Peat Resources Limited (TSX VENTURE:PET) is pleased to provide an update of its
activities in 2008 and its plans for the coming year. The Company begins the New
Year with a positive financial balance, no debt, and a budget designed to
continue operations through 2009.


Peat Resources Limited was formed to develop, produce and market peat fuel - a
sustainable bioenergy resource. Volatile energy prices, increased sensitivity to
environmental issues, and the Canadian federal and provincial governments'
energy policies, including a commitment by the province of Ontario to eliminate
the burning of coal for power generation, have enhanced opportunities for the
use of peat fuel in electricity generating stations and other facilities that
require an assured supply of economically competitive and environmentally
favourable fuel. The Company is focusing its efforts on peat fuel developments
in both Ontario and Newfoundland.


In 2008, the Company completed design and construction of its small-scale
production facility for peat fuel pellets in Stephenville (Newfoundland). The
facility received all necessary approvals and permits and went into operation in
October 2008. After producing peat fuel pellets in November - December, the
facility is currently undergoing modifications and improvements to effect
greater energy and production efficiency. The facility will be operated during
2009 to produce peat fuel pellets for various combustion and marketing trials.
For example, a 500 tonne bulk shipment has been requested for a peat co-firing
trial at Ontario Power Generation's Atikokan station - one of four OPG
facilities that the Ontario government has legislated must cease coal-burning by
2014. Discussions are ongoing with other energy utilities in eastern North
America regarding large volume usage of peat fuel and with parties considering
home heating applications.


The Company is the principal private-sector partner with Lakehead University on
two research programmes funded by the Ontario Ministry of Energy under the
auspices of the Atikokan Bioenergy Research Centre. The programmes, Cofiring
Peat/Forest Biomass with Coal for Power Generation and Environmental Effects of
Wet-Harvesting Peat as an Alternative Energy Source, produced useful preliminary
information in 2008 and will be completed in 2009. Results and conclusions of
this research will be an important part of the Company's future resource
development activity.


Continuing support from the investment community and industry participants in
the Company's peat fuel projects is encouraging. In 2008 and already in early
2009, the Company has received inquiries from potential U.S. and Canadian
customers who are positioning themselves for probable political and policy
change regarding the use of fossil fuels and the need to seek sustainable
bioenergy alternatives. Similarly, the Company is positioning itself to take
advantage of these opportunities and, in 2008, commissioned several expert
analyses of U.S. and European energy policy and market trends.


In addition, Peter Telford, President and CEO of the Company, has exercised
100,000 options at $0.20 for a total purchase price of $20,000.


With a strong peatland resource base in Newfoundland and Ontario, with its
unique knowledge and experience in peat fuel processing technology, and with
growing interest for its product - a sustainable biomass fuel - the Company
looks forward to a successful year.
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