PET Peat Resources Ltd. (delisted)

Peat Resources Limited (TSX VENTURE:PET) (the "Company" or "Peat") is pleased to
announce that it closed its previously announced brokered private placement
filed under the Temporary Relief From Certain Pricing Requirements. The Company
issued 3,750,000 units at a price of $0.04 per unit, for aggregate gross
proceeds of $150,000. Each unit consists of one common share in the capital of
the Company (a "Common Share") plus one warrant. Each warrant will entitle the
holder thereof to purchase one Common Share for a period of one year from the
date of issuance of the warrants at an exercise price of $0.05 per Common Share
and for three additional years for a price of $0.10. The securities issued
pursuant to the private placement are subject to a four-month hold period. The
private placement remains subject to final acceptance by the TSX Venture
Exchange (the "TSXV"). The Company engaged IBK Capital Corp. to assist in the
private placement. As a result, a commission of 10% cash and 10% brokers
warrants (carrying the same terms as the unit warrants) was given on Canadian
subscriptions that totalled $110,000.


The private placement was approved by the Board of Directors, excluding those
that have a direct interest in the use of proceeds (see the table below).


The funds from the private placement will be used for the following purposes:



CORPORATE ADMINISTRATIVE EXPENSES                                           
Share Issue Costs (Agent, TSX-V Fees)                                 17,072
Professional Fees (Audit, Legal, Accounting) (1)                      18,059
Insurance and premises                                                 6,380
Shareholder expense (AGM/Stock Transfer)                               3,163
PROJECT EXPENDITURES                                                        
Licenses and permits/property maintenance/travel to property          15,289
                                                                 -----------
Immediate Disbursements                                               59,963
                                                                            
Balance for additional months corporate and property expenditures           
 (2)                                                                  90,037
                                                                            
                                                                 -----------
Gross Proceeds                                                   $   150,000
                                                                 -----------
                                                                 -----------
(1) $6,780 is payable to a director who serves as legal council for the     
company and $2,000 is payable to the company's CFO for the purposes of      
interim financial reporting                                                 
(2) Ongoing corporate and property expenses of approximately $10,000 per    
month includes $2,000 to an related party to fulfil financial reporting     
requirements                                                                



The funds provide more stability for the Company in coming months to pursue
several local and international opportunities. These include potential use of
peat fuel in large utility and industrial applications, supply of peat fuel
pellets to local markets in Newfoundland, and proposed demonstration of
peat-fuelled heat and power systems in remote communities of northern Ontario.


Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address future production, reserve potential, exploration drilling,
exploitation activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the expectations
expressed in such statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results or
developments may differ materially from those in the statements. There are
certain factors that could cause actual results to differ materially from those
in forward-looking statements. These include market prices, exploitation and
exploration successes, continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company, investors
should review registered filings at www.sedar.com.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Peat Resources Limited
Peter Telford
President and CEO
(416) 862-7885
(416) 862-7889 (FAX)
ptelford@peatresources.com
www.peatresources.com

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