Avion Gold Corporation

Avion Gold Corporation

April 23, 2009 08:00 ET

Avion Resources Announces 1st Quarter Gold Production Of 6,211 Ounces-Ahead Of Plan

TORONTO, ONTARIO--(Marketwire - April 23, 2009) - Avion Resources Corp. (TSX VENTURE:AVR) ("Avion" or the "Corporation") is pleased to announce that it produced 6,211 ounces of gold during the six weeks since the commencement of production start-up. Gold production to the end of March is approximately 1,013 ounces ahead of plan. The cash cost per ounce of gold for the year is currently projected to be US$ 505 per ounce. Achievement of commercial production is anticipated by July 1, 2009.

Commenting on the results, Avion's President and CEO, Mr. John Begeman stated, "I am pleased with the first quarter results and believe that the team in Mali will be able to achieve commercial production on schedule at the beginning of July."

Furthermore, Avion today announced that it has extended the term of 30,050,000 common share purchase warrants (the "Warrants") that were issued as part of an offering which closed on May 8, 2008. Each Warrant is exercisable for one common share in the capital of Avion, at an exercise price of $0.65, until May 8, 2010. Avion has received TSX Venture Exchange conditional approval to extend the expiry date of the Warrants a further year, until May 8, 2011 (the "Extension"). The Extension was a condition of the May 2008 financing. The effective date of the Extension will be from May 8, 2009.

In addition, Avion today announced that it has changed its fiscal year-end from November 30 to December 31. Accordingly, the first quarter of the fiscal year 2009 will include the transition period and results to be issued on or before May 30, 2009 will cover the four months ending March 31, 2009.

Andrew Bradfield, the Chief Operating Officer of the Company and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.

About Avion Resources Corp.

Avion is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali (assuming completion of the Dynamite acquisition). Gold production at these projects has commenced, with approximately 66,000 ounces of production forecast for 2009 rising to 101,400 ounces in 2012. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.

Cautionary Notes

This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the, the extension of the warrants, the receipt of regulatory approval, the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs, anticipated production schedule and terms, the completion of the Dynamite acquisition and the effect of contracts and appointments on the Company. 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: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; acquisition risks; and other risks of the mining industry. 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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