Canarc Resource News Release / audited financials / (MD&A).

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Canarc Resource News Release / audited financials / (MD&A).

posted on Mar 27, 2009 01:29PM

March 27, 2009

Canarc Resource News Release

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)           -
---------------------------------------------------------------------------

Loss before income tax                                  (6,963)        (524)

Future income tax recovery                                   -        2,039
---------------------------------------------------------------------------

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)
---------------------------------------------------------------------------

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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