AGP Agromep Sa

Energizer Resources Inc. (TSX VENTURE:EGZ)(OTCBB:ENZR)(FRANKFURT:YE5)
("Energizer" or the "Company") provides an update on its business strategy and
initiatives for 2011 in connection with its 100%-owned Green Giant Vanadium
Project in Madagascar. 


One of World's Largest Known Vanadium Deposits

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. 


The resource estimate was calculated on the basis on the following: 



--  Approximately 18,832 metres of diamond drill hole data from the 2008,
    2009 and 2010 drill program, supplemented by approximately 5,928 metres
    of trench data from the 2008, 2009 exploration programs 
--  All drill core and trench samples were analyzed using an alkaline flux
    fusion digestion followed by optical emission spectrometry (ICP OES) by
    Genalysis Laboratory located in Johannesburg, South Africa 
--  All drill holes are diamond drill core and were sampled mostly at 1.5
    metre intervals.  
--  A comprehensive QA/QC program was in place during the drill programs,
    which included the insertion of standards and duplicates at regular
    intervals 
--  Gemcom Software International, GEMS(C) Version 6.2.4 software was used
    for the estimate 
--  Ordinary kriging was used for all domains. The interpolation was carried
    out in multiple passes with increasing search ellipsoid dimensions.
    Inverse distance and nearest neighbor models were used for validation 
--  Classification was based primarily on the pass number and distance to
    the nearest sample. Metallurgical recoveries are not taken into account.



The Company will continue to consider additional drilling to expand this
resource estimate as 75% of the 21-kilometre (18 mile) stratigraphic trend of
vanadium remains open for drilling.


Preliminary Economic Assessment to Commence

As a result of favourable in-house economic analyses conducted by AGP Mining
Consultants Inc., the independent qualified person for the resource estimate
contained in this press release, the Company will be moving forward with a NI
43-101 preliminary economic assessment ("PEA") in the first quarter of 2011 to
confirm and refine the economic parameters for the Green Giant project. 


Infrastructure Being Constructed for Nearby Sakoa Coal Project

The PEA will include an analysis of the existing and additional infrastructure
necessary for the Green Giant project. The Company will continue its discussions
with the developers of the nearby Sakoa coal project, which is located
approximately 30 kilometres away from the Green Giant project. The Company is
seeking to reach an agreement as to use of the infrastructure to be constructed
in connection with the Sakoa coal project, including power and water supply,
transportation routes and port facilities. The use of Sakoa's infrastructure is
expected to reduce both the capital and operating costs of the Green Giant
project.


The Sakoa coal project is being developed by Asia Thai Mining Co. Ltd., a
related company of Italian-Thai Development Public Company Limited, Thailand's
largest construction company. A pre/feasibility study of the Sakoa coal project
has been completed by DRA Mineral Projects, one of Energizer's strategic
partners. 


DRA Mineral Projects To Lead Green Giant Project Development 

Energizer's strategic alliance partner, DRA Mineral Projects, a leading
engineering, project management and mine construction company based in South
Africa will be completing the Company's upcoming PEA. Having recently completed
the pre/feasibility study for Sakoa Coal Project, DRA Mineral Projects will
provide valuable insight into the potential infrastructure synergies while
assisting the Company in the on-going discussions with Asia Thai Mining.


Strategic Partners To Be Determined

In the first quarter of 2011, the Company will be focusing its efforts on
identifying strategic partners in both the steel and battery industries and
concluding strategic alliances with these partners. These strategic alliances
are expected to provide purchasers for the vanadium to be produced by the Green
Giant project.


The Balloch Group, a leading boutique Chinese investment bank, who were retained
in November 2010, will assist the Company in identifying potential strategic
partners from China. 


Increasing Evidence of Vanadium in the Market Place

As indicated in our press releases of November 17 and 30, 2010 there is
increasing evidence of leading vanadium-based technologies in the market place.
These new technologies require high purity V2O5, which is not readily available.
The expected increase in demand for high purity V2O5, coupled with the vanadium
demand from the steel industry, is expected to result in a shortage of supply of
vanadium. 


The Green Giant Vanadium Project is expected to produce the high purity V2O5
required by the new vanadium-based technologies, as well as the form of vanadium
- called ferrovanadium - required by the steel industry. 


The Year in Review



--  March 2010: US$6.5 million private placement completed, with
    participation from Dundee Resources and Consolidated Thompson Iron Mines
    
--  May 2010: listed on the TSX Venture Exchange 
    
--  May 2010: initial NI 43-101 resource estimate consisting of an indicated
    resource of 21.74 million tonnes at an average grade of 0.759% V2O5 and
    inferred resource of 4.15 million tonnes at an average grade of 0.655%
    V2O5 announced 
    
--  June 2010: strategic alliance with DRA Mineral Projects, a leading mine
    engineering and construction company based in South Africa, concluded 
    
--  October 2010: Richard Quesnel joins board of directors 
    
--  November 2010: metallurgical test work conducted by SGS Lakefield
    confirms vanadium recoveries of up to 82% with a pre-roast + alkaline
    pressure leaching process 
    
--  November 2010: updated resource estimate that more than doubles initial
    resource  
    
--  November 2010: in-house economic analysis of the Green Giant project
    completed by our engineering consultants, AGP, confirms very positive
    internal rate of return 
    
--  November 2010: The Balloch Group retained to help identify potential
    Chinese partners. More recently, it was announced that The Balloch Group
    was being acquired by Canaccord Financial Inc. and was being rebranded
    as Canaccord Genuity Asia with Howard Balloch as Chairman. 
    



2011 Snapshot

Julie Lee Harrs, President and Chief Operating Officer of the Company, comments,
"On the basis of our extraordinary achievements in 2010, we are aggressively
moving the Green Giant project forward both from a project development
perspective, as well as with strategic partners. To this end, I will be
travelling to Africa to advance the PEA and the discussions regarding our use of
the infrastructure being constructed for the nearby Sakoa coal project, as well
as to Europe and Asia to meet and conclude agreements with strategic battery and
steel partners. Stay tuned for an exciting 2011."


Management Ownership of Securities

Contrary to erroneous information that may be circulating, the Company confirms
that no insiders have sold any shares or exercised any options to purchase
shares of the Company.


Management continues to believe strongly in the future potential of the Green
Giant project and the growth of both new vanadium-based technologies and
traditional steel applications which will significantly increase vanadium
demand.


The Company remains firm in its belief that the upside of this quantified and
valuable resource will soon be realized.


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. 


For detailed information as to how the mineral resource was generated, please
refer to the updated resource estimate that will be filed within 45 days of this
news release on www.sedar.com under the Company's profile.


Pierre Desautels, P.Geo., of AGP, the Independent Qualified Person under NI
43-101 responsible for the resource estimate, has reviewed this release. Mr.
Desautels is the author of the updated resource estimate, which will be filed by
January 15, 2011. 


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.


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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