Orocobre Limited provided an update of the finance contributions for its Olaroz Project. Mizuho Bank has provided a USD 192 million project loan facility to Sales de Jujuy SA. To date no funds have yet been drawn down on the finance. Under the terms of Orocobre's agreement with Jujuy Energia y Minera Sociedad del Estado (JEMSE), Orocobre is to provide a total of USD 7.04 million in loans to JEMSE so it can meet its funding commitments for its 8.5% interest in the Olaroz project. To date Orocobre has advanced USD 4.24 million to JEMSE. The final USD 2.8 million of this loan is expected to be provided by Orocobre to JEMSE in the current quarter. Funds advanced to JEMSE are treated as loans pursuant to the agreements entered into between the Company and JEMSE and will be repaid to Orocobre from dividends received by JEMSE from the Olaroz operations.

Orocobre Limited provided a progress report on the construction of the Company's flagship Olaroz lithium project. The construction of the Olaroz lithium project continues to advance according to schedule and within budget. Over the past month the following tasks were completed: Dining area and labour bedroom modules; Sewage treatment plant construction; Lime plant conveyor construction - Area 4000; Concrete supplier mobilization. The completed work by months end: Concrete Plant installation; Contractors camp relocation; Sewage treatment plant installation. The tasks are in progress: Ball mill for the lime plant; Equipment and mechanical installation at pumping station and water intake; Tolas (Vegetation) Removal and recycling at the pond area; Road and platform construction on the salar; Evaporation ponds construction; Lime plant silos, tanks and other facilities construction. Approximately $87 million of the $229 million capital budget has been committed or spent (up from $77 million last month) and all major contracts awarded to this point remain on, or under, budget. The tasks will continue through April and May: Road and platform construction on the salar; Evaporation ponds construction; Production wells drilling; Grounding and concrete foundations for Lime Plant; Aqueduct construction; Gas Pipeline construction; Brine pipeline construction; Protection channels construction; Camp modules installation; Warehouse Area fence construction.

To discuss highlights for first quarter of 2013 and construction progress at the Olaroz Lithium Project