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Trading Symbol  TSE:CCM
NEWS ANNOUNCEMENT ---------- FOR IMMEDIATE RELEASE

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Canarc Raises $500,000 Private Placement Financing

Vancouver, British Columbia, Canada                                                                         September 10, 2002

Canarc Resource Corp. (CCM:TSX and CRCUF:OTC - BB) announces that it has agreed to a $500,000 non-brokered private placement financing consisting of 1,250,000 units at $0.40 per unit.

Each unit will consist of one common share and one half common share purchase warrant.  Each full warrant can be exercised to purchase an additional common share at $0.50 within a two-year period.

A 7.5% finders fee will apply to a portion of the financing.  The net proceeds will be added to working capital. 

Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company.  Our property portfolio covers projects in Canada, Mexico, Costa Rica and Suriname.  Major shareholders include Barrick Gold and Echo Bay Mines.  The Company’s common shares trade under the symbol “CCM” on the Toronto Stock Exchange and “CRCUF” on the OTC Bulletin Board.

For further information please contact Bradford Cooke at (604) 685-9700.

On Behalf of the Board of Directors

CANARC RESOURCE CORP.

Bradford J. Cooke

President and CEO

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