BRISBANE, AUSTRALIA--(Marketwired - Nov 28, 2013) - Orocobre Limited (ORE.AX)(ORL.TO) ("Orocobre" or "the Company") wishes to advise that due to a potential four month trading restriction applicable to Canadian resident investors under Canadian securities laws in respect of shares issued by the Company to such investors, the Company has agreed not to allocate shares to Canadian applicants under its recently announced placement on the ASX. This has reduced the placement to A$30m (14,296,771 shares per the Appendix 3B released 21 November).

The Olaroz Lithium Project was fully funded prior to the capital raising with equity contributions and project debt to cover the construction cost (US$229.1m) and US$46.5m of additional debt facilities to cover cost overruns and working capital. The project remains on time and within budget.

The reduction in the raising does not affect the Company's initiatives for Borax Argentina for which A$20m had been allocated in the raising but will reduce the working capital allocation from the raising to A$10m. Prior to the raising, the Company had A$7m in cash (as at 30 September) excluding funds in the Olaroz JV Company.

Confidence in Borax Argentina studies, has lead the Company to raise funds to enable the future construction of a boric acid plant with a capacity of 16-24,000 tonnes per annum subject to completion of the pre-feasibility study as previously announced.

We look forward to continuing our regular updates on construction at Olaroz and progress on the Borax Argentina studies.

About Orocobre Limited

Orocobre Limited is listed on the Australian Securities Exchange and Toronto Stock Exchange (ORE.AX)(ORL.TO), 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 is 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