Peat Resources Limited (TSX VENTURE:PET) is pleased to announce the delivery of
an initial shipment of fuel peat pellets to the CANMET Energy Technology Centre
in Ottawa. This forms part of the Company's ongoing commitments in its
collaboration agreement with the Ontario Centre for Excellence for Energy (OCE),
and other partners, to investigate the co-firing of peat with coal in power
generation. Other partners include Lakehead University and Ontario Power
Generation.


The fuel pellets were produced from peat harvested at the Company's permitted
site in western Newfoundland and then processed by the Company's unique drying
system which is being established in a small-scale production facility in
Stephenville. The initial shipment consisted of 5 tonnes of fuel peat pellets at
30-35% moisture content. The pellets have an energy value equivalent to lignitic
or subbituminous coal. The pellets will undergo pilot scale trials at the CANMET
laboratories to determine a full suite of firing characteristics and chemical
and physical parameters for the fuel.


Under the OCE collaboration agreement, Peat Resources Limited has a commitment
to supply a further 500 tonnes of fuel peat pellets from the Stephenville
facility. These will be delivered to Ontario Power Generation for a large-scale
combustion trial and stack test at the Atikokan Generating Station in
northwestern Ontario.


As reported previously, Peat Resources Limited has identified large biomass
resources of fuel-grade peat on its properties in Ontario and Newfoundland. The
northwestern Ontario peatlands, centred on the town of Upsala on the Trans
Canada Highway, about 130 km from Thunder Bay, contain over 200 million tonnes
of fuel-grade peat which is sufficient to supply the needs of Atikokan and
Thunder Bay generating stations for more than 20 years.


Peat Resources Limited was formed to explore, develop and produce peat fuel, a
biomass energy source, for use in electricity generating stations and other
facilities that require a long-term assured supply of economically competitive,
environmentally favourable, and consistent quality fuel. With a strong resource
base in Ontario and Newfoundland, an expert management team and unique knowledge
of peat processing technology, the Company is positioned to be the pre-eminent
leader in this new North American energy industry.
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