Canarc Arranges CA$40,000 in Private Placement Financing

VANCOUVER, BRITISH COLUMBIA, Nov 02 (MARKET WIRE) --
Canarc Resource Corp. (TSX: CCM)(OTCBB: CRCUF)(DBFrankfurt: CAN)
announces that it has arranged a non-brokered private placement equity
financing totaling approximately CA$40,000.

The private placement consists of up to 326,000 units priced at CA$0.1225
per unit for gross proceeds of up to approximately CA$40,000. Each unit
consists of one common share and one-half share purchase warrant. Each
full warrant can be exercised to purchase one common share at CA$0.165
within an 18 month period.

A 7% finder's fee is payable in cash on a portion of this placement. The
private placement is subject to exchange and regulatory approvals, and
the shares will be subject to the standard four month hold period (and a
US legend for American subscribers only).

The recently completed $0.10 unit private placement was oversubscribed by
a small amount but the TSX did not approve the over-subscription so all
the participants in that financing were cut back on a pro rata basis. The
current $0.1225 unit offering is being taken up by some of the
participants in the $0.10 offering in order to accommodate their
previously over-subscribed amounts.

The net proceeds of the unit private placement will be added to working
capital.

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 exploring its recently acquired Tay LP gold property in
south-central Yukon and seeking a partner to advance its New Polaris gold
mine project in north-western British Columbia to the feasibility stage.
Barrick Gold Corp. is a shareholder.

CANARC RESOURCE CORP.

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

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS

Certain statements contained herein constitute "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. All statements that are not historical
facts, including without limitation statements regarding future
estimates, plans, objectives, assumptions or expectations of future
performance, are "forward-looking statements". We caution you that such
"forward-looking statements" involve known and unknown risks and
uncertainties, as discussed in the Company's filings with Canadian and
United States securities agencies. The Company expressly disclaims any
obligation to update any forward-looking statements other than as
required by applicable law. We seek safe harbour.

Contacts:
Canarc Resource Corp.
Gregg Wilson
Toll Free: 1-877-684-9700 or (604) 685-9700
(604) 685-9744 (FAX)
info@canarc.net
www.canarc.net

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