Energizer Resources Intersects 434 Metres of Graphite Mineralization in Drill Core

TORONTO, ONTARIO -- (Marketwire) -- 06/04/12 -- Energizer Resources Inc. (TSX: EGZ)(OTCBB: ENZR)(FRANKFURT: YE5) ("Energizer" or the "Company") is pleased to announce it has intersected wide intercepts of graphite mineralization from its recently initiated National Instrument (NI) 43-101 graphite resource drill program on the Molo deposit. The Molo is located on the Green Giant Graphite project joint venture (JV) property with Malagasy Minerals Limited in Madagascar, in which Energizer has a 75% ownership interest and is the operator.

In normal circumstances, the Company would not issue a press release describing mineralization without accompanying assay data. However, due to the wide intercepts of graphite mineralization intersected, the Company deems this information to be material.

Samples collected from the drill core have been sent out for assay, and the Company anticipates the receipt of the first assay results in approximately 6 weeks. Previous metallurgical analysis conducted at two different laboratories have confirmed that the Molo deposit contains jumbo flake (i.e. +50 mesh) graphite at an average purity of 93% C and can be easily liberated through simple crushing.

434 Metres of Graphite Mineralization Intersected in Drill Core

The Company has completed 5 diamond drill holes at the Molo as part of its 2012 resource drill program. All drill holes were completed along a single drill section, and in conjunction with ongoing drilling will be used to produce a NI 43-101 compliant graphite resource.

Based on assays from the 7 diamond drill holes previously intersected in the 2011 drilling campaign at the Molo deposit, the geological logging and visual inspection of the drill core for these latest 5 holes indicates that the graphite content appears to be similar.

The Company can now confirm that the Molo deposit begins immediately at surface, and extends to a vertical depth of over 300 metres as evidenced by drill hole MOLO-12-01, which intersected 434 metres of graphite mineralization. The confirmation of graphite mineralization at surface is believed by the Company to be a key benefit of the Molo, as it should allow for cost-effective open pit mining.

Molo Deposit Well Positioned for Mine Development

These latest resource-drilling results reinforce Energizer's selection of the Molo Deposit for mine development. The Company, in conjunction with its technical engineering partner DRA Mineral Projects, is now expediting development and is targeting early 2015 for production.

The Molo is located in an area that has good access via a network of seasonal secondary roads from the nearby village of Fotadrevo, which in turn has access to a regional road system that leads to the ocean port of Tulear. The port of Tulear is an international shipping container port, located 160 kilometres to the west of the Molo.

Water is readily available due to the shallow water table and local river system and the power requirements of a graphite operation can be easily met with diesel power. The proximity of the Sakoa coal project (located 30 kilometres away), which is expected to commence development this year, could provide Energizer with the added option of infrastructure sharing opportunities and other synergies.

The Molo is located in an ideal geographical setting for a mine. The area is dry and semi-desert like with very little vegetation, has a very low regional population density, and has relatively flat terrain. The climate also adds to the ease of mining, as this area of Madagascar has a very temperate climate with a mild rainy season from December to March.

Drill Results

Diamond drill hole (DDH) MOLO-12-01 was emplaced to test both the western and eastern edge of the Molo deposit. DDH MOLO-12-02 was drilled in order to define the western-most edge of the Molo deposit, while DDH MOLO-12-03 through 05 were drilled to define the eastern-most edge of the Molo deposit. The table below summarizes the drill intersections, while a drill hole cross-section is provided on the Company's website.


----------------------------------------------------------------------------
                                              Graphite
 Drill Hole   UTMX     UTMY   Azimuth  Dip   Intersection        Depth
                                                 (m)       From (m)  To (m)
----------------------------------------------------------------------------
 MOLO-12-01  513120  7345600     90    -45       434          26      460
 MOLO-12-02  513180  7345600    270    -45        51          18       69
 MOLO-12-03  513240  7345600     90    -45       295       Surface    295
 MOLO-12-04  513300  7345600     90    -45       220       Surface    220
 MOLO-12-05  513360  7345600     90    -45       150       Surface    150
----------------------------------------------------------------------------

To view the image associated with this release, please visit the following link: http://media3.marketwire.com/docs/Energizer_GridImage.pdf.

Graphite Mineralization on Surface

Geological mapping has identified numerous graphitic outcrops. Trenching over the Molo deposit has verified graphite mineralization is found at surface, and intervening soil-covered areas between graphite outcrops have graphitic bedrock mineralization at depths ranging between 10 cm and 1 metre below the soil. To-date, two trenches have been excavated over the Molo deposit, exposing continuous graphite mineralization over 300 metre lengths. Samples collected from the trenches have been sent out for assay, and the Company anticipates the receipt of the first assay results in approximately 6 weeks.

Pictures of the trenches and the Molo deposit area can be viewed on Energizer's website at www.energizerresources.com.

Drilling and Trenching Confirm Effectiveness of Geophysics

The drill and trench intersections obtained to date confirm that both the ground-based EM-31, and time domain electromagnetic airborne geophysical surveys are highly effective at identifying graphite mineralization. The EM-31 is effective in delineating near-surface mineralization, while the time domain airborne survey is effective in detecting graphite mineralization at depth.

Due to the high correlation between the geophysics, drill core and conductors, the Company is confident in obtaining a NI 43-101 resource ranging between 50 and 100 million tonnes on the Molo deposit with a grade range of between 6 to 10% C. The Company anticipates the NI 43-101 report will be available by Q3-Q4 of this year.

To view the image associated with this release, please visit the following link: http://media3.marketwire.com/docs/Energizer_GridImage2.pdf.

Qualified Person

Craig Scherba, Senior Vice President Exploration and Operations for Madagascar, 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.

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
Vice President of Business Development
Toll Free: 800.818.5442 or 416.364.4911
bnykoliation@energizerresources.com

Energizer Resources Inc.
Kirk McKinnon
Chairman and CEO
Toll Free: 800.818.5442 or 416.364.4911
www.energizerresources.com

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