Michael F. White Acquires Shares of Peat Resources Limited

This news release is disseminated pursuant to National Instrument 62-103 The
Early Warning System and Related Take Over Bids and Insider Reporting Issues in
connection with the filing of an early warning report (the "Early Warning
Report") regarding the holdings of Michael F. White (the "Acquiror"), who,
pursuant to a private placement (the "Offering") of Peat Resources Limited (the
"Company"), acquired ownership over 1,250,000 units ("Units") where each Unit is
comprised of one common share (a "Share") and one common share purchase warrant
(a "Warrant") of the Company. If the Warrants were fully exercised, the
aggregate number Shares over which the Acquiror has beneficial ownership or
control amounts to 3.66% of the issued and outstanding Shares of the Company,
calculated on a partially diluted basis. The Acquiror previously owned 1,970,821
Shares of the Company. Following closing of the Offering, the Acquiror owns
3,220,821 Shares and 1,250,000 Warrants, which, if the Warrants were fully
exercised, represent 6.51% of the issued and outstanding Shares of the Company,
calculated on a partially diluted basis. The Acquiror and any persons or
companies that may be considered to be joint actors with the Acquiror have
beneficial ownership or control over 9,202,211 Shares, 1,250,000 Warrants and
324,000 compensation warrants (the "Compensation Warrants") of the Company,
which, if fully were exercised, would represent an aggregate of 15.69%, of the
total issued and outstanding Shares of the Company, calculated on a partially
diluted basis. The Acquiror and the joint actors have acquired the securities in
the Company for investment purposes and from time to time the Acquiror and any
of the joint actors may: (i) acquire additional securities of the Company, (ii)
dispose of some or all of the existing or additional securities they hold or may
hold or (iii) continue to hold their current position.


The issuance of this news release is not an admission that an entity named
herein owns or controls any securities described herein or is a joint actor with
any other person or company named in the early warning report referred to in
this news release. To obtain a copy of the Early Warning Report filed in
connection with this matter, please contact Michael F. White at
[e-mail] or [phone]. A copy of this report will be filed
on the SEDAR profile for Peat Resources Limited 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mr. Michael F. White
[phone]
[e-mail]