Minorca Purchases Canarc Shares
February 27, 1998

Vancouver, British Columbia, Canada, February 27, 1998....Mr. Bradford Cooke, President of Canarc Resource Corp., is pleased to announce a strategic purchase of Canarc shares by Minorca Resources Inc. 

Minorca has purchased a $1,000,000 private placement, consisting of 1,333,400 Canarc shares at $0.75 each.  In addition, Minorca has also acquired 800,000 Canarc shares in a private transaction.  Minorca has granted Mr. Cooke, or his assigns, a votingtrust over the 2.13 million Canarc shares held by Minorca. 

Stated Mr. Cooke, "We view this strategic investment as an opportunity for Canarc to add value to its existing portfolio of attractive gold projects, for the benefit of all shareholders.  The additional working capital should also facilitate Canarc's ability to pursue attractive acquisitions and joint ventures during this time of low gold prices." 

Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company with active projects worldwide. Major shareholders include Barrick Gold Corp. and Echo Bay Mines Ltd. The Company's common shares trade under the symbol "CCM" on the Toronto Stock Exchange as well as on the following exchanges: Vancouver: Vista-CCM, Frankfurt: Third Market Segment-CAN, Berlin: Over the Counter-CAN, NASD: Electronic Bulletin Board-CRCUF.