Vancouver, Canada � November 27, 2012 - Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF, DB-F: CAN) announces that it has arranged a CA$0.6 million non-brokered private placement equity financing with certain shareholders of the Company.� Management, directors and insiders will participate for up to 50% of the offering.

The private placement consists of 5.6 million units priced at CA$0.11 each. Each unit will consist of one common share and one share purchase warrant. �Each warrant entitles the holder to purchase one additional share at Cdn$0.15 during the first two years and Cdn$0.20 thereafter until expiry on the third anniversary of the date of issuance of the warrants.�

Should the 10 day average closing share price of Canarc�s shares reach Cdn$0.30 or higher within 36 months of the closing, then the warrants will expire within 30 days of that date.� No commissions will be paid to third parties for the funds raised.�

The private placement is subject to Toronto Stock Exchange approval. The shares and units will be subject to a four month plus one day hold period.� The net proceeds of the unit private placement will be used for working capital purposes.

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 seeking to advance its 1.1 million oz, high grade, underground, New Polaris gold mine project in British Columbia to the feasibility stage.� Canarc is also focused on exploring its Windfall Hills and Tay LP gold properties in BC and the Yukon Territory, and on acquiring a strategic new gold mine asset for near-term production.

CANARC RESOURCE CORP.
Per:

/s/ Bradford Cooke

Bradford Cooke
Chairman and CEO

For more information, please contact Gregg Wilson at Toll Free: 1-877-684-9700, tel: (604) 685-9700, fax: (604) 685-9744, email: info@canarc.net or visit our website, www.canarc.net.

CAUTIONARY DISCLAIMER � FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995.� All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties, as discussed in the Company's filings with Canadian and United States securities�agencies.� The Company expressly disclaims any obligation to update any forward-looking statements other than as required by applicable law. We seek safe harbour.