CORRECTION FROM SOURCE: Orocobre Announces Completion of A$21

CORRECTION FROM SOURCE: Orocobre Announces Completion of A$21 Million
Institutional Placement and a A$5 Million Shareholder Purchase Plan 
MILTON, QUEENSLAND -- (Marketwire) -- 11/05/12 -- A Correction From
Source is issued with respect to the release disseminated on Nov. 4,
2012 at 8:55 PM EDT. A change has been applied to the second
paragraph, where "Canaccord" was misspelled as "Cannacord". The
corrected version follows. 
Orocobre Limited (TSX:ORL)(ASX:ORE) ("the Company") is pleased to
announce that the Company has completed a placement of 12.35 million
ordinary shares to institutional investors in Australia, Hong Kong,
the United Kingdom and the United States at an issue price of A$1.70
per share, raising A$21 million prior to expenses. The share
placement was approximately 50% oversubscribed. The issue price
represents an 8.0% discount to the ASX closing price prior to the
Company entering into a trading halt on 1 November. 
The Lead Manager and Book-runner to the placement was Canaccord
Genuity (Australia) Ltd, with support from Cormark Securities Inc.,
and Patersons Securities Ltd. 
The proceeds of this capital raising will be used to fund Orocobre's
remaining equity contribution for the construction of the Olaroz
lithium project, fund Borax Argentina initiatives, and for working
capital. 
In addition, the Company will be offering eligible existing
shareholders an opportunity to participate in a Shareholder Purchase
Plan ("SPP") at the same issue price as the institutional placement.
The SPP will be capped at A$5 million. Details of the SPP will be
announced shortly. 
The completion of the equity raising follows the 17 October 2012
announcement of Toyota Tsusho Corporation's ("TTC") equity investment
of approximately US$55 million in Orocobre's Olaroz Lithium Project,
and the associated low interest US$192 million project debt
facilities from Mizuho Corporate Bank with guarantees from Toyota
Tsusho and JOGMEC. With detailed design engineering completed and
site establishment advanced, full construction is due to start
shortly, with commercial production expected to commence in Q2 2014. 
Managing Director Richard Seville, said, "We continue to receive
strong support from both Australian and international institutional
investors. The level 
of investor interest in this offering reflects
confidence in Orocobre and our lithium and industrial mineral assets
in Argentina. The $5 million SPP provides the first opportunity for
smaller shareholders to invest in the company since the 1:8 rights
issue over 3 years ago." 
Mr Seville added, "With completion of this raising, Olaroz is fully
funded through to production. Although it was not a pre-requisite to
commencement of construction under the TTC Joint Venture Agreement,
given current equity market conditions, we deemed it prudent to close
the recognised small funding gap sooner rather than later and remove
any funding uncertainty. In addition, some funds will be allocated
towards enhancing our recently acquired Borax Argentina business.
This will include some short term initiatives and to undertake
drilling programs to upgrade the historical estimates to JORC
complaint resources and to undertake feasibility studies in relation
to expanded production and the longer term development of the
business." 
About Orocobre Limited 
Orocobre Limited is listed on the Australian Securities Exchange and
Toronto Stock Exchange (TSX:ORL)(ASX:ORE), and is building a
substantial Argentinian-based industrial minerals company through the
construction and operation of its portfolio of lithium, potash and
boron projects and facilities in the Puna region of northern
Argentina. The Company is building in partnership with Toyota Tsusho
Corporation and JEMSE, the first large-scale, "greenfield" brine
based lithium plant in nearly 20 years at the Salar de Olaroz. This
high margin project has a planned production rate after ramp up of
17,500 tonnes per annum of battery grade lithium carbonate scheduled
to commence in Q2 2014. The Company also wholly-owns Borax Argentina,
an important regional borate producer. Orocobre has recently been
included in the S&P/ASX 300 Index. For further information, please
visit www.orocobre.com. 
Caution Regarding Forward-Looking Information 
This news release contains "forward-looking information" within the
meaning of applicable securities legislation. Forward-looking
information contained in this release includes, but is not limited
to, the financing of the Olaroz Project, the completion of definitive
lending documentation with Mizuho and JOGMEC the provision of
required guarantees by TTC and JOGMEC, the commencement and
completion of construction at the Olaroz Project and the timing
thereof, the commencement of commercial production at the Olaroz
Project and the timing thereof, the estimated capital cost of the
Olaroz Project, the design production rate for lithium carbonate and
potash at the Olaroz Project, the expected brine grade at the Olaroz
Project, the expected operating costs at the Olaroz Project and the
comparison of such expected costs to expected global operating costs,
and the ongoing working relationship between Orocobre and the
Province of Jujuy. 
Such forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause actual results
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to the risk of
further changes in government regulations, policies or legislation;
the possibility that required concessions may not be obtained, or may
be obtained only on terms and conditions that are materially worse
than anticipated; the risk that required guarantees will not be
provided or that the project financing will otherwise not be
completed with Mizuho Corporate Bank and JOGMEC; that further funding
may be required, but unavailable, for the ongoing development of the
Company's projects; fluctuations or decreases in commodity prices;
uncertainty in the estimation, economic viability, recoverability and
processing of mineral resources; risks associated with weather
patterns and impact on production rate; risks associated with
construction and development of the Olaroz Project; unexpected
capital or operating cost increases; uncertainty of meeting
anticipated program milestones at the Olaroz Project; general risks
associated with the feasibility and development of the Olaroz
Project; as well as those factors disclosed in the Company's Annual
Information Form for the year ended June 30, 2012 filed at
www.sedar.com. 
The Company believes that the assumptions and expectations reflected
in such forward-looking information are reasonable. Assumptions have
been made regarding, among other things: the timely receipt of
required approvals and completion of agreements on reasonable terms
and conditions; the ability of the Company to obtain financing as and
when required and on reasonable terms and conditions; the prices of
lithium and potash; and the ability of the Company to operate in a
safe, efficient and effective manner. Readers are cautioned that the
foregoing list is not exhaustive of all factors and assumptions which
may have been used. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to update
a
ny forward-looking information, except in accordance with applicable
securities laws. 
ABN 31 112 589 910
Contacts:
Australia, Asia, Europe: Orocobre Limited
Richard Seville
Managing Director
+61 7 3871 3985 or M: +61 419 916 338
rseville@orocobre.com 
North America: Orocobre Limited
Bruce Rose
VP, Corporate Development
1 604 377 1423
brose@orocobre.com
www.orocobre.com