Feronia Inc. Announces Barging Operation at Yaligimba
June 01 2011 - 11:38AM
Marketwired
Feronia Inc. ("Feronia" or the "Company")(TSX VENTURE: FRN) is
pleased to announce that has now established the necessary barging
capacity to transport all fruit produced at its Yaligimba
Plantation to its mill at Lokutu Plantation.
"Oil production at Yaligimba Plantation had been suspended since
December 2008 due to the decommissioning of the Yaligimba palm oil
mill. In February of this year we commenced barging operations
between Yaligimba and Lokutu allowing us to open up production from
the Yaligimba location" said Bill Dry, COO of Feronia's Oil Palm
Division. "The Yaligimba plantation includes approximately 30% of
the mature planted hectares at Feronia's oil palm operation.
Opening up barging between the two allows us to significantly
increase the capacity utilization at the Lokutu mill, operating
efficiencies and oil production from the operation. In May we
sourced and contracted the necessary capacity to barge the
plantation's fruit to the Lokutu palm oil mill. With the proceeds
from the March 2011 financing we intend to build a new 60 tonne per
hour palm oil at the Yaligimba Plantation in two phases. The first
phase will be completed in 2012. This will eliminate barging costs
and increase total milling capacity by approximately 100% with
completion of the initial phase and by 200% with completion of the
second phase. These capacity additions will handle the expected
crop until approximately 2022."
About Feronia Inc.
Feronia Inc. is a large-scale commercial farmland and plantation
operator in the Democratic Republic of the Congo ("DRC"). The
Company uses modern agricultural practices to operate and develop
its oil palm plantations and arable farming business division.
Feronia believes in the immense agricultural potential of the DRC
for high-quality foodstuffs and edible oils given its ideal
climate, excellent soil and highly skilled and experienced
workforce. Feronia's management team is comprised of senior
agriculturalists with extensive experience in managing both
plantations and large-scale mechanized farming operations in
emerging markets. Feronia is committed to sustainable agriculture,
environmental protection and providing support for local
communities. For more information please see, www.feronia.com.
Cautionary Notes
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, statements regarding
the stated use of proceeds; plan of operations and comparative
advantages; and benefits of this investment. There can be no
assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such
statements. Factors that could cause actual results to differ
materially include, among others, regulatory risks, risks inherent
in foreign operations, commodity prices, competition, and
investments having no history of operations. Most of these factors
are outside the control of the Company. Investors are cautioned not
to put undue reliance on forward-looking information. Except as
otherwise required by applicable securities statutes or regulation,
the Company expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new
information, future events or otherwise.
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.
Contacts: Feronia Inc. Ravi Sood Chairman (416) 907-2026
Ravi.Sood@feronia.com www.feronia.com
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