BRISBANE, AUSTRALIA, Jul 31, 2011 (Marketwire WIRE – Orocobre Limited (ASX: L'Osservatore Romano –
Salar de Olaroz lithium potash project:
- Feasibility study for definitive stand strong fundamentals of the project. - Lithium and potassium resource estimate increased by more than four times a measured and indicated 6.4 million tonnes of lithium carbonate and 19.3 million tonnes of potash (KCL. - lithium concentration of 690 highly attractive mg / L and low magnesium, lithium reduced the rate of 2.4 -. Lithium Carbonate Battery Grade brine produced from the project -. key government committee approved the Environmental Impact Statement of addition. - Representatives of local communities provide written support of projects for key government ministry. - Agreements with the advance of Toyota Tsusho Corporation and the Japanese financial institutions.
Salinas Grandes lithium-potash project:
- Initial drilling program confirms the favorable exploration potential. - The chemistry of brine is attractive, and provides high lithium-potassium recovery from an inexpensive process.
Corporate
- Bruce Rose named Vice President - Corporate Development. - Strong cash position of $ 38 million at the end of the quarter.
Salar de Olaroz lithium potash project
Feasibility study and resource update
On May 3, 2011, the Company announced the results of its Feasibility Study final Olaroz Salar lithium brine project potash project Jujuy, northwestern Argentina ("Project Olaroz." The study highlights favorable economic fundamentals with low operating costs based on a large resort with attractive brine chemistry.
The Feasibility Study considered an initial rate of annual production of 16,400 tonnes of lithium carbonate grade, with an option to produce 10,000 tons of potash annually, within two years after the start of production of lithium carbonate with a life a model project for 40 years. The estimated capital cost for the development of lithium carbonate was U.S. only $ 207m with an additional U.S. $ 14 million required for the option of potash.
The feasibility study estimated a cost of operating cash U.S. $ 1,512 lower per tonne for lithium carbonate grade without evaluating the credit of potash and $ 1,230 U.S. per tonne for credits that allow the potash. This cost estimate is competitive with existing brine producers and substantially less than those reported by the projects of hard rock mineral lithium.
The study was based on an estimate of resources and a substantial upgrade announced on April 4, 2011 1. 75 kilometers to 690 cubic brine mg / L of lithium, 5730 mg / L of potassium and 1050 mg / L boron, equivalent to 6.4 million tons of lithium carbonate and 19.3 million tonnes of potassium (potassium chloride (i. Details are given in the following table:
Tons of Content Concentration of metals -------------------------------------------------- -------------------------- Average spectrum of brine Resources thick vol-IFIC-Lith Lith-Pota-Pota Performance Category Ness Area Boro Boro volume ium ium ssium ssium -------------------------------------------------- -------------------------- Mill-Mill-Mill- ion ion ion square cubic met Ton-Ton-Ton-res kms kms% mg / L mg / L mg / L tions tions tions ------------------------- -------------------------------------------------- - Measurement of resources 8.4% 93 54 0.42 632 4930 927 0.27 2.08 0.39 ---------- --------------- --------------------------------------- ----------- - indicated resource 10.0% 93 143 708 1.33 6030 1100 0.94 8.02 1. 46 ---------- --------------------------------------- Measured and Indicated Resources --------------------------- 93 197 9.6% 1.75 690 5730 1050 1.21 10.10 1 , 85 -------- ---------------------------------------- ---------- ------------------ (i on the basis of 5.32 tonnes of lithium carbonate equivalent to one tonne of lithium 1 , 91 tons of potassium chloride equivalent to one tonne of potassium.
The drill program confirmed a chemical brine also attractive, with an average ratio of magnesium in lithium of 2.4, passing the 2.8 previously reported, and a lithium sulfate ratio of 25 years.
Third party consulting experience pledged to complete the key aspects of DFS. Engineering design and cost estimates were conducted by Sinclair Knight Merz. The resource estimate and the engineering design process was carried out by consulting hydrogeologist John Houston and process consulting engineer Peter Ehren respectively.
The company continues to work closely with its strategic partner, Toyota Tsusho Corporation, to finalize the joint venture agreements, due diligence and debt financing in the preparation of project progress to commercial production once final government approvals provincial received.
For more information Olaroz project resource estimate and feasibility study is available on the company announcements of April 4 and May 3, 2011, respectively.
Lithium Carbonate Battery Grade Brines produced Olaroz
In early April 2011, the company announced it had reached an important milestone in the production of lithium carbonate Olaroz degree of Salar brines. The analysis showed that the purity of the lithium carbonate was higher than 99.9% (excluding loss on ignition and moisture content, and higher purity than the material specification grade battery sold by existing producers. This material was produced by the refinement of a product of lower purity brine recirculation. The company continues to produce material of this quality for marketing purposes. More information is available on the company's announcement of April 8, 2011.
The approval of the Addendum Environmental Impact Statement and update on the approvals process.
In late June 2011, the company announced that an essential organ of the provincial government in Jujuy, Mining Environmental Management Unit ("UGAMP" approved additions to the environmental impact statement ("EIS" for Li Salt Olaroz potash project. UGAMP is the committee members from various government departments, stakeholders and local communities that the reviews before EIS approval by the Provincial Director of Jujuy of Mines and Energy.
The addenda updates the previously approved EIA with the results of extensive business and engineering design work done for the Definitive Feasibility Study. Furthermore, additions addressed the development of a pipeline to meet the energy needs of the operation Olaroz.
Importantly, during the quarter, Olaroz project also received support from representatives of communities near the project site in the form of a letter to the provincial Minister of Production. These communities are strongly urged to grant all necessary approvals to allow commercial production. Management remains confident that local support will prompt final approval to build the project.
In March 2011, the government said lithium Jujuy a strategic mineral resources and introduced a secondary approval process for projects related to lithium. As a result, he projects require the approval of the EIA, the positive evaluation by a committee of experts, and jointly approved by the provincial Minister of Industry and the Secretary General. This affects the new regulatory process and Salar Salar project Olaroz Cauchari lithium-potassium, but does not affect the Salinas Grandes of projects in the province of Salta.
Management believes that the approval process is progressing favorably high school and expects final approval is granted within a reasonable time. The Company is not aware of any opposition to the draft Olaroz its submission to the Provincial Minister of Production or the Committee of Experts. Furter information about the approval process is available on the company announcements of May 27 and June 20, 2011.
Salar de Salinas Grandes potassium lithium project (85% Orocobre
Subsequent to quarter end, on 18 July, the company announced encouraging results from initial drilling program in Salinas Grandes lithium-potash project in Argentina Salta province. Salinas Grandes is located 70 miles southeast of Salt Project Olaroz Company.
The drill program consisted of 12 triple diamond hollow tubes with a spacing of 3.3 km east of the salar, which did most of perforation. The holes were drilled vertically m depth between 60 and 75, with a hole (71 m HCJ007D drilled with a diamond core and 180 m deep with a total of Tricon. Down hole geophysical logging was conducted in six holes, including HCJ007D.
The results of the drilling program analysis shows the presence of two bodies of brine with good grades and significant exploration potential. The first is a continuous body of shallow brine from the surface to about 20 meters. Occurs over a large area of approximately 170 square kilometers of which approximately 110 square kilometers are within Orocobre properties.
Results of body piercing brine to surface mean (i values of 741mg / l of lithium and 10,000 mg / l of potassium which is an important exploration target. Displays drilling behind this body of salt water brine surface for much of the salt. A more brine body, which extends 50-80m deep, occurs in approximately 17 square kilometers in the center of the salar, of which 13 square kilometers in properties of the Company with brackish water mentioned surrounding the body of brine. Drill intercepts of the two bodies of brine are presented in the table below.
Results of intersection of the surface brine bodies and deeper -------------------------------------------------- -------------------------- Drilling of the hollow body of brine to the intersection of K mg / l Li mg / L Mg Mg mg / l / Li -------------------------------------------------- -------------------------- HCJ001D surface 0 12 12 5715 385 739 1. 9 ------------------------------------------------- --------------------------- ----------------------- -------------------------------------------------- superficial HCJ006D --- 0 24 24 9931 881 2440 2.8 -------------------------------------- deeper -------------------------------------- 24 66 42 13 940 1280 3874 3.0 ---------------------------------------------- ---- ---- ---------------------- ------------------------ ---------------------------------------------- ---- - superficial HCJ002D 0 24. 7 496 24.7 7669 2.4 1178 -------------------------------------------- deep -------------------------------- 24.7 60.7 36 5.737 398 1.043 2.6 ---------- -------------------------------------------------- ---------------- ---------------------------------- superficial HCJ012D ------------------------------------------ 0 24 24 532 8806 1738 ------------------------------------------------- 3.3 Deeper --------------------------- 24 53 29 2.021 175 484 2. ------------------------------------------------- 8 --------------------------- ----------------------- -------------------------------------------------- superficial HCJ007D --- 0 19 19 13 129 940 2348 2.5 ------------------------------------- - deeper -------------------------------------- 19 84 65 2118 183 507 2. ------------------------------------------------- 8 --------------------------- ----------------------- -------------------------------------------------- superficial HCJ005D --- 0 7 7 19 342 1.524 4.086 2.3 ------------------------------------- - -------------------------------------- ----------- - ------------------------------------------------- - -------------- HCJ003D surface 0 17 17 5,649 429 968 2. 3 ------------------------------------------------- --------------------------- ----------------------- -------------------------------------------------- average surface of the body --- 10034 741 1928 2.5 --------------------------------------- - ------------------------------------ more medium body ---- 5,954 509 1,477 2.8 ----------------------------------------------- --- --- ------------------- (i Excluding the results of drill holes HCJ008D, 9D and 10D at the margins of salt.
The brine samples from both bodies have attractively low Mg / Li ratios, an average of 2.8 for all samples where the lithium values are above detection. Sulfate levels are very low, ranging from 98 mg / l at the margins of salt up to 5030 mg / l in the middle of the salt, with an average of 1,480 mg / l.
Brine chemistry exhibits favorable rates of magnesium lithium and potassium lithium in combination with very low levels of sulfate. Management believes that these chemical characteristics are very suitable for conventional processing techniques that offer higher recovery rates at low operating costs. The low sulfate levels indicate a high potential for recovery of potash from this resource, estimated at eight tons of potash per ton of production of lithium carbonate.
The proximity of the Salar de Salinas Grandes projects Olaroz Company offers potential operational synergies. A potential synergy is the treatment of concentrated brine lithium Salinas Grandes in a lithium carbonate plant Olaroz expanded after the recovery of potash in Salinas Grandes.
Current focus of the company is completing the analysis of resource estimation and to validate the brine extractability. Porosity determinations pending the British Geological Survey laboratories and a program of shallow auger drilling are the key next steps in the process of resource estimation. In addition, tests of the pump has begun to evaluate the extraction of brine near the surface.
More technical information about Salinas Grandes is provided in the company's announcement of July 18, 2011.
Corporate
Appointment of Vice President of Corporate Development
Subsequent to quarter end, on July 27, 2011, the company announced the appointment of Mr. Bruce Rose as Vice President of Corporate Development. In this role, Mr. Rose will have overall responsibility for business development initiatives Orocobre and communications with particular emphasis on North American investor relations. He will be based in Vancouver, British Columbia.
Mr. Rose has extensive experience in corporate development, investor relations, and operational functions within the resources and transport sectors. Recently, Mr. Rose was the Director of Security Operations Ara Inc. Previously, he was Vice President of Corporate Development for Ainsworth Group of Companies, a leading manufacturer of wood products. During this time he was responsible for joint venture initiatives with a number of Asian partners. Before that, he held various senior management positions over 17 years in the railway sector.
Mr. Rose holds an MBA from the University of British Columbia and a BA from the University of Victoria.
Cash Position
At the end of the quarter, the company had a strong cash position of $ 38m.
Paul Crawford, Company Secretary
About Orocobre Limited
Orocobre Limited is listed on the Stock Exchange of Australia (ASX: L'Osservatore Romano and the Toronto Stock Exchange and is the leading developer of lithium-potassium, lithium and potassium in the Puna region rich in Argentina.
For more information, visit www.orocobre.com.
Technical Information, competent and qualified statements
The resource model and updated resource estimate of brine in the Salar de Olaroz described in this announcement was made by John Houston who is a geologist and member college of the Geological Society of London. John Houston has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. It is also a "qualified person" as defined in Canadian National Instrument Securities Administrators "43-101 (" NI 43-101 ".
The feasibility study on the proposed Olaroz was prepared by Mr. Houston and industry consultants Michael Gunn (Consulting Engineer and Peter Ehren processing (processing Consulting Engineer, Sinclair Knight Merz with the group and technical Orocobre. Mr. Houston and Mr. Gunn prepared the technical report entitled "Technical Report – Salar de Olaroz lithium potash project, Argentina" May 30, 2011 (the "Report Olaroz" under NI 43-101 in connection with the feasibility study, and each Houston lords and Gunn was a qualified person under NI 43-101, and independent of the company, the date of this report was prepared. Each of Mr. Houston, Gunn and Ehren has reviewed and approved the contents of this press Project-related news Olaroz.
The technical information in this announcement regarding Salinas Grandes has been prepared by Murray Brooker. Murray Brooker is a geologist and a hydrogeologist and a member of the Australian Institute of Geoscientists. Murray has enough relevant experience to qualify as a Competent Person as defined in the 2004 Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. It is also a "qualified person" as defined in NI 43-101. Murray Brooker has reviewed and approved the contents of this press release regarding the proposed Salinas Grandes.
Additional information regarding the projects the company is available on the Olaroz report, the "Technical Report – Salinas Big Projects" of April 30, 2010 and "Technical Report – Cauchari Salar Project, Argentina" 30 April 2010 respectively, each has been prepared by John Houston, consulting hydrogeologist, as well as in the case of Olaroz Report, Mike Gunn, Consulting Engineer of processing, in accordance with NI 43-101.
Note on Forward-Looking Information
This report contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking information may include, but are not limited to, the results of the feasibility study Olaroz, estimation and realization of mineral resources in the projects of the Company, the viability, resiliency and processing of such resources, costs and development time of Olaroz project expectations regarding lithium and potash markets provided by Roskill in the feasibility study Olaroz timing and receipt of approvals from the Company's projects, consents and permissions accordance with applicable law, the adequacy of financial resources, production and other milestones in the Olaroz project, the project's future Olaroz of financial and operating results, including production rates, profitability, operating costs, costs capital and cash flows, completion of a joint venture agreement with Toyota Tsusho Corporation, the operating synergies between the draft and the Salinas Grandes Olaroz project, and other matters related to the project and the project Olaroz Salinas Grandes.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to the risk
that further funding may be required, but unavailable, for the
ongoing development of the Company’s projects; changes in government
regulations, policies or legislation; fluctuations or decreases in
commodity prices; the possibility that required permits or approvals
may not be obtained; uncertainty in the estimation, economic
viability, recoverability and processing of mineral resources;
general risks associated with the feasibility of the Company’s
projects; risks associated with construction and development of the
Olaroz project; unexpected capital or operating cost increases; the
risk that a definitive joint venture agreement with Toyota Tsusho
Corporation may not be completed; uncertainty of meeting anticipated
program milestones at the Company’s projects; as well as those
factors disclosed in the Company’s Annual Information Form for the
year ended June 30, 2010 filed at
www. sedar.com .
The Company believes that the assumptions and expectations reflected
in such forward-looking information are reasonable. Assumptions have
been made regarding, among other things: the Company’s ability to
carry on its exploration and development activities, the timely
receipt of required approvals, the prices of lithium and potash, the
ability of the Company to operate in a safe, efficient and effective
manner and the ability of the Company to obtain financing as and when
required and on reasonable terms. Readers are cautioned that the
foregoing list is not exhaustive of all factors and assumptions which
may have been used.
There can be no assurance that forward-looking information will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward-looking
information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
ABN 31 112 589 910
Contacts: Australia and Asia Orocobre Limited Richard Seville Managing Director M +61 419 916 338 FD Third Person Gemma Young +61 8 9386 1233 or M: +61 412 349 345 gemma.young@fdthirdperson.com.au North America Orocobre Limited Bruce Rose VP-Corporate Development M + 1 604 377 1423 www.orocobre. com FD Third Person Jessica Wagner +1 (312 861 4707 or M: +1 (646 258 7439 Jessica.wagner@fd.com
SOURCE: Orocobre Limited
mailto:gemma.young@fdthirdperson.com.au http://www.orocobre.com mailto:Jessica.wagner@fd.com
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