Orocobre Limited: increased and upgraded resource at Olaroz Lithium-Potash Project

Orocobre Limited (TSX:ORL)(ASX:ORE) reports a substantially increased and upgraded resource estimate at its flagship Salar de Olaroz lithium-potash project in Jujuy province in north-west Argentina. This follows completion of a comprehensive resource definition drilling program undertaken throughout 2010.

John Houston, independent hydrogeologist, has estimated a measured and indicated resource of 1,752 million cubic metres of brine at 690 mg/L lithium, 5,730 mg/L potassium and 1,050 mg/L boron which is equivalent to 6.4 million tonnes of lithium carbonate and 19.3 million tonnes of potash (potassium chloride) based on 5.32 tonnes of lithium carbonate being equivalent to 1 tonne of lithium and 1.91 tonnes of potash being equivalent to one tonne of potassium.

Highlights:

• Lithium resource increased more than fourfold to 6.4 million tonnes of lithium carbonate equivalent
• Potassium resource increased more than fourfold to 19.3 million tonnes of potash (KCL)
• Resources upgraded from inferred to measured and indicated categories
• Attractively high lithium concentration of 690 mg/L
• Magnesium:lithium ratio reduced to 2:4
• Initial potential production grades expected to be significantly higher than average resource grades

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