Cap-Ex Completes Airborne Geophysical Survey over Canarc’s TAY–LP Gold Property in Yukon
October 12, 2010
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.
/s/ Bradford J. Cooke
Bradford J. Cooke
Chairman and C.E.O.
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