Canarc Resource Terminates Letter of Intent With Respect to a Business Combination with Pan American Goldfields

Canarc Resource Terminates Letter of Intent With Respect to a Business 
Combination with Pan American Goldfields 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/06/14 --   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
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

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  
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
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 l
egislation. 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
Canarc Resource Corp.
Catalin Chiloflischi
Toll Free: 1-877-684-9700 or (604) 685-9700
(604) 685-9744 (FAX)
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