HispanicBusiness

BRISBANE, AUSTRALIA -- (Marketwire) -- 01/31/13 -- Orocobre Limited (TSX: ORL)(ASX: ORE) -

HIGHLIGHTS AND SIGNIFICANT DEVELOPMENTS

Salar de Olaroz Lithium-Potash Project:

-  Orocobre and Toyota Tsusho Corporation ("TTC") sign definitive Joint   Venture Agreement to finance and build flagship Olaroz lithium project.-  Design production rate increased to 17,500 tonnes per year of battery   grade lithium carbonate, with capital cost of US$229 million including   US$22 million contingency.-  Documentation executed for US$192m low-cost, comprehensive project debt   financing package by Mizuho Corporate Bank ("Mizuho"). Construction   officially commenced in November 2012 with initial commercial production   anticipated in Q2 2014.-  All major contracts awarded to this point have been on or under budget   and significant progress has been made in construction.-  Final governmental approval received and mining leases granted.

Cauchari Lithium-Potash Project (Orocobre 85%):

-  Completion of maiden resource estimate of an inferred resource containing   approximately 470,000 tonnes lithium carbonate equivalent and 1.6 million   tonnes of potash. Cauchari lies approximately 20km south of the planned   Olaroz Project processing plant.

Institutional Capital Raise & Shareholder Purchase Plan

-  On 5 November, 2012, the Company announced the completion of a placement   of 12.38 million ordinary shares to institutional investors at an issue   price of A$1.70 per share, raising A$21 m prior to costs. A shareholder   purchase plan at the same pricing raised an additional A$3.7 m.

Corporate

-  The Company appointed Mr. Robert Hubbard to Orocobre's Board of   Directors, replacing Mr. Neil Stuart, who retired from the Board   following the 2012 Annual Meeting of Shareholders on 30 November, 2012.-  The Company appointed Mr. Neil Kaplan to the position of Chief Financial   Officer and Mr. David Hall to the position of Business Development   Manager.-  Mining Company of Year.   On 19 November, the Company announced that it has been named the "Mining   Company of the Year 2012" in Argentina.-  Cash position of A$38.9 million at the end of the quarter.

Salar De Olaroz Lithium-Potash Project

The Olaroz Project is Orocobre's flagship project located in Jujuy province of Argentina.

On 17 October, 2012 the Company announced a major development on the Olaroz Project. Following positive investment decisions by the board of directors of both Orocobre and Toyota Tsusho Corporation Ltd ("TTC"), it was announced that the companies have executed the definitive Shareholders Agreement for a joint venture to develop the Olaroz Project.

Subsequently, on 6 December, 2012 the Company announced that with joint venture partner Toyota Tsusho Corporation ("TTC"), the companies have executed the loan documentation for the Olaroz project financing. As had been previously announced, the project financing will be provided by Mizuho Corporate Bank Ltd ("Mizuho") with a maximum facility amount of approximately US$192 million as detailed below:

----------------------------------------------------------------------------Parameters                      Values----------------------------------------------------------------------------Maximum Facility                US$191.9 million----------------------------------------------------------------------------Equity by Sales de Jujuy        US$82.8 million----------------------------------------------------------------------------Maximum Debt : Equity Ratio     70% : 30%----------------------------------------------------------------------------Construction Cost               US$229.1 million including $22 million                                contingency----------------------------------------------------------------------------Primary Debt Facility           US$146.3 million----------------------------------------------------------------------------Additional facilities           US$45.6 million----------------------------------------------------------------------------Term                            10 years----------------------------------------------------------------------------Grace Period                    2 years----------------------------------------------------------------------------Dividend Payments               Borrower may pay dividends bi-annually after                                meeting debt service obligations to Mizuho----------------------------------------------------------------------------