PET Peat Resources Ltd. (delisted)

Peat Resources Limited (TSX VENTURE: PET) announces that it has engaged IBK Capital Corp. ("IBK" to complete a best efforts private placement of up to $1,000,000. The placement consists of 5,000,000 units @ $0.20 per unit. Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable for a period of two years from the closing date at an exercise price of $0.20 per common share.

Subject to TSXV approval, IBK will be paid a cash commission of 10% of the amount raised and 10% of the amount raised in the form of non-transferable broker warrants. Each broker warrant is exercisable for two years from the closing date at an exercise price of $0.20 per common share.

The proceeds of the placement will be used for working capital and for pre-feasibility engineering work on the Company's peat fuel pellet production system and for resource evaluation of additional Newfoundland and Ontario properties.

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