Avion Gold Corporation

Avion Gold Corporation

August 17, 2011 12:29 ET

Avion Files NI 43-101 Technical Report of Mineral Reserve Estimate for Tabakoto Project in Mali

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2011) - Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) ("Avion" or the "Company") is pleased to announce that a technical report in respect of its initial mineral reserve estimate announced on July 5, 2011 has been filed on SEDAR in compliance with National Instrument 43-101 ("NI 43-101") requirements.

The report was prepared to provide a NI 43-101 compliant Technical Report in respect of mineral reserves for the Tabakoto and Ségala underground mines, and for open pit mines at Dioulafoundou, Tabakoto South, Ségala NW and Djambaye II. In addition, the report provides independent updated mineral resource estimates of the gold mineralization on the Tabakoto NW and Djambaye II deposits and a restatement of mineral resources on the Tabakoto NE, Tabakoto South/Dabo, Dioulafoundou, Ségala Main, Ségala NW and Dar Salam deposits (collectively referred to as the "Tabakoto Mining Operations" or "Tabakoto Project" or "the Project") in Mali, West Africa.

The NI 43-101 mineral reserve technical report was authored by Mr. Don Dudek, P.Geo., and Mr. Andrew Bradfield, P.Eng., both officers of the Corporation, and by Mr. Eugene J. Puritch, P. Eng., Mr. Antoine Yassa, P. Geo., and Ms. Tracy Armstrong, P. Geo. of P&E Mining Consultants, who are independent of Avion, and all of whom are "qualified persons" as defined in NI 43-101.

The Technical Report, entitled "Technical Report on the Tabakoto Mining Operations, Mali, West Africa" dated effective July 5, 2011, has been filed under Avion's profile on SEDAR (www.sedar.com).

Regulatory Notes

Andrew Bradfield, P.Eng., the Chief Operating Officer, and Don Dudek, P.Geo., the Senior Vice President, Exploration, of the Company are the "qualified persons" under National Instrument 43-101 and have reviewed and approved the scientific and technical information contained in this news release.

For a full description of the mineral resources and reserves discussed herein, the key parameters, assumptions and methods used to estimate these mineral resources and reserves and a discussion of the legal, political and environmental risks that may have an impact on the estimates, refer to the Technical Report.

Cautionary Notes

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the impact of the reserve report on the Company, the impact of drilling results; statements with respect to the development potential and timetable of the Hounde project; the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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