Canarc
Resource Corp. Upon receipt of the geophysical data and interpretive maps
from the geophysical contractor, Geotech Ltd., the Company will prioritize
the most favourable geophysical targets for follow-up, including more
detailed ground geophysics, geological mapping and diamond drilling, in
2011.
The
Tay-LP property is located within the Tintina Gold Belt approximately 75
kilometres south of the town of Ross River in the Yukon Territory. The
property consists of 413 claims covering a 20 km-long by 4 km-wide belt of
gold prospects (8,000 hectares) on which several million dollars have been
spent on exploration since 1984.
Cap-Ex
is earning a 50% interest in the Tay-LP property by making property
payments totalling $230,000, issuing 200,000 common shares, spending
$675,000 in exploration expenditures and maintaining the underlying option
agreement in good standing until October, 2011.
Canarc
Resource Corp. is a growth-oriented, gold exploration company listed on the
TSX (CCM) and the OTC-BB (CRCUF). Canarc is focused on exploring its
recently acquired Tay LP gold property in south-central Yukon and seeking a
partner to advance its New Polaris gold mine project in north-western
British Columbia to the feasibility stage. Barrick Gold Corp. is a
shareholder.
CANARC
RESOURCE CORP.
Per:
/s/
Bradford J. Cooke
Bradford
J. Cooke
Chairman and C.E.O.
For
more information, please contact Gregg Wilson at Toll Free: 1-877-684-9700,
tel: (604) 685-9700, fax: (604) 685-9744, email: info@canarc.net or visit our website, www.canarc.net.
CAUTIONARY
DISCLAIMER � FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. All statements that are not historical
facts, including without limitation statements regarding future estimates,
plans, objectives, assumptions or expectations of future performance, are
"forward-looking statements". We caution you that such
"forward-looking statements" involve known and unknown risks and
uncertainties, as discussed in the Company's filings with Canadian and
United States securities agencies. The Company expressly
disclaims any obligation to update any forward-looking statements other
than as required by applicable law. We seek safe harbour.
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