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Peat
Resources Limited |
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For Immediate Release Fuel Peat – A Cleaner Alternative for Ontario’s Coal-Fired Power
Plants Toronto
(June 21, 2005) – Ontario is overlooking an alternative energy
source that is environmentally cleaner than coal and could help resolve
the province’s power crisis. The energy source is fuel peat. Peter Telford, Chief Operating Officer and Director of Peat Resources Limited said, “The Atikokan generating station does not need to close and the Thunder Bay plant does not need to be converted to an expensive natural gas facility. In fuel peat, we have a clean and economically competitive fuel. Northwestern Ontario’s huge, untapped fuel peat deposits could replace coal and allow the Atikokan and Thunder Bay power plants to continue to supply economically priced electricity.” An Ontario Government report indicated that the North’s vast peat resources have the energy equivalent of approximately 72 billion barrels of oil – this province’s version of the Alberta Tar Sands. Ontario’s fuel peat has only 10 per cent of the sulphur content of coal, no mercury and produces less ash waste and dust emissions. In Europe, fuel peat provides 13 per cent of power needs in Ireland and seven per cent in Finland as well as contributing about 19 per cent of that country’s district heating requirements. Dennis Brown, Mayor of Atikokan said, “The Atikokan power plant was built in the early 1980s at a cost of $750 million. With regular maintenance the lifespan of that facility would be in excess of 50 years. Closing the power plant, instead of converting it to fuel peat, would be a scandalous waste of Ontario taxpayer’s hard-earned money.” Peat fuel could be used in the Atikokan and Thunder Bay power plants with very little conversion expense. Changing to natural gas, a pricier fuel in short supply would increase power costs and adversely affect the forestry sector, the economic anchor in northwestern Ontario. “Fuel peat is an economical and environmentally friendly alternative to coal that needs no government subsidies,” said Peter Telford. “The government is missing a wonderful opportunity to showcase the Atikokan and Thunder Bay plants to the North American power sector as the continent’s first fuel peat thermal generators and create a new resource industry in the province.”
Contact: Peat Resources Limited E-mail: peatfuel@peatresources.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release.
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