TORONTO, ONTARIO--(Marketwired - April 15, 2014) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) is pleased to announce further progress in its arable farming operation following the recent harvest of a 200 hectare trial rice crop planted in October 2013.
Results from the trial have been positive with mechanised harvesting achieving an average yield of 2.6 tonnes of paddy rice per hectare over the 200 hectare trial site. This represents a 44% increase on the yield per hectare achieved during the Company's previous large trial planting which was harvested in March 2013.
During the harvest, the Company achieved an average yield of 3.0 tonnes per hectare from four plots, totaling 103 hectares, further demonstrating that commercial yields are achievable. A peak yield of 3.6 tonnes per hectare was achieved but harvesting losses arising from insufficient harvesting capacity resulted in a lower average yield per hectare across the 200 hectare trial.
In total, 532 tonnes of paddy rice was harvested and is now being processed for sale into the domestic market.
A further 200 hectare rice trial has now been planted and will be harvested in June 2014.
Commenting, Ravi Sood, Executive Chairman of Feronia Inc. said: "At each stage of our arable farming trials we have made progress, as the increase in average yield achieved across this 200 hectare trial planting confirms.
"The three tonne per hectare yield achieved from over half the trial planting reconfirms our belief that mechanised rice farming in the Democratic Republic of Congo can be commercially viable and we remain focussed on increasing plant yields whilst reducing losses currently occurring during the harvest process because of insufficient harvesting capacity.
"We continue to believe in the immense agricultural potential of the DRC and are investigating mechanisms to fund the growth of this operation without diluting shareholders."
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" and "will". 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.
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