Energizer Resources Upgrades Molo Graphite Resource to Measured Status and Increases Overall Size of Resource

TORONTO, ONTARIO--(Marketwired - Aug 14, 2014) - Energizer Resources Inc. (TSX:EGZ)(OTCQX:ENZR)(FRANKFURT:YE5) (WKN:A1CXW3) ("Energizer" or the "Company") is pleased to announce that it has upgraded a portion of the National Instrument (NI) 43-101 mineral resource estimate for its Molo graphite deposit, located in southern Madagascar, to Measured status and has increased the overall size of the resource.

Energizer previously announced on December 3rd, 2012 a maiden NI 43-101 resource of 124.31 million tonnes (MT), consisting of an Indicated resource totalling 84.04 MT grading 6.36% carbon (C), and an Inferred resource totaling 40.34 MT grading 6.29% C above a 2% C cut-off grade. The Company recently completed an infill drilling campaign to upgrade a portion of the Molo deposit to Measured status as part of its Full Feasibility Study (FS), which is on track to be released in November of this year.

Overall Mineral Resource Estimate Increased

The new mineral resource for the Molo deposit consists of a Measured resource of 23.62 MT grading 6.32% C, an Indicated resource of 76.75 MT grading 6.25% C and an Inferred resource of 40.91 MT at 5.78% C, for a combined total of 141.28 MT at 6.13%C. A cut-off grade of 4%C was used for the "high grade" zones and 2%C for the "low grade" zones. Please note that while the 'high' grade resource occurs within the 'low' grade resource, each was estimated and reported separately. The resource remains open along strike and to depth. Table 1 below indicates the resource by classification.

Table 1

The NI 43-101 mineral resource estimate was prepared by Desmond Subramani, Pr.Sci.Nat.(400184/06) and John Hancox, Pr.Sci.Nat.(400224/04), independent Qualified Persons with Caracle Creek International Consulting (Pty) Ltd (CCIC) of Johannesburg, South Africa. The Company's Preliminary Economic Assessment (PEA) Study, entitled "Molo Graphite Project, Fotadrevo, Province of Toliara, Madagascar, Preliminary Economic Assessment Technical Report Update" dated April 12, 2013 will be updated to reflect the now upgraded and increased resource and available under the Company's profile at www.sedar.com within 45 days of this release. CCIC has verified the information in this release.

The new Measured resource estimate is based on an additional 32 drill holes (totaling 2,063 metres) and 9 trenches (totaling 1,876 metres) drilled by Energizer, at an average spacing of 50 metres along strike and 50 metres along dip. The entire database now contains 80 drill holes (totaling 11,660 meters) and 35 trenches (totaling 8,492 meters).

About Energizer Resources

Energizer Resources is a mineral exploration and mine development company based in Toronto, Canada, that is developing its 100%-owned, flagship Molo Graphite Project in southern Madagascar.

The Molo Graphite Project is one of the largest known crystalline flake graphite deposits in the world. The Molo Project hosts a NI 43-101 compliant indicated mineral resource of 84.04 million tonnes grading 6.36%C and an inferred resource grading 6.29% C of crystalline flake graphite.

Energizer has initiated a Full Feasibility Study, with results to be released to the market by Q4 2014. Results of the Company's recently completed pilot plant operation confirmed that 43.5% of the Molo deposit is classified as the premium-priced large and extra-large flake, with an average purity level in excess of 97%C achieved through standard flotation alone. The Company is targeting production in Q2/Q3 of 2016.

Energizer's total land package in southern Madagascar encompasses approximately 320 kilometres (198 miles) of continuous graphitic trends, where all graphite mineralization is immediately at surface.

In addition to the Molo Graphite Project, Energizer has also identified through drilling, trenching and geological mapping at least six other zones that could be potential stand-alone graphite deposits.

For more information on the Molo Graphite Project, please refer to the Company's technical report entitled "Molo Graphite Project, Fotadrevo, Province of Toliara, Madagascar, Preliminary Economic Assessment Technical Report Update" dated April 12, 2013 available under the Company's profile at www.sedar.com for a discussion in respect of certain key assumptions, parameters and methods in respect to the mineral resource disclosure, or our visit our website at www.energizerresources.com.

Other than noted above, Mr. Craig Scherba, P.Geo., President and COO is the qualified person who reviewed and approved the technical information provided in this press release.

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.

The National Instrument 43-101 ("NI 43-101") compliant technical report, titled "Molo Graphite Project Fotadrevo Province of Toliara, Madagascar Preliminary Economic Assessment Technical Report Update and dated April 12, 2013, was prepared by DRA Mineral Projects Pty Ltd and authored by John Hancox, Pri.Sc.Nat, Desmond Subramani, Pri.Sc.Nat, Dave Thompson and Glenn Bezuidenhout, all Qualified Persons as defined by NI 43-101, and independent of Energizer Resources for the purposes of NI 43-101 requirements. The Technical Report is available on SEDAR at www.sedar.com and on the Company's website at www.energizerresources.com

The above resource estimates were calculated in accordance with NI 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Among other things, the terms "measured", "indicated" and "inferred" mineral resources are required pursuant to National Instrument 43-101, the U.S. Securities and Exchange Commission does not recognize such terms. Canadian standards differ significantly from the requirements of the U.S. Securities and Exchange Commission, and mineral resource information contained herein is not comparable to similar information regarding mineral reserves disclosed in accordance with the requirements of the U.S. Securities and Exchange Commission.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. The mineral resource estimates in this press release include inferred resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that the inferred mineral resource will be converted to the measured and indicated mineral resource categories through further drilling, or into a mineral reserve once economic considerations are applied.U.S. investors should understand that "inferred" mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, investors are cautioned not to assume that any part or all of the Company's mineral resources constitute or will be converted into reserves. Cautionary Statement: Neither TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.