Energizer Resources Inc.
FRANKFURT : YE5
OTC Bulletin Board : ENZR
TSX VENTURE : EGZ

Energizer Resources Inc.

August 31, 2010 08:00 ET

Energizer Resources Releases Assay Results, Drills 1.17% V2O5 Over 84 Metres on Green Giant Vanadium Project, Madagascar

TORONTO, ONTARIO--(Marketwire - Aug. 31, 2010) - Energizer Resources Inc. (formerly Uranium Star Corp.) (TSX VENTURE:EGZ)(OTCBB:ENZR)(FRANKFURT:YE5) ("Energizer" or "the Company") is pleased to announce assay results from its 2010 drill program for its Green Giant Vanadium Project in Madagascar. Highlights of the assay results received to date are as follows:

  • 0.91% V2O5 over 154 metres, including 1.17% V2O5 over 84 metres (Hole MM-01)
  • 0.75% V2O5 over 98.5 metres, including 0.80% V2O5 over 75 metres (Hole M-87)
  • 0.84% V2O5 over 21 metres, including 0.98% V2O5 over 10.5 metres (Hole M-59)
  • 0.78% V2O5 over 24 metres, including 0.95% V2O5 over 9 metres (Hole M-58)
  • 0.73% V2O5 over 85.5 metres, including 0.92% V2O5 over 14.4 metres (Hole M-71)
  • 0.71% V2O5 over 64.5 metres, including 0.98% V2O5 over 10.5 metres (Hole M-56)
  • 0.71% V2O5 over 33 metres, including 0.99% V2O5 over 4.5 metres (Hole M-62)
  • 0.66% V2O5 over 25.5 metres, including 1.07% V2O5 over 7.5 metres (Hole M-83)

A complete summary table of the assay results received to date follows at the end of this press release.

To date, 75% of the assay results have been received for the 46 diamond drill holes (totalling 8,952 metres) completed during the 2010 drill program. Additional assay results will be announced as they are received.

Assay Results 15% Higher Than Initially Reported XRF Field Values

The assay results are on average 15% higher than previously reported X-Ray Fluorescence (XRF) field results, which can be found in the Company's earlier news releases at www.energizerresources.com.

Updated NI 43-101 Resource Estimate Expected in October 2010

The Company expects to have an updated NI 43-101 resource estimate for its Green Giant property available in October 2010 which will increase the previously reported indicated resource estimate of 21.74 million tonnes of V2O5 at a grade of 0.759% and inferred resource estimate of 4.15 million tonnes of V2O5 at a grade of 0.655%.

Ground Geophysical Survey Completed; Additional Targets to be Identified

Based on exploration findings after this latest stage of drilling, the Company conducted a ground geophysical survey on the Green Giant property to quantify what it believes is another significant vanadium-bearing zone west of the Manga zone. The results of this survey, which are expected in early September, will be used by the Company to identify additional high grade vanadium trends, as well as other mineral targets. The Company continues to maintain a fully equipped exploration camp, including two Boart Longyear diamond drills, which can be mobilized once new exploration targets are identified. 

Metallurgy Results Expected in October 2010

Metallurgical work on ore samples from the Green Giant property continues at 3 labs in Canada (SGS Lakefield, NMR 360 Montreal) and South Africa (Mintek). Based on preliminary results received to date from these labs, the Company expects to report promising metallurgical results in October 2010. These met results will be used to complete a NI 43-101 compliant preliminary economic assessment of the Green Giant vanadium project. 

Julie Lee Harrs, President and COO, said, "Based on these initial assay results, we expect to exceed our target of identifying an additional 25 to 30 million tonnes of V2O5 at a cut-off grade of 0.5%. The updated NI 43-101 resource estimate, anticipated in October 2010, is expected to establish Energizer Resources' Green Giant project as one of the world's largest vanadium deposits. We are eagerly awaiting the final results of our metallurgy program which we expect will confirm that the Green Giant project is amenable to a simplified, and thus lower cost, processing flow sheet."

Qualified Person

Craig Scherba, P.Geol., is the qualified person for the geological information provided in this release.

Summary of drill hole assays received to date: 

INTERVAL         Including      
HoleID V2O5_Grade From (m) To (m) Interval (m) V2O5_Grade From (m) To (m) Interval (m)
K-02 0.522 180.5 204.5 24        
K-02         0.645 185 192.5 7.5
K-03 0.616 93.5 135.56 42.06        
K-03 0.628 138.5 150.5 12        
K-03         0.74 140 144.5 4.5
K-04 0.514 141.5 189.5 48        
K-04         0.612 149 159.77 10.77
K-04         0.683 164.18 167 2.82
K-05 0.54 104 113 9        
K-06 0.39 75.5 93.5 18        
K-06 0.577 108.5 139.75 31.25 0.611 113 134 21
K-06 0.519 189.52 194 4.48        
K-09 0.555 132.5 230 97.5 0.606 144.5 195.5 51
K-09         0.643 203 230 27
M-05 0.572 50 90.5 40.5        
M-05         0.705 51.5 62 10.5
M-05         0.661 78.5 90.5 12
M-44 0.686 75.5 87.5 12        
M-44         0.974 80 83 3
M-48 0.692 50 62 12        
M-48         0.864 51.5 59 7.5
M-49 0.734 192.5 200 7.5        
M-49         1.036 194 197 3
M-53 0.711 71 86 15        
M-53 0.616 99.5 102.5 3        
M-53         0.946 72.5 80 7.5
M-54 0.528 134 147.5 13.5 0.749 134 137 3
M-55 0.602 102.5 108.5 6        
M-55 0.548 116 137 21        
M-55 0.521 147.5 155 7.5        
M-55         0.88 104 107 3
M-56 0.726 163.5 178.5 15        
M-56 0.711 180 244.5 64.5        
M-56         0.801 168 177 9
M-56         0.983 223.5 234 10.5
M-57 0.621 24.5 63.5 39        
M-57         0.948 44 48.5 4.5
M-58 0.783 161 185 24        
M-58         0.945 171.5 180.5 9
M-59 0.844 81.5 102.5 21        
M-59         0.981 90.5 101 10.5
M-60 0.751 210.5 219.5 9        
M-60 0.773 231.5 236 4.5        
M-62 0.706 51.5 84.5 33        
M-62         0.991 65 69.5 4.5
M-62         1.057 80 83 3
M-65 0.736 50 60.5 10.5        
M-65 0.531 101 108.5 7.5        
M-71 0.725 188 273.5 85.5        
M-71         0.923 192.5 198.5 6
M-71         1.2 221 234.5 13.5
M-71         0.922 245.64 260 14.36
M-72 0.594 53 66.5 13.5        
M-72         0.838 54.5 59 4.5
M-73 0.611 51.5 63.5 12        
M-73         0.714 53 60.5 7.5
M-74 0.667 51.5 66.5 15        
M-74 0.505 95 101 6        
M-74         0.874 53 60.5 7.5
M-75 0.516 30.17 33.5 3.33        
M-75 0.618 45.5 77 31.5        
M-75         0.922 54.5 66.5 12
M-76 0.53 54.5 69.5 15        
M-82 0.533 119 126.5 7.5        
M-83 0.66 45.5 71 25.5        
M-83         1.073 56 63.5 7.5
M-84 0.564 149.75 162.5 12.75        
M-85 0.609 96.5 108.5 12        
M-85 0.657 113 131 18        
M-85         0.859 122 126.5 4.5
M-86 0.65 155 191 36        
M-87 0.749 185 283.5 98.5        
M-87         0.801 195.5 270.5 75
M-88 0.64 206 249.5 43.5 0.731 221 245 24
M-91a 0.735 294.5 311 16.5        
M-91a         1.046 294.5 303.5 9
WW-01 0.911 2.5 156.5 154        
WW-01         1.166 71 155 84
WW-01         1.343 74 86 12
WW-01         1.327 102.5 126.5 24

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

Safe Harbour StatementThe 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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