HOMEX - Perth +++++++++++++++++++++++++ Tuart is pleased to announce that the Preston Vale and Diamond Ridge vineyards are nearing the completion of their 2002 harvest operations.
Due to the mild climatic conditions the 2002 harvest has been prolonged by approximately 2 weeks, however this has been to the benefit of fruit quality, enhancing typical varietal characters in the white varieties and colour intensities within the red varieties.
Agreements for both red and white varieties have been entered into with Evans and Tate, Hope Estate, Ferngrove Estate and Alkoomi.
To date approximately 800 tonnes have been harvested and delivered to the winemakers. Harvest operations continue.
Progress payments of $140,000 for grape sales will be received today with the balance to be received over the next 6 months. Additional payments are anticipated during this period once the winemakers have classified the fruit quality.
Under the agreement with Alkoomi, the red tonnages will be supplied, processed and bottled. Southern Wine Corporation Ltd is currently in negotiation with a wine marketing group to purchase the total number of bottled wine produced for the Company by Alkoomi.
The Company believes that committing some of the harvest to this value-adding process not only offers a better return to Growers, but also takes an important step towards creating a premium wine product from the Geographe (Donnybrook) Region.
