Peat Resources Limited Winter 2011 Update
01 Marzo 2011 - 4:35PM
Marketwired
Peat Resources Limited (TSX VENTURE: PET) -
While 2011 unfolds with the threat of higher energy prices but
increased demands for cleaner and more reasonably priced power,
Peat Resources Limited continues to advance its plans to establish
a profitable North American peat fuel industry.
The Company continues to be active mainly in two provinces,
Ontario and Newfoundland, where it holds rights to large fuel-grade
peat deposits. In recent months, the Company has made important
progress in its relations with governments and potential customers
in these regions of Canada. In 2010, Company representatives met
with then-Premier Danny Williams and other senior members of the
Newfoundland government to review our proposals for development of
a peat fuel industry. The Newfoundland Minister of Business and his
senior staff also visited our Stephenville peat harvesting and
processing facility. It was recommended that, in order to fully
explore financial and other support from provincial and
federal-provincial agencies, the Company should prepare a
comprehensive business plan. Accordingly, a business plan (based on
initial establishment of a 200,000 tonne per year peat fuel
production facility in western Newfoundland) was submitted to the
Newfoundland Department of Business on February 3, 2011.
In Ontario, Peat Resources Limited continues to be closely
involved in discussions about the Ring of Fire mining development.
On February 8, 2011, Company representatives met with the Ontario
Minister of Northern Development, Mines and Forestry to review
energy concerns related to the proposed chromite mining and ore
processing in northern Ontario. The latter requires large amounts
of power (+300 MW) and proponents of the development are seeking
this power at reasonable prices. Peat Resources Limited is
confident that the use of peat fuel to replace coal at OPG's
northern generating stations, and the provision of peat-fuelled
combined heat and power systems to northern remote communities,
will help the Ontario government and private sector proponents to
achieve their goals at the Ring of Fire.
Continuing interest from the investment community and industry
participants in the peat fuel industry is encouraging and Peat
Resources Limited looks forward to further important progress in
the coming year.
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.
Contacts: Peat Resources Limited Peter Telford President and CEO
416 862-7885 416 862-7889 (FAX) peatfuel@peatresources.com
www.peatresources.com
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