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 
FOR: Canarc Resource Corp. 
MAY 6, 2014 
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  
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 Chiloflischi
Toll Free: 1-877-684-9700 or (604) 685-9700
(604) 685-9744 
INDUSTRY:  Manufacturing and Production - Mining and Metals 
-0- May/06/2014 12:30 GMT
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