Peat Resources Limited: Update.TORONTO -- Peat Resources Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:PET) was formed to explore, develop and produce high quality peat fuel on a profitable and sustainable basis for customers requiring an economically and environmentally attractive energy supply. Recent government announcements and related activity have enhanced the market potential and economic value of peat fuel. The Ontario government announced (March 21, 2006) a new Standard Offer Program for electricity generation. Under the plan, the Ontario Power Authority The Ontario Power Authority (OPA) was established through the Electricity Restructuring Act, 2004 (Bill 100). It operates independently and as a non-profit corporation. Licensed by the Ontario Energy Board, it reports to the legislature through the Ministry of Energy (Ontario). will purchase electricity produced by wind, small hydro Small hydro is the development of hydroelectric power on a scale serving a small community or industrial plant. The definition of a small hydro project varies but a generating capacity of up to 10 megawatts (MW) is generally accepted as the upper limit of what can be termed small and biomass at a base price of 11 cents per kWh; fixed price for solar will be 42 cents per kWh. In addition, the Ontario Budget (March 23, 2006) included the allocation of funds for a Bio-Energy Research Centre in Atikokan, northwestern Ontario Northwestern Ontario is the region within the Canadian province of Ontario which lies north and west of Lake Superior, and west of Hudson Bay and James Bay. It includes most of subarctic Ontario. . The federal government's Clean Energy Canada website defines peat as a biofuel bi·o·fuel n. Fuel such as methane produced from renewable resources, especially plant biomass and treated municipal and industrial wastes. bi (i.e., biomass). As a follow-up to its news releases of October 14, November 1 and December 9, 2005, and January 9, 2006, Peat Resources Limited announces that its offering referred to in the October 14, 2005 release has been withdrawn. However, the company continues to seek the financing that will enable it to take advantage of current opportunities. The company holds rights to peat resources in northwestern Ontario and western Newfoundland. In Ontario, activity is now focused on technology development and compliance with government regulatory requirements. For example, work is underway on design of energy efficient and cost effective wet peat extraction systems. Also, the company has signed a voluntary agreement with the Ontario Minister of the Environment to carry out an environmental assessment of the northwestern Ontario development. The additional financing currently being sought will enable the company to complete the environmental assessment, engineering process design and feasibility report for this project. With its strong resource base and unique knowledge of peat processing technology, Peat Resources Limited is well positioned to be the pre-eminent leader in a new North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. energy industry. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy of this news release. Peat Resources Limited (TSX VENTURE:PET) |
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