Exhibit 99.1
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CANARC RESOURCE
CORP.
#810
– 625 Howe Street
Vancouver,
BC V6C 2T6
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T:
604.685.9700
F:
604.685-9744
TF:
1.877.684.9700
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www.canarc.net
CCM:
TSX
CRCUF:
OTCQX
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NEWS
RELEASE
Canarc
Appoints New CEO
Vancouver, Canada –
October 23, 2018 – Canarc Resource Corp. (TSX: CCM, OTCQX: CRCUF,
Frankfurt: CAN) (“Canarc” or the
“Company”) announces, effective today, the
appointment of Director Scott Eldridge as the new Chief Executive
Officer. Bradford Cooke who has held the position as Interim CEO
will continue as Chairman of the Company.
Scott Eldridge has
over 10 years of experience in the mining sector, spanning various
executive roles with both private and public companies. He has a
proven track record of raising capital for mining projects from
exploration stage to construction financing.
Bradford Cooke,
Canarc Chairman and Interim CEO, commented “I am pleased to welcome Scott Eldridge
to the Canarc Management team. His leadership, capital markets
experience and investor network should help unfold the full
potential of our current gold projects and corporate
strategy.”
Over the span of
his career, Scott has worked with different commodities including
gold, silver, diamonds, copper, iron ore, vanadium, zinc and
potash, in a variety of locations including the United States,
Canada, Brazil, Argentina, Mexico, Finland, Sweden, Spain, Romania
and Ghana. He has worked mostly with junior companies guiding them
through the advancement process of exploration, resource estimation
and economic valuation leading to an M&A event or
construction.
Most recently he
was President and CEO of Arctic Star Exploration (TSX-V: ADD), a
diamond exploration company. Prior he held the position of CFO and
VP Finance with Amarillo Gold (TSX-V: AGC) a gold developer in
Brazil. Additionally, he co-founded Euroscandic International Group
Inc., a private company that offered investment banking services to
natural resource companies. During his time in the industry Scott
has been responsible for raising in excess of $500 million in
combined equity and debt financing for mining projects varying from
exploration to construction financing around the globe. Mr.
Eldridge has a B.B.A. from Capilano University in Vancouver Canada,
and an M.B.A. from Central European University in Budapest
Hungary.
Bradford
Cooke, Chairman
CANARC
RESOURCE CORP.
About Canarc - Canarc Resource Corp. is
a growth-oriented gold exploration company focused on generating
superior shareholder returns by discovering, exploring and
developing strategic gold deposits in North America. The
Company is currently advancing two core assets, each with
substantial gold resources, and has initiated a high impact
exploration strategy to acquire and explore new properties that
have district-scale gold discovery potential. Canarc shares
trade on the TSX: CCM and the OTCQX: CRCUF.
For More Information - Please
contact:
Scott Eldridge,
CEO
Toll Free:
1-877-684-9700 Tel: (604) 685-9700 Cell: (604)
722-5381
Email:
scott@canarc.net Website:
www.canarc.net
Cautionary
Note – Forward looking Statements
Certain statements
contained herein regarding the Company and its operations
constitute “forward-looking statements” within the
meaning of applicable Canadian securities laws and the United
States Private Securities Litigation Reform Act of 1995. All
statements that are not historical facts, including without
limitation statements regarding future estimates, plans,
objectives, assumptions or expectations of future performance,
potential acquisitions by the Company, and future exploration plans
of the Company, are “forward-looking statements”. We
caution you that such “forward looking statements”
involve known and unknown risks and uncertainties that could cause
actual results and future events to differ materially from those
anticipated in such statements. Such risks and uncertainties
include fluctuations in precious metal prices, unpredictable
results of corporate activities, uncertainties inherent in the
estimation of mineral reserves and resources, fluctuations in the
costs of goods and services, problems associated with the
exploration and mining business, changes in legal, social or
political conditions in the jurisdictions where the Company
operates, lack of appropriate funding and other risk factors, as
discussed in the Company’s filings with Canadian and American
securities regulatory agencies. Corporate goals and forecasts may
be based on data insufficient to support them. Mr. Garry Biles,
Canarc President & COO is the Qualified Person for the Company
for technical disclosures as required by NI 43-101. The Company
expressly disclaims any obligation to update any forward looking
statements, except as required by applicable laws. We seek Safe
Harbor.