Canarc Resource — Discovery Of A New Gold Zone At The Polaris Taku Property In Northwestern British Columbia

Business Wire, Dec 2, 1994

VANCOUVER, B.C.--(BUSINESS WIRE)--DEC. 2, 1994--CANARC RESOURCE CORP.(VSE: CCM ) Canarc Resource Corp. announces that drilling has confirmed the discovery of a new gold zone at the Polaris Taku property in northwestern British Columbia.

The new "North Zone" appears to be a faulted northerly extension of the "Mine Wedge" volcanic rocks and gold veins, where all of the past production (231,000 oz gold) and current resources (1.03 million oz gold) are located.

Diamond drilling of 14 holes from 7 collar locations over a 1200 foot strike length consistently intersected altered and mineralized shear veins up to 60 feet wide similar in many ways to the AB vein set in the Polaris Taku mine. Results are as follows:

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DRILL HOLE    CORE INTERVAL      CORE LENGTH      GOLD GRADE
  (No.)           (ft.)             (ft.)           (opt)

PC-94-No.1     119.0 - 124.5          5.5           0.18
PC-94-No.3      62.5 -  69.5          7.0           0.20
PC-94-No.4      39.2 -  75.1         35.9           0.045
               229.25- 303.5         74.3           0.053
         incl. 282.7 - 286.7          4.0           0.31
PC-94-No.6     315   - 371.1         55.6           0.18
         incl. 330.85- 344.4         13.6           0.21
          and  357.0 - 371.1         14.1           0.26
PC-94-No.7     127.1 - 164.1         37.0           0.052
PC-94-No.9     191.7 - 204.3         12.6           0.32
PC-94-No.10    198.9 - 209.4         10.5           0.19
         incl. 200.9 - 206.0          5.1           0.24
PC-94-No.11    169.7 - 214.95        45.3           0.16
         incl. 170.9 - 190.15        19.3           0.25
PC-94-No.12    130.5 - 186.8         56.3           0.084
PC-94-No.14     18.0 -  34.3         16.3           0.063
               185.8 - 206.6         16.8           0.11

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NOTE: Location map available from the Company at the phone number listed above.

CONTACT: CANARC RESOURCE CORP., Vancouver

Todd McMurray, 604/685-9700

KEYWORDS: REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or