Canarc to Purchase Two Windfall Hills Gold Properties

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Canarc Resource Corp. (CCM.TO) has executed two separate purchase agreements to buy out the Windfall Hills gold properties held under two separate option agreements with Atna Resources Ltd. and David Dunn.

Canarc will issue 1,500,000 common shares to Atna and 500,000 common shares to Dunn to buy out their respective properties, subject to NSR royalties on mineral production. The Company purchased these two prospective gold properties to eliminate significant future cash payments pursuant to the two previous option agreements.

Gold mineralization at Windfall Hills is associated with quartz stock-works and alteration zones of silica, pyrite, K-feldspar, sericite and clay. Anomalous gold, silver, and arsenic values appear to be associated with areas of more intense multiple-stage silicification and brecciation. Rock-chip samples have returned values up to 5.7 gpt gold and numerous samples assayed over 1.0 gpt gold.

Canarc is at a yr low of 10 cents.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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