Energizer Resources Inc.: News Releases

Energizer Initiates Advanced Metallurgical Testing for its Green Giant Molo Graphite Project

esteffler@macdonaldmines.com (Administrator) — Tue, 14 May 2013 05:00:00 GMT

Energizer Resources Inc. (TSX: EGZ) (OTCBB: ENZR) (FWB: YE5) (“Energizer” or the “Company”) is pleased to announce it has retained the services of SGS Canada Inc. (“SGS”), in Lakefield Ontario to optimize its metallurgical process for the Molo graphite deposit (“Molo” or the “Project”), located in Madagascar.

The Company is confident that flake size distribution and graphite purity levels can be further optimized by SGS due to the lab’s experience in graphite metallurgical management. The test work to be conducted by SGS will be completed in three phases, with the results being integrated into the Company’s full feasibility study as well as the Company’s Preliminary Economic Analysis (“PEA”) study. It is anticipated that the results of the SGS study will positively impact the Molo PEA study which reported an NPV of $421 million (10% discount rate), an IRR of 48%, and a payback of 3.0 years.

Phase 1 - Flowsheet Optimization and Variability Analysis

SGS will begin work by conducting a variability analysis on the two zones of mineralization (with head grades of 10.5% C and 6.5% C respectively) found within the Molo deposit. A flowsheet will then be developed to maximize the recovery of graphite into a flotation concentrate grading at least 95% C, while also looking to maximize the preservation of large flakes. In addition, the program will deliver a mineralogical characterization of the sample.

Phase 2 – High Purity Concentrate Analysis

Phase 2 of the SGS program will involve the purification of graphite flotation concentrate grading at least 95% C from Phase 1 of the test program, to a concentrate grade >99.5% C. Initial test work conducted by Mintek of Johannesburg, South Africa, demonstrated that graphite concentrates were easily upgraded to purities between 98% and 98.6% C, and SGS believes purities of >99.5% C should be easily obtainable.

Phase 3 – Pilot Plant

Following the optimization of the flotation concentrate flowsheet, SGS will design and construct a pilot plant to process roughly 200 tonnes of Molo graphite ore. The pilot plant is anticipated to begin processing in August, and will result in the production of 6-10 tonnes of graphite concentrate which the Company will use to further off-take discussions.

Qualified Persons

The technical data, economic indicators and information relating to the PEA have been reviewed and approved by Mr. Robin Borley, DRA Mining Director (Mining QP) and Mr. Glenn Bezuidenhout, DRA Process Director (Process QP) and is deemed to be a true reflection of the design parameters and financial indicators derived from the PEA study.

About Energizer

The Molo deposit is located in the Green Giant Graphite project area, and is part of the joint venture (JV) property with Malagasy Minerals Limited. Energizer has a 75% ownership interest and is the operator of the Project.

For more information, please visit our website at www.energizerresources.com

Or contact:

Brent Nykoliation, Senior Vice President, Corporate Development

Toll Free: 800.818.5442 or 416.364.4911

Email: bnykoliation@energizerresources.com

Or Craig Scherba, President and COO

Or Richard Schler, Executive Vice President, Operations

Safe Harbour: This press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein.

Energizer Resources Announces Positive Sensitivity Analysis for Green Giant Molo Graphite Project and Closes Private Placement

esteffler@macdonaldmines.com (Administrator) — Wed, 03 Apr 2013 12:00:00 GMT

Energizer Resources Inc. (TSX: EGZ) (OTCBB: ENZR) (FWB: YE5) (“Energizer” or the “Company”) is pleased to report the results of a graphite grade and operating cost (“OpEx”) sensitivity analysis for its Molo graphite deposit (“Molo” or the “Project”), located in Madagascar. The objective of the analysis was to evaluate the impact of different graphite sale prices and OpEx costs on the project’s IRR (Table 1) and NPV (Table 2) projections. The high level viability financial model was prepared independently by Cresco Project Finance, (‘Cresco’) a project finance advisory boutique in Centurion, South Africa, based on the technical advisor inputs and client assumptions. The results of this analysis will be included in the Preliminary Economic Analysis Technical Report Update (“PEA”), currently being compiled by DRA Mineral Projects (“DRA”) of Johannesburg, South Africa.

The baseline graphite price used to calculate the PEA results released in the Company’s press release dated 26^th February 2013, was $1564 per tonne. The Company believes this number to be conservative, as it does not reflect optimization of flake size distribution through pilot plant test work. Similarly, the baseline OpEx cost of $523.45 per tonne of graphite is believed to be conservative as it assumes all power for the Project will be supplied by containerized diesel power generation and all-road maintenance for the transport corridor to the port will be assumed 100% by Energizer. This OpEx cost includes FOB ship (graphite transportation from the plant to the port and onboard cargo ship), as opposed to just FOB plant (i.e. no transportation costs).

OpEx costs are expected to decrease with the development of the neighbouring Sakoa Coal Field projects which the Company anticipates will result in the ability to purchase ‘over the fence’ power from the coal-fired power generation facility, as well as OpEx savings due to infrastructure sharing and accelerated port development. Synergies with the Sakoa Coal Field projects may be realized sooner than initially believed, as there will be coal test shipments to the port of Soalara commencing later this year.

Craig Scherba, President & COO commented, “The sensitivity analysis utilized conservative baseline graphite pricing and OpEx costs, yet still illustrates the robust nature of the Project. If the graphite price falls off by 25% and there is a 20% OpEx cost over-run, the project still has very positive IRR and NPV values.”

Table 1 – Pre-Tax Ungeared Real Project IRR Sensitivity Analysis (20 year mine life)

			Graphite Price USD/T
			*$ 1,173*	*$ 1,251*	*$ 1,329*	*$ 1,408*	*$ 1,486*	*$ 1,564*	*$ 1,642*	*$ 1,720*	*$ 1,799*
			-25%	-20%	-15%	-10%	-5%	0%	5%	10%	15%
	*$ 418.80*	-20%	35.1%	38.8%	42.4%	45.9%	49.2%	52.5%	55.7%	58.9%	62.0%
	*$ 444.90*	-15%	33.8%	37.6%	41.2%	44.7%	48.1%	51.4%	54.7%	57.9%	61.0%
Total Operating	*$ 471.10*	-10%	32.5%	36.3%	40.0%	43.6%	47.0%	50.4%	53.6%	56.8%	60.0%
Costs (USD/T)	*$ 497.30*	-5%	31.2%	35.1%	38.8%	42.4%	45.9%	49.3%	52.6%	55.8%	58.9%
	*$ 523.45*	0%	29.8%	33.8%	37.6%	41.2%	44.7%	48.2%	51.5%	54.7%	57.9%
	*$ 549.60*	5%	28.3%	32.5%	36.3%	40.0%	43.6%	47.0%	50.4%	53.7%	56.9%
	*$ 575.80*	10%	26.9%	31.1%	35.0%	38.8%	42.4%	45.9%	49.3%	52.6%	55.8%
	*$ 602.00*	15%	25.3%	29.7%	33.7%	37.6%	41.2%	44.8%	48.2%	51.5%	54.8%
	*$ 628.10*	20%	23.7%	28.2%	32.4%	36.3%	40.0%	43.6%	47.1%	50.4%	53.7%

Table 2 – Pre-Tax Ungeared Real Project NPV Sensitivity Analysis (USD Millions 20 year mine life)

			Graphite Price USD/T
			*$ 1,173*	*$ 1,251*	*$ 1,329*	*$ 1,408*	*$ 1,486*	*$ 1,564*	*$ 1,642*	*$ 1,720*	*$ 1,799*
			-25%	-20%	-15%	-10%	-5%	0%	5%	10%	15%
	*$ 418.80*	-20%	252.6	301	349.5	397.9	446.3	494.8	543.2	591.6	640.1
	*$ 444.90*	-15%	234.1	282.5	331	379.4	427.8	476.3	524.7	573.2	621.6
Total Operating	*$ 471.10*	-10%	215.6	264.1	312.5	360.9	409.4	457.8	506.2	554.7	603.1
Costs (USD/T)	*$ 497.30*	-5%	197.1	245.6	294	342.5	390.9	439.3	487.8	536.2	584.6
	*$ 523.50*	0%	178.7	227.1	275.5	324	372.4	420.8	469.3	517.7	566.1
	*$ 549.60*	5%	160.2	208.6	257.1	305.5	353.9	402.4	450.8	499.2	547.7
	*$ 575.80*	10%	141.7	190.1	238.6	287	335.5	383.9	432.3	480.8	529.2
	*$ 602.00*	15%	123.2	171.7	220.1	268.5	317	365.4	413.8	462.3	510.7
	*$ 628.10*	20%	104.8	153.2	201.6	250.1	298.5	346.9	395.4	443.8	492.2

The table above indicates change in the assumptions ranges (both up and down) for both operating costs (USD/T) and graphite sales price (USD/T) with the associated impact on the IRR and NPV as calculated by the high level financial viability model.

A key point to note is that the calculated project sensitivity IRRs & NPVs are not very sensitive to reasonable changes in the underlying assumptions, compared to other similar operations indicating the robust nature of the project based on the current level of assumptions.

Qualified Persons

The information pertaining to the high level financial analysis and relating to the PEA has been reviewed by Mr. Robert Futter of Cresco Project Finance and is deemed to be a true reflection of the financial indicators derived from the PEA level study.

The sensitivity table detailed above is for indication purposes based on the level of the capex and operating cost estimates considered in the PEA study. Other non-mining related operating costs or other overhead expenses have not been determined at this stage but will be confirmed during the Bankable feasibility based on appropriateness for a Project in Madagascar.

Energizer Closes $2.35 Million Financing

The Company has closed a CAD$2,358,000 non-brokered private placement by issuing 12,350,000 Common Shares.

In connection with the closing, Energizer paid compensation consisting of a cash fee of CAD$86,000 and issued 270,000 broker warrants. Each broker warrant entitles the holder to acquire one Common Share of Energizer at a price of CAD$0.20 for a period of 12 months from the date of issue.

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons unless an exemption from registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

All securities issued in connection with the Offering will also be subject to a four-month hold period from the date of issuance as required by Canadian authorities and a six month hold period as required by U.S. authorities. Completion of the Offering remains subject to final approval of the applicable regulatory authorities, including the Toronto Stock Exchange.

About Energizer Resources

Energizer Resources Inc. is a mineral exploration and development company based in Toronto, Canada, which is focused on developing the Molo flaked graphite deposit in Fotodrevo, southern Madagascar. The Molo deposit is located in the Green Giant Graphite project, and is part of the joint venture (JV) property with Malagasy Minerals Limited in Madagascar. Energizer has a 75% ownership interest and is the operator of the Project.

For more information, please visit our website at www.energizerresources.com

Or contact:

Brent Nykoliation, Senior Vice President, Corporate Development

Toll Free: 800.818.5442 or 416.364.4911

Email: bnykoliation@energizerresources.com

Or Craig Scherba, President and COO

Energizer Resources Outlines 2013 Strategies and Timelines for Molo Mine Development

esteffler@macdonaldmines.com (Administrator) — Fri, 08 Mar 2013 14:51:22 GMT

Energizer Resources Inc. (TSX: EGZ) (OTCBB: ENZR) (FWB: YE5) (“Energizer” or the “Company”) is pleased to outline its strategies and timelines for the development of its Molo Graphite deposit in Madagascar.

Energizer released its positive PEA study in late February. In a brief period of time, Energizer has advanced the Molo project, and assembled a team of professionals focused on mine development.

Targeting Accelerated Timeline to Development

In just 15 months from initial discovery, Energizer has delivered the following milestones:

Graphite discovered in November 2011
NI 43-101 resource delineation completed December 2012
Preliminary economic analysis study (PEA study) released in February 2013

Energizer is now focused on the next series of milestones. These include:

Commencement of a full Feasibility Study in Q2 2013

o This includes construction of two pilot plants, each at a different accredited lab to;

i) Produce the necessary quantity of samples for presentation to potential off take partners

ii) Optimize flake size distribution

iii) To further upgrade our concentrates from purities between 98% and 98.6% graphitic carbon to battery grade target purity levels of greater than 99%

Full Feasibility Study completion targeted for Q4 2013
Start of mine construction targeted for Q2 2014
Production targeted for Q4 2015

Energizer has assembled and contracted a mine development team with world-class experience and proven expertise necessary to rapidly move the project forward.

DRA Mineral Projects, an EPCM group located in Johannesburg, are the largest builder of mines in Africa
MINOPEX , a wholly owned subsidiary of DRA, are contract mine operators
Panalpina, the world’s largest mining logistics company, has hands on experience in Madagascar as they handled all the logistics for the recently completed $6.5billion Sherritt Ambatovy nickel mine

Energizer is currently engaged in off take discussions with key graphite producers and manufacturers. The Company is also in discussions with leading financial institutions for moving the project from the delivery of a full Feasibility Study, through to construction and production.

Energizer’s completion of a PEA Study places it in a very small group of graphite companies.

According to US-based research firm House Mountain Partners, in January 2012 there were 9 junior exploration companies involved in graphite exploration on the TSX, TSX-Venture, ASX and the AIM Exchanges. Today, there are over 82 companies managing 150 graphite projects in 13 countries.

Of those 82 graphite companies;

9 have a compliant resource (NI 43-101 or JORC)
3 have a PEA study (a PEA includes an economic analysis of the potential viability of a third party validated mineral resource, with quantifiable metallurgical results, capital expenditures (CAPEX) and operating expenditures (OPEX))
1 has a full Feasibility Study
Only 1 graphite company (Energizer Resources) is listed on the Toronto Stock Exchange
No company has an off take agreement

Industry Analysts Predict Very Few Graphite Mines will Enter Production

According to industry analysts, there is a shortage of primary sources of economic graphite in the world today. The majority of graphite exploration projects today have been either recycled, renamed or resold. While there has been a surge of new graphite projects over the past year, it is believed only a very few will succeed in bringing a graphite mine into production.

Molo Attributes

Large, expandable NI 43-101 compliant resource that is able to meet market demand as required
All flake deposit
Full suite of flake sizes, which enables Energizer to supply products to all market segments
Indian Ocean location is close to key Asian purchasing and upgrading markets for graphite

Changing Strategies in the Market

Graphite is entering a new era. Graphite is moving from an industrial mineral to a strategic mineral, similar to that of lithium, vanadium and rare earths.

British Geological Service has now ranked graphite in the top ten on its list of critical minerals
Graphite has moved ahead of lithium, cobalt and platinum group elements on The Critical Supply Index
There is ample opportunity to capitalize on the value-added benefits of a fully integrated supply chain in the new graphite era

According to industry analysts, China, the graphite market leader, has adopted a new paradigm.

China dominates world production of graphite, which is mostly of the low grade quality, but does not control it to the extent it does other minerals, like rare earth elements.
In order to improve control, mine capacity and scale will be an important factor for China. There are aggressive plans to consolidate current mines to form a State monopoly, from 210 operating mines today down to 20 in this decade
Imposed combined 37% duty and VAT taxes on all exports of graphite
Strict duty and environmental regulations on new and existing graphite mines will constrain exports further
Existing mines are aging, and the accessible ore is now much deeper resulting in capacity decreases and expected increases in mining costs

New Energy-Based Technologies

Graphite, unlike most other minerals, has multiple layers of demand. Industry analysts expect new demand for graphite will be driven by energy-based technologies.

Historically, forecasts for electric vehicle sales have overpromised and under-delivered, consequently, automakers are now providing conservative sales forecasts.

Automakers now understand that the path to consumer acceptance of electric vehicles (EVs) is first through the adoption of hybrid vehicles. This is underscored by the fact that the Toyota Prius is now the world’s third best-selling car. The evidence of the growing acceptance of EVs was demonstrated by the announcement of Motor Trend’s 2013 Car of the Year, the Tesla Model S. The first time a full electric vehicle has ever won this award.

Paralleling the rapid advancement of batteries for electric vehicles, another important growth segment is the advancement of batteries for large-scale energy storage for commercial and grid-level applications.

About Energizer Resources

For more information, please visit our website atwww.energizerresources.com

Or contact:

Brent Nykoliation, Senior Vice President, Corporate Development

Toll Free: 800.818.5442 or 416.364.4911 Email:bnykoliation@energizerresources.com

Or Craig Scherba, President and COO

Cautionary Statement: The above resource estimates were calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Among other things, the terms “measured”, “indicated” and “inferred” mineral resources are required pursuant to National Instrument 43-101, the U.S. Securities and Exchange Commission does not recognize such terms. Canadian standards differ significantly from the requirements of the U.S. Securities and Exchange Commission, and mineral resource information contained herein is not comparable to similar information regarding mineral reserves disclosed in accordance with the requirements of the U.S. Securities and Exchange Commission.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. This mineral resource estimate includes inferred resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that the inferred mineral resource will be converted to the measured and indicated mineral resource categories through further drilling, or into a mineral reserve once economic considerations are applied.

U.S. investors should understand that “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, investors are cautioned not to assume that any part or all of the Company’s mineral resources constitute or will be converted into reserves.

Energizer Resources Announces Positive Preliminary Economic Assessment of the Green Giant Molo Graphite Project

esteffler@macdonaldmines.com (Administrator) — Tue, 26 Feb 2013 03:07:18 GMT

Study Indicates Operating Parameters and Attractive Financial Returns

Energizer Resources Inc. (TSX: EGZ) (OTCBB: ENZR) (FWB: YE5) (“Energizer” or the “Company”) is pleased to report the results of the Preliminary Economic Assessment Technical Update (“PEA”) for its Molo graphite deposit (“Molo” or the “Project”), located in Madagascar.

The PEA Technical Report Update is currently being compiled by DRA Mineral Projects (“DRA”) of Johannesburg, South Africa. A Canadian National Instrument 43-101 technical report relating to the PEA will be filed on SEDAR within 45 days of this news release.

Craig Scherba, President & COO commented: “We have completed our stated objective to deliver both a NI 43-101 resource and a PEA on the Molo Project. This PEA provides the necessary information to the market for quantified evaluation of the Molo deposit."

“Preliminary test work conducted by South Africa’s national mineral research organization, Mintek, demonstrated that we were able upgrade our concentrates to purities between 98% and 98.6% graphitic carbon. We are now moving forward with additional metallurgical testing as part of a full Feasibility Study which will look to enhance beneficiation to obtain battery grade material with target purity levels of >99%. This work, along with the optimization of flake size distribution through pilot plant test work, should positively affect the blended graphite sale price and flake size distribution. As such, we believe this PEA to be conservative.”

Summary of the PEA Study Results (Economic parameters refer to real numbers with the exception of the post-tax NPV and post-tax IRR; $USD)

Pre-tax NPV(10%Discounted, real)	$ 421,464,000
Pre-tax IRR (Real)	48 %
Post-tax NPV(10$ Discounted, real)	$ 341,803,000
Post-tax IRR (Real)	41%
Payback	3.0 years
Mine life	20 years
Graphite sale price	$1564 per tonne
Average Head Grade	8.50%
Average annual ore mined	1,169,749 tonnes per annum
Average stripping ratio	1.65
Average mill recovery	89%
Average annual production	84,000 tonnes per annum
Capital cost	$ 162,043,315
Mining cost	$4.76 per tonne mined (Initial LOM)
Processing cost	$22.29 per tonne milled
Transportation cost (FOB port)	$105.00 per tonne concentrate

Note: DRA is working towards meeting the requirements of a Preliminary Economic Assessment as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The economic analysis relevant to the optimal pit model contained in the technical report is based on Indicated Resources (as defined in NI 43-101), and is preliminary in nature. Inferred Resources are considered too geologically speculative to have mining and economic considerations applied to them and to be categorized as Mineral Reserves (as defined in NI 43-101). Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the reserves development, production, and economic forecasts on which the PEA is based will be realized. The capital expenditure estimate is based on a 25 cost accuracy and does not include any ancillary costs outside of actual production of possible investment in infrastructure related assets. According to the Ontario Securities Commission, a PEA is held to be accurate to 50% accuracy.

Project Location and Access

The Molo deposit is located within the Green Giant Project which is located in the Tulear region of southern Madagascar, 145 km southeast of the city of Toliara. The Molo deposit is located in a sparsely populated, dry savannah grassland area, which has easy access via a network of secondary roads that lead to both the regional capital (and port city) of Toliara, and to the port of Soalara.

Geology and Mineralization

The Molo deposit consists of multi-folded graphitic strata with a surficially exposed strike length of over two kilometres, and is situated in the Bekikiy block (Tolagnaro-Ampanihy high grade metamorphic province) of southern Madagascar. The deposit is underlain predominantly by moderately to highly metamorphosed and sheared graphitic (biotite, chlorite and garnet-rich) quartzo-feldspathic schists and gneisses. Geological modelling has shown that the deposit consists of various zones of mineralized graphitic gneiss, with a barren footwall composed of garnetiferous gneiss. The host rock of the mineralized zones is a graphitic gneiss.

Mineral Resource Estimate

The 2012 resource delineation drilling and trenching on Molo took place between May and November 2012, and allowed for a maiden Indicated and Inferred Resource to be stated in early December of the same year by Desmond Subramani, Pr.Sci.Nat.(400184/06) and John Hancox, Pr.Sci.Nat.(400224/04), independent Qualified Persons with Caracle Creek International Consulting Pty Ltd. (“CCIC”) of Johannesburg, South Africa. The mineral resource estimate for Molo is summarized in the table below. The mineral resources are classified in the Indicated and Inferred categories according to the Canadian Institute of Mining Definition Standards. Resources within the “low grade” domain are stated at a 2 C cut-off, and resources within the “high grade” domains are stated at a 4 C cut-off. The total Indicated Resource is estimated at 83.99 Mt, grading at 6.36% C, with an additional Inferred Resource of 40.32 Mt, grading at 6.3% C.

Classification	Material Type	Tonnes (Mt)	Grade (C%)
Indicated	"high grade"	40.88	8.09
Indicated	"low grade"	43.11	4.72
Indicated – Total		83.99	6.36

Inferred	"high grade"	19.23	8.11
Inferred	"low grade"	21.09	4.64
Inferred – Total		40.32	6.3

1-Mineral Resources are classified according to the Canadian Institute of Mining definitions.

2-“low grade” Resources are stated at a cut-off grade of 2 C.

3-“high grade” Resources are stated at a cut-off grade of 4 C.

4-Eastern and Western high grade assays are capped at 13% C and 15 C respectively.

5-A relative density of 2.36 t/m³ was used assigned to the mineralized zones for the resource estimation.

Mining

The PEA technical assessment by DRA indicates that mining will be carried out using a conventional open pit mining method, utilizing trucks and loaders. The mine strip ratio was calculated to show an average value of 1.65 with minimal overburden pre-stripping requirements as the mineralization is exposed at surface. The mine design capacity is to process 1,169,749 tonnes of ore per year at 92% availability, with an average head grade of 8.5% C.

Processing and Recovery

The processing of Molo ore will entail three stage crushing followed by a Primary milling and flotation separation circuit. The resulting flake graphite concentrate will then be thickened, dried, separated into various flake sizes, packaged and stored before shipment. The final residue generated by the flotation process will generate a clean, non-acidic tailing. The concentrate production is estimated to be an average of 84,000 tonnes of graphite concentrate per annum with an average specification of 92% C. Flotation recoveries achieved for the Molo ore were 89%, derived from metallurgical test work conducted by Mintek.

Graphite Pricing Assumptions

Graphite price assumptions were based on the 24 month average of graphite prices as supplied by Industrial Minerals (“IM”) which publishes weekly prices according to data supplied by graphite buyers. The chart below illustrates the average prices in US dollars as supplied on the IM website.

2 Year Industrial Minerals Magazine Graphite Price Ranges (Jan 2011 Jan 2013)
	Low	High	Average
+80 mesh 94-97%	$ 2,138.24	$ 2,629.41	$ 2,383.82
-80 +100 mesh 94-97%	$ 1,852.45	$ 2,200.98	$ 2,026.72
-100 mesh 94-97%	$ 1,688.73	$ 2,075.00	$ 1,881.86
-200 mesh amorphous 80-85%	$ 590.00	$ 779.41	$ 684.71

The results of flake distribution test work conducted by Mintek and North Carolina State University (“NCSU”) is summarized in the table below. The +50 mesh graphite obtained by NCSU was obtained through simple crushing alone, which is unique to the Molo graphite deposit. Due to the unique ability to extract +50 mesh flake through crushing alone, DRA will have additional metallurgical test work conducted to verify these results before including them in an economic analysis. As such, the flake size distribution arrived at by Mintek in the initial stages of the test work is deemed by the Company to be a conservative estimate.

Molo Mesh Size
	Mintek		NCSU
Mesh Size	Yield	C%	Yield	C%
+50	Not sized		15.1	93
-50 to +80	Not sized		11.8	95.2
+100	33.3	94.9	11.4	92.2
-100 to +200	36.1	93.3
-200	30.6	82.1

Utilizing the 24 month average graphite prices provided by IM, along with the flake size distribution derived from metallurgical test work conducted by Mintek, the Molo blended graphite price was determined to be a starting price of USD$1,563.77 as shown in the chart below.

Sale Price Assumptions (based on 2 year average from IM)
	Mintek Blended Average with Conventional Sales
	Yield (%)	Mesh Size	C%	Sale $	$/T
	NOT	+50		NOT provided by IM
	SIZED	-50 +80		$ 2,383.82
	33.3	+100	94.9	$ 2,026.72	$ 674.90
	36.1	-100 +200	93.3	$ 1,881.86	$ 679.35
	30.6	-200	82.1	$ 684.71	$ 209.52
					$ 1,563.77

Capital Costs (“CapEx”)

DRA arrived at its capital cost estimate through a combination of supplier quotations and factor analysis of similar sized mines with similar processing circuits. The estimated capital cost for the project is USD$ 162 million. As is standard, a mining contingency is required to allow for estimation variances at the PEA level analysis. Due to the degree of accuracy in DRA’s capital cost estimate, DRA is comfortable using a contingency of 12.5%. The capital cost estimate allows for a provision for the execution of the Bankable Feasibility Study phase of the project. A summary of the estimated capital cost for the project is illustrated below,

Mining Area Infrastructure	$USD 5,681 745
Plant Cost	$USD 68,925 519
General Infrastructure	$USD 39,564 757
Indirect Costs	$USD 29,892 092
Contingency (12.5%)	$USD 17,979 201
Total	$USD 162,043 315

Please note that a limited allowance has been made for infrastructure investment, outside of the actual mining and processing operations. This final estimate will be defined during the full feasibility study.

Operating Costs (“OpEx”)

The operating costs have been estimated based on a per ton milled basis for contract mining, processing and transportation from the ‘pit-to-port’. The operating costs are summarized in the table below.

Starting Contract Mining ($/T mined)	$ 4.76/Tonne Mined(Waste and Ore)
Starting Processing ($/T milled)	$ 22.90/Tonne Milled
Starting Transportation (FOB port $/T shipped)	$105.00/Tonne Concentrate transported to port

The operating costs arrived at for the PEA analyses were obtained as follows:

Contract mining cost from Minopex, a specialist in the field of outsourced operation and maintenance of metal and mineral processing facilities
Processing cost from DRA, a multi-disciplinary, multi-national organisation that specialises in project management in mining, infrastructure and mineral process plant design and construction
Transportation cost from plant site to cargo ship from Panalpina World Transport Ltd. (‘Panalpina’), one of the world’s leading providers of end-to-end supply chain solutions

As DRA and Minopex are sister companies, they provide Energizer with a seamless ‘turn-key’ solution for the development of the Molo project design, feasibility studies, detailed engineering, construction through to operation, with DRA and Minopex offering value throughout the supply chain.

Panalpina has a long established track record of providing logistical expertise for companies operating in Madagascar, including Sherritt International Corporation’s multi-billion dollar Ambatovy nickel-cobalt project. This experience includes not only physical transportation, but Madagascar-based knowledge of cost savings on duties and taxes, as well as simplification of customs processes. This experience, coupled with Panalpina’s global supply chain logistical solutions, provides Energizer with a complete pit-to-port-to-customer solution.

The processing costs calculated by DRA are based upon diesel power generation. The Feasibility Study will evaluate two other options, 1) the use of heavy fuel oil which is approximately half the cost of diesel fuel, and 2) the cost of buying power from the Sakoa Coal Field project which will utilize coal-fired power plants.

Robin Borley, a Director of Mining for DRA Minerals (former COO of Red Island Minerals of the Sakoa Coal field project) commented:

“Based on the latest available updates the Sakoa Coal Field projects are moving forward and are expected to be in production by 2017. Supporting this scale of operation will require significant upgrading and development of infrastructure. This would include transportation corridors to the port and development of the deep water sea Port of Soalara itself, and may include coal fired power generation. There is also the possibility of an electrified rail line further down the road.

Future development of infrastructure for the coal fields will provide significant opportunity to reduce operating costs for the potential Molo Graphite Mine.”

Preliminary Economic Assessment

The preparation of the viability financial model and high level financial evaluation of the Project was conducted independently by Cresco Project Finance (‘Cresco’) a project finance advisory boutique, based in Centurion, South Africa. DRA provided the mine and processing assumptions derived with the aid of the Whittle 4.4 Optimization Software Package and in-house calculations and databases.

Financial return calculations were derived by Cresco through inputting the capital and operating expenses into a financial return matrix based on the following inputs:

Ungeared – assumes all mine funding will be 100% equity
Geared – assumes mine funding will be a mixture of equity (42% or $69,817,000) and debt (58% or 98,961,000) at an interest rate of 8.5% USD fixed rate over 10 years (2 years capital moratorium 8 years operations)
Pre-Tax – applies no tax rate
Post-Tax – assumes a Madagascan specific corporate tax rate of 22%
Real assumes a constant 2013 dollar basis
Nominal – assumes the following inflation factors
- 2.5% income inflation (conservative assumption in line with long term US CPI)
- 3.0% mining cost inflation
- 4.0% processing cost inflation
- 3.5% other overhead costs

The following table summarizes Cresco’s financial return calculations for a mine of 1,169,749 tonnes per annum:

Key Financial Returns			IRR (20 years)	Payback (years)	NPV (USD'000)
Ungeared Project IRR	Pre-Tax	Nominal	52%	3	$ 555,783
		Real	48%	3	$ 421,464
	Post-Tax	Nominal	45%	3	$ 460,146
		Real	41%	3	$ 341,803
Geared Project IRR	Post-Tax	Nominal	71%	2	$ 428,607
		Real	66%	2	$ 329,258

Qualified Persons

The technical data, economic indicators and information relating to the PEA has been reviewed and approved by Mr. Robin Borley, DRA Mining Director (Mining QP) and Mr. Glenn Bezuidenhout, DRA Process Director (Process QP) and is deemed to be a true reflection of the design parameters and financial indicators derived from the PEA study The technical report this release is based upon will be filed on SEDAR within 45 days.

About Energizer

For more information, please visit our website at www.energizerresources.com

Or contact:

Brent Nykoliation, Senior Vice President, Corporate Development

Toll Free: 800.818.5442 or 416.364.4911 Email: bnykoliation@energizerresources.com

Or Craig Scherba, President and COO

Or Richard Schler, Executive Vice President, Operations

Energizer Resources Advances Milestones on Molo Graphite Deposit; Retains GMP Securities Europe LLP as Financial Advisor

esteffler@macdonaldmines.com (Administrator) — Thu, 24 Jan 2013 20:12:41 GMT

Energizer Resources Inc. (TSX: EGZ) (OCTBB: ENZR) (FWB: YE5) (“Energizer” or the “Company”) announces that the National Instrument (NI) 43-101 Technical Report for its Molo graphite project in Madagascar has now been filed and that the release of the Preliminary Economic Assessment (“PEA”) is on track for February 2013. Energizer is pleased to announce that it has retained GMP Securities Europe LLP (“GMP”) to act as the Company’s financial advisor with respect to advancing the Molo graphite project to the next stage of development.

Molo NI 43-101 Resource Estimate

The Company delivered a NI 43-101 on the Molo deposit in November 2012, which can now be accessed on SEDAR at www.sedar.com. This mineral resource estimate exceeded Company expectations and consisted of the following;

Indicated resources totaling 84.04 Million tonnes (Mt) grading 6.36% C, above a 2% C cut-off grade.
Inferred resources totaling 40.34 Mt grading 6.29% C, above a 2% C cut-off grade.
Mineralized zones in the resource estimation start from the surface and continue to a maximum depth of 385 metres and remain open along strike and at depth.
Two “High Grade” zones occur on the western and eastern flanks of the Molo deposit, with a combined total indicated resource of 60.17 Mt, grading 8.1% C, above a 4% C cut-off grade.

PEA Study to be Released February 2013

The next milestone for the Company will be the release of its PEA expected in February 2013 and will outline the economic parameters (capital and operating expenses) for the development of the Molo graphite mine. DRA Mineral Projects (“DRA”), Africa’s leading mine engineering, construction and operations company, is leading the delivery of the soon-to-be-released PEA.

This PEA will provide Energizer the platform to move forward and establish the necessary strategic business alliances for project financing, graphite off-take arrangements and marketing of the Company. Discussions with strategic partners continue to be ongoing and the Company expects to provide updates in this area in the near future.

GMP to Advise Energizer for Next Stage of Mine Development

GMP will provide the Company with guidance in evaluating strategic alternatives for financing the next stage of development, which will be the initiation of a Bankable Feasibility Study (“BFS”) for the Molo graphite project.

Craig Scherba, P.Geo., President and Chief Operating Officer of Energizer Resources commented that: “With a NI 43-101 resource estimate in hand, followed shortly with the results of our PEA, we are now fast-tracking to the BFS. We are pleased to have GMP assisting us in this important next step in our project’s development. This partnership will further increase the exposure of our Molo graphite project to potential investors in Europe and other key investor markets.”

For more information on Energizer Resources and the Molo deposit, please visit our website at www.energizerresources.com, or contact:

Brent Nykoliation, Senior Vice President, Corporate Development

or Craig Scherba, President and COO

Toll Free: 800.818.5442 or 416.364.4911

Email: bnykoliation@energizerresources.com

We seek Safe Harbour: This press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein.

Energizer Resources Provides Business Update on its Green Giant Graphite Project, Madagascar

esteffler@macdonaldmines.com (Administrator) — Fri, 21 Dec 2012 13:30:00 GMT

Energizer Resources Inc. (TSX: EGZ) (OTCBB: ENZR) (FWB: YE5) (“Energizer” or the “Company”) is pleased to provide a business update.

Annual General and Special Meeting

Energizer’s annual general and special meeting of the shareholders will be held on Tuesday February 19, 2013 at 10:30am at the Board of Trade conference facilities which is located in First Canadian Place, 3rd Floor, in downtown Toronto, Ontario, Canada. The record date of the meeting will be after the close of business on January 9, 2013. Proxy material for shareholders of record will be mailed out early in 2013.

Energizer Key Presenter at 2012 Industrial Minerals Graphite Conference

Energizer attended the 2nd Annual Graphite Conference held in London, UK on December 5th & 6th as key sponsor and presenter. The event was organized by London-based Industrial Minerals (IM), which has established itself as the leading industry resource for graphite and non-metallic minerals intelligence, with coverage of over 40 minerals from mine to market.

In attendance were over 20 graphite resource exploration companies, major graphite producers (excluding China) and prominent battery anode producers from around the world, with a density in North America, Europe, Australia, South America, South Africa, Japan, India and the Middle East. Industry analysts were also in attendance.

Energizer President and COO, Craig Scherba, P.Geo., commented, "We were fortunate to be given the opportunity to present our Green Giant Molo Graphite Project to the top echelon of graphite and battery producers from around the world. This was an ideal forum to further position the Molo as a deposit that is capable of meeting demand requirements for flaked graphite to both the current traditional refractory industries, as well as the rapidly developing battery power and storage industries.”

As detailed in the Company’s December 3rd, 2012 news release, the mineral resource estimate for the Molo graphite deposit exceeded Company expectations.

Indicated resources totalling 84.04 Million tonnes (Mt) grading 6.36% C, above a 2% C cut-off grade.
Inferred resources totalling 40.34Mt grading 6.29% C, above a 2% C cut-off grade.
Mineralised zones in the resource estimation start from the surface, continue to a maximum depth of 385 metres and remain open along strike and at depth.
Two ‘High Grade’ zones occur on the western and eastern flanks of the Molo deposit, with a combined total Indicated resource of 60.17 Mt, grading 8.1% C, above a 4% C cut-off grade.

This resource currently ranks the Molo as the largest known contained graphite deposit in the world.

Next Milestone - PEA Study in Q1 2013

The calculation of the Molo graphite resource in less than one year from initial discovery, is a significant accomplishment for the Company. This key milestone will be followed with the release of the Preliminary Economic Assessment (PEA) study in Q1 of 2013. The Company looks forward to providing another update in January as this milestone approaches.

Qualified Person

Craig Scherba, P.Geol., is the qualified person for the technical information provided in this release.

For more information, please visit our website at www.energizerresources.com, or contact:

Brent Nykoliation, Senior Vice President of Business Development

Toll Free: 800.818.5442 or 416.364.4911

Email: bnykoliation@energizerresources.com

or Craig Scherba, President and COO

Energizer Resources Reports 43-101 Mineral Resource Estimate for its Green Giant, Madagascar, Graphite Property

esteffler@macdonaldmines.com (Administrator) — Mon, 03 Dec 2012 13:30:00 GMT

Energizer Resources Inc. (TSX: EGZ) (OTCBB: ENZR) (FWB: YE5) (“Energizer” or the “Company”) is pleased to report the results of the mineral resource estimate for its Molo graphite deposit, located in Madagascar.

The Molo deposit is located in the Green Giant Graphite project area, and is part of the joint venture (JV) property with Malagasy Minerals Limited in Madagascar. Energizer has a 75% ownership interest and is the operator of the project.

The graphite mineral resource was prepared by Desmond Subramani, Pr.Sci.Nat.(400184/06) and John Hancox, Pr.Sci.Nat.(400224/04), independent Qualified Persons with Caracle Creek International Consulting (Pty) Ltd (CCIC) of Johannesburg, South Africa. A Technical Report in compliance with National Instrument (NI) 43-101 will be filed on SEDAR within 45 days of this release. CCIC has verified the information in this release.

Mineral Resource Estimate

The mineral resource estimate is based on 48 drill holes (total 9551 metres) and 18 trenches (total 3637 metres) drilled by Energizer, at an average spacing of 100 metres along strike and 50 metres along dip. Three mineralised zones were interpreted and modelled for the resource calculation. A ‘Low Grade’ zone is based on the graphitic gneiss lithological boundary, within which an eastern and western ‘High Grade’ zone occurs. ‘High Grade’ zones are based on a 6.0% C threshold as a guideline. The block model was developed using Datamine StudioTM software. Blocks are 40 metres long, 10 metres wide and 10 metres high. Various cut-off grades were calculated for the model, and are listed in the table provided below. All grades are reported as percentage carbon (%C).

Indicated resources totalling 84.04 Million tonnes (Mt) grading 6.36% C, above a 2% C cut-off grade.
Inferred resources totalling 40.34Mt grading 6.29% C, above a 2% C cut-off grade.
Mineralised zones in the resource estimation, start from the surface and continue to a maximum depth of 385 metres, with a total extension of 1630 metres. The zones remain open along strike and at depth.
Two ‘High Grade’ zones occur on the western and eastern flanks of the Molo deposit, with a combined total Indicated resource of 60.17 Mt, grading 8.1% C, above a 4% C cut-off grade.
Values displayed in the table are undiluted and “in-situ” as no economic parameters, such as mining, milling or metallurgy recovery have been applied to the values. As such, economic viability is yet to be established.


Resource Table for Molo Deposit inclusive of ‘Low’ and ‘High” grade zones
	Indicated Resources		Inferred Resources
% C Cut-off	Tonnes	C%	Tonnes	C%
0.50	84 695 805	6.32	40 725 804	6.25
1.00	84 592 371	6.33	40 679 513	6.25
1.50	84 387 713	6.34	40 562 609	6.27
2.00	84 041 923	6.36	40 339 436	6.29
2.50	83 056 941	6.41	39 563 716	6.37
3.00	81 050 035	6.50	38 329 848	6.49
3.50	78 191 613	6.62	36 153 216	6.68
4.00	74 044 160	6.78	33 500 374	6.92
4.50	67 070 222	7.03	30 391 779	7.19
5.00	56 835 242	7.44	27 197 419	7.47
5.50	48 607 341	7.82	23 810 769	7.79
6.00	43 402 393	8.07	20 627 295	8.10
6.50	39 357 804	8.26	18 990 582	8.27
7.00	34 860 275	8.46	17 052 556	8.44
7.50	28 488 283	8.72	14 778 049	8.62
8.00	21 195 711	9.05	10 740 950	8.94
8.50	14 975 866	9.40	7 470 018	9.26
9.00	9 500 675	9.78	4 136 308	9.70
9.50	5 596 149	10.15	2 253 455	10.08
10.00	2 716 659	10.60	1 132 428	10.43

Table 1 Molo resource summary table, as at December 2012.

Interpolation Parameters

Ordinary Kriging was used to interpolate the block model using two metre sample composites. Each zone had its search ellipse parameters to interpolate the grade. A primary search ellipse (based on the geo-statistical characteristics of the deposit model) of 70 metres along strike, 40 metres down dip and 10 metres across strike was applied. A single value of 2.36t/m3 density was used for all models. Capping values of 13% C and 15% C were applied to the assays for the eastern and western ‘high’ grade zones respectively.

To report the resource and interpret the zones limits, a cut-off grade of 2% C and 4% C were applied to constrain the model for ‘Low’ and ‘High’ grade zones respectively.

Classification

Classification of the resource used the following criteria as guidelines:

The geological interpretation and its relationship with mineralisation;
Logging and sampling techniques;
The quality and reliability of the geological database;
The spatial coverage and spacing of drillholes;
Estimation technique.

Preliminary Economic Assessment Update

DRA Mineral Projects (‘DRA’) of Johannesburg, South Africa continues to author the preliminary economic assessment report (“PEA). This report was scheduled for release in December, 2012, but has now been rescheduled for release in Q1 of 2013 due to re-engineering of the plant operating parameters. According to Craig Scherba, P.Geo, President and COO of Energizer, “The calculation of our graphite resource is a significant accomplishment for the Company, and impacts the next milestone for Energizer, which is the release of our PEA study. The original mine design parameters were based on an assumed head-grade of 6% C, and with the quantification by CCIC of significant tonnage at a much higher grade (9% vs 6% C), we believe a head-grade 40-60% higher than originally designed for is obtainable. Consequently, since less material will need to be processed to obtain the same volume of graphite flake, the capital and operating requirements for the mine should be significantly reduced in relation to the original design. DRA has therefore been authorized to begin redesigning the mine based on these new parameters.

Qualified Person

Desmond Subramani, Pr.Sci.Nat. and John Hancox, Pr.Sci.Nat. of Caracle Creek International Consulting Inc. (Caracle Creek) of Johannesburg, South Africa, who arethe Independent Qualified Persons under National Instrument 43-101 responsible for the resource estimate, have reviewed this release. Both Subramani and Hancox are the authors of the NI 43-101 Resource Report, which will be filed within 45 days of this news release.

For more information, please visit our website at www.energizerresources.com, or contact:

Brent Nykoliation, Senior Vice President of Business Development

Toll Free: 800.818.5442 or 416.364.4911

Email: bnykoliation@energizerresources.com

or Craig Scherba, President and COO

Energizer Resources Closes $2 million Financing

esteffler@macdonaldmines.com (Administrator) — Fri, 16 Nov 2012 13:30:00 GMT

Energizer Resources Inc. (TSX: EGZ) (OTCQB: ENZR) (FWB: YE5) (“Energizer” or the “Company”) announces the closing of the issue of a total of 5,807,142 units of the Company (“Unit(s)”) at a price of US$0.35 per Unit for total gross proceeds of US$2,032,500.

Each Unit was comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share of the Company at an exercise price of US$0.50 for a period of 24 months from the date of issue.

In connection with the closing, the Company paid compensation consisting of a cash fee of US$119,010 and issued 340,028 compensation warrants. Each compensating warrant entitles the holder to acquire one Unit of the Company at a price of US$0.35 per Unit for a period of 24 months from the date of issue.

All securities issued in connection with the Offering will also be subject to a four-month hold period from the date of issue as required by Canadian authorities. Completion of the Offering remains subject to final approval of the applicable regulatory authorities, including the Toronto Stock Exchange.

For more information, please visit our website at www.energizerresources.com, or contact:

Brent Nykoliation, Vice President of Business Development

Toll Free: 800.818.5442 or 416.364.4911

Email: bnykoliation@energizerresources.com">bnykoliation@energizerresources.com" data-mce-href="http://www.energizerresources.com/mailto:bnykoliation@energizerresources.com">bnykoliation@energizerresources.com

or Craig Scherba, President and COO

Energizer Resources Receives Final Drill Results For Molo Deposit

esteffler@macdonaldmines.com (Administrator) — Thu, 01 Nov 2012 13:30:00 GMT

Energizer Resources Inc. (TSX: EGZ) (OTCBB: ENZR) (FWB: YE5) (“Energizer” or the “Company”) is pleased to announce it has received assay results for the remaining 23 drill holes and 8 trenches from its National Instrument (NI) 43-101 graphite resource drill program on the Molo deposit. This data is now with Caracle Creek International Consulting Inc. (Caracle Creek) of Johannesburg, South Africa, who will author a NI 43-101 resource for the deposit. Energizer expects the NI 43-101 resource estimate by the end of November.

DRA Mineral Projects will incorporate the NI 43-101 graphite resource statement into the Preliminary Economic Assessment Report (PEA) it is authouring for the Molo deposit. Energizer is targeting year-end for the receipt of the PEA study.

The Molo deposit is located in the Green Giant Graphite project, and is part of the joint venture (JV) property with Malagasy Minerals Limited in Madagascar. Energizer has a 75% ownership interest and is the operator of the project.

Project Developing Rapidly

In order to expedite a feasibility study, the Company will initiate pilot plant test work in South Africa at Mintek, South Africa’s national minerals research organization. To maximize the potential of the Molo deposit, the Company will follow the PEA study with a feasibility study. The results of this work will guide the construction of a mobile pilot plant facility for on-site test work analysis of the Molo deposit. This will ‘de-risk’ the project, as well as provide suitable quantities of sample material for potential off-take partners.

Craig Scherba, President and COO of Energizer commenting “It was in December 2011 that we identified graphite as a potential ‘mineral of interest’ on the Green Giant property. Within one year of this time, the Company is now poised to release a NI 43-101 resource statement identifying what looks to be the largest known graphite deposit in the world. The release of this study, followed shortly thereafter with the release of the PEA report, should establish Energizer as a significant player in the graphite space and provide the catalyst for the Company to evolve from mineral exploration into resource development.”

Assay Results Validate Deposit Size Potential

The Company has received assay results from its remaining 23 diamond drill holes and 8 trenches. With these results, the Company believes it has validated a potential deposit size of 80 to 120 million tonnes. As well, the assays have outlined an average grade of between 5 and 8% carbon(C), with a higher grade zone between 8 and 10% C flanking the deposit on its western edge. This zone is between 20 and 60 metres in true thickness, extends for a strike length of at least 1200 metres, and is open at depth. Assay results are from core and trench samples submitted to Genalysis Laboratory Services Pty Ltd, an accredited mineral analysis laboratory in Perth, Australia.

The potential quantity and grade of the Molo is being determined through the progression of exploration and the assays received. To date, the company’s exploration activities include airborne geophysical surveys, ground geophysics, mapping, drilling and trenching. The deposit target range is based on 47 diamond drill holes and 18 trenches.

The table below summarizes the drill and trench highlights from the latest assay dataset. An assay table summarizing all results is provided on the Company’s website. It should be noted that the variation in drill hole intersections reflects the shape of the deposit. As well, a number of the shorter drill holes reflect the delineation of the boundaries of the deposit.

Drill Hole	From (m)	To (m)	*Length (m)**	C%
MOLO-12-21	0.38	116.63	116.25	6.59
MOLO-12-24	0.6	124	123.4	7.21
MOLO-12-26	0.45	140	139.55	7.25
MOLO-12-27	0.92	102	101.08	8.13
MOLO-12-29	0.6	129	128.4	7.89
MOLO-12-31	1.5	262.5	261	6.35
MOLO-12-32	74.5	197.5	123	7.00
MOLO-12-33	6.5	252.5	246	8.19
MOLO-12-35	0.65	185	184.35	6.60
MOLO-12-36	0	200	200	5.83
MOLO-12-37	4.5	163.5	159	6.80
MOLO-12-34	0.4	110	109.6	6.96
MOLO-12-34	123.5	221.92	98.42	7.01
MOLO-12-38	0.6	89.42	88.82	6.60
MOLO-12-39	24.5	329	304.5	5.71
MOLO-12-40	48	326	278	6.36
MOLO-12-41	84.5	303.5	219	7.02
Trench	From (m)	To (m)	*Length (m)**	C%
MOLO-TH-12-13	74	320	246	6.55
MOLO-TH-12-14	82	176	94	7.87
MOLO-TH-12-15	84	152	68	6.94

* These intersections are not true widths

A satellite image of the Molo deposit footprint, as well as a block model of assay data can be viewed on the Company’s website at www.energizerresources.com.

Plan map of Molo mineralization. Molo identified in stippled red, with drill holes and trenches to be utilized for the resource delineation program identified as black dots and purple lines respectively. Graphite identified through prospecting, mapping, airborne and ground geophysics identified as stippled black pattern.

Trench and drill assays are represented as red lines and histograms.

Filled blocks illustrate block-modeled mineralization.

Energizer Resources Announces Private Placement Equity Financing

The Company announces the initiation of a brokered private placement offering (the "Offering") for up to 18,571,429 units of the Company at a price of US$0.35 cents per unit for gross proceeds of up to US$6.5 million dollars, plus a 20% over-allotment option. Each unit consists of one common share plus one-half of one common share purchase warrant, with each whole purchase warrant exercisable into a common share at a price of $0.50 cents for a period of 24 months from closing.

The Company has engaged a syndicate, led by an agent. The Offering is being made on a commercially reasonable best efforts basis and is expected to close on or about November 8, 2012. Completion of the Offering remains subject to approval of the applicable regulatory authorities, including the Toronto Stock Exchange.

Building on the Company's achievements in 2012, the net proceeds of the Offering will be used to further advance the Molo to resource development. This will include the acceleration of certain facets of the project that would generally be undertaken as part of a feasibility study (FS). One of these facets is the construction of a portable pilot plant at site that will enable the Company to:

Conduct real-time optimization of the process flow sheet

Produce the required quantities of graphite concentrate suitable for marketing to potential off-take partners

Conduct metallurgical and process flow test work on additional confirmed graphite zones on the property

Net proceeds will also be used for general working capital requirements.

From the date of issue, all securities to be issued in connection with this Offering will be subject to a statutory six-month hold period as required by the U.S. authorities, and a four-month and one day hold period as required by Canadian authorities.

About Energizer Resources Inc.

Energizer Resources Inc. is a mineral exploration and development company based in Toronto, Canada, which is developing its Molo flaked graphite deposit in Fotodrevo, southern Madagascar. The Molo deposit is located in the Green Giant Graphite project, and is part of the joint venture (JV) property with Malagasy Minerals Limited in Madagascar. Energizer has a 75% ownership interest and is the operator of the project.

Qualified Person

Craig Scherba, P.Geo., is the qualified person for the technical information provided in this release.

For more information, please visit our website at www.energizerresources.com, or contact:

Brent Nykoliation, Vice President of Business Development

Toll Free: 800.818.5442 or 416.364.4911

or Craig Scherba, President and COO

Energizer Resources Provides Progress Report on NI 43-101 Molo Deposit Delineation

esteffler@macdonaldmines.com (Administrator) — Thu, 20 Sep 2012 03:13:58 GMT

Energizer Resources Inc. (TSX: EGZ) (OTCBB: ENZR) (FWB: YE5) (“Energizer” or the “Company”) is pleased to announce it has received additional assays from its National Instrument (NI) 43-101 graphite resource drill program on the Molo deposit. The results continue to outline the targeted deposit size and boundaries, as well as the grade of the Molo deposit.

Drill and Trench Intersections Support Large Footprint of Molo

The Company has received assay results from an additional 9 diamond drill holes and 1 trench. Energizer has now received a combined total of 24 (of 47) drill holes, and 10 (of 19) trenches completed over the Molo deposit. This dataset continues to confirm that the Molo deposit has a very large footprint.

The company has focused its resource delineation program on the Molo deposit. The deposit’s description and shape consists of a 2 km strike length with a south plunging antiformal fold. In the north, the graphite mineralization is between 50-100 metres in width. The deposit then flares to over 500 metres in width as you move south, after which the graphite deposit width tapers to approximately 250-350 metres before splitting into two ‘arms’. The widths of these arms range in size between 50 and 100 metre widths respectively. The deposit is open at depth, and along strike.

Drill and trench data received to date, as well as mapping, prospecting and geophysical surveying, confirms graphite mineralization at surface, and over an area of at least 250,000 m². The depth of mineralization that has been confirmed by drilling is in excess of 300 metres. With these results, the Company continues to move forward outlining a potential deposit size of 80-120 million tonnes. As well, the assays have outlined a grade average of between 5 and 8% carbon. The Company has now reported just over 50% of its drill holes, and will continue to report assay results as it receives them from the lab.

Cautionary Statement - The potential quantity and grade of the Molo deposit is conceptual in nature and there has been insufficient assay data received at this time to properly define a mineral resource in accordance with NI 43-101 requirements. Although the Company sees no reason why a compliant mineral resource could not be defined, there is no guarantee that further exploration will result in the Molo being defined as a mineral resource. The potential quantity and grade of the Molo is being determined through the progression of exploration and the assays received. To date, the company’s exploration activities include airborne geophysical surveys, ground geophysics, mapping, drilling and trenching. The deposit target range is based on drilling and trenching results obtained to date.

Mine Site Design and Logistical Planning Underway

The recently completed drill program will provide the necessary data to complete a National Instrument (NI) 43-101 graphite resource, which will be part of the Preliminary Economic Assessment Report (PEA) due in Q4 of this year.

DRA Mineral Projects, Africa’s largest mine engineering, construction and operations firm, is authoring the PEA study, which will include a mine site layout. This layout will include a model flowchart for the graphite in three separate phases: phase 1) graphite production through simple crushing, phase 2) graphite through flotation, and phase 3) graphite purification targeting the electric vehicle (EV) battery market and electric power storage markets. It should be noted that the Molo deposit has a unique feature in that Jumbo flake (i.e. +50 mesh) graphite at an average purity of 93% C can be easily liberated through simple crushing of the Molo deposit graphite.

As part of the PEA study, DRA has authored a preliminary mine design with a capacity of 150,000 tonnes per year graphite production. The mine will be constructed in 50,000 tonne modules. This will allow for the production at the Molo deposit to be scalable and which can be ‘ramped’ up when the project off-take demands manifest themselves in the marketplace.

Logistics and product management is a key component in a mine operation, and to this end, Energizer has engaged the Panalpina Group, one of the world’s leading intercontinental air and ocean freight supply chain and logistics companies to design and manage this phase of the operation. Panalpina has stated that existing infrastructure in southern Madagascar will allow for immediate production at the Molo. Working closely with DRA, Panalpina is currently outlining a logistical solution for Energizer that will enable graphite produced at the Molo to be transported in a cost effective manner from ‘pit to port to customer’.

Assay Results

The drill hole and trenches were designed to delineate the extent of the Molo deposit. The latest assay results received are from the southern and northern sections of the deposit respectively. Specifically, drill holes MOLO-12-10 through MOLO-12-15 were emplaced on the southern edge of the deposit where the Molo bifurcates into 2 arms. Drill holes MOLO-12-17, 18 and 20 were emplaced to test the width of the mineralization in the ‘arm’ that extends north of the Molo ‘central’. Trench MOLO-TH-12-09 was emplaced on the southern end of the Molo, where the deposit splits into 2 arms.

The table below summarizes the drill and trench intersections. An assay table summarizing all results is also provided on the Company’s website.

Drill Hole	From (m)	To (m)	Length (m)	C%
MOLO-12-10	71	278	207	6.55
MOLO-12-11	0.64	97.45	96.81	6.90
MOLO-12-11	129.3	221	91.7	5.68
MOLO-12-12	0.5	24.5	24	5.18
MOLO-12-12	80	137	57	6.56
MOLO-12-13	0.77	69.5	68.73	6.30
MOLO-12-14	35.09	128	92.91	5.44
MOLO-12-14	166	250	84	5.43
MOLO-12-15	0.87	159	158.13	5.10
MOLO-12-17	96	170	74	6.49
MOLO-12-18	7.5	118.5	111	6.39
MOLO-12-20	58.2	188.5	130.3	7.08
Trench	From (m)	To (m)	Length (m)	C%
MOLO-TH-12-09	22	130	108	6.02
MOLO-TH-12-09	166	220	54	8.79

Additional Graphite Available for Targeting Beyond the Molo Deposit

The Company realizes that off-take will be the key driver for the development and size of the Green Giant project. It continues to analyze the off-take opportunities for Electric Vehicles, fuel cells, battery storage, and pebble bed nuclear reactors. The Green Giant project offers a significant incremental exploration opportunity if the off-take demand for the above graphite usage manifests itself.

Immediately to the east, and attached to the Molo deposit is a graphite-bearing synformal fold of similar dimensions to the Molo deposit (which is an antiformal fold). This eastern synformal fold (“Molo East”) will not be part of the Company’s upcoming NI 43-101 resource statement as it was not drill tested. Through the use of both ground and airborne geophysics, geologic mapping and prospecting however, the Company believes that additional graphite mineralization would be easily obtainable at Molo East.

A satellite image of the Molo East target in relation to the Molo deposit footprint, as well as a block model of assay data received to date can be viewed on the Company’s website at www.energizerresources.com.

The Molo is anticipated to have a resource of between 80 and 120 MT. The Molo ‘east’, as well as graphite mineralization extending to the north and south of the Molo, will not be included in the upcoming resource calculation, but the Company anticipates graphite mineralization will be easily delineated in these areas if required.

Reported trench and drill assays are represented as red lines and histograms. The drill holes and trenches we are awaiting assays for are represented by the black trace lines.

Filled blocks illustrate block-modeled mineralization.

Energizer Appoints New President, & Chief Operating Officer and a New Chief Financial Officer

Energizer Resources is very pleased to announce the appointment of Craig Scherba, PGeo. to the role of President and Chief Operating Officer and Peter Liabotis, CA to the role of Chief Financial Officer.

In making these appointments, Kirk McKinnon, Chairman and CEO of Energizer stated, “Craig Scherba has progressively demonstrated his skillset and ability to manage the operational activities of Energizer as it moves from the exploration stage to mine development stage. Craig has steadily progressed from Vice President Exploration, to Senior Vice President of Exploration and Operations for Madagascar. The company wishes to recognize Craig’s exploration efforts in the discovery of the Molo project and its development. His intimate knowledge of the Green Giant project and his developed relationships within Madagascar, especially at the highest government levels, will provide an essential understanding as he leads the development of the Green Giant Project in Madagascar”.

“Peter Liabotis has been with the company for 3 years. During this time Peter has continuously demonstrated a strong understanding of the finance and operational side of the business. Peter’s responsibilities within the company have steadily increased and will continue to do so as we develop our Madagascar graphite project and operations.”

Richard Schler commented, “Given the magnitude of the opportunity the Molo graphite project presents us, I have stepped down from my role as VP & CFO and I will be focusing my attention primarily on the Molo mine development. I personally believe that the move towards green energy will drive electric vehicle and battery storage demand and that the tipping point is just around the corner. I will continue to sit on the Board of Directors and act in the capacity of Executive Vice-President, Operations. I am pleased that Mr Scherba and Mr Liabotis have accepted their respective roles and am confident that they will serve the shareholders well. The Molo graphite project is very promising and I believe it will provide significant shareholder value as it moves forward into production”.

Qualified Person

Craig Scherba, P.Geo., is the qualified person for the technical information provided in this release.

For more information, please visit our website at www.energizerresources.com, or contact:

Brent Nykoliation, Vice President of Business Development

Toll Free: 800.818.5442 or 416.364.4911

Email: bnykoliation@energizerresources.com">bnykoliation@energizerresources.com

or Craig Scherba, President and COO