Energizer Resources Provides Business Update on Its Green Giant Vanadium Project, Madagascar

Energizer Resources Inc. (TSX VENTURE:EGZ)(OTCBB:ENZR)(FRANKFURT:YE5)
("Energizer" or the "Company") provides an update on its 100%-owned Green Giant
vanadium project in Madagascar.


Energizer Well Received at Mining Indaba 2011 and in London, England

Energizer recently attended Mining Indaba 2011 in Cape Town, South Africa where
it conducted one-on-one meetings with international fund managers and investment
specialists. In addition, presentations were made in London, England to
interested investors and funds. Significant interest in Energizer's Green Giant
vanadium project was generated as a result of these presentations and is
expected to result in further discussions, including regarding strategic
investments, project financing and analyst coverage.


Mining Indaba is the world's largest gathering of mining's most influential
stakeholders and decision-makers vested in African mining. Africa, with its
resource-rich regions, is catching the attention of savvy investors. Six of the
world's 10 fastest growing economies over the past decade are located in Africa,
with growth rates rivaling those in Asia. Over the next five years, Africa's
growth rate is expected to surpass Asia's, and companies with operations in
relatively stable African countries, such as Energizer, are positioned to take
advantage of this growth opportunity.


DRA to Complete Preliminary Economic Assessment

As previously announced, DRA Mineral Projects, a leading engineering, project
management and mine construction company based in South Africa, has been
retained to complete a National Instrument 43-101 ("NI 43-101") compliant
preliminary economic assessment (PEA) of the Company's Green Giant vanadium
project. Having recently completed the pre/feasibility study for the
neighbouring Sakoa coal project, DRA Mineral Projects will be able to provide
valuable insight into potential infrastructure synergies that will result from
the development of the two projects.


The PEA is expected to be completed in the third quarter of 2011.

SGS Lakefield to Optimize Process Flow Sheet in 2011

SGS Mineral Services (Lakefield) is conducting further metallurgical test work
as part of the PEA to optimize the vanadium extraction process confirmed by SGS
Lakefield in 2010. High vanadium extraction - up to 82% - was achieved by SGS
Lakefield using an oxidizing pre-roast followed by an alkaline pressure leach.
This process resulted in a leach solution low in deleterious elements and
suitable for upgrading by solvent extraction. SGS Lakefield has identified
several opportunities to optimize the process flow sheet, including the
recycling of leach solution to increase vanadium tenor, reduction of soda ash
consumption and optimization of pre-roast and pressure leach conditions
(temperature and time).


George Annandale, a consultant to the Company and a vanadium expert with over 30
years of international experience, added that, "The alkaline pressure leach
process which resulted in up to 82% vanadium extraction is a well-established
and proven technology that is in use today, in particular, in connection with
the treatment of uranium ores."


The 2011 metallurgical program being carried out at SGS Lakefield is being
directed by George Annandale.


The Green Giant vanadium is unique in that it is sediment-hosted, in contrast to
the majority of known vanadium deposits which are magnetite-hosted. As a result
of this geological difference, the metallurgical process for the Green Giant
vanadium is different from that used by other vanadium producers.


The unique characteristics of the Green Giant vanadium will allow the Company to
produce a high purity vanadium product - called vanadium pentoxide or V2O5 -
required for emerging battery technologies using vanadium. V2O5 can also be used
in traditional steel applications. Ferrovanadium, which is the usual end-product
from magnetite-hosted deposits, can only be used for steel applications.


Julie Lee Harrs, President and Chief Operating Officer of the Company, said, "As
we see more and more evidence in the marketplace of commercial applications of
vanadium-based battery technologies, such as the vanadium redox batteries, a
great opportunity exists for vanadium producers who can provide the necessary
high purity vanadium. Energizer's Green Giant project is being positioned to
meet this anticipated new demand for high purity vanadium, as well as the
anticipated 7% annual growth in demand for vanadium from the steel industry. The
sheer size of the Green Giant deposit will allow the Company to scale the
project to meet the increase in demand for vanadium and to provide the sureness
of supply and price required by vanadium end users. Please visit our website at
www.energizerresources.com to learn more about the two-sided growth story of
vanadium - steady growth from traditional steel applications and explosive
growth from emerging battery technologies."


Environmental and Socio-Economic Studies Continuing 

As the Green Giant project transitions from exploration to project development,
environmental and socio-economic baseline studies of the project area are
continuing to ensure that all pertinent information is available at each stage
of project development.


Sakoa Coal Project Advancing

Julie Lee Harrs, President and Chief Operating Officer of the Company, recently
met again with Asia-Thai Mining, one of the owners of the Sakoa coal project, as
well as the mine construction company retained to develop the coal project, both
of which are subsidiaries of Italian-Thai Development Public Company Limited,
Thailand's largest construction company, to discuss the status of the coal
project. The Sakoa coal project is a large thermal coal project located
approximately 30 kilometres from the Green Giant property.


Ms. Lee Harrs had the following comments regarding her recent meeting with
Asia-Thai Mining: "Armed with coal mine construction and coal mining experience,
Asia-Thai Mining is poised to begin construction of its Sakoa coal project. The
coal owners have plans to build the necessary infrastructure, including roads
and a new port, to support a new coal mine that they anticipate being in
production in the next few years. They also indicated that the coal project
would be phased in stages, and that further infrastructure enhancements would be
made, such as railways, as the project is expanded. The Sako coal project is
just the first of several projects in the region, including the Green Giant
vanadium project and Sherritt's limestone project, that are ready for
development."


The Green Giant project will require the upgrading of existing roads, ports, and
water supply routes and the importation of diesel power, all of which will be
detailed in the upcoming PEA being completed by DRA Mineral Projects. However,
the development of the Sakoa coal project is expected to enhance the economics
of the Green Giant project as it will provide infrastructure sharing
opportunities for the two projects.


The Company will continue discussions with Asia-Thai Mining to identify
potential infrastructure sharing opportunities and other synergies.


Energizer Meets with Madagascar Prime Minister and Minister of Mines

In a recent trip to Madagascar, Ms Lee Harrs met with Madagascar's Prime
Minister, Albert Camille Vital, and the Minister of Mines, Mamy Ratovomalala, to
present the Green Giant vanadium project and to provide a project update. A key
purpose of these meetings was to showcase the transition of the Green Giant
project from exploration to project development and to position the Company and
the Green Giant project as the next significant mining project in Madagascar.
Given Ms. Lee Harrs' previous experience with the development of the Ambatovy
nickel-cobalt project in Madagascar, she was well positioned to discuss the
development plans for the Company's Green Giant vanadium project.


The Company is pleased to report that both officials expressed their continued
support for the Company and the advancement of the Green Giant project.


Non-Brokered Private Placement Completed

With the recently completed non-brokered private placement, which raised
U.S.$13,921,495 million, the Company is well financed to aggressively advance
the development of the Green Giant vanadium project.


Vanadium in the News

Everyone is talking about vanadium - even U.S. President Barack Obama. At a
recent Presidential roundtable discussion at Cleveland State University,
President Obama commented on the efforts of Painesville, Ohio's power system and
its partners in building a massive energy storage system for the city, funded by
the U.S. Department of Energy's Smart Grid Program, using vanadium redox flow
battery technology. President Obama joked that "Vanadium redox fuel cells is one
of the coolest things I've ever said out loud". President Obama continued to say
that this "Next generation energy storage system will help families and
businesses cut down on energy waste, save money and reduce dangerous carbon
emissions". A video clip highlighting President Obama's comments on the vanadium
redox battery can be viewed at www.cbsnews.com.


Vanadium is becoming one of the most sought after metals in the world. China
recently announced that the development of the country's vanadium industry will
be a top priority in the next five years. Approximately 48% of the world's
vanadium supply comes from China. China has gone from being the world's largest
exporter of vanadium to the world's largest consumer. As China's urbanization
expansion continues, the country's demand for vanadium for steel use alone is
expected to remain strong for the next 10 to 20 years.


Vanadium is attracting the attention of more and more investors, analysts and
the mining industry in general. Two prominent Canadian mining publications, The
Northern Miner and Resource World Magazine, are profiling vanadium as lead
stories. The Northern Miner's current edition (February 29 to March 6, 2011)
leads with a feature entitled, "Spotlight on Vanadium", while Resource World
Magazine's April Issue will focus on vanadium, with a special industry feature.


Visit the Company's website at www.energizerresources.com to read more vanadium
news.


Attendance at PDAC 2011

Energizer will once again exhibit at this year's PDAC International Mining Trade
Show & Investors Exchange, at the Metro Toronto Convention Centre, South
Building. The Company invites shareholders and interested parties to visit
Energizer's booth (#2348) to discuss firsthand the Green Giant project and our
development plans for 2011.


Qualified Person

The resource estimate referred to in this press release was completed by AGP
Mining Consultants Inc. ("AGP") and is in conformance with the CIM Mineral
Resource and Mineral Reserve definitions referred to in NationaI Instrument
43-101, Standards of Disclosure for Mineral Projects. Pierre Desautels, P.Geo.,
of AGP, is the Independent Qualified Person under NI 43-101 responsible for the
resource estimate.


About Vanadium

Vanadium is well established as a strategic metal that strengthens and hardens
alloys like steel and is positioned to play a significant role in emerging
battery technologies such as batteries for electric cars and for large-scale
energy storage. While there are some opportunities for substitution in steel
production, the same is not true for other markets, including the emerging
energy (battery) storage markets, the military and particularly in the aerospace
industry, where vanadium is irreplaceable.


About the Green Giant Vanadium Project

The Green Giant vanadium project, located in Madagascar, is 100% owned by
Energizer. The Company has a NI 43-101 compliant indicated resource of 49.5
million tonnes at an average grade of 0.693% vanadium pentoxide ("V2O5")
containing 756.3 million pounds of V2O5 and an inferred resource of 9.7 million
tonnes at an average grade of 0.632% V2O5 containing 134.5 million pounds of
V2O5. With this resource estimate, the Green Giant deposit currently ranks as
one of the largest known vanadium deposit in the world, with only 75% of the
21-kilometre (18 mile) stratigraphic trend of vanadium remaining open for
drilling.


About Energizer Resources

Energizer Resources Inc. is a mineral exploration and development company based
in Toronto, Canada. The Company's common shares are traded on the TSX Venture
Exchange under the symbol EGZ, on the Over-The-Counter Bulletin Board under the
symbol ENZR, and on the Frankfurt Exchange under the symbol YE5.


For more information, please visit our website at www.energizerresources.com.

Cautionary Statement: The above resource estimates were calculated in accordance
with National Instrument 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. This mineral resource estimate includes 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. 


Safe Harbour Statement: The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this press release issued by the Company. 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.


Forward-looking statements include, receipt of regulatory approval, statements
on the proposed use of proceeds; completion of financing on terms proposed; the
ability to raise additional funds as required; the development potential and
timetable of the Company's properties and minerals; the current and future price
of minerals the Company explores; the estimated size of mineral deposits on the
Company's properties; the realization of those mineral deposit estimates; the
timing and amount of estimated future exploration, development and production;
costs of future exploration, development and production activities; success of
exploration activities; government regulatory matters; discussion of political
and environmental risks.


Forward-looking statements are based on the opinions and estimates of management
of the Company. Forward-looking statements are subject to known and unknown
risks that may cause actual results to be materially different from stated
opinions and estimates of management. Some of the Company's more material risks
are: availability and timing of external financing; unexpected events and delays
during exploration; receipt of government and stock exchange approvals; results
of current exploration activities; future price of minerals; political risks in
the locations of the Company's properties; appreciation/depreciation of foreign
currencies relative to the United States Dollar (the Company's functional
currency) and other risks inherent in the mining and exploration industry.


While Company's management has attempted to determine the factors that could
cause actual results to differ materially from estimated results contained in
forward-looking statements, there may be other factors that cause results not to
be as anticipated. The Company provides no assurance that such forward-looking
statements will prove accurate or not materially different than projected.
Therefore readers of this and other press releases issued by the Company should
not place unreasonable reliance on stated forward-looking statements.


This press release does not constitute an offer to sell or a solicitation of an
offer to sell any of the securities in the United States. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.