PSA Purpose High Interest Savings Fund

Energizer Resources Inc. (TSX:EGZ)(OTCQX:ENZR)(FRANKFURT:YE5) ("Energizer" or
the "Company") announces that it has finalized the purchase of the remaining 25%
interest in the Molo Graphite Project from joint venture partner Malagasy
Minerals Limited ("Malagasy") (ASX:MGY).


With the transaction completed, Energizer not only acquires 100% of the flagship
Molo Graphite Mine Project Area but also owns a 100% interest in and to all of
the industrial mineral rights within the acquired property, which comprises
2,120 claims totaling 363 square miles. The actual area of the Molo deposit as
currently delineated is approximately 0.3 square miles, representing less than
1% of the total acquired land package.


Richard Schler, Energizer's Chief Executive Officer stated, "The acquisition of
the remainder of the Molo Graphite Project represents the achievement of another
key milestone and is an important step in the Company's overall mine development
plan. We know through ongoing dialogue with potential strategic partners
regarding off-take agreements and project financing for the future Molo mine
that 100% ownership is highly preferred and so this transaction should certainly
help facilitate those discussions."


Key Terms of the Purchase and Sale Agreement ("PSA")

i) Within five days of TSX approval, Energizer will; 



--  Make a cash payment to Malagasy of CAD$400,000; 
--  Issue 2,500,000 Energizer shares (held in voluntary escrow for 12
    months); and 
--  Issue 3,500,000 Energizer warrants (based on a 5 day VWAP prior to date
    of signing). 



ii) On completion of a Full Feasibility Study ("FS") Energizer will: 



--  Make a cash payment to Malagasy of CAD$700,000; and 
--  Issue 1,000,000 Energizer shares (held in voluntary escrow for 12
    months). 



iii) On the commencement of commercial production Energizer will: 



--  Make a cash payment to Malagasy of CAD$1,000,000 within 5 business days
    of the commencement of commercial production of the Molo mine; and 
--  Malagasy is entitled to a 1.5% Net Smelter Return ("NSR") on all
    Industrial Mineral related production, which includes graphite. 



As part of the PSA finalization: 

i) Energizer has also acquired a 100% interest in and to the industrial mineral
rights on approximately 1.5 additional claim blocks totaling an area of 41.7
square miles immediately to the east and adjoining the Molo Graphite Deposit
claim blocks. The Company acquired this additional ground to accommodate
infrastructure build-out required for mine development.


ii) In a related but separate transaction, Malagasy has acquired a 75% interest
for non-industrial minerals on four claims of Energizer's 100%-owned Green Giant
Property in Madagascar. Energizer will own the remaining 25% interest in
non-industrial minerals and have a free carried interest through to the FS
stage. Energizer will continue to own a 100% interest in the industrial mineral
rights, which includes the Company's NI 43-101 compliant vanadium resource
estimate, comprising an indicated resource of 49.5 million tonnes at an average
grade of 0.693% vanadium pentoxide (V2O5) and an inferred resource of 9.7
million tonnes at an average grade of 0.632% V2O5 at a cut-off of 0.5% V2O5.


The PSA, once completed, remains subject to Energizer obtaining final approval
from the Toronto Stock Exchange and the Securities Exchange Commission in the
United States. All securities issued in connection with this finalized
transaction will be subject to a voluntary minimum hold period of one year,
which is greater than the applicable regulatory Canadian and United States hold
periods.


Qualified Person

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


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
in the world. The Molo Project hosts a NI 43-101 compliant indicated mineral
resource of 84.04 million tonnes grading 6.36% carbon (Cg) and an inferred
resource grading 6.29% Cg of crystalline flake graphite.


The Company released a robust Preliminary Economic Assessment Study of the Molo
in February 2013, resulting in a NPV at 10% discount of US$421 million, a 48%
pre-tax IRR and a 3-year payback. 


Energizer's total land package in southern Madagascar encompasses approximately
320 kilometers (198 miles) of continuous graphitic trends, where all graphite
mineralization is immediately at surface. In addition to the Molo, the Company
has also identified through drilling, trenching and geological mapping at least
six other zones that could be potential stand-alone graphite deposits.


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% Cg achieved through standard flotation alone. The Company is
targeting full-scale production by Q2 2016.


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


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 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. 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Energizer Resources Inc.
Brent Nykoliation
Senior Vice President, Corporate Development
+1.416.364.4911
bnykoliation@energizerresources.com


Energizer Resources Inc.
Craig Scherba
President and COO
+1.416.364.4911
cscherba@energizerresources.com
www.energizerresources.com

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