TORONTO, ONTARIO--(Marketwired - July 24, 2013) - 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 mikewhite@ibkcapital.com or (416) 360-4511. A copy of this report will be filed on the SEDAR profile for Peat Resources Limited at www.sedar.com.

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