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Review of Third Quarter and Outlook for Fourth Quarter, 2012

Vancouver, Canada – October 23, 2012 – Bradford Cooke, Chairman and CEO of Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN), is pleased to provide the following review of Canarc’s progress in the 3rd Quarter, and its plans for the 4th Quarter, 2012.

Q3 Review

Q4 Outlook

Canarc Resource Corp.
Per:

“Bradford J. Cooke”

Bradford Cooke
Chairman and CEO

About Canarc Resource Corp. - Canarc Resource is a growth-oriented, gold exploration company listed on the TSX (CCM) and the OTC-BB (CRCUF). The Company is currently focused on exploring its Windfall Hills gold properties in central BC and the Tay LP gold property in the Yukon Territory. Canarc is also preparing for a final phase of infill drilling in 2013 to further advance its 1.1 million oz, high grade, underground, New Polaris gold mine project in British Columbia toward a feasibility study.

For More Information - Please contact
Gregg Wilson, Vice President, Investor Relations
Toll Free: 1-877-684-9700,
Tel: (604) 685-9700,
Fax: (604) 685-9744,
Email: info@canarc.net,
Website: www.canarc.net

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include, but are not limited to, statements regarding Canarc’s future performance, including anticipated exploration, development, production, revenues, cash costs, capital costs, timing and expenditures to develop new mines and mineralized zones, gold grades and recoveries, and the use of the Company’s working capital. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

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