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

TORONTO, ONTARIO -- (Marketwire) -- 12/21/12 -- Energizer Resources Inc. (TSX: EGZ)(OTCBB: ENZR)(FRANKFURT: 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 totalled 84.04 Million tonnes (Mt) grading 6.36% C,
    above a 2% C cut-off grade

--  Inferred resources totalled 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.

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. 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.

Contacts:

Energizer Resources Inc.

Brent Nykoliation

Senior Vice President, Corporate Development

Toll Free: 800.818.5442 or 416.364.4911
bnykoliation@energizerresources.com


Energizer Resources Inc.

Craig Scherba

President and COO

Toll Free: 800.818.5442 or 416.364.4911
www.energizerresources.com