PET Peat Resources Ltd. (delisted)

Peat Resources Limited (TSX VENTURE:PET) announces that it has closed a
brokered, best efforts private placement for proceeds of $300,000. The placement
consists of 3,000,000 units @ $0.10 per unit. Each unit consists of one common
share and one common share purchase warrant. Each warrant is exercisable for two
years from the closing date at an exercise price of $0.15 per common share. The
Agent, IBK Capital Corp., was paid a cash commission of 10% of the amount raised
from Canadian sources (10% of $265,000, or $26,500 plus taxes and disbursements)
and 10% of that Canadian amount in the form of broker's warrants exercisable for
two years at $0.11.


The Corporation and the Agent are "related issuers" (as that term is defined in
National Instrument 33-105 - Underwriters Conflicts) as the Agent's partners,
officers, directors, and spouses thereof beneficially own, either directly or
indirectly, an aggregate of 11.15% of the total outstanding Common Shares of the
Corporation.


Peat Resources Limited was formed to explore, develop and produce peat fuel - a
sustainable bioenergy resource. During recent months, the Company has held
constructive discussions with senior officials of governments and energy
utilities in eastern Canada. Proceeds of the financing will be used to advance
these encouraging relationships through preparation of a detailed business case
for the establishment of a large-scale production facility in western
Newfoundland to meet potential long-term contracts for peat fuel to be used in
power generation and related applications.

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