SHAREHOLDER UPDATE
Redcorp Ventures Receives Government Permit to Build Tulsequah Chief Mine and Road Adjacent to New Polaris Project
Glencairn Gold Corp. has engaged Standard Bank of London to provide up to a US $19 million limited recourse project finance facility to build the Bellavista gold mine in Costa Rica . Canarc owns an 18.3% net profit interest (after payback) in the Bellavista project and receives annual pre-production cash payments from Glencairn (previously Wheaton River and Rayrock).
Vancouver, British Columbia, Canada, December 16, 2002
Redcorp Ventures Ltd. announced Friday they have finally been granted a Project Approval Certificate by the B.C. provincial government to build their Tulsequah Chief copper-zinc-lead-silver-gold mine and access road in northwestern British Columbia . Redcorp now plans to carry out a drill program designed to expand their current 7.6 million tonne resource, update their feasibility study and finalize the operating permits.
"The Tulsequah Chief property is located immediately adjacent to Canarc's main asset, the 1.3 million oz. (Not NI43-101 Compliant) New Polaris gold mine project. Having a permitted, development-stage mine project right next door to us should be of significant help in our own permitting and development program", stated Bradford Cooke, President and CEO of Canarc.
At New Polaris, a mini-bulk sample was collected from the underground workings this past August in order to carry out new metallurgical tests on our high grade, refractory, gold mineralization. In addition to grinding and flotation optimization studies, a concentrate will be subjected to bioleach tests. If successful, a new scoping study will then be prepared in order to reduce the estimated capital and operating costs for the proposed New Polaris gold mine.
Glencairn Arranges Bank Financing to Build Bellavista Gold Mine
Glencairn Gold Corp. has engaged Standard Bank of London to provide up to a US $19 million limited recourse project finance facility to build the Bellavista gold mine in Costa Rica . Canarc owns an 18.3% net profit interest (after payback) in the Bellavista project and receives annual pre-production cash payments from Glencairn (previously Wheaton River and Rayrock).
Last year, Canarc accepted 529,000 shares of Wheaton River Minerals in lieu of a portion of the 2002 payment and all of the 2003 payment. The next payment is due in January 2004.
ON BEHALF OF THE BOARD OF DIRECTORS
CANARC RESOURCE CORP.
Bradford J. Cooke
President and CEO
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