Canarc Resource Corp.: Review of 2011 and Outlook for 2012

Canarc Resource Corp. (TSX: CCM; OTCBB:CRCUF) provided an update today highlighting Canarc’s progress in 2011, and its plans for 2012.

Highlights for 2011 included:

  • Completed an updated NI 43-101 Preliminary Economic Assessment Report for the New Polaris gold mine project – at US$1400 per oz gold and a $1.00 CA/$US exchange rate, the Discounted NPV (5%) = US$195 million, Internal Rate of Return (IRR) = 42.8%, Payback Period = 1.85 years, Capital Costs were estimated at US$75 million and Cash Operating Costs were a low US$481 per oz.
  • Received several expressions of interest from mining companies interested in an option and joint venture to advance New Polaris through mine development and a feasibility study , and agreed on a non-binding letter of intent with one party, but they were unable to close the agreement.
  • Amended the Tay LP property option agreement with Ross River Minerals Inc. to extend the option commitments by one year.

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