Energizer Resources Receives Final Drill Results for Molo Deposit

TORONTO, ONTARIO--(Marketwire - Nov. 1, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

Energizer Resources Inc. (TSX:EGZ)(OTCBB:ENZR)(FRANKFURT:YE5) ("Energizer" or the "Company") is pleased to announce it has received assay results for the remaining 23 drill holes and 8 trenches from its National Instrument (NI) 43-101 graphite resource drill program on the Molo deposit. This data is now with Caracle Creek International Consulting Inc. (Caracle Creek) of Johannesburg, South Africa, who will author a NI 43-101 resource for the deposit. Energizer expects the NI 43-101 resource estimate by the end of November.

DRA Mineral Projects will incorporate the NI 43-101 graphite resource statement into the Preliminary Economic Assessment Report (PEA) it is authouring for the Molo deposit. Energizer is targeting year-end for the receipt of the PEA study.

The Molo deposit is located in the Green Giant Graphite project, and is part of the joint venture (JV) property with Malagasy Minerals Limited in Madagascar. Energizer has a 75% ownership interest and is the operator of the project.

Project Developing Rapidly

In order to expedite a feasibility study, the Company will initiate pilot plant test work in South Africa at Mintek, South Africa's national minerals research organization. To maximize the potential of the Molo deposit, the Company will follow the PEA study with a feasibility study. The results of this work will guide the construction of a mobile pilot plant facility for on-site test work analysis of the Molo deposit. This will 'de-risk' the project, as well as provide suitable quantities of sample material for potential off-take partners.

Craig Scherba, President and COO of Energizer commenting "It was in December 2011 that we identified graphite as a potential 'mineral of interest' on the Green Giant property. Within one year of this time, the Company is now poised to release a NI 43-101 resource statement identifying what looks to be the largest known graphite deposit in the world. The release of this study, followed shortly thereafter with the release of the PEA report, should establish Energizer as a significant player in the graphite space and provide the catalyst for the Company to evolve from mineral exploration into resource development."

Assay Results Validate Deposit Size Potential

The Company has received assay results from its remaining 23 diamond drill holes and 8 trenches. With these results, the Company believes it has validated a potential deposit size of 80 to 120 million tonnes. As well, the assays have outlined an average grade of between 5 and 8% carbon(C), with a higher grade zone between 8 and 10% C flanking the deposit on its western edge. This zone is between 20 and 60 metres in true thickness, extends for a strike length of at least 1200 metres, and is open at depth. Assay results are from core and trench samples submitted to Genalysis Laboratory Services Pty Ltd, an accredited mineral analysis laboratory in Perth, Australia.

Cautionary Statement - The potential quantity and grade of the Molo deposit is conceptual in nature and there has been insufficient assay data received at this time to properly define a mineral resource in accordance with NI 43-101 requirements and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The potential quantity and grade of the Molo is being determined through the progression of exploration and the assays received. To date, the company's exploration activities include airborne geophysical surveys, ground geophysics, mapping, drilling and trenching. The deposit target range is based on 47 diamond drill holes and 18 trenches.

The table below summarizes the drill and trench highlights from the latest assay dataset. An assay table summarizing all results is provided on the Company's website. It should be noted that the variation in drill hole intersections reflects the shape of the deposit. As well, a number of the shorter drill holes reflect the delineation of the boundaries of the deposit.

Drill Hole	From (m)		To (m)		Length* (m)		C%
MOLO-12-21	0.38		116.63		116.25		6.59
MOLO-12-24	0.6		124		123.4		7.21
MOLO-12-26	0.45		140		139.55		7.25
MOLO-12-27	0.92		102		101.08		8.13
MOLO-12-29	0.6		129		128.4		7.89
MOLO-12-31	1.5		262.5		261		6.35
MOLO-12-32	74.5		197.5		123		7.00
MOLO-12-33	6.5		252.5		246		8.19
MOLO-12-35	0.65		185		184.35		6.60
MOLO-12-36	0		200		200		5.83
MOLO-12-37	4.5		163.5		159		6.80
MOLO-12-34	0.4		110		109.6		6.96
MOLO-12-34	123.5		221.92		98.42		7.01
MOLO-12-38	0.6		89.42		88.82		6.60
MOLO-12-39	24.5		329		304.5		5.71
MOLO-12-40	48		326		278		6.36
MOLO-12-41	84.5		303.5		219		7.02
Trench	From (m	)	To (m	)	Length* (m	)	C%
MOLO-TH-12-13	74		320		246		6.55
MOLO-TH-12-14	82		176		94		7.87
MOLO-TH-12-15	84		152		68		6.94
* These intersections are not true widths

A satellite image of the Molo deposit footprint, as well as a block model of assay data can be viewed on the Company's website at www.energizerresources.com.

To view figure 1, please visit the following link: http://media3.marketwire.com/docs/Energizer31image1.pdf

To view figure 2, please visit the following link: http://media3.marketwire.com/docs/Energizer1031image2.pdf

Energizer Resources Announces Private Placement Equity Financing

The Company announces the initiation of a brokered private placement offering (the "Offering") for up to 18,571,429 units of the Company at a price of US$0.35 cents per unit for gross proceeds of up to US$6.5 million dollars, plus a 20% over-allotment option. Each unit consists of one common share plus one-half of one common share purchase warrant, with each whole purchase warrant exercisable into a common share at a price of $0.50 cents for a period of 24 months from closing.

The Company has engaged a Syndicate on a commercially reasonable best efforts basis and is expected to close on or about November 8, 2012. Completion of the Offering remains subject to approval of the applicable regulatory authorities, including the Toronto Stock Exchange.

Building on the Company's achievements in 2012, the net proceeds of the Offering will be used to further advance the Molo to resource development. This will include the acceleration of certain facets of the project that would generally be undertaken as part of a feasibility study (FS). One of these facets is the construction of a portable pilot plant at site that will enable the Company to:

• Conduct real-time optimization of the process flow sheet
  
  
• Produce the required quantities of graphite concentrate suitable for marketing to potential off-take partners
  
  
• Conduct metallurgical and process flow test work on additional confirmed graphite zones on the property
  
  

Net proceeds will also be used for general working capital requirements.

From the date of issue, all securities to be issued in connection with this Offering will be subject to a statutory six-month hold period as required by the U.S. authorities, and a four-month and one day hold period as required by Canadian authorities.

About Energizer Resources Inc.

Energizer Resources Inc. is a mineral exploration and development company based in Toronto, Canada, which is developing its Molo flaked graphite deposit in Fotodrevo, southern Madagascar. The Molo deposit is located in the Green Giant Graphite project, and is part of the joint venture (JV) property with Malagasy Minerals Limited in Madagascar. Energizer has a 75% ownership interest and is the operator of the project.

Qualified Person

Craig Scherba, P.Geo., is the qualified person for the technical information provided in this release.

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.