Energizer Resources Applies to List Common Shares on The Toronto Stock Exchange

TORONTO, ONTARIO--(Marketwire - March 24, 2011) - Energizer Resources Inc. (TSX VENTURE:EGZ)(OTCBB:ENZR)(FRANKFURT:YE5) ("Energizer" or the "Company") announces that it has submitted an application to list its common shares on The Toronto Stock Exchange (the "TSX"), Canada's premier stock exchange.

The Company has made an application to graduate to the TSX from its current listing on the TSX Venture Exchange. The Company also trades on the Over-The-Counter Bulletin Board and the Frankfurt Exchange.

Energizer meets TSX Minimum Listing Requirements

The application is being made as the Company now satisfies the TSX's minimum listing requirements, including the working capital, financial resources and property requirements, which were achieved with the recently completed non-brokered private placement of U.S.$13,921,495 and the filing of a National Instrument 43-101 ("NI 43-101") compliant resource estimate 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, respectively.

Julie Lee Harrs, President and Chief Operating Officer of the Company, said, "A listing on the TSX is a tremendous opportunity for the Company to have exposure to a broader investor base. As the pre-eminent global stock exchange for international resource companies, the TSX will provide the Company with access to a wider range of institutional investors."

With continued evidence in the marketplace of commercial applications of vanadium-based battery technologies, such as vanadium redox batteries, a great opportunity exists for vanadium producers who can provide the necessary high purity vanadium. The Company's Green Giant vanadium project is being positioned to meet the new anticipated demand for high purity vanadium, as well as the anticipated 7% annual growth in demand for vanadium from the steel industry.

"With a NI 43-101 compliant resource and the recently completed private placement of almost U.S.$14 million, we feel this is the right time to move to the senior exchange to position the Company so that we can aggressively more forward with the development of the project" said Ms. Lee Harrs.

The decision of the TSX regarding the Company's listing application is expected within 60 days.

Please visit our website at www.energizerresources.com to learn more about the Green Giant vanadium project and to read the latest developments in vanadium news.

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.