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Energizer Resources Inc. (TSX:EGZ,OTCQX:ENZR,FWB:YE5) seeks to clarify certain previously issued disclosures, particularly those on news released on December 3, 2012, January 24, 2013 and February 26, 2013. Energizer disclosed a resource estimate for a higher-grade resource in two zones, and it may have been unclear as to whether these zones were included in the overall resource estimate.
As quoted in the press release:
The Company’s news release dated April 3, 2013 reported only pre-tax results from its graphite grade and operating sensitivity analysis for the Molo graphite project. Pre-tax results alone should not be relied upon. For post-tax results, please refer to the Company’s technical report entitled “Molo Graphite Project, Fotadrevo, Province of Toliara, Madagascar, Preliminary Economic Assessment Technical Report Update” dated April 12, 2013 available under the Company’s profile at www.sedar.com. The Company wishes to add the following qualified person(s) for the below referenced news releases:
For news release dated March 26, 2012: Craig Scherba, P.Geo., President and COO is the qualified person who reviewed and approved the technical information provided in this release.
For news release dated January 24, 2013: Mr. Glenn Bezuidenhout, DRA Process Director (Process QP) is the qualified person who reviewed and approved the technical information provided in this release
For news release dated October 17, 2013: Mr. Oliver Peters, M.Sc., MBA, P.Eng. (Ontario), Principal Metallurgist and President of Metpro Management Inc. is the qualified person who reviewed and approved the technical information provided in this press release.
For news release dated February 25, 2014: Mr. Glenn Bezuidenhout, DRA Process Director (Process QP) is the qualified person who reviewed and approved the technical information provided in this press release.
For news release dated February 28, 2014: Mr. Craig Scherba, P.Geo., President and COO is the qualified person who reviewed and approved the technical information provided in this press release.
The Company would like to clarify that a news release dated September 11, 2014, entitled “Tesla’s New Giga-Plant Will Double the World’s Demand for Flake Graphite and Energizer Resources Inc. May Just Be Sitting on the Mother Lode” was not issued by the Company, but rather was issued by U.S-based Uptick Newswire (“the Uptick Release”). A fee of US $2000 was paid to Uptick Newswire for an interview and distribution of an editorial-type article to its database. Prior to the dissemination of the “Uptick Release”, the Company had previously engaged Uptick Newswire for a 1-month awareness campaign in August 2014, at a fee of US$4,000.
The Uptick Release was not approved by, nor intended to be distributed as a press release by Energizer and as such the Company does not affirm or authorize the statements contained in the Uptick Release and it should not be relied upon. For that reason, the Company therefore wishes to retract certain statements in the article attributed to the Company and to provide the following clarification:
i) The reference to a total National Instrument 43-101 (NI 43-101) compliant resource estimate of “141 million tonnes” is incorrect. In accordance with NI 43-101, the mineral resource estimate should not have been aggregated but rather should have been reported separately as measured mineral resource of 23.62 million tonnes (MT) grading 6.32% carbon (C), an indicated mineral resource of 76.75 MT grading 6.25% C and an inferred mineral resource of 40.91 MT at 5.78% C, at a 2% C cut off.
ii) The reference to the Molo project having a mine life of “over 130 years” is not supported by the Company’s technical report entitled “Molo Graphite Project, Fotadrevo, Province of Toliara, Madagascar, Preliminary Economic Assessment Technical Report Update” dated April 12, 2013, and therefore should be disregarded. The life of mine plan obtained from the pit optimization study for the Molo Project indicates that 31.9 Mt, at an average grade of 8.5% graphitic carbon, will be mined over 27 years at a nominal production rate of 1.16 Mt/annum. Primary graphite concentrate production is projected to total 2,283 million tonnes at an average grade of 88% C. For information on the mine life for the Molo project, please refer to the Company’s technical report entitled “Molo Graphite Project, Fotadrevo, Province of Toliara, Madagascar, Preliminary Economic Assessment Technical Report Update” dated April 12, 2013 available under the Company’s profile at www.sedar.com.
iii) The statement, “Molo alone represents less than 1% of the total graphite confirmed on Energizer’s property” should be clarified as follows: While the strike length (footprint) of the Molo mineral resource represents less than 1% of the over 320 kilometres of continuous mineralization confirmed at surface on the total property, none of the remaining 320-kilometre strike length of graphite mineralization has been delineated as a graphite deposit or resource and should not be regarded as such.
iv) Regarding the statement, “Energizer has also identified through drilling, trenching and geological mapping at least six other zones that could be potential stand-alone graphite deposits”, the Company would like to clarify that these additional zones should not be construed as stand-alone graphite deposits. In order to qualify them as such, additional exploration would need to be undertaken and there is no certainty that any of these zones would result in a NI 43-101 compliant deposit or mineral resource.
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