The Grain Telescopio CANARIAS (GTC) is a high performance 10-m class telescope which is being built by the IAC (Instituto de Astrofisica de Canarias). It will be installed at the Roque de los Muchachos Observatory, on the island of La Palma. First light is planned for end-2002. Image quality, operational efficiency and reliability are emphasized in the Conceptual Design which was finished in mid-97. Preliminary design is now proceeding on all the aspects of the project. The GTC Project is presently funded at the 50% level by Spain. Other partners are encouraged to participate in this challenging project. The scientific drives behind the GTC project are described here, as well as the current technical, managerial, and operational baseline.