Hello guys I finally rooted my phone and here are the steps originally from Russian forum 4pda.ru..
Thanks to Shvandiura
And here the steps..
Root for LG l5 E612
1. Download the archive and unpack it (create a folder on desktop named L5_root or whatever you like): Root kit (http://forum.xda-developers.com/atta...8&d=1345457528
2.Download "IS11LG_SystemBackupTest.signed.apk" attached below and copy to root of your phone (internal storage)
3. On the phone in the "Options -> Security" enable "Unknown sources"
In the "For Developers" enable "Debug on USB"
4. Install "IS11LG_SystemBackupTest.signed.apk"
5. Then open the installed "SystemBackupTest" and not closing
Hold down the power button and reboot the device.
6. When phone completely rebooted connect your phone to your computer via USB (note: must be charge only option)
7. In the folder you've created (L5_root) «o4xr» run the file «root.bat»,
wait until the script is executed and the phone will reboot.
8.Then on the phone, open the Google Play Store and you will find "SuperSU"
Upgrade "SuperSU", and then open the program asks updates ... Click OK, to
9.Update SU binary ...
10.Now you have a root-law. You can delete an application «SystemBackupTest» ...
Please see attached photos for proof Enjoy...