Canarc Resource Terminates Letter of Intent With Respect to a Business Combination with Pan American Goldfields
06 Mai 2014 - 2:30PM
Marketwired
Canarc Resource Terminates Letter of Intent With Respect to a
Business Combination with Pan American Goldfields
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 6, 2014) -
Canarc Resource Corp. ("Canarc" or the "Company")
(TSX:CCM)(OTCBB:CRCUF)(FRANKFURT:CAN) announces that, as a result
of its due diligence, it has terminated its letter of intent (the
"Letter of Intent") with Pan American Goldfields Ltd. (OTCQX:MXOM)
("Pan American") with respect to a business combination.
Mr. Catalin Chiloflischi, CEO of Canarc, stated: "As a result of
our comprehensive due diligence process completed to date, we have
concluded that pursuing the proposed transaction with Pan American
is not in the best interest of our shareholders. However, the
Company remains prepared and committed to pursue other
opportunities that can leverage our team's mine building and
operating expertise with a goal to transition Canarc into a
successful producing gold-silver mining company."
A conference call to discuss Canarc's plans going forward with
shareholders and investors has been scheduled for Wednesday May 7,
2014 at 11.30am PST (2.30pm EST). Please see dialing instructions
below.
Conference Call Numbers |
Canada & USA Toll Free Dial In: 1 877
881 1303 |
Outside of Canada & USA call: +1 604
638 5340 |
Please dial in 5 - 10 min prior to the scheduled start time and
simply ask to join your call.
Catalin Chiloflischi, CEO
CANARC RESOURCE CORP.
About Canarc Resource Corp. - Canarc is a growth-oriented, gold
exploration and mining company listed on the TSX (CCM) and the
OTC-BB (CRCUF). The Company is currently seeking a partner to
advance its core asset, the 1.1 million oz, high grade,
underground, New Polaris gold mine project in British Columbia, to
feasibility. Canarc is also seeking to acquire an operating or
pre-production gold mine in the Americas.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains "forward-looking statements"
within the meaning of the United States private securities
litigation reform act of 1995 and "forward-looking information"
within the meaning of applicable Canadian securities legislation.
Statements contained in this news release that are not historical
facts are forward-looking information that involves known and
unknown risks and uncertainties. Forward-looking statements in this
news release include, but are not limited to, statements with
respect to the merits of the mineral properties of Canarc, the
future performance of Canarc, mineral resource estimates and the
Company's plans and exploration programs for its mineral
properties, including the timing of such plans and programs. In
certain cases, forward-looking statements can be identified by the
use of words such as "plans", "has proven", "expects" or "does not
expect", "is expected", "potential", "appears", "budget",
"scheduled", "estimates", "forecasts", "at least", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "should", "might" or
"will be taken", "occur" or "be achieved".
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such risks
and other factors include, among others, uncertainties inherent in
the estimation of mineral resources; commodity prices; changes in
general economic conditions; market sentiment; currency exchange
rates; the Company's ability to continue as a going concern; the
Company's ability to raise funds through equity financings; risks
inherent in mineral exploration; risks related to operations in
foreign countries; future prices of metals; failure of equipment or
processes to operate as anticipated; accidents, labor disputes and
other risks of the mining industry; delays in obtaining
governmental approvals; government regulation of mining operations;
environmental risks; title disputes or claims; limitations on
insurance coverage and the timing and possible outcome of
litigation. Although the Company has attempted to identify
important factors that could affect the Company and may cause
actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, do not place undue
reliance on forward-looking statements. All statements are made as
of the date of this news release and the Company is under no
obligation to update or alter any forward-looking statements except
as required under applicable securities laws.
Forward-looking statements are based on assumptions that the
Company believes to be reasonable, including expectations regarding
the merits of the mineral properties of the Company, the accuracy
of the mineral resource estimates of the Company, mineral
exploration and development costs; expected trends in mineral
prices and currency exchange rates; that the Company's activities
will be in accordance with the Company's public statements and
stated goals; that there will be no material adverse change
affecting the Company or its properties; that all required
approvals will be obtained and that there will be no significant
disruptions affecting the Company or its properties.
Canarc Resource Corp.Catalin ChiloflischiCEOToll Free:
1-877-684-9700 or (604) 685-9700(604)
685-9744info@canarc.netwww.canarc.net
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