|By Marketwired .||
|December 9, 2013 03:05 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 12/09/13 -- Peat Resources Limited (TSX VENTURE: PET) is pleased to advise that the company has secured new exploration rights for 36,075 hectares of peatlands in central and western Newfoundland. Twelve exploration licences were awarded by the Newfoundland Department of natural Resources for exploration and evaluation of prospective peatlands in the Botwood (central NL) and Stephenville-St. Georges (western NL) regions. Botwood, Stephenville and St. Georges all have port facilities suitable for international shipping.
Peat Resources Limited has been actively exploring and evaluating promising peat resources and peat fuel markets in Newfoundland since 2007 and has built and operated a wholly owned pilot production facility for peat fuel pellets in Stephenville. Bulk samples of the peat fuel pellets have been assessed at a number of locations in Canada and the U.S., including Ottawa's CANMET Laboratory. Shipments have been made to the Netherlands, South Africa and China for testing and marketing purposes. This previous work has confirmed the quality of Newfoundland's peat as a sustainable source of biomass fuel. The area now under licence is estimated to contain peat tonnages adequate to service large long-term (+20 year) contracts. This will be confirmed by detailed resource evaluation of the new exploration properties planned for 2014.
Peat Resources Limited was formed to explore, develop and produce peat fuel - a sustainable bioenergy resource. The company is active in Ontario and Newfoundland. The company has developed an environmentally acceptable harvesting and processing system to supply consistent quality peat fuel in long-term (+ 20 year) contracts to utilities and other industrial operations for heat and power generation. The Company is also investigating development of value-added biocarbon derivatives from peat pellets such as activated carbon for which there is growing demand in many industrial and domestic applications.
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.