Peabody Signs Thierry Mine Joint Venture.

Business Editors

TORONTO--(BUSINESS WIRE)--Jan. 26, 2004

Peabody Capital Partners Corporation ("Peabody") announces that it has entered into a letter agreement with PGM Ventures Corporation ("PGM") to joint venture PGM's wholly owned Thierry Mine.

The Thierry Mine

Thierry was a major copper producer operated by UMEX (a wholly owned subsidiary of Belgian miner Union Miniere) from August 1976 through to April 1982 when the mine was closed due to the then low prevailing price of copper, which continued through most of the 1980s. Towards the end of the mine's life, the metallurgical problems associated with nickel were solved and a nickel recovery circuit was installed. The mine also earned additional credits from gold, silver and platinum group metals (PGMs).

Thierry's average mill throughput was 3,500t/day, however the mine experienced a high level of waste dilution (circa 55-60%), which will be avoided by the use of standard selective mining techniques. Additional problems were caused by the high labour turnover rate of around 25% per month.

At today's metal prices, copper represents around 40-45% of the ore's value as is indicated in the table below:

Metal       Average Grade(a)  Current Price   Value (US$/t)  % Value

Copper                2.75%     US$ 1.10/lb       $66.69/t     43.8%
Nickel:               0.35%     US$ 6.70/lb       $51.70/t     34.0%
Cobalt                0.02%     US$11.00/lb       $ 5.94/t      3.9%

Platinum            0.40g/t       US$850/oz       $10.93/t      7.2%
Palladium           1.40g/t       US$250/oz       $11.25/t      7.4%
Gold                0.20g/t       US$410/oz       $ 2.64/t      1.7%
Silver             15.00g/t      US$6.30/oz       $ 3.04/t      2.0%

(a) Average grade is represented by 17 out of 22 drill holes on the
    unmined 1200 level examined for their PGM potential during the
    1988/89 evaluation program. The average ore thickness encountered
    in these drill holes was 7.4 metres.

Thierry's main orebody is approximately 1,100 metres in length and is largely mined out to a depth of 245 metres on its western side and 75 metres in the east. Below these depths the Thierry orebody is virtually unexploited, although it is well accessed by underground development. The orebody, once the mine is dewatered, will be accessible either by the existing shaft (to 545 metres) or production ramp (to 490 metres).

During 2002, the company undertook a surface-drilling program to confirm the Thierry ore's PGM potential; the results of this program confirmed management's expectations. Although there were over 1,000 drill holes at Thierry, only around 5% were ever assayed for precious metals, including PGMs.

The Thierry property has $25 million in CDE tax pools and $30 million in CDE tax pools.

Summary of the Terms of the Joint Venture

1. Peabody, or its assignee, has the right to earn a 70% participating interest in Thierry by producing a bankable feasibility study, or expending $7 million on the property.

2. Peabody, or its assignee, can earn a 49% interest in Thierry by providing $2 million in funding.

3. In the event that Peabody, or its assignee, has not produced a bankable feasibility study, or expended $7 million, within a seven year period, then PGM will have certain clawback rights which will reduce Peabody's beneficial ownership to 35% if less than $4 million has been expended and to 49% if less than $7 million has been expended, thereafter normal joint venture dilution terms will apply.

4. Once Peabody, or its assignee, has earned a 70% interest in Thierry, it has a right for 30 days to have PGM's residual 30% interest converted into their stock at fair market value.

About Peabody

In April 2003, Peabody announced a change in control and appointment of a new board of directors and management. Since that time, management has been actively seeking and pursuing opportunities in the resource exploration and development sector. Having now secured a significant interest in the Thierry Mine project, Peabody intends to continue to pursue other opportunities and grow its portfolio of interests in resource properties and projects.

Issued & Outstanding: 21,790,580 Common Shares