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Canarc Resource Corp. Website:
Click Here
|
Exchange:
TSX
Market Cap:
50.72 Million
Outstanding
Shares: 63.4 Million
52 Week Low / High:
$0.34 / $0.95
Price August
18, 2006: $0.80
CCM Recent Stock Quote and
News:
Click Here
Information As Of August 18,
2006 |
'Canarc Resource
Corp. is a growth-oriented gold exploration and mining company
focused on the discovery and development of large gold
deposits throughout the Americas.'
Overview
Canarc Resource Corp. is a growth-oriented
gold exploration and mining company focused on the discovery
and development of large gold deposits throughout the
Americas. Canarc’s principal projects include the high-grade
New Polaris gold deposit in Canada and the large tonnage
Benzdorp gold discovery in Suriname, South America. The
Company also earns a modest royalty income from the new
Bellivista gold mine in Costa Rica.
Canarc’s management team has the technical and
financial expertise that comes form decades of experience in
the mining industry. Canarc is strong financially and major
shareholders include Barrick Gold Corporation, Kinross Gold
Corp. and the Veneroso Gold Certificates.
Investment Highlights
-
Canarc also has significant shareholdings in Endeavour
Silver Corp (EDR:TSX) and Aztec Metals Corp. These two
companies share certain common Directors with Canarc.
-
Canarc already generates a modest annual income through
its royalty interest in the Bellavista gold mine in Costa
Rica. In 2005, an independent study placed a US$3.3
million net present value on Canarc’s royalty interest in
the Bellavista gold mine using a US$425 gold price and 5%
discount rate. Canarc intends to seek a buyer for this
royalty so it can put the capital to work on its principal
assets, the New Polaris gold project in British Columbia
and the Benzdorp project in Suriname.
-
The Company is moving aggressively to re-start the New
Polaris Mine in British Columbia.
-
The wholly-owned New Polaris project in northwestern
British Columbia hosts a 1.3 million oz. (not N.I 43-101
compliant) gold resource still open for expansion. This
high-grade, past producing underground mine represents one
of the largest gold deposits in Western Canada.
-
The Company recently announced an exciting new gold
discovery on its Benzdorp property (80% option) in
Suriname, South America. One target is a large, low grade,
open pit gold porphyry prospect with multi-million ounce
potential. Less than 50% of the property has been explored
and numerous gold prospects remain untested. A 6-month
program of line-cutting, soil sampling, airborne, core
re-logging and geological compilation work is underway to
test new targets.
-
An additional asset is the 550,000 ounce gold deposit
(part of a larger 2 million oz. resource) on the
Bellavista property in Costa Rica (5.7% net profit
interest during Glencairn’s capital payback period).
Glencairn Gold Corp., the operator, recently declared
commercial production in excess of 60,000 ounces per year.
-
Canarc’s management team has the technical and financial
expertise that comes form decades of experience in the
mining industry. Canarc is strong financially and major
shareholders include Barrick Gold Corporation, Kinross
Gold Corp. and the Veneroso Gold Certificates.
-
The Company plans to acquire a major new gold project.
Properties
New Polaris Project – British Columbia
Canarc owns a 100% interest (subject to a 10%-to-15% net
profits royalty) in the New Polaris gold project, one of the
largest undeveloped pure gold deposits in western Canada.
The high-grade past producing gold mine is situated about 60
km east of Juneau, Alaska and 100 km south of Atlin BC on
the west bank of the Tulsequah River. Canarc owns a 100%
interest (subject to a 10% to 15% net profits royalty).
Canarc’s exploration diligence to date has successfully
outlined 1.3 million ounces of gold at the New Polaris mine.
This resource estimate precedes NI 43-101 and is therefore
not compliant with it and should not be relied upon,
significant mineralization remains open at depth for
expansion. Management believes the resource could easily
double with further drilling.
Through a scoping study, Canarc envisages a base-case
production scenario of 65,000 ounces gold per year for 9
years at a rate of 500 tons per day. Capital and operating
costs to restart the mine will be included in the scooping
study.
Canarc is currently investigating a development plan to
transport New Polaris concentrates to an offsite treatment
facility in order to reduce capital costs, simplify
environmental permitting and improve project-economies.
Current Status
The company released plans for a $2.7 million, 60 hole,
Phase 3 in-fill drilling campaign to further advance the
definition drilling executed in 2 previous programs.
Drilling will commence in the 2nd quarter, 2006 and should
be completed by the end of the 3rd quarter so that a new
resource estimate, conceptual mine plan, initial economic
evaluation and mine permit application can be completed by
year-end.
Benzdorp Gold Project – South America
The Benzdorp project, located in southeastern Suriname,
has exciting potential to host a number of gold and
gold-copper deposits. The property covers 1,380 sq. km of
ground in a region that contains one of the largest historic
gold districts in the country. Past alluvial mine production
estimated at over 1 million ounces of gold. The government
estimates over 500 artisanal miners are active in the
Benzdorp district.
The most advanced prospect is the JQA discovery, which
represents extensive low-grade gold mineralization in
saprolite (soft clay like material). The JQA discovery area
is still open for expansion in several directions. A
resource calculation is currently underway.
To date, Canarc has explored less than half of the
prospective greenstone belt on the Benzdorp property
Current Status
In the first half of 2006, an extensive grid-based
soil-sampling program will examine another 30% of the
prospective greenstone belt. Work will target the
meta-sedimentary and meta-volcanic rocks that host the Haut
Antino and Rufin prospect areas.
Bellavista Project: Costa Rica
Bellavista is an open-pit, heap leach gold deposit owned
by Glencairn Gold Corporation, located 80 km west of San
Jose near the town of Miramar, Costa Rica. Bellavista is
expected to produce 60,000 oz gold per year, at a cash
operating cost of US$257 per oz, over a minimum mine life of
7 years.
Glencairn Gold Corporation is the owner/operator of the
mine. Canarc holds a royalty interest amounting to 5.7% of
net profits during the 1st payback period, rising to 10.4%
during the 2nd payback period and 20.2% of net profits
thereafter.
In 2005, an independent study placed a US$3.3 million net
present value on Canarc’s royalty interest in the Bellavista
gold mine using a US$425 gold price and 5% discount rate.
Canarc intends to seek a buyer for this royalty so it can
put the capital to work on its principal assets, the New
Polaris gold project in British Columbia and the Benzdorp
project in Suriname.
Current Status
Glencairn Gold poured its first gold bar at the
Bellavista mine in April, 2005. Belavista achieved
commercial production during December 2005. The mine
continues to ramp up to full production and is currently
producing gold at approximately 85% of its
5,000-oz.-per-month rated capacity.
The mine is expected to produce an average of 60,000 oz.
per year over the next seven years based on current proven
and probable mineral reserves. A total of 798,348 tonnes of
ore grading 1.67 grams per tonne were placed on the leach
pads at Bellavista in 2005.
Recent News and Press Releases
Canarc Resource Corp.: In-Fill Drilling Continues to
Delineate High Grade Gold Mineralization at New Polaris
Property, BC (Tue, Aug 8)
Canarc Resource Corp.: Additional High Grade Drill Results
from New Polaris Property, B.C. (Wed, Jul 5)
Canarc Reports High Grade Gold Intercepts from First Seven
Drill Holes of Phase 3 Infill Drill Program on New Polaris
Property, B.C. (Tue, Jun 20)
Canarc Transfers Interest in Sara Kreek Project, Suriname;
Major Infill Drilling Program Now Underway at New Polaris
Property, B.C. (Wed, May 17)
Canarc Closes CA$3.5 Million Flow-Through Financing...(Mar
20, 2006)
Canarc Identifies Several New Gold Prospect Areas On The
Benzdorp Property, Suriname (Mar 7, 2006)
Canarc To Raise CA$3.1 Million in Two Flow-Through Private
Placements (Feb 23, 2006)
Bellavista Gold Mine Reaches Commercial Production (Feb 6,
2006)
Management Team
Bradford Cooke, M.Sc., P.Geo., Chairman and CEO
Professional geologist with 28 years experience in the
mining industry, specializing in the discovery and
development of mineral deposits. B.Sc. Geology degree
(Honors), Queens University, Kingston ON, 1976. M.Sc.
Geology degree, University of British Columbia, Vancouver
BC, 1984.
Jack McClintock, B.Sc., MBA, President and Chief
Operating Officer
Mr. McClintock most recently held the position of global
Exploration Manager for BHP Billiton, the world's largest
mining company, based in Melbourne, Australia. He brings to
Canarc a wealth of experience in the exploration and mining
business, both hands-on and in senior management. He started
his career in the mining industry as a Project Geologist
with Rio Algom Explorations from 1973 to 1983, where he was
involved in the discovery of the MAC molybdenum and Wolf
gold deposits. From 1983 to 1987, he was Senior Geologist
with Welcome North Mines where he focused on the exploration
of a number of advanced gold projects in British Columbia.
Leonard Harris, Metallurgical Engineer — Director
Professional engineer with Metallurgy diploma and 50 years
experience in all aspects of mineral processing and mining
operations world wide, including the construction of the
Yanacocha gold mine in Peru. Metallurgy diploma, Mount
Morgan Technical College, Queensland, AU, 1949. From 1943 to
1974, acted as metallurgist in various mining operations in
Australia, Ghana and Peru, with Mount Morgan, MIM, Radium
Hill, Tarkwa and Aboso Mines, Cerro de Pasco, Texada and
Cerro Corp.
W. Derek Bullock, P.Eng — Director
Mining Engineer who brings over 30 years of mine operating,
engineering, and consulting experience to the Canarc Board
of Directors. Worked for Ashanti Gold Mines in Ghana and
Dames and Moore in Canada. Since 1980, has been President of
Bullock Engineering Corporation, a Canadian mining and
mineral resources consulting and management organization.
ContactsCanarc
Resource Corp.
Suite 800 - 850 West Hastings St.
Vancouver B.C.
V6C 1E1
For more information contact:
Gregg Wilson, Investor Relations
Tel. 1-604-685-9700
Toll Free: 1-877-684-9700
Fax. 1-604-685-9744
Email:
invest@canarc.net
Website:
www.canarc.net
SEDAR FilingsCCM filings
with SEDAR can be found
here.
All Fillings are current and the Company is fully
reporting.
FORWARD LOOKING STATEMENTS
This report includes forward-looking statements that
reflect Canarc Resource Corp. current expectations about
its future results, performance, prospects and
opportunities. Canarc Resource Corp. has tried to identify
these forward-looking statements by using words and
phrases such as "may," "will," "expects," "anticipates,"
"believes," "intends," "estimates," "plan," "should,"
"typical," "preliminary," "we are confident" or similar
expressions. These forward-looking statements are based on
information currently available and are subject to a
number of risks, uncertainties and other factors that
could cause Canarc Resource Corp.'s actual results,
performance, prospects or opportunities to differ
materially from those expressed in, or implied by, these
forward-looking statements. These risks, uncertainties and
other factors include, without limitation, the Company's
growth expectations and ongoing funding requirements, and
specifically, the Company's growth prospects with scalable
customers, and those outlined above. Other risks include
the Company's limited operating history, the Company's
history of operating losses, consumers' acceptance, the
Company's use of licensed technologies, risk of increased
competition, the potential need for additional financing,
the terms and conditions of any financing that is
consummated, the limited trading market for the Company's
securities, the possible volatility of the Company's stock
price, the concentration of ownership, and the potential
fluctuation in the Company's operating results.
Disclaimer
AllPennyStocks.com feature stock reports are intended to be
stock ideas, NOT recommendations. Please do your own
research before investing. It is crucial that you at least
look at current SEC filings and read the latest press
releases. Information contained in this report was extracted
from current documents filed with the SEC, the company web
site and other publicly available sources deemed reliable.
For more information see our disclaimer section, a link of
which can be found on our web site. This document contains
forward-looking statements, particularly as related to the
business plans of the Company, within the meaning of Section
27A of the Securities Act of 1933 and Sections 21E of the
Securities Exchange Act of 1934, and are subject to the safe
harbor created by these sections. Actual results may differ
materially from the Company's expectations and estimates.
This is an advertisement for Canarc Resource Corp. The
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