FERONIA INC. SURPASSES 5,000 HECTARE REPLANTING TARGET
TORONTO, ONTARIO--(Marketwired - Oct. 23, 2013) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) is pleased to announce that it has surpassed its 5,000 hectare replanting target for 2013.
Replanting of oil palms for the year commenced on March 17 and, as of October 22, 5,002 hectares had been replanted across the Company's three plantations. This represents more than 800,000 trees being replanted at a rate of approximately 25,000 trees per week.
By replanting areas previously planted with oil palm, Feronia is able to increase its productive areas at far lower costs than through greenfield planting and faces no issues of deforestation or displacement of local communities.
The Company's oil palm nurseries are sufficiently stocked to replant a further 5,000 hectares in 2014.
Commenting, Bill Dry, Chief Executive of Feronia Inc. said:"Surpassing our replanting target of 5,000 hectares by the middle of October is a tremendous achievement and testament to the skill and dedication of our staff in the DRC.
Our planting programme, which we believe to be the largest in Africa this year, is a key value driver for Feronia. We have now replanted over 12,000 hectares and with a further 5,000 hectares planned for 2014, we are rapidly reducing the age profile of our plantations. This represents a considerable investment in our future producing hectares which will start to increase next year as our new plantings come into production."
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.
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 expected replanting in 2014. 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, operational risks, regulatory risks, the legislative process in the DRC and risks related to foreign operations (including various political, economic and other risks and uncertainties). 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.