Further to its news release of July 9, 2008, Peat Resources Limited (the
"Company") (TSX VENTURE:PET) announces that, through IBK Capital Corp as agent,
it has closed the two private placements for a total of 4 million units at $0.25
per unit ($1 million Canadian funds). Each unit comprises one common share and
one common share purchase warrant; each whole common share purchase warrant is
exercisable for two years from the closing date at an exercise price of $0.30
per common share. The hold period for the above securities expires November 12,
2008.


IBK Capital Corp has been paid a cash fee of 10% of the proceeds raised and
broker warrants equal to 10% of the units sold. Each broker warrant entitles the
holder to acquire one common share at $0.25 for a two-year period.


The proceeds will be used for the continued operation and performance evaluation
of the Company's small-scale peat fuel production facility in Stephenville
(Newfoundland), acquisition of additional peat properties in central and western
Canada, and for working capital. With this confidence shown by investors, the
Company is well positioned in its development of a North American peat fuel
industry.
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