Feronia Inc. Completes Largest Single Rice Planting in DRC
November 30 2011 - 11:01AM
Marketwired
Editors Note: There are two photos associated with this
release.
Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN)
today announced that Feronia PEK SARL, its arable farming division,
has completed the planting of 1,200 hectares of rice.
Feronia Arable holds a 10,000 hectare concession in the
Bas-Congo province of the Democratic Republic of Congo ("DRC"),
approximately 200km from both the deep water ports of Boma and
Matadi and the national capital, Kinshasa. The Company has cleared
2,000 hectares of land and planted NERICA-4 and 7 variety rice on
1,200 hectares using a Weaving Drill. The operations at Feronia
Arable are fully mechanized using John Deere and Massey Ferguson
tractors. The soil acidity was corrected through the application of
lime sourced locally and fertilized using an NPK blend that was
imported from Europe. This crop is expected to be harvested and
processed in February, 2012. After the rice is harvested Feronia
Arable anticipates re-planting the land with edible beans with
harvesting anticipated in May, 2012.
"This is an exciting milestone for Feronia's arable farming
operations" said Feronia COO, Raymond Batanga. "We have proven that
we can source all the necessary inputs and equipment and mobilize
the required expertise to implement large-scale mechanized farming
in the DRC. While we had planned to reach 2,000 ha on our first
large-scale planting, a delay in the arrival of our large
horsepower tractors meant that our larger drills were not utilized
throughout the entire sowing period and fewer hectares were sown.
We are confident that this will not be an issue in our next rice
planting season and are pleased to have completed the largest
single rice planting in DRC - a huge milestone for Feronia's arable
operations."
Feronia CEO Bill Dry added "We are very pleased that the arable
farming operation has succeeded in its primary 2011 objective of
sowing a commercial crop of rice. We will gather valuable data from
each successive crop that will allow us to optimize the performance
of the operation over time. Feronia is positioning itself to
increase the scale of the arable farming operations aggressively
once we have achieved sufficient confidence in the operating
performance on a 2,000 hectare unit and thereby significantly
de-risked the expansion."
The Company is also pleased to welcome Mr. Michael Parker to the
senior management team. Mr. Parker joined the Company as Farm
Director in October 2011. Educated at Harper Adams(UK), Mr. Parker
has 30 years of farming experience of which 22 years have been
spent in emerging markets including Saudi Arabia, Oman, Egypt,
Turkey and the United Arab Emirates. He brings the Company vast
operating experience in mechanized arable cropping including rice,
barley and maize.
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.
To view the first photo associated with this release, please
visit the following link:
http://www.marketwire.com/library/20111130-feroniabefore800.jpg
To view the second photo associated with this release, please
visit the following link:
http://www.marketwire.com/library/20111130-feroniaafter800.jpg
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)
907-2026Ravi.Sood@feronia.comwww.feronia.com
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