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PEAT RESOURCES L1MITED |
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P.O. Box 206, Scotia Plaza |
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40 King Street West, Suite 3901 |
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Toronto, Ontario M5H 3Y2 |
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NEWS RELEASE |
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| Trading Symbol: PET TSX Venture Exchange |
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| Date: February 10, 2005 |
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| The Company announces the appointment, subject to the
approval of the TSX Venture Exchange, the appointment of Andrew Rickaby
and Peter Telford as directors of the Company.
Andrew Rickaby, B.Sc., was formerly Vice President and manager of the Eliot Lake mine, Denison Mines, and was recently Chairman of the Ontario Mining Association. Peter Telford, B.Sc., Ph.D. was the former manager of the Ontario peat resource inventory, part of the Energy Resources Program, Ontario Geological Survey. Peat Resources Limited was formed in 1980 to explore, develop, produce and market peat as a fuel to substitute for or mix with coal in power generating plants. During the first ten years, the Company identified and field tested suitable peat deposits in Ontario, developed an engineering process to upgrade peat into a high BTU fuel, created a proposal to supply peat fuel to the Atikokan and Thunder Bay generating plants, and proceeded with an environmental overview. The project was put on standby in the early 1990's due to low energy prices. The Company is reactivating and revising the project due to the rebound in energy prices, the positive environmental qualities inherent in the peat fuel cycle, and the provincial government’s intention to replace coal in Ontario’s fuel consumption ratio. On January 17, 2005, the Company’s shares were listed on Tier Two on the TSX Venture Exchange in order to finance an update of the resource and process information leading to the construction of a one-million-tonne-per-year peat fuel production plant. For more information contact: |
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| Leon F. La Prairie, President and CEO |
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Telephone: (416) 862-7885 |
| Fax: (416) 862-7889 |
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| e-mail: peatfuel@peatresources.com |
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| The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this new release. |
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