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Press release from Marketwire

Energizer Resources Selects Molo Deposit for Mine Development;

Drills 106 m of 8.44% C including 37 m of 11.17% C

Thursday, May 24, 2012

Energizer Resources Selects Molo Deposit for Mine Development;08:00 EDT Thursday, May 24, 2012TORONTO, ONTARIO--(Marketwire - May 24, 2012) - Energizer Resources Inc. (TSX:EGZ)(OTCBB:ENZR)(FRANKFURT:YE5) ("Energizer" or the "Company") is pleased to announce the receipt of all graphite assays from its Phase I and II exploration programs conducted in Q4, 2011. These assays confirm wide intercepts of graphite mineralization with composite grades between 7.3% and 11.2% carbon ( C ) within the Molo Deposit, and support the Company's intention to delineate a National Instrument (NI) 43-101 resource for the Molo. The Molo graphite deposit is located on the joint venture (JV) property with Malagasy Minerals Limited in Madagascar, in which Energizer has a 75% ownership interest. Molo Deposit Selected for Mine Development; NI 43-101 Resource Drilling InitiatedThe Company's most recent exploration program, which included airborne surveys, ground geophysics, mapping, trenching and 29 diamond drill holes, has provided the basis to evaluate several potential graphite deposits on its properties. The objective of this evaluation was to select which deposit would present the best overall parameters, including economics and quality of product, to move forward to production. Included in the analysis were the Molo, Fondrana, Fotsy and Seta deposits. This evaluation has now been completed and the Company has selected the Molo Deposit to be brought to mine development. The Company intends to expedite this process and is targeting 2014/2015 for production. It should be noted that this evaluation included metallurgical analysis, which confirms 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. The Company is targeting a resource between 50 and 100 million tonnes on the Molo Deposit with a grade range of between 6 to 10% C. The resource drill program has commenced, utilizing two Boart Longyear diamond drills and is being led by Energizer's Senior Vice President of Exploration, Craig Scherba, P. Geol. Drilling is estimated to take two months. Molo Deposit Has Key Mining Attributes A key characteristic of the Molo deposit is that the graphite is immediately at surface, which will allow for very cost-effective open pit mining. In addition to having the significant surficial expression of graphite, the Molo is also located in an area with an ideal geographical setting as well as ideal terrain. The terrain is semi-arid and almost flat - two features that give the Molo a unique topographical signature not found in most deposits. 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. The local Malagasy people are excellent workers who have offered great cooperation and assistance to Energizer. As the largest employer in the region, Energizer has hired up to 100 people at any one time to support its exploration programs. Assay Results Drill hole MOLO-07 was from the central core of the Molo deposit and intersected 106 metres of graphite mineralization at 8.44% C, including a higher-grade interval of 37 metres at 11.17% C. Drill hole MOLO-06 intersected 27 metres of graphite mineralization at 7.25% C and was drilled into a surficially exposed graphitic ridge 1 kilometre to the west, and parallel to the Molo deposit. These latest assay results confirm that this surficially exposed graphitic ridge (which extends for a minimum of 12 kilometres in strike length), extends to a vertical depth of at least 108 metres. Drill holes SETA-02 and SETA-03 intersected 41 metres of graphite mineralization at 5.42% C and 28.6 metres of graphite mineralization at 5.77% C respectively. These drill holes were emplaced to test the depth extension of a 1.8 kilometre long ridge of graphite. The results confirm graphite mineralization extends to depth. Due to the wider widths of mineralization intersected at the Molo however, the focus of the Company's resource delineation program will be the Molo Deposit.Mr. Albert A. Thiess, Jr. appointed Company Director and Chair of Capital Projects and Mine Development Committee Energizer is pleased to announce the appointment of Mr. Albert A. Thiess, Jr. to the Company's board of directors and as Chair of its Capital Projects and Mine Development Committee (the "Committee") effective May 22, 2012. Mr. Thiess brings over 35 years of accounting, finance and management experience to the Company. Mr. Thiess served as a CPA and audit partner in Coopers & Lybrand, LLP and with PricewaterhouseCoopers LLP following the merger of those firms in 1998. He served clients in the automotive, banking, retail and manufacturing industries, as well as serving as the Managing Partner of the Detroit, Michigan and Los Angeles, California offices. He also was elected to the Governing Council of Coopers & Lybrand. Following the merger with PricewaterhouseCoopers, Mr. Thiess managed various global functions for the newly merged firm. Peter D. Liabotis, C.A., the Company's Vice President of Finance, has also been appointed to the Committee. Mr. Liabotis is a Chartered Accountant with over 15 years of accounting experience, auditing for both KPMG and PriceWaterhouseCoopers. From 1998 to 2008, Mr. Liabotis worked for Olympia Capital, a hedge fund administrator where he served as Senior Vice President - Chief Financial Officer. These appointments further reflect the Company's ongoing commitment to move the Company's graphite discovery in Madagascar on its 75% owned joint venture ground to a mine. Both Mr. Thiess and Mr. Liabotis join Robin Borley, who was announced to the Committee in the Company's January 25, 2012 news release. Mr. Borley is a Director of DRA and a Graduate Mining Engineer and Certified Mine Manager with over 25 years of International Mining experience across a range of commodities. Mr. Borley brings considerable knowledge and experience to the technical and operational aspects of mine development, which will be invaluable to the Company as it develops its projects in Madagascar. 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 on graphite and graphene, please visit our website at www.energizerresources.comWe 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.FOR FURTHER INFORMATION PLEASE CONTACT: Brent NykoliationEnergizer Resources Inc.Vice President - Business DevelopmentToll Free: 800.818.5442 or 416.364.4911bnykoliation@energizerresources.comORKirk McKinnonEnergizer Resources Inc.Chairman and CEOToll Free: 800.818.5442 or 416.364.4911www.energizerresources.com