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PEAT RESOURCES L1MITED |
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NEWS RELEASE |
| Trading Symbol: PET - TSX Venture Exchange June 23, 2005 |
| As a follow up to its news releases of April 14 and May 27, 2005, Peat Resources Limited (the “Company”) announces that it is continuing its offering referred to in the April 14, 2005 announcement on the same terms and conditions for an additional 30 days. The April 14, 2005 news release announced that the Company entered into a best efforts offering agreement with IBK Capital Corp as agent (IBK Capital Corp will be paid a commission plus brokers warrants). The offering consists of up to $10 million comprising 20 million Units @ $0.50 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable for two years from the closing date at an exercise price of $0.75 per common share. The proceeds of the offering will be used for a final feasibility study for the Company’s peat fuel project, to acquire additional peat properties in Canada, and for working capital. |
| 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 |
| The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this new release |