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Restructure of brine extraction rights at Diablillos with Lithium X

BRISBANE, Australia, Oct. 5, 2017 /PRNewswire-AsiaNet/ --

Orocobre Limited (ORE: ASX, ORL: TSX) (Orocobre) is pleased to announce the 
execution of agreements with Lithium X Energy Corp. (TSXV: LIX) (OTCQX: LIXXF) 
("Lithium X") in respect of tenure held by Orocobre subsidiaries, Borax 
Argentina S.A. ("Borax") and South American Salars S.A. ("SAS") at the Salar de 
Diablillos.

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Lithium X through its wholly-owned subsidiary, Potasio Lithio de Argentina S.A. 
(PLASA) will acquire 2,700 hectares of tenements from Borax over which 
Lithium-X currently holds usufruct rights for the extraction of lithium 
brines.  Lithium-X will also acquire a further 700 hectares owned by SAS which 
had been excluded from the Advantage Lithium transaction (ASX release 28 March 
2017).  These tenements will be consolidated into the PLASA project, Sal de los 
Angeles (SDLA) in Salta Province, Argentina.  

Under the agreement:

    -- PLASA acquires mineral title to the Borax and SAS tenements 

    -- PLASA grants a usufruct right in favour of Borax over the Borax 
       tenements in relation to the extraction of surface ulexite 
       mineralisation 

    -- PLASA agrees to pay to Borax US$250,000 and to issue 650,000 common 
       shares of Lithium X to Borax or its nominee 

    -- PLASA acquires the SAS tenements for consideration of US$750,000 
       payable to Orocobre upon certain conditions being met by SAS 

    -- PLASA and Borax agree to cancel the existing 1.5% Mine Mouth 
       Royalty(1) on the Borax held tenements, in consideration of a 1% Net 
       Revenue Royalty over the entire SDLA project, and 

    -- Orocobre and PLASA mutually release each other from any potential or 
       existing claims due to past activities by either party.

Managing Director Richard Seville commented, "This transaction further 
clarifies the focus on our world class Olaroz lithium facility and simplifies 
the current tenement position at Diablillos.  The royalty we have retained also 
provides for a potential income stream in the future." 

For more information please contact:
Richard Seville	Andrew Barber
Managing Director            Investor Relations Manager
T: +61 7 3871 3985           T: +61 7 3871 3985 
M: +61 419 916 338           M: +61 418 783 701 
E: rseville@orocobre.com     E: abarber@orocobre.com

About Orocobre Limited 
Orocobre Limited (Orocobre) is a dynamic global lithium carbonate supplier and 
an established producer of boron.
Orocobre is dual listed on the Australia and Toronto Stock Exchanges (ASX: 
ORE), (TSE: ORL). Orocobre's operations include its Olaroz Lithium Facility in 
Northern Argentina, Borax Argentina, an established Argentine boron minerals 
and refined chemicals producer and a 35% interest in Advantage Lithium.

For further information, please visit www.orocobre.com. 

______________________________

(1) Mine Mouth Royalty is calculated as revenue less all costs incurred from 
the point of brine extraction.

SOURCE:  Orocobre Limited