| Trading Symbol: PET - TSX Venture Exchange
Date: April 5, 2005
Peat Resources Limited (PET) is pleased to announce the completion of its stage 1 exploration program on its property in northwestern Ontario and has identified substantial resources of fuel-grade peat.
The PET property is held under a land use permit from the Ontario government and encompasses an area of 186,500 ha, stretching 88 km along the Trans-Canada highway, centered on the town of Upsala about 130 km northwest of Thunder Bay. The current exploration program defined 54 individual peatlands varying in size from 74 to 1421 ha. Thirty were explored in terms of indicated resources and two as measured resources. Resource estimates for fuel peat at 10% moisture are as follows:
• Indicated Resources 18.5 million tonnes
• Measured Resources 4.0 million tonnes
The estimated resources would support a very large peat fuel extraction and processing operation (1 million tonnes per year at 10% moisture). Considering all the available information to date, and in particular the current exploration results, the PET northwestern Ontario fuel peat project is considered to have a reasonable prospect for economic extraction.
Based on these encouraging results, the company is proceeding with stage 2, the environmental surveys, bulk sample testing, and engineering studies for extraction equipment selection, dewatering and drying processes, and biomass conversion technologies.
For more information contact:
Leon F. La Prairie, President and CEO
Telephone: 416 862-7885
Fax: 416 862-7889
e-mail: peatfuel@peatresources.com
web site: www.peatresources.com
Details of the report (2005 Exploration Project, Fuel Peat Project, Northwestern Ontario, Canada) are available on the company web site.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release.
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