JVA Avidus Management Group, Inc.

Energizer Resources Inc. (TSX:EGZ)(OTCBB:ENZR)(FRANKFURT:YE5) ("Energizer" or
the "Company") is pleased to announce that further to its News Release dated
October 5, 2011 announcing the signing of a binding Heads Of Agreement ("HOA"),
it has now executed a definitive Joint Venture Agreement ("JVA") with Australian
company Malagasy Minerals Limited ("Malagasy") (ASX:MGY) for the exploration and
development of industrial minerals, such as vanadium and graphite. 


Under the terms of the JVA, a new joint venture company Madagascar-ERG Joint
Venture (Mauritius) Ltd ("JV Co") was formed and will be owned 75% by Energizer
and 25% by Malagasy. In addition, ERG (Madagascar) Ltd, a wholly owned
subsidiary of JV Co, was formed and incorporated under the laws of Madagascar
for the purposes of holding the subleases granting exclusive rights to develop
industrial minerals within the property and eventually the Exploitation Permits
required for mining purposes. 


The JV Co will have the exclusive right to explore for a defined group of
industrial minerals (listed in full below) and in particular vanadium, within
specifically defined permits on the newly expanded land position. The new land
position covers an area comprised of 2,119 claims and totals 827.7 square
kilometers, which is about 3.5 times the size of the Green Giant property.


Malagasy has a large and highly prospective land portfolio in Madagascar, much
of which is adjacent to the south and east of Energizer's Green Giant property.
While delineating Energizer's current NI 43-101 compliant vanadium resource, the
geological data strongly indicated that the main vanadium trend continued
immediately beyond the southern boundary (Jaky Zone) of its Green Giant vanadium
deposit. Malagasy has already confirmed, through exploration results, extensive
zones of vanadium mineralization on its tenements located immediately south and
adjacent to Energizer's land position. 


Kirk McKinnon, Chairman and CEO, commented, "I'm very pleased we have now
executed the definitive JVA. The new joint venture represents a 'win-win'
proposition for both companies, as it is expected to expand the vanadium
resource and accelerate the search for other strategic and industrial minerals
in Madagascar. We look forward to working with Malagasy in developing these
significant assets."


Joint-Venture Agreement Details

The JVA provides Malagasy with a free carried interest until the delivery by the
JV Co of a Bankable Feasibility Study ("BFS"). Upon the delivery of a BFS on any
discovery, Malagasy will then be required to contribute to ongoing development
and mining operations in accordance with the agreement and its participating
interest in the joint venture. 


It also contains a standard dilution clause for non-participation whereby a
party's interest will convert to a 2% net smelter return royalty should their
participating interest fall below 10%.


Energizer will manage all operations undertaken by the JV Co.

Terms of Agreement

Under the terms of the JVA, Malagasy will receive:



--  US$2,000,000 in cash and; 
--  7,500,000 Energizer common shares 



The JVA remains subject to Energizer obtaining final approval from the TSX and
the Securities Exchange Commission in the United States. All securities issued
in connection with this transaction will be subject to the applicable regulatory
hold periods.


Throughout the duration of the JVA, Malagasy will retain access to its
properties to carry out any exploration and development work it so chooses for
all other minerals including base metals, precious metals, platinum-group
elements, excluding only the vanadium and industrial minerals specified in the
list below.


List of Industrial Minerals

The following constitutes the industrial minerals as defined in the Agreement
with Malagasy:


Vanadium, Lithium, Aggregates, Alunite, Barite, Bentonite, Vermiculite,
Carbonatites, Corundum, Dimensional stone (excluding labradorite), Feldspar
(excluding labradorite), Fluorspar, Granite, Graphite, Gypsum, Kaolin, Kyanite,
Limestone / Dolomite, Marble, Mica, Olivine, Perlite, Phosphate, Potash
-Potassium minerals, Pumice Quartz, Staurolite, Zeolites


About Energizer Resources

Energizer Resources Inc. is a mineral exploration and development company based
in Toronto, Canada, which is developing its 100%-owned Green Giant Vanadium
Project located in Madagascar. The Green Giant vanadium deposit is one of the
largest known vanadium deposits in the world. In addition to the Toronto Stock
Exchange (TSX:EGZ), the Company's common shares trade on the U.S.
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. 

Safe Harbour Statement: 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.


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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