VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2009) - Canarc Resource Corp. (TSX:CCM)(OTCBB:CRCUF)(DBFrankfurt:CAN) has released its audited financial statements for the year ended December 31, 2008, and the related management discussion and analysis of financial position, and results of operations (MD&A).
The Company reduced its corporate expenses including non-cash items by 35% in 2008 to US$1.12 million compared to 2007. Notwithstanding the reduced expenses, Canarc reported a loss of US$6.96 million in 2008, largely as a result of writing off its investment in the Benzdorp exploration project in Suriname.
Consolidated Statements of Operations and Comprehensive Income (Loss)
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Years ended December 31,
(stated in US$000s, except per share amounts) 2008 2007
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Expenses:
Amortization $ 2 $ 2
Corporate development 17 65
Employee and director remuneration 350 618
Foreign exchange loss (gain) 77 (198)
General and administrative 348 592
Shareholder relations 121 198
Stock-based compensation 203 442
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Loss before the undernoted (1,118) (1,719)
Equity loss from investment in affiliated company - -
(Loss) gain on disposition of marketable
securities (32) 1,152
Gain on disposition of long-term investment 228 -
Gain from disposition of subsidiary 221 -
Investment and other income 2 28
Accretion of royalty receivable 11 15
Write-down of marketable securities - -
Write-off of mineral properties (6,275) -
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Loss before income tax (6,963) (524)
Future income tax recovery - 2,039
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Net (loss) income for the year (6,963) 1,515
Other comprehensive (loss) income:
Unrealized (loss) gain on available-for-sale
securities (3) 289
Realized gain on sale of available-for-sale
securities 32 (1,152)
Foreign exchange on unrealized gain - 68
Foreign exchange on realized gain (1) (70)
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Comprehensive (loss) income for the year $ (6,935) $ 650
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Basic and diluted (loss) earnings per share $ (0.10) $ 0.02
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Weighted average number of common shares
outstanding 71,793,931 69,907,839
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Canarc's management team continues to seek strategic alternatives to advance the New Polaris high grade gold mine project to pre-production mine development and a full feasibility study, as well as pursuing new opportunities for growth by evaluating attractive gold projects in the USA and Canada for acquisition where management's financing, exploration and mining experience can add value.
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, exploring the large Benzdorp gold belt 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.
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