AGP Agromep Sa

Energizer Resources Inc. (TSX VENTURE:EGZ)(OTCBB:ENZR)(FRANKFURT:YE5)
("Energizer" or the "Company") announces that Objective Capital Research Limited
("Objective Capital") has initiated research coverage on the Company.


The initiation report will be distributed to leading institutions, brokerage
houses and high net worth individuals in Europe as well as in North America. For
the Company's European shareholder base, the report will also be available in
German. Objective Capital will issue a bi-annual review and provide updates
following any major corporate announcements.


A digital version of the research report is available now for download on
Energizer's website at www.energizerresources.com and on Objective Capital's
website at www.objectivecapital.com. 


About Objective Capital 

Objective Capital is one of Europe's leading independent research houses. Based
in London, UK, Objective Capital provides in-depth institutional quality
research on small and mid-cap companies. 


About the Green Giant Vanadium Project

The Company's Green Giant Vanadium Project contains a National Instrument 43-101
compliant ("NI 43-101") 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 the third largest known
vanadium deposit in the world. 


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 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.


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 NI 43-101, Standards of
Disclosure for Mineral Projects. Pierre Desautels, P.Geo., of AGP was the
Independent Qualified Person under NI 43-101 responsible for the resource
estimate. Mr. Desautels is the author of the updated resource estimate technical
report, which will be filed by January 15, 2011 on www.sedar.com under the
Company's profile.


For detailed information as to how the mineral resource was generated, please
refer to the November 30th press release. 


Clarification

The Company wishes to correct an error in the Qualified Person statement in its
previous press release (dated Tuesday 7th December 2010) in which it was stated
that "Pierre Desautels, P.Geo., of AGP, the Independent Qualified Person under
NI 43-101 responsible for the resource estimate, has reviewed this release."


Whilst Mr Desautels is responsible for the NI 43-101 resource estimate, he did
not review the release dated 7th December 2010.


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.

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