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Wednesday, 10th October 2007 (2777 views)

A review of Canarc's third-quarter highlights has shown encouraging results from the company's New Polaris gold mine project.

The firm received an award sponsored by the Technical and Research Committee on Reclamation of the Mining Association of British Columbia and the province's ministry of energy, mines and petroleum resources for its work to reclaim an exploration property on the New Polaris site.

Additionally, the gold mine project, located in north-western British Columbia, Canada, has been positively assessed for a base case model of a gold mine yielding 80,000 ounces per year, which is estimated to generate an annual revenue of C$40.9 million (£20.39 million).

During the third quarter of 2007, Canarc also closed a C$1.1 million private placement financing agreement for the acquisition and exploration of new gold properties in Mexico.

The company has investments in gold mining properties in Costa Rica, Mexico and Canada and focuses on the discovery and development of gold properties throughout the Americas.

 

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