Red Mile Minerals Corp V.RDM

tired of Rhonda then consider Peat

[mikervin]

Peat Resources Limited PET.H PEAT FUEL FOR Generating Electricity UPDATE January 16, 2004 The Company is pleased to announce that Peat Resources Limited was reinstated for trading on the TSX Venture Exchange on December 30, 2003. We are currently reactivating this Company’s peat fuel project. Our main focus is to develop a northern Ontario peat fuel industry which will create both an economically and environmentally sound energy source. The time for using processed peat as the industrial fuel for electricity generators in Ontario has come, particularly as the Government of Ontario has set a deadline that coal will no longer be used in Ontario power generating plants after 2007. Approximately one third of the electrical power currently generated in Ontario is provided by coal-burning generators, consuming some 14 million tonnes of imported coal. Coal-burning generators in the entire Great Lakes basin consume over 60 million tonnes. Instead of importing expensive gas or very expensive electricity, peat power, which the Province can produce in vast abundance, is one of the answers to Ontario’s challenge. In a previous partnership of Inco Limited, Imperial Oil Limited, Ontario Hydro, the Government of Ontario and the National Research Council of Canada, Peat Resources Limited developed a process to convert raw peat into a peat fuel with a thermal value of 9,600 BTU/lb, comparable to coal being used in Ontario power generating plants. Peat fuel offers the environmental benefits of much lower in sulphur and mercury emissions. Ontario has a huge source of inexpensive energy contained within its vast and accessible peat reserves. These resources are capable of supplying the Province’s energy needs for many years to come. An excellent opportunity exists for the province to establish its energy self-sufficiency using processed peat fuel as an alternative to imported fuels while substantially reducing unwanted emissions. The Company plans to build a production plant in Atikokan, in northwestern Ontario, to produce peat fuel to use in existing coal-fired power plants not only in Ontario but also in the United States. The considerable U.S. market is accessible through the Thunder Bay docking facilities. For further details see: or contact: Leon F. La Prairie, P.Eng. President & CEO TSX Venture Exchange (Symbol - PET.H)