Peat Resources Limited
TSX VENTURE : PET

Peat Resources Limited

October 22, 2014 16:18 ET

Peat Resources Limited Announces Change in Management

TORONTO, ONTARIO--(Marketwired - Oct. 22, 2014) - The Board of Directors of Peat Resources (TSX VENTURE:PET) is pleased to announce the appointment of Robert T. Wright as Chairman and Interim Chief Executive Officer. The board would also like to thank John Allen for his service to the company as Interim CEO during 2014. John Allen will remain as a director of the company.

Mr. Wright has been Vice-Chairman of the Company since January, 2010 and a director since February, 2007. As the former Managing Director and Head of the North American Utilities and Power Group of TD Securities Inc., he was involved in major corporate and financial developments in the utility industry and brings wealth of experience in the North American energy sector. He is a Chartered Accountant and holds a Bachelor of Mathematics degree from the University of Waterloo.

Peat Resources Limited is also pleased to advise that the company has completed preliminary exploration on its most recently licenced peatlands in central and western Newfoundland (36,800 hectares in total) announced on December 9, 2013.

Peat Resources Limited was formed to explore, develop and produce peat fuel - a sustainable bioenergy resource. 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.

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) accept responsibility for the adequacy or accuracy of this release.

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