Talison Lithium Responds to Tianqi Announcement

Talison Lithium Responds to Tianqi Announcement 
PERTH, WESTERN AUSTRALIA -- (Marketwire) -- 11/19/12 -- Talison
Lithium Limited ("Talison") (TSX:TLH) notes the announcement today by
Chengdu Tianqi Industry Group Co., Ltd ("Tianqi") regarding the
submission of a proposal to acquire all of the shares of Talison
which it does not currently own at a price of C$7.15 per share.
Talison confirms that today it received a non-binding, conditional
proposal from Tianqi at C$7.15 per share.  
Talison is currently party to a scheme implementation agreement (the
"Scheme Implementation Agreement") with Rockwood Holdings, Inc.
("Rockwood") dated August 23, 2012 pursuant to which Rockwood
proposes to acquire all of the shares of Talison at a price of C$6.50
per share. 
The Talison board will meet in the near future to consider the Tianqi
proposal but is not yet in a position to make a determination as to
whether that proposal is a "Superior Proposal" as defined in the
Scheme Implementation Agreement, or reasonably likely to lead to a
"Superior Proposal". Under the terms of the Scheme Implementation
Agreement, Talison is at present prohibited from discussing or
negotiating the Tianqi proposal or granting due diligence access, as
contemplated in the Tianqi proposal. In the meantime, the Scheme
Implementation Agreement remains in effect, and there can be no
certainty that a transaction giving effect to the Tianqi proposal
will be pursued or implemented. 
Talison will continue to provide information on a timely basis in
compliance with all legal and regulatory requirements. 
Talison is a leading global producer of lithium and has been
supplying a global customer network from the Greenbushes Lithium
Operations in Western Australia for over 25 years. In anticipation of
sustained growth in lithium consumption, driven primarily by the
secondary lithium battery market, Talison has doubled its production
capacity at the Greenbushes Lithium Operations.  
Cautionary Note Regarding Forward-Looking Statements 
Certain information contained in this press release, including any
information as to Talison's mineral reserve and mineral resource
estimates, strategy, projects, plans, prospects, future outlook,
anticipated events or results or future financial or operating
performance, m
ay constitute "forward-looking information" within the
meaning of Canadian securities laws. All statements, other than
statements of historical fact, constitute forward-looking
information. Forward-looking information can often, but not always,
be identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", "predicts", "potential", "continue" or
"believes", or variations (including negative variations) of such
words, or statements that certain actions, events or results "may",
"could", "would", "should", "might", "potential to", or "will" be
taken, occur or be achieved or other similar expressions concerning
matters that are not historical facts. The purpose of forward-looking
information is to provide the reader with information about
management's expectations and plans. Readers are cautioned that
forward-looking statements are not guarantees of future performance.
All forward-looking statements made or incorporated in this press
release are qualified by these cautionary statements.  
Forward-looking statements are necessarily based on a number of
factors, estimates and assumptions that, while considered reasonable
by Talison, are inherently subject to significant business, economic
and competitive uncertainties and contingencies. Such factors,
estimates and assumptions include, but are not limited to:
anticipated financial and operating performance of Talison, its
subsidiaries and their respective projects; Talison's market
position; future prices of lithium or lithium concentrates;
estimation of mineral reserves and mineral resources; realization of
mineral reserve and mineral resource estimates; timing, amount and
costs of estimated future production; grade, quality and content of
concentrate produced; sale of production; capital, operating and
exploration expenditures; costs and timing of the expansion of the
Greenbushes Lithium Operations; exploration and development of the
Salares 7 lithium project; costs and timing of future exploration;
requirements for additional capital; government regulation of
exploration, development and mining operations; environmental risks;
reclamation and rehabilitation expenses; title disputes or claims;
absence of significant risks relating to Talison's mining operations;
the costs of Talison's hedging policy; sales risks related to China;
currency; interest rates, and limitations of insurance coverage.
While Talison considers these factors, estimates and assumptions to
be reasonable based on information currently available to it, they
may prove to be incorrect and actual results may vary.  
Readers are cautioned that forward-looking information involves known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Talison and/or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information. Such risk factors include, among others,
those described in the unaudited condensed consolidated interim
financial statements of Talison as at September 30, 2012 and for the
three months ended September 30, 2012 and under the heading "Risk
Factors" in the annual information form of Talison for the year ended
June 30, 2012 dated September 26, 2012, each of which can be found on
Talison's SEDAR profile at www.sedar.com. While Talison considers
these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect and actual results
may vary.  
Although Talison has attempted to identify statements containing
important factors that could cause actual actions, event or results
to differ materially from those described in forward-looking
information, there may be other factors that cause actions, events or
results to differ from those anticipated, estimated or intended.
Forward-looking information contained herein is made as of the date
of this press release based on the opinions and estimates of
management on the date statements containing such forward-looking
information are made. Except as required by law, Talison disclaims
any obligation to update any forward-looking information, whether as
a result of new information, estimates or opinions, future events or
results or otherwise. 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.
Talison Lithium Limited
Frank Wheatley
Executive Director
+1 (604) 985 0528 
Macquarie Capital
Michael Ashforth
Executive Director
+61 (8) 9224 0644 
Macquarie Capital
David Cobbold
Managing Director
+1 (416) 848 3654
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