PET Peat Resources Ltd. (delisted)

Peat Resources Limited (TSX VENTURE:PET) is pleased to provide an update of
progress being made on several fronts with respect to its peat fuel pellet
developments.


The Company's small-scale production facility in Stephenville (Newfoundland) is
performing well. A supply of peat fuel pellets is being made available for
marketing and testing purposes and enquiries from interested parties are
encouraged.


In July, the Company's CEO presented a paper on "Peat Fuel - A Sustainable
Bioenergy Resource" at the IASTED 2009 environmental engineering conference in
Banff (Alberta). This was part of a special session addressing the co-firing of
biomass fuels and coal which highlighted results of the Atikokan Bioenergy
Research Centre (ABRC) program funded by the government of Ontario. Peat
Resources Limited is a private sector collaborative partner in this program to
inform and assist Ontario Power Generation (OPG) to move from coal to
biomass-fuelled electricity production. Serious difficulties experienced by OPG
in the handling of wood pellet fuel at the Atikokan Generating Station have
delayed further testing of biomass fuels at that facility, including the planned
500 tonne combustion trial of peat pellets. However, results of two other ABRC
projects - examination of environmental impacts and benefits of wet peat
harvesting (Lakehead and McMaster Universities) and investigation of co-firing
peat and coal (CANMET Ottawa) - are expected in Fall 2009.


Peat pellets are now used by Starfish Oyster Bar and Grill in downtown Toronto;
peat-smoked fish is on the menu. Peat Resources Limited has an ongoing
arrangement to supply peat pellets to Starfish. It is also intended to utilize
the Company's peat pellets at The Ceili Cottage ("an Irish local") in Toronto's
Leslieville district.


Expressions of interest have been received for the use of peat fuel pellets for
energy applications in Quebec and several U.S. locations. Interest in biomass
fuels in the U.S. is growing dramatically in anticipation of new federal climate
change legislation and financial incentive programs. Peat fuel is attractive as
it is low in sulphur and mercury and provides a reduction in greenhouse gas
emissions. Abundance of Canadian peat resources is also an important factor as
supply of alternative biomass fuels such as wood waste and wood pellets is
becoming severely restricted in some regions due to the downturn in the forest
products industry.


With a strong 43-101 defined resource base on its peatland properties in
northwestern Ontario and Newfoundland, and its environmentally sound harvesting
and peat pellet production technology, Peat Resources Limited is well-positioned
to meet expected demands for sustainable biomass energy resources.

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