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Trading Symbol TSE:CCM Far West Drill Program Intersects Wide Zone of Vein Mineralization on Lobo 14 Property, Drilling to Resume in June Vancouver, British Columbia, Canada, Bradford J. Cooke, President and C.E.O of Canarc Resource Corp. (CCM-TSE) is pleased to announce that an initial drill program on the Lobo 14 property owned by Minera Aztec Silver Corp. (Canarc 65%) near Matehuala, San Luis Potosi, Mexico and funded by joint venture partner, Far West Mining has intersected a wide zone of vein mineralization in the Carmen prospect area along strike from the rich La Paz silver mine. A fence of six reverse circulation drill holes was drilled across a 420 m wide zone containing multiple quartz and calcite veins adjacent to the old La Paz mine. Initial assay results returned strongly anomalous Ag, Au, Zn and Pb values in several oxidized zones up to 15 metres wide each from three holes with assays still pending for the other three holes. Since the adjacent La Paz mine was mined over a 3 km strike length to depths of 950 m, the initial drilling program appears to have clipped the top of the silver vein system in a down-dropped block. A follow up diamond drilling program is now being planned by Aztec and Far West to commence this month in order to test the Carmen prospect for high grade silver mineralization at deeper levels. A pronounced Ag-Zn-Au-Cu geochemical anomaly trends from the La Paz mine eastwards across the Lobo 14 property for more than 2 kms and represents a potentially large target zone of mineralization. In the initial RC drilling program at Lobo 14, a total of 6071 metres was drilled in 16 holes to test 6 separate targets in 2 prospect areas. Assays are still pending for 5 holes in the Carmen prospect area. The other prospect area, San Vicente, returned anomalous zinc values in an oxidized, iron-rich zone over a 10.0 m width. Several other targets remain to be tested in both the Carmen prospect area, and a third prospect area, San Antonio. Additional surface and airborne surveys are also underway on the other Lobo properties optioned by Aztec to Far West. Noranda to Drop Option on Lobo 6, 8 Properties Noranda Mines has notified Minera Aztec Silver Corp. (Canarc 65%) that a recent drill program on the Lobo 6 property failed to intersect mineralization. As a result, Noranda will be dropping its option on the Lobo 6 and 8 properties located in the State of Zacatecas, in north-central Mexico. Aztec geologists note that Noranda carried out geophysical surveys on both properties over the past year but no geochemical surveys. Five IP-resistivity anomalies were targeted for drilling but only three were tested, all on Lobo 6. The sources of the anomalies were determined to be clay-rich layers in the desert pediment above bedrock. Other magnetic, electromagnetic and gravity anomalies, which must originate in bedrock, remain untested. The IP anomalies on Lobo 8 appear to be too deep to be caused by clay-rich pediment but Noranda chose not to drill them. Aztec plans to carry out reconnaissance geochemical sampling over the Lobo 8 geophysical anomalies to determine whether they represent drill targets similar to the huge new San Nicholas discovery of Teck/Western Copper, also located in the Zacatecas region. Canaccord Capital Markets Out of Aztec IPO On January 27, 2000, Aztec entered into an Agency Agreement with Canaccord Capital to sponsor Aztec s application for a listing on the CDNX exchange. Canaccord agreed to underwrite an Initial Public Offering of 1.7 million shares at $0.85 per share. The net proceeds were intended primarily for Aztec to explore its Nopalera property in Chihuahua, Mexico. Nopalera is a large high sulfidation, epithermal gold-silver-copper prospect with alteration and mineralization exposed on surface over a 10 km� area. This gold-silver deposit-type includes some of the largest gold mines in the world, including Yanacocha in Peru, Pascua in Chile and Lihir in Indonesia. On April 5, 2000, Aztec received its final receipt for the Prospectus from the B.C. Securities Commission. It became apparent in May, however, that Canaccord was either unwilling or unable to complete the Offering as previously agreed. Canaccord has therefore marketed out of the IPO and resigned as Agent for Aztec at the request of the Company. Aztec intends to seek another Agent to sponsor the listing application and complete the IPO as soon as possible. For further information contact Robert Carriere, Investor Relations at (604) 685-9700 or visit our website: www.canarc.net.
Sincerely,
Bradford J. Cooke For further information contact:
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