Peat Resources Limited (TSX VENTURE:PET) and BioEnergy Inc. are pleased to
advise that they have reached agreement through a Letter of Intent to
collaborate on technological research and development. This work is intended to
lead towards the establishment of a Joint Venture to develop advanced biomass
processing technologies and products derived from peat.


Peat Resources Limited is active in Newfoundland and Ontario and holds rights to
large peatland properties in both provinces. The company has designed an
environmentally acceptable harvesting and processing system to supply peat fuel
to utilities and other industrial facilities for heat and power generation, and
has established a small-scale peat fuel processing facility in Stephenville
(Newfoundland).


Based in Nova Scotia, BioEnergy Inc. is developing new technologies for biomass
densification and torrefaction processes for the manufacture of specialized
biomass products, derived from peat and other materials, for energy generation,
water purification, gas purification and other applications.
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