Energizer Resources Intersects 41.5 m of Graphite in Drill Core Grading 7.01% C, and 29 m at 6.44% C in Trench Sampling

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2012) - Energizer Resources Inc. (TSX:EGZ)(OTCBB:ENZR)(FRANKFURT:YE5) ("Energizer" or the "Company") continues to announce assay results from the 2011 exploration programs on its Green Giant property in Madagascar. Assays received to date have provided size parameters for the Fotsy and Fondrana zones, and have verified that each zone contains multiple mineralized horizons. Highlights of the recently received drill results are provided within this release. A complete summary of assays is available on the Company's website.

7.01% C over 41.5 Metres Intersected in Drill Core from the Fondrana Zone

The Company has now received assay results from 3 of the 6 diamond drill holes drilled over the Fondrana zone. In addition to the previously reported FOND-01 drill hole (118.6 m @ 6.24% C), results are now available for the following:

• FOND-02: 12 m @ 4.73% C, 41.5 m @ 7.01% C, 5.9 m @ 5.88% C
• FOND-05: 24 m @ 5.63% C, 18 m @ 5.18%

6.44% C over 29 Metres Intersected in Trench Sampling from the Fondrana Zone

The Company has now received assay results from 2 of the 4 trenches completed over the course of the Phase I and Phase II exploration programs. In addition to the previously reported FOND-TH-11-01 trench (106 m @ 7.11% C), results are now available for the following:

• FOND-TH-11-03: 9 m @ 4.95% C, 29 m @ 6.44% C, 12 m @ 5.1% C, 9 m @ 9.1% C

While trenching, Company geologists adhere to the same strict QA/QC protocols designed for the diamond drilling program. As such, the Company believes that the trenching results accurately reflect width and mineral tenor at surface.

Graphite Assays Begin to Shape Size Parameters for the Fondrana Zone

The Fondrana zone has complete assay results for 3 drill holes and 2 trenches, and based on this information, Company geoscientists are comfortable in commenting on the widths, depth, and strike extents of graphite mineralization in the Fondrana zone.

The average aggregate graphite intersection from drilling is 73 metres with a weighted average carbon assay of 6.14% C, while the average aggregate trench intersection is 82.5 metres with a weighted average of 6.73% C. The Fondrana zone is found at surface and extends to a vertical depth of at least 120 metres. Geophysically, geologically, and now through drilling and trenching, the zone is confirmed to extend for at least 800 metres in strike length. Mineralization is open along strike, and at depth.

To view an image of the Fondrana Zone with Drill Holes and Trenches, click here.

5% C over 15 Metres Intersected in Drill Core from the Fotsy Zone

Of the 14 diamond drill holes drilled over the Fotsy zone, the Company has now received assay results from 7. Results for 6 of the drill holes have been previously released, with assay results available on the Company's website. Summary results from the newly received drill hole are as follows:

• FOTSY-10: 11 m @ 4.39% C, 15 m @ 5% C, 5 m @ 5.18% C, 8 m @ 4.64% C

9.93% C over 10 Metres Intersected in Trench Sampling from the Fotsy Zone

Of the 17 trenches completed over the Fotsy Zone, assay results from 16 trenches have been received. Results for 9 of the trenches have been previously released, with assay results available on the Company's website. Summary results from the newly received Fotsy trenches are as follows:

• FOTSY-TH-11-01: 6 m @ 4.44% C
• FOTSY-TH-11-02: 5 m @ 5.57% C
• FOTSY-TH-11-04: 8 m @ 4.24% C, 8 m @ 6.67% C
• FOTSY-TH-11-05A: 10 m @ 9.93% C, 6 m @ 5.34% C
• FOTSY-TH-11-09: 8 m @ 5.34% C, 6 m @ 6.73% C
• FOTSY-TH-11-10: 6 m @ 6.24% C
• FOTSY-TH-11-11: 5.5 m @ 6.32% C, 8 m @ 7.01% C

Graphite Assays Begin to Shape Size Parameters for the Fotsy Zone

The Fotsy zone has complete assay results for 7 drill holes and 16 trenches, and based on this information, Company geoscientists are comfortable in commenting on the widths, depth, and strike extents of graphite mineralization in the Fotsy zone. The average aggregate graphite intersection from drilling along the 'Fotsy Main Zone' is 20.8 metres with a weighted average carbon assay of 5.62% C, while the average aggregate trench intersection is 10.9 metres with a weighted average of 6.33% C. The Fotsy zone is found at surface, extends to a vertical depth of at least 115 metres, and is open along strike and at depth. Geophysically, geologically, and now through drilling and trenching, the zone is confirmed to extend for at least 800 metres in strike length. Mapping and prospecting have indicated that this zone extends for over 6 kilometres in length.

To view an image of the Fotsy Zone with Drill Holes and Trenches, click here.

2012 Expected to be a Strong Market for Graphite

Graphite pricing has increased almost 3 fold over the past 2 years based on growing demand for its traditional uses in the automotive and steel industries, coupled with supply shortages and increased export taxes from China, which is creating concerns for the rest of the world. Industry analysts are forecasting further price increases for graphite in 2012, as demand continues to grow for the refractory industry and emerging technologies, notably the burgeoning automotive lithium battery industry, where each lithium battery requires 11 times more graphite than it does lithium.

Currently 40% of graphite production is used by the refractory industry, where graphite is used as liners for ladles and crucibles and in the bricks that line blast furnaces. According to Mackie Research analyst Matt Gowing, revenues for the refractory industry are expected to nearly average double-digit growth for this year, continuing from the strong momentum in 2011. Starting in 2012, Byron Capital Markets forecasts that graphite demand based on battery growth will increase from 3% per annum to 9% to at least the year 2020.

In addition, industry analysts predict unprecedented growth for graphite from emerging technologies, such as flexible graphite sheets, vanadium redox batteries, fuel cells, semi conductors, nuclear, wind and solar power.

As a result, manufacturers of graphite-based products and graphite producers are beginning to look for stable supplies of natural graphite. The beginning of 2012 also saw numerous Rare Earth companies acquire graphite properties and in the case of Canada Rare Earths, announce new strategic directions centred on graphite.

Based on these positive growth indicators for graphite, Energizer believes its Green Giant Project is well positioned to build and develop an ongoing supply of graphite to meet current market demand, as well as the emerging new technology sectors.

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.

About Energizer Resources

Energizer Resources Inc. is a mineral exploration and development company based in Toronto, Canada, which is developing its 100%-owned Green Giant Vanadium Project located in Madagascar. The Green Giant vanadium deposit is one of the largest known vanadium deposits in the world. The identification of 17 graphite trends, with a cumulative strike length in excess of 320 km, on the 100% owned Green Giant property and 75% owned Joint Venture (with Malagasy Minerals Limited (ASX:MGY) properties, have validated the Company's belief that southern Madagascar has the potential to host a potential flake graphite camp. As vanadium and graphite are considered to be strategic minerals, the Company will position itself to both strategic partners, and the financial markets, a dual offering of strategic minerals from a single source for energy and storage, as well as steel and other innovations worthy of development. In addition to the Toronto Stock Exchange (TSX:EGZ), the Company's common shares trade on the U.S. Over-The-Counter Bulletin Board under the symbol, ENZR, and on the Frankfurt Exchange under the symbol, YE5.

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.