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Friday, 9th January 2009 (1366 views)

Canarc Resource has reported that it has improved the project economics at its New Polaris gold mine project through recent optmisation work.

Rising gold prices, a fall in the Canadian dollar and new off-site treatment terms have all helped to boost the economic outlook for the project.

The preliminary assessment of the New Polaris gold mine project also revealed that the project has generated a pre-tax net present value (NPV) of CN$131.2 million (£72.6 million) and a pre-tax internal rate of return of 28.8 per cent, compared with a pre-tax NPV of CN$60.4 million in 2007.

A growth-oriented, gold exploration company, Canarc Resource is listed on the Toronto Stock Exchange, the OTC Bulletin Board and the Frankfurt Stock Exchange.

The company is attempting to re-start the Polaris-Taku gold mine in British Columbia, now called New Polaris, exploring the gold-bearing potential of the Guyana Shield at the Benzdorp property in Suriname and focusing on acquiring attractive gold exploration and mining projects in North America.

 

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