PanTerra Withdraws from the Option Agreement for New Polaris Gold Mine Project
Vancouver, Canada – September 27, 2016 – Canarc Resource Corp. (“Company”) (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) announces it has received notice from PanTerra Gold (British Columbia) Limited (“PanTerra”), a wholly owned subsidiary of PanTerra Gold Limited, Australia (ASX: PGI) that it intents to withdraw from the current option agreement (“Agreement”) on New Polaris Gold Mine Project (“New Polaris”).
PanTerra has informed Canarc that the commercial objectives of the parties, as stipulated in the Agreement, will not be able to be achieved based on the current negative attitude of the Dominican Republic Government’s Ministry of Energy and Mines to allow the importation of concentrate containing high levels of arsenic into the Dominican Republic for processing.
Canarc owns 100% of New Polaris and remains focused on advancing the project to feasibility. The Company plans to seek expressions of interest from possible joint venture partners on New Polaris.
Catalin Chiloflischi, CEO
CANARC RESOURCE CORP.
About Canarc Resource Corp. - Canarc is a growth-oriented, gold exploration and mining Company listed on the TSX (CCM) and the OTC-BB (CRCUF). The Company is currently focused on acquiring operating or pre-production stage gold-silver-copper mines or properties in the Americas and further advancing its gold properties in north and central BC.
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