Feronia Inc.
TSX VENTURE : FRN

Feronia Inc.

April 29, 2013 07:30 ET

Feronia Inc. Demonstrates Commercial Yields from Mechanized Harvesting of Rice

TORONTO, ONTARIO--(Marketwired - April 29, 2013) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) is pleased to announce that it has demonstrated commercial yields during the harvest of a 500 hectares (ha) trial planting of rice at its 10,000 ha arable farming operation in the Bas-Congo province of the Democratic Republic of the Congo ("DRC").

The Company planted NERICA-4® (New Rice for Africa-4), an upland rice variety suited to African soil and weather conditions, in October 2012. Harvest of this crop commenced in mid-February 2013 with mechanized harvesting supplemented through local casual labour.

Results from the trial planting have been positive with in-field yields believed to be around four tonnes of paddy rice per ha. Mechanized harvesting achieved an average yield of 3.1 tonnes of paddy rice per ha over the first 46 ha harvested in February 2013 and 2.5 tonnes per ha from the subsequent 77 ha harvested mechanically by the end of March 2013. Yield per ha declined as the harvest progressed due to in-field losses caused by the protracted harvest period and insufficient harvesting machinery to complete the harvest in the optimum time period. The Company had ordered a second combine harvester to support the harvest however, due to shipping delays unrelated to the DRC, it did not arrive in time to participate in the beginning of the harvest.

The Company expects the rice harvest to be completed by the end of April, 2013.

Bill Dry, CEO of Feronia, commented: "We have made good progress in establishing commercially viable rice yields with this harvest and in demonstrating the benefits in yield which can be achieved by harvesting mechanically. We believe that the land we are farming will support commercial yielding rice crops and continue to evaluate how to prudently expand our arable farming operations."

About Feronia Inc.

  • Feronia operates large-scale commercial oil palm plantations and has commenced an arable farming operation in the DRC.
  • The Company, through its subsidiaries, holds concessions on land which is owned by the DRC government and on which its oil palm plantation and farming operations take place.
  • The Company uses modern agricultural practices to operate and develop its oil palm plantations and arable farming.
  • Feronia believes in the immense agricultural potential of the DRC for high-quality edible oils, oil derivatives and foodstuffs given the suitability of its climate and soil and the availability of a skilled workforce.
  • The Company's management team is comprised of experienced administrative executives and 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 jobs and economic growth 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" 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, 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.

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.

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