PET Peat Resources Ltd. (delisted)

Peat Resources Limited (TSX VENTURE:PET) -

While 2011 unfolds with the threat of higher energy prices but increased demands
for cleaner and more reasonably priced power, Peat Resources Limited continues
to advance its plans to establish a profitable North American peat fuel
industry.


The Company continues to be active mainly in two provinces, Ontario and
Newfoundland, where it holds rights to large fuel-grade peat deposits. In recent
months, the Company has made important progress in its relations with
governments and potential customers in these regions of Canada. In 2010, Company
representatives met with then-Premier Danny Williams and other senior members of
the Newfoundland government to review our proposals for development of a peat
fuel industry. The Newfoundland Minister of Business and his senior staff also
visited our Stephenville peat harvesting and processing facility. It was
recommended that, in order to fully explore financial and other support from
provincial and federal-provincial agencies, the Company should prepare a
comprehensive business plan. Accordingly, a business plan (based on initial
establishment of a 200,000 tonne per year peat fuel production facility in
western Newfoundland) was submitted to the Newfoundland Department of Business
on February 3, 2011.


In Ontario, Peat Resources Limited continues to be closely involved in
discussions about the Ring of Fire mining development. On February 8, 2011,
Company representatives met with the Ontario Minister of Northern Development,
Mines and Forestry to review energy concerns related to the proposed chromite
mining and ore processing in northern Ontario. The latter requires large amounts
of power (+300 MW) and proponents of the development are seeking this power at
reasonable prices. Peat Resources Limited is confident that the use of peat fuel
to replace coal at OPG's northern generating stations, and the provision of
peat-fuelled combined heat and power systems to northern remote communities,
will help the Ontario government and private sector proponents to achieve their
goals at the Ring of Fire.


Continuing interest from the investment community and industry participants in
the peat fuel industry is encouraging and Peat Resources Limited looks forward
to further important progress in the coming year.

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