Canarc Arranges CA$62,000 Loan Financing With Directors and Officers

Abstract

(Marketwire - May 11, 2009) - Canarc Resource Corp. (TSX:CCM)(OTCBB:CRCUF)(DBFrankfurt:CAN) announces that it has arranged a CA$62,000 loan financing with certain officers and directors.

VANCOUVER, BRITSH COLUMBIA--(Marketwire - May 11, 2009) - Canarc Resource Corp. (TSX:CCM)(OTCBB:CRCUF)(DBFrankfurt:CAN) announces that it has arranged a CA$62,000 loan financing with certain officers and directors.

The financing is in the form of a demand loan, earning 9% annual interest payable quarterly, and secured by approximately 250,000 common shares of Caza Gold Corp. valued at CA$0.25 per share.

The proceeds will be added to working capital in order to facilitate the ongoing evaluations of merger and acquisition opportunities.

Canarc Resource Corp. is a growth-oriented, gold exploration company listed on the TSX (CCM) and the OTC-BB (CRCUF). Canarc is currently focused on advancing its New Polaris gold mine project in north-western British Columbia to the feasibility stage and acquiring attractive gold exploration and mining projects in North America. Barrick Gold Corp. is a shareholder.

CANARC RESOURCE CORP.

Bradford J. Cooke, Chairman and C.E.O.