67% of net profits during the first payback period,
rising to 10.

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2 million tonnes grading 1.

Canarc Resource Corp.25 per share upon approval by the shareholders of Chief of the financing ,
as well as amendments to its articles of incorporation, including reducing the
par value.

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Canarc is currently considering
how best to capture value from its interest in Bellavista, now that
commercial production is set to commence. Major shareholders include
Barrick Gold Corp.

For further information, please contact:

Richard R.

warman vdv

com). Canarc recently received its annual
pre-production cash payment (US $120,000) from Glencairn in January.E.

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Current ore reserves are estimated by
Glencairn to be 11.

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Mine and plant construction are now over 90% complete. Cooke, President and C.

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(TSX:CCM )(OTCBB:CRCUF) announces that
Glencairn Gold Corporation, the Operator of the Bellavista mine in
Costa Rica, is on track to complete mine construction and commence
gold production in Q2, 2005. The Company 's principal assets are its 100% interest in the
New Polaris gold deposit in British Columbia and its 80% option on
the Benzdorp gold property in Suriname.

On Behalf of the Board of Directors

CANARC RESOURCE CORP.

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All
earthworks and leach pads are finished, the crushers, agglomerator ,
conveyors and stackers are in place, electrical power has been
installed and all roadworks are nearing completion.

This is not for prospecting equipment, but for technology of mining.

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O. The proceeds of the proposed sale have been placed in an escrow
account pending the acceptance by the unsecured creditors of Chief of
settlements representing at least 50 percent of the aggregate outstanding
indebtedness held by such creditors.
Upon release from the escrow account, a portion of the funds will be
applied to restore Chief's SEC reporting status commencing with its Form
10-KSB for the year just ended, including audited financial statements.546.

Equipment specifically related to production mining .

Prospecting and gold hunting are not part of this site and should go under science:technology:mining:prospecting .

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The TSX has neither approved nor disapproved the contents of this
news release.

A copy of the report is available for review on Chief's website at
http://www.

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and Kinross Gold Corp.

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glencairn. (TSX:CCM) (OTC Bulletin Board:CRCUF)

In their report, the panel describes a possible program and first phase of a
plan to increase the value and enhance the prospects of viably operating four
projects:

* Advancing the Burgin Mine extension deposit through to a bankable
feasibility study;

* Further development of the concept to sell potable water from a
desalination plant fed by water pumped from the Burgin Mine;

* Investigation of the economic possibilities of producing and selling
halloysite (and other) clays from the Zuma and other areas; and

* Continued investigation and development of other exploration targets in
the claim block and adjacent areas.

The Convertible Debentures will accrue interest at the rate of 8%
annually, and will automatically convert into shares of Chief Common Stock at
$0.
1629 Locust Street
Philadelphia, PA 19103
215.

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6%.

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In the event that the shareholders do not approve such matters,
the Debentures will become immediately due and payable.

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Canarc owns a strategic net profit interest in Bellavista that
pays Canarc 5.chiefmines.8585

waterwell q2

Gold
recoveries are anticipated to be around 78.40% during the second payback period and 20.

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24% of net
profits thereafter. is a growth-oriented, gold exploration and
mining company listed on the TSX (symbol CCM) and the OTC-BB (symbol
CRCUF).

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Canarc Resource Corp. Pending release of the complete funds
from the escrow, amounts will be disbursed currently to pay legal, accounting ,
and regulatory and transfer agent fees as part of the reorganization of Chief.

q2 warman

At a US $425 gold price, Canarc's net profit interest is expected
to generate about US $4 million in undiscounted cash flow to Canarc
over the 7 year minimum mine life.

Bradford J.

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Waste stripping
and ore mining are now underway, loading of the leach pads will
commence in Q1 and gold recovery will begin in Q2, 2005. Schreiber
President
Chief Consolidated Mining Co.

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According to Glencairn, the Bellavista open pit, heap leach gold
mine is expected to produce about 60,000 oz per year for 7 years (See
Glencairn News Release April 1, 2004) at an average cash operating
cost of US $198 per oz. EUREKA, Utah, Chief Consolidated Mining
Company (Pink Sheets: CFCM) announced today that it has reached an agreement
with Dimeling Schreiber + Park Fund II for the proposed sale of $2,500,000 of
Convertible Debentures as part of a recapitalization and reorganization of
Chief .
Significant funds also will be allocated to the initiation of an exploratory
drilling program and dewatering and desalination plan.

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Canarc Resource Corp.: Bellavista Mine Construction Nearing Completion Gold Production to Commence in Q2 2005

News Editors

VANCOUVER, British Columbia ----Canarc Resource Corp. Chief recently
commissioned and received a report by a panel of independent geologists who
concluded that significant opportunities exist for further development and
exploitation of Chief's mining claims in the Tintic Mining Districts in Utah.

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54 grams per tonne gold,
containing about 555,000 oz gold (See www.com.

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Chief Consolidated Mining Announces Plan of Recapitalization

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---

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