Canarc Resource Corp. is a growth-oriented gold exploration and mining company listed on the Toronto Stock Exchange (symbol CCM) and OTC Bulletin Board (symbol CRCUF). The Company is focused on building shareholder value through the discovery and development of gold and silver mines in North, Central and South America. The Company's New Polaris and Benzdorp projects in particular offer investors multi-million ounce gold potential. Management has a wealth of mining experience and a track record of success. Canarc is strong financially and major shareholders include Barrick Gold and Echo Bay Mines. INVESTMENT HIGHLIGHTS The Company owns interests in one small producing gold mine in South America, two large gold deposits ready for development in North and Central America, and a strategic exploration project that has the potential for a major new mineral find. Canarc�s principal asset is the 1.3 million oz. gold resource on its New Polaris property (100% Canarc) located in northwestern British Columbia. A high grade, past producing underground mine, New Polaris is one of the largest gold deposits in Western Canada. Canarc�s next major gold discovery may be on the Benzdorp property in Suriname, where several gold prospects have been found and are now being trenched. The target here is a large gold porphyry system with the potential for several million ounces. Benzdorp will be Canarc's main focus in 2003. The Sara Kreek gold mine is a small open pit placer operation (80% Canarc) in the Republic of Suriname. Production is approximately 10,000 oz. per year and the mine operates on a break-even basis at current gold prices. The Bellavista gold deposit (18% Canarc carried interest after payback) in Costa Rica has a 550,000 oz. mineable reserve that is amenable to open pit, heap leach production at an estimated low US$ 156 per oz. operating cost. With 45.8 million shares issued, trading at C$ 0.40 per share, Canarc is undervalued compared to other junior gold companies and offers substantial upside potential for prudent investors. For more information, call 604-685-9700 or email [email protected].

CEO:    Good day. This is Michael Wachs with CEOcast. I am here today with Bradford J. Cooke; Brad is Chief Executive Officer of Canarc Resource, a company that trades over-the-counter, symbol CRCUF and also on the Toronto Stock Exchange, symbol CCM. Canarc is a Canadian based gold exploration and mining company. Thanks for joining CEOcast today Brad.

BC:      Yes, thank you for having me.

CEO:    I thought perhaps you could begin with an overview of the company, then we will get into some of the ways you can capitalize on surging gold prices.

BC:      Well, to start off, I am a professional geologist by training and Canarc is a company I founded from scratch some 15 years ago.  Over the years we have enjoyed some good successes in the exploration and development of gold mining projects and our share price has reflected that especially during good gold markets. It has only been in the last twelve month that gold has come back into favour with investors so we are expecting some profound gains both in the senior gold shares and the junior companies such as Canarc.

CEO:    Let�s start with the company itself, junior companies tend to do best when they have some diversification as you do, perhaps you could give a brief overview of some of your key properties.

BC:      Canarc is somewhat unique in the sphere of junior gold mining companies in that we are not just a junior producer.  We do have one small operating gold mine in South America, but we are also a development company in that we have two large development sites. Our main asset is the1.5 million ounce New Polaris gold deposit in northern B.C. and we also have a retained interest in the 500,000 ounce Bellavista gold mine project in Costa Rica. Last but not least we are also a very aggressive exploration company. We made a discovery several years ago in South America called Benzdorp, which through circumstances we were unable to continue work on for five years and it has only been in the last few months that we have been able to resume work on that gold discovery. So Canarc is not just a producer or a developer or an explorer, we are in fact all three and we believe that not only offers superior rewards to our shareholders but it also helps protect their downside.

CEO:    Let�s start if we could with the interest that you have in the producing mine in South America, where is it located and why is it so appealing?

BC:      Well, Sara Kreek gold mine is the first mine we put into production. It�s a small open-pit placer mining operation in the Republic of Suriname that is in the northern part of South America. We do about 10,000 ounces per year of gold dust. The mine operates at break even at about $300 gold. Fortunately, with the break above $300 gold over the last year the mine is now looking quite good. It is however small and will remain small, we don�t expect that it will grow much bigger than it is right now. So our main focus over the last couple of years has turned to our development and exploration assets.

CEO:    Those assets reside, particularly the gold ones, in both North and Central America. Let us start if we could with your plays in North America, what makes them so attractive?

BC:      Our New Polaris property must certainly be considered our main asset. It�s a 1.5 million ounce gold deposit that we discovered ourselves basically by drilling below and beyond an old mine that was thought to be mined out. We started back in 1990 when there were no reserves estimated for that mine and now with a 1.5 million ounce resource still open for expansion we view Polaris as one of the principal opportunities for our stockholders. It�s a tangible asset that holds real value at the existing share price and of course with opportunities to grow, I believe it will give shareholders good returns going forward.

CEO:    There have been some developments in the area which significantly increased and improved the infrastructure, what implications does that have for the economics of the New Polaris project?

BC:      There have been a couple of breakthroughs over the last couple of months and there should be more to come in the upcoming months. In December for instance a major copper mine development immediately adjacent to our New Polaris gold mining project received its final permitting from the government of British Columbia to go ahead. Obviously a fully permitted copper project immediately adjacent to our gold project makes our own permitting a little bit easier. Secondly, we are in the middle of a number of new metallurgical tests and engineering work that should significantly reduce our anticipated operating and capital costs to build and operate the New Polaris mine and if we achieve those cost breakthroughs over the next couple of months I think you will see New Polaris take a large step forward towards development.

CEO:    As you look at the opportunities now of course the Bellavista property is your most advanced gold deposit but New Polaris is your largest asset who else is in this particular area and what have you learned from their expertise?

BC:      Our neighbour, the copper project I mentioned, is owned by a company called Redcorp and what we have learned is that patience is a virtue when it comes to permitting.  We let Redcorp lead the way in terms of permitting because once they finished last month, our permitting became easier. With regards to our Bellavista asset in Costa Rica, we have a minority interest there. The senior partner there is a company called Glencairn out of Toronto. They just announced that they secured their bank financing to build the mine thus our retained interest will certainly increase in value as that mine is built and brought into operation over the next couple of years.

CEO:    Given the current increase in prices, how might this impact the pace of activities at New Polaris and do you need to raise capital in order to accelerate things?

BC:      We are fortunate that we have a positive working capital of almost $1 million CAD, and we don�t have any immediate need for cash. We do expect that the company will go to the capital markets as we make a decision whether to partner or build the New Polaris mine on our own. It may be that we will find a partner for that and not have to raise any additional funds. Our principal focus and the main reason to go back to the equity markets would be our gold discovery on the Benzdorp property in Suriname. So while this work on New Polaris is ongoing, I think you will see Canarc spending more time and money on the Benzdorp discovery.

CEO:    Another play for the company is the Sara Kreek gold mine, where is that located and what is the opportunity there?

BC:      Sara Creek is our operating gold mine in the Republic of Suriname and we don�t expect it will grow much beyond its current size. There are some other opportunities there but they are small. In the same country, we made this discovery five years ago called Benzdorp and it is there that I feel shareholders will find significant value over the next twelve to eighteen months. Canarc recently launched a trenching program on our main prospect there and we have already spent $2 million exploring this huge property. It measures almost 1300 sq. km., which is about 350,000 acres and it is the largest historic gold producing region in that part of the continent. There was over 1 million ounces of historic gold production from the Benzdorp property and what Canarc thinks it has found here is the source of all that gold historically. This source could be any where from 2 to 10 million ounces in size, that is the target size. So Canarc�s trenching program currently underway and our drilling program proposed for 2003 should give us our first reasonable assessment as to the overall size of this discovery.

CEO:    When you look at the trenching program, you plan to conduct a $100,000 grid-trenching program on the prospect over the next three months how might this help you determine drilling targets?

BC:      The trenching program, which will spill into February, should help us determine the overall surface area of the mineralization. Right now we know that it is covering about 1 kilometre in length by approximately 200 metres in width and the trenching should assess whether or not it is 1.5 to 2 kilometres in length and whether or not it is more than 200 metres in width. Just to put that in perspective the footprint of the known boundaries of mineralization would give us a 2 million ounce target to 250 metres in depth and if we can double the length and double the width then that number would multiply by four. So that gives you the scale of opportunity at Benzdorp. The mineralization is exposed on surface, still open in all directions, we have not yet found the boundaries to the north, east, south or west.

CEO:    Brad when you get into junior plays and when you get into countries outside North America it raises certain legal risks, what implications does the legal structure in Suriname have for Benzdorp and Canarc in particular how might you benefit from Cambior�s announced commitment?

BC:      We are fortunate in that the Republic of Suriname has embraced foreign mining investment with open arms in the last two years to the extent that Cambior, one of North America�s larger gold producers, has committed $100 million towards development of the first modern gold mine in Suriname called Gross Rosebel. Construction of that mine starts this month, further tangible evidence that the Republic of Suriname is open for business. We believe that the Benzdorp project has significantly larger potential than Gross Rosebel but is obviously not as far along in its development. We will probably need a couple of years of drilling and a couple of years of engineering and development in order to play catch-up at Benzdorp. Nonetheless the legal risks in Suriname are minimized by the fact that they are following the Dutch legal code, as it was an old Dutch colony and it is almost like working in Europe.

CEO:    What should investors look for in the coming quarters in terms of key developments for the company?

BC:      Over the next four quarters shareholders and investors should look for Canarc to make significant gains on both the Benzdorp and New Polaris projects. At Benzdorp the trenching program should generate assay results throughout the first quarter. We do expect the first drilling program to get underway in the first quarter and continue throughout the year, so look for periodic releases on drill discoveries throughout the year. Moving over to the New Polaris project, the metallurgical testing and scoping studies now underway to try and reduce the anticipated capital operating costs of that mine should be completedby the end of the second quarter, giving us a benchmark study suitable for seeking either a partner or financing.

CEO:    We have been speaking today with the Chief Executive Officer of Canarc Resource Corp., Bradford J. Cooke. The company trades on the Toronto Stock Exchange under the symbol CCM. It is a company that gives investors the opportunity to invest in rising gold prices through this junior, Canadian based mining company. Brad, thanks for joining CEOcast today. 

BC:      Thank you Michael and if I might conclude we are also listed on the OTC Bulletin Board under the symbol CRCUF and your listeners can find much more information on our website located at www.canarc.net 

CEO:    Brad, thanks for joining us today. This has been Michael Wachs for CEOcast...where Wall Street listens.