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Canarc Resource unveils new strategy as it begins hunt for new CEO

Last updated: 19:35 05 Sep 2018 BST, First published: 14:35 05 Sep 2018 BST

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Canarc is a precious metals explorer

Precious metals explorer Canarc Resource Corp. (CVE:CCM, OTCMKTS:CRCUF) said it had a new two-pronged strategy, as it outlined plans to hire a new chief executive.

Since the AGM on June 29 this year, the new board of directors and new interim CEO (Bradford Cooke) have reviewed the firm's previous plans and decided to overhaul Canarc's business plan.

"Upon thorough review, it was clear we needed to hit the reset button for Canarc," said Cooke.

"Not only do we want to be more aggressive about creating shareholder value, we revised our goals and strategies to better facilitate value creation, with a new focus on optimizing our current assets and acquiring new projects.

"We believe we can maximize our upside potential while managing our downside risk by using our expertise and cash to grow and advance an attractive portfolio of gold assets.

"Our new strategy focuses on a two-pronged approach: optimising our current gold resources, and engaging in high impact exploration projects ("elephant hunting") to create superior shareholder value."

Interviews to begin

An interview process for the new CEO will begin this month  (September), it said.

The group is also forming an advisory board to provide management and directors with independent advice.

At New Polaris in Canada, the first core asset, the firm has commissioned Outotec to complete a new BIOX study on New Polaris concentrate, results are expected by year-end and if economic, we plan to update the preliminary economic assessment in 2019 for building a high-grade gold mine.

At Fondaway Canyon in Nevada, consultant SRK was commissioned to complete a three-dimensional study of all historical drill results to help identify where to drill to expand the gold resources - results are expected by the end of September, after which a Phase 2 exploration programme and budget will be developed for 2019, it added.

At Windfall Halls, exploration should start in September after the forest fire risk is reduced-results are expected by the end of November, after which a Phase 2 exploration program and budget will be developed for 2019.

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