Update on Development of Peat Resources
May 13 2011 - 11:19AM
Marketwired
Peat Resources Limited (TSX VENTURE: PET) is in continuing
discussions with potential customers in Canada, Europe and Asia
about burning peat fuel to provide power in multiple projects
worldwide. Peat Resources' management believes that this is in
response to the increasing global demand for long-term supply of
biofuel.
In Newfoundland, Peat Resources Limited holds rights to
extensive peat fuel resources. There is an opportunity for
large-scale development of these deposits to produce up to five
million tonnes per year of peat fuel pellets for export to global
markets, especially in Europe and Asia. A biomass fuel such as
peat, produced by the Company's innovative wet harvesting process,
would satisfy European sustainability criteria. The large
Newfoundland resources would satisfy global customer concerns about
security of supply and could provide long-term (plus-20-year)
contracts. Peat Resources Limited has built a business model based
on adding production capacity of 200,000 tonnes per year, for five
years, in each region where the Company has peat properties.
In Ontario, the Ring of Fire mineral discoveries at McFaulds
Lake in the James Bay Lowlands remain an opportunity for Peat
Resources. Electrical power for both the mine site operation and
processing facilities continues to be one of the main issues with
the development of this project. The Ontario Provincial Government
has pledged to support the Ring of Fire development. Peat fuel
could help the provincial government meet its promise to stop the
burning of coal for electricity generation but keep the northern
power plants running at full capacity (generating about 500
megawatts) to satisfy the future energy needs. Peat Resources
Limited has NI 43-101 resources of fuel-grade peat in northwestern
Ontario that can supply OPG's Atikokan generating station for more
than 20 years.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Peat Resources Limited Peter Telford President and CEO
416 862-7885 416 862-7889 (FAX) peatfuel@peatresources.com
www.peatresources.com
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