PET Peat Resources Ltd. (delisted)

Peat Resources Limited (TSX VENTURE:PET) is pleased to announce that its
small-scale peat fuel production facility in Stephenville (Newfoundland) is in
operation.  The plant has been established on land purchased by the Company
adjacent to a peat bog for which extraction permits have been obtained from the
Newfoundland Department of Natural Resources.  The plant is strategically
located with respect to transportation infrastructure including deepwater port
facilities.  Engineering components of the plant have received necessary CSA and
other regulatory approvals.


The small-scale production facility is being operated during Fall 2008 and
Winter 2009 to achieve the following objectives:


- to confirm the Company's specially designed peat dewatering and drying technology;

- to establish optimal production rates and define economic and
energy-efficiency parameters;


- to produce bulk shipments of peat fuel pellets for combustion trials and fuel
verification protocols at coal-burning generating stations (e.g., Ontario Power
Generation has requested a 500 tonne shipment for a combustion trial at its
Atikokan Generating Station in early 2009);


- to produce peat fuel pellets for marketing purposes at other industrial
facilities requiring environmentally favourable, economically competitive and
consistent quality fuel.


Peat Resources Limited was formed to develop, produce and market peat fuel - a
sustainable bioenergy resource.  The Company's assets include unique peat
harvesting and processing technologies and the rights to large areas of
peatlands in northwestern Ontario and Newfoundland.

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