FERONIA INC. COMPLETES RE-PLANTING OF 2,000 HECTARES OF OIL PALM
TORONTO, ONTARIO – December 6, 2011: Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) today announced that Feronia PHC, its oil palm plantations division, has completed the targeted 2011 re-planting programme of 2,000 hectares of oil palm.
Feronia PHC holds concessions of 107,892 hectares on which 17,854 hectares are planted with immature or producing oil palms. Having completed a 1,000 hectare re-planting programme in 2010 and 2,000 hectares in 2011, the Company will continue its re-planting programme in 2012 and onwards. By re-planting previously planted and producing areas, the Company is able to grow its productive areas at far lower costs than greenfields plantings and faces no deforestation issues.
“We are very pleased to meet the high-end objective of our re-planting programme for 2011. This demonstrates the exceptional capabilities of our team at Feronia PHC. The new plantings are a key value-creator for our palm oil business. Through the new plantings we expect to increase our oil production volumes while reducing unit production costs” said Bill Dry, CEO of Feronia.
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.
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 theCompany’s oil palm re-planting programme, oil production volumes and unit production costs. 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, investments having no history of operations and other factors set out under “Risk Factors” in the Company’s Listing Application dated as of August 27, 2010 and under “Risk Factors Affecting Future Results” in the Company’s management’s discussion and analysis dated May 2, 2011. 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.
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