Orocobre Limited: Construction Update on the Olaroz Lithium Project

Orocobre Limited: Construction Update on the Olaroz Lithium Project 
BRISBANE, AUSTRALIA -- (Marketwired) -- 10/13/13 -- Orocobre Limited
(ASX:ORE)(TSX:ORL) ("Orocobre" or "the Company") is pleased to advise
that progress on the Olaroz Lithium Project continues to proceed on
time and within budget.  
The first pumping and filling of evaporation pond 4B occurred (as
previously advised) at the beginning of August, four weeks ahead of
schedule. All brine bores have been drilled and bore equipment and
infrastructure for brine supply is 88% complete. Progress is on
schedule to reach the full rate by November as planned. 
The construction of the evaporation ponds is ahead of schedule with
87% of earthworks completed. The evaporation pond lining program is
on schedule. 
Other notable events are as follows: 


 
--  Water supply wells have been completed 
    
--  Camp has been completed and is operational 
    
--  The construction and fit out of the laboratory has been completed 
    
--  Erection of the lime plant is more than 50% complete 
    
--  The engineering design of the lithium carbonate plant has been completed
    and the lithium carbonate plant is under construction 
    
--  The final stage of the roadworks is nearing completion 
    
--  The gas supply and distribution system are 90% complete 

 
The project continues to proceed on time and within budget. A total
of approximately US$133m has been spent or committed via executed
contracts in the construction project to date.  
To view the photos accompanying this press release, please visit the
following link: http://media3.marketwire.com/docs/Olaroz_Construction
_Update_14-Oct-2013.pdf. 
More images are available on our web page under "Gallery". Please
click here for the most recent images:
http://www.orocobre.com.au/Gallery_Construction_September.htm. 
The Company continues to follow the "Jujuy First" strategy to
successfully work with suppliers and the employment bureau to focus
on the hiring of local people from the communities of Olaroz,
Huancar, Puesto Sey, Pastos Chicos, Catua, Susques, Jama, El Toro,
Coranzuli, San Juan and Abrapampa. The Company recently sponsored the
Olaroz Chico student graduation trip to Salta and Jujuy cities. 
The project implementation is through EPCM (Engineering, Procurement
and Construction Management) with a high proportion of local
involvement through construction and supply contracts and local
employment. The unique community and shared value policy continue to
be a key success factor, training local people under the supervision
of high quality experienced professionals.  
The Olaroz lithium project is being developed by Orocobre (66.5%)
with partners Toyota Tsusho Corporation ("TTC") (25%) and the Jujuy
Province mining and energy company, JEMSE (8.5%) with a construction
budget of US$229m including contingency. First production is
scheduled for the end of the second quarter, 2014. 
About Orocobre Limited  
Orocobre Limited is listed on the Australian Securities Exchange and
Toronto Stock Exchange (ASX:ORE)(TSX:ORL)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 the first large-scale, "greenfield" brine based lithium
project in 20 years at its flagship Salar de Olaroz resource, with
projected production of 17,500 tonnes per annum of low-cost 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 and was named 2012 Mining Company of the Year by Argentine
mining magazine Panorama Minero and the Fundacion para el Desarrollo
de la Mineria Argentina ("Fundamin" or Foundation for Development of
Argentina Mining). 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 may include, but is not limited
to, the draw down of finance for the Olaroz Project, the 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 cost of construction relative to 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 the conditions precedent to draw down
the project financing with Mizuho Corporate Bank will not be met;
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
any forward-looking information, except in accordance with applicable
securities laws. 
ABN: 31 112 589 910
Contacts:
Orocobre Limited
David Hall
Business Development Manager
T: +61 7 3871 3985
M: +61 407 845 052
dhall@orocobre.com 
Orocobre Limited
James Calaway
Chairman
M: +1 (713) 818 1457
jcalaway@orocobre.com
www.orocobre.com.au