Canarc corporate presentation, page-2

Disappointed it is a short life mine at Polaris and the grade is pretty ordinary at 1.5 gpt at the "Emerging Discovery".

Market cap at $8m and a $20M cap is giving them $10 M.

Oro Silver is a Hail Mary..ok its in an established area but...resource of 70,000 ox Au amf ,000,000 Ag...with heaps of disclaimers...

Now Polaris.. forget the down to 15000m stuff..1.15n oz gr4ading 12,6-6 cut-off.

Who does NPV at 10%???

I also do not like they say after tax NPV 5% $C197 m slide 18, yet slide 24 clearly it is $C197 m NPV 5% PRE-TAX! and the cash-flow $C 280m on slide 18 says after tax, yest is $C280m on slide 24 PRE-TAX!

The USD 481/oz costs don't quite line up with my USD 464/oz, but close enough.

They keep saying "excluding opff-site costs" then quote after tax (again) as $C 195m. But if you take out the off-site costs of $???, lets say its is operating cost divided by the ratio of concentrate to existing PGI resource approx $30 plus transport (I am too lazy to do this extra acurate Paul100 can have a bash) but at $100 all up/oz knocks the deal all the way back from $197m (tax or no tax) to $39 m?

Then the numbers on slide 39 show gold is at $1400 and yet slide 24 where similar numbers are quoted it is $1200????

Do I have a sinking feeling? Tax vs after-tax, gold price 1200 or 1400, and where is the cost for PGI in Canarc's calcs?

It appears PGI does all the lifting and the benefits of $39m are split.

Late and I leave for someone else to make some sense.