TORONTO, ONTARIO, January 10, 2011 - Feronia Inc. ("Feronia" or the "Company") (TSX-V: FRN) is pleased to announce that it has sown its first crop of edible beans at its 10,000 hectare arable farming operation in Bas Congo province, Democratic Republic of Congo. To date 600 hectares of past-producing farmland have been cleared, 300 hectares plowed, and 17 hectares sown.
"We expect to harvest this crop in March and continue to expand our arable farming operations throughout the year to 1,000 hectares sown in October. Feronia is one of Africa's leading palm oil producers and after 2 years of planning and preparation, we have now formally extended our production operations into arable farming which we plan to expand rapidly in the coming years," said Raymond Batanga, COO Arable Farming of Feronia Inc.
"The DRC has the greatest potential to meet the world's growing food demands and Feronia is working to make this a reality. The world is now facing food prices that exceed the levels reached in 2008 that set off riots around the world. The cost of food has climbed approximately 25 percent from levels in December, 2009 according to FAO figures. In 2008 we faced rapid and unprecedented increases in petroleum, fertilizer and other input prices. These factors have not been the primary drivers of the current dramatic price increases. The current price moves have been driven by supply-side failures and the need to stretch production into increasingly marginal areas in order to meet the world's sharply growing demand. According to the FAO, global food production will have to rise 70 percent by 2050 as the world population expands to a forecast 9.1 billion from a current 6.8 billion," said Mr. James Siggs, CEO of Feronia Inc.
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.