Peat Resources in Northcentral Newfoundland
April 29 2008 - 12:20PM
Marketwired
TORONTO, ONTARIO is pleased to announce the results of its
peatland resource evaluation in the Freshwater Bay region of north
central Newfoundland. Surveys conducted for the Company by AMEC
Americas Limited in October - December 2007 have identified about
32 million cubic metres of fuel-grade peat in 5 separate peat bog
areas covering 4,050 hectares. Fuel-grade peat formed approximately
95% of the deposits. The surveyed properties lie at or close to the
shore of Freshwater Bay in north central Newfoundland near the
communities of Hare Bay and Gambo. The Town of Gander is only 45 km
to the northwest via the TransCanada Highway.
The Company holds permits on an additional 15 peatlands in north
central Newfoundland near Gander and Terra Nova which will be
evaluated in subsequent field programs. In total, the Company holds
permits covering about 130,000 hectares of peatlands in
Newfoundland in the western, northcentral and southeastern parts of
the island. High priority peatlands in western Newfoundland
(Stephenville - St. George's area) were reported previously to
contain over 42 million cubic metres of fuel-grade peat. The
Company will add significantly to its resource base as evaluation
surveys are conducted systematically on all of the permitted
areas.
Representative samples from the Freshwater Bay peatlands were
taken for chemical, proximate and ultimate analysis. Ash content
ranged from 0.72% to 1.49% with an average of 1.11%. Sulphur
content ranged from 0.13% to 0.26% and averaged 0.19%. Calorific
values ranged between 4744 kcal/kg and 5289 kcal/kg. This is well
within the range of lignite to bituminous coals which have
calorific values between 4478 kcal/kg and 7784 kcal/kg.
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. The Company aims to be the
principal supplier of peat fuel to the North American energy
market. Following this further confirmation of resources on its
Newfoundland properties, increased attention will be given to
potential peat fuel customers in eastern Canada and the eastern
seaboard of the United States.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this news release.
Contacts: Peat Resources Limited Peter Telford President and CEO
(416) 862-7885 (416) 862-7889 (FAX) Email:
peatfuel@peatresources.com Website: www.peatresources.com
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