Bradford Cooke, President and CEO of Canarc Resource Corp. (CCM: TSX and CRCUF: OTC-BB) is pleased to announce the appointments of a new Director and a new Advisor to the Board of Directors and the formation of a special committee to explore alternatives to enhance shareholder value.
Stephen G. Macklem, B.A., now joins the Board, increasing the number of Directors from four to five. Stephen brings to Canarc his diverse expertise in operating resource businesses and investing in financial markets. Stephen started his career with Occidental Petroleum in 1974 and rose quickly through the ranks to become Superintendent of a US$200 million coal mining and processing operation.
Since 1986, Stephen has worked in the financial arena, enjoying success as a lead investor, portfolio manager, market maker, arbitrager and trader in senior debt and equity markets. Based in Chicago, he is currently a principal at Island Creek Capital, LLC.
Tony Low-Beer, Ph.D., is appointed Advisor to the Board of Directors and brings a wealth of experience and success in analyzing and investing in the stock markets in general, and the resource sector in particular. Tony started out teaching economics in college before becoming a financial analyst in 1972 with New York based mutual fund and stock brokerage companies, specializing in metals. He gained recognition as a top analyst with L.F. Rothschild, moved into investment banking and subsequently became a money manager and research analyst with M. Kimelman.
In recent years, Tony has focused on identifying undervalued investment opportunities in the equity markets as a lead investor and money manager. Based in Connecticut, he currently manages money as a registered representative of Brimberg and Company.
“We welcome the addition of such experienced and talented executives at the Board level,” said President and C.E.O., Bradford J. Cooke. “Our Board of Directors consists of a great team of industry veterans who are committed to delivering the type of leadership the mining industry and our shareholders have come to expect of Canarc.”
In conjunction with the appointments, Canarc’s Board has established a special committee to study any or all transactions to enhance shareholder value. This committee consists of Mr. Macklem, Dr. Low-Beer, Mr. Cooke and another independent director, Leonard Harris, an engineer with over 40 years’ experience in the mining industry who was responsible for the construction of Newmont’s Yanacocha gold mine, now the largest gold mine in the world.
On Behalf of the Board of Directors
CANARC RESOURCE CORP.
/s/ “Bradford J. Cooke”
Bradford J. Cooke
President and C.E.O.
Canarc Resource Corp. is a growth-oriented, gold exploration and mining company listed on the TSX (symbol CCM) and the OTC-BB (symbol CRCUF). The Company's principal assets are its 100% interest in the 1.3 million oz. (Not NI43-101 Compliant) New Polaris gold deposit located in northwestern British Columbia and its option on the huge Benzdorp gold property in Suriname. Major shareholders include Barrick Gold Corp. and Kinross Gold Corp.
For more information, please contact Gregg Wilson at tel: (604) 685-9700, fax: (604) 685-9744, email info@canarc.net or visit our website, www.canarc.net. The TSX Exchange has neither approved nor disapproved the contents of this news release.