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MeadWestvaco Corporation Announces Sale of Bonneau Ferry Tract; DNR to Manage 10,700-Acre Property Acquired by The Conservation Fund

    COLUMBIA, S.C., March 31 /PRNewswire-FirstCall/ -- U.S. Senator Fritz
Hollings, the State of South Carolina, The Conservation Fund and MeadWestvaco
Corporation today announced the permanent protection of the 10,700-acre
Bonneau Ferry tract of land in Berkeley County along the Cooper River. The
Conservation Fund, a national organization that facilitates the purchase of
private land to help maintain open spaces, purchased the property from
MeadWestvaco for $47 million on behalf of the State of South Carolina and the
South Carolina Department of Natural Resources (DNR).
    Senator Hollings secured $32.4 million in grants from the National Oceanic
and Atmospheric Administration for the state to immediately acquire 7,315-
acres of the Bonneau Ferry tract. The Conservation Fund will hold title to the
remaining 3,385-acres until DNR obtains additional funding, according to DNR
Director John Frampton. The final phase of the project is expected to be
completed by late 2004 or early 2005.
    MeadWestvaco acquired this property in 1949 and has managed it as a
working forest and a conference center while protecting its significant
wildlife habitats and historic sites. The company made the decision to sell
Bonneau Ferry following the merger of The Mead Corporation and Westvaco
Corporation in 2002.  Since that time, the company has worked closely with The
Conservation Fund and the South Carolina DNR to ensure that the company's
legacy of careful stewardship of this property continues.
    Frampton added that The Conservation Fund consistently demonstrates an
unwavering commitment to natural resources and wildlife habitat conservation
in South Carolina. Without their involvement, this and other monumental
conservation and land protection projects in our state would not have been
possible, Frampton said.
    Frampton also praised Senator Hollings and Governor Mark Sanford for their
invaluable support of the Bonneau Ferry project. "Federal funding, obtained by
Senator Hollings, has played an integral role in nearly every major
conservation project in South Carolina, for example the ACE Basin in the
Lowcountry and more recently the 12,439-acre Wee Tee State Forest project in
Williamsburg and Georgetown counties." Frampton added that, "The personal
effort, time and attention that Governor Sanford dedicated to Bonneau Ferry,
played a vital role in helping us reach a timely agreement with all the
partners involved in this important conservation project."
    "This administration has said from day one that preserving open spaces is
critical to quality of life in South Carolina and maintaining the competitive
advantage we have over other states," Governor Sanford said. "I got involved
in this particular process because it represented a real opportunity for our
state to do something to safeguard its unique natural beauty, and I'd credit
Senator Hollings and everyone who helped us in reaching this agreement for
their commitment to those goals."
    The Bonneau Ferry tract, home of bald eagles and endangered red cockaded
woodpeckers, covers more than a third of the newly created 30,000-acre Cooper
River Historic District. The tract lies between Mepkin Abbey and Cordesville
and includes thousands of acres of timberland. Walls of a 1738 masonry house
at Comingtee Plantation survive, as do 1783 granite markers of the old river
road to Charleston. The tract also contains the ruins of a rice mill and
remnants of rice fields.
    "Thanks to the extraordinary leadership and vision of Senator Hollings,
Governor Sanford and MeadWestvaco CEO John A. Luke, Jr., the citizens of South
Carolina will forever enjoy the natural, cultural, and historic wonders of
Bonneau Ferry," said Larry Selzer, president of The Conservation Fund. "The
Conservation Fund is proud to work with leading corporations such as
MeadWestvaco, whose commitment to sustainable forestry and balanced
conservation is to be applauded."
    Protecting Bonneau Ferry has long been a high priority of Senator
Hollings. "This is a great day for South Carolina, and I would like to thank
all of the partners involved for making this project a reality. With millions
of people moving to the coast, and wild lands under constant threat of
development, we have to be careful we don't destroy the natural resources and
the quality of life that draw them. This project not only protects those lands
to be purchased, but protects the estuaries and water resources, which support
our seafood and tourism industries. As we all know, the government has
significant budget challenges, and the only way for large projects like this
to be successful is through a cooperative effort between federal and state
governments, conservation organizations, private landowners, and the like,"
Hollings said.
    "We are delighted to be turning over the Bonneau Ferry tract to The
Conservation Fund and the State of South Carolina," said John A. Luke, Jr.,
chairman and chief executive officer of MeadWestvaco. "MeadWestvaco has been a
good steward of this property for more than a half century, and we are
confident that this partnership will continue our legacy."
    The Conservation Fund received financial support from the Doris Duke
Charitable Foundation, Gaylord and Dorothy Donnelley Foundation, the Merck
Family Fund and Anheuser-Busch.
    Headquartered in Arlington, Virginia, The Conservation Fund acts to
protect the nation's land and water resources in partnership with other
organizations, public agencies, foundations, corporations, and individuals.
Seeking innovative conservation solutions for the 21st century, the Fund works
to integrate economic and environmental goals. Since its founding in 1985, the
Fund has helped its partners safeguard wildlife habitat, greenways, community
"greenspace" and historic sites totaling more than 3.7 million acres
throughout the nation.
    MeadWestvaco Corporation, headquartered in Stamford, Connecticut, is a
leading global producer of packaging, coated and specialty papers, consumer
and office products and specialty chemicals. Among the principal markets it
serves are the automotive, beverage, consumer products, healthcare, media and
entertainment and publishing industries. The company operates in 29 countries
and serves customers in nearly 100 nations. Its highly recognized consumer and
office brands include AT-A-GLANCE(R), Cambridge(R), Columbian(R), Day
Runner(R), Five Star(R), and Mead(R). MeadWestvaco manages strategically
located forestlands according to stringent environmental standards and in
conformity with the Sustainable Forestry Initiative(R).


SOURCE MeadWestvaco; The Conservation Fund; SC DNR




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    CONTACT:
    Mike Willis of SC DNR, +1-803-734-4133; or
    Chris Fanning of The Conservation Fund, +1-703-908-5800; or Donna
    Owens Cox of MeadWestvaco, +1-203-461-7634