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

TORONTO, ONTARIO -- (Marketwire) -- 01/24/13 -- Energizer Resources Inc. (TSX: EGZ)(OCTBB: ENZR)(FRANKFURT: 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.

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.

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