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Avion Gold Corporation (TSX VENTURE: AVR)(OTCQX: AVGCF)(PINK SHEETS: AVGCF) ("Avion") and Avocet Mining PLC (AIM: AVM) ("Avocet") are pleased to announce that they have executed a Definitive Agreement in relation to the previously announced transaction pursuant to which Avion has agreed to acquire a 100% interest in the Hounde Group concessions ("Hounde") in Burkina Faso (see Avion news release dated January 29, 2010).

In order to earn 100% of Hounde, Avion, has agreed to issue Avocet 10.3 million shares of Avion to be held in escrow pending completion of the acquisition. Closing of the acquisition remains subject to certain conditions, including without limitation, government approval in Burkina Faso, completion of the assignment of an existing royalty agreement on Hounde to the Company and approval of the TSX Venture Exchange.

This very large property lies within a new emerging gold camp, along more than 60 kilometres of what appears to be the same stratigraphy that hosts SEMAFO's Mana Mine to the northeast, which has Measured and Indicated resources of 2.35 million ounces of gold and produced 153,500 ounces in 2009. ACC Resources Ltd.'s Dossi zone is adjacent to the east of the Hounde Group, and is estimated to contain approximately 1 million ounces of non-43-101 compliant Au resources (as per ACC's corporate web site).

Avion has conducted an airborne magnetic and radiometric survey over the entire property. This property has never been subjected to a regional type survey and considering the abundance and strike extent of the known zones and untested artisanal mining areas, Avion believes that the chance for the extension of known zones and the discovery of additional zones is high.

Avion has also completed nine holes that tested the Vindaloo zone both to depth and along strike with the goal to expand the known mineralized zone. Metallurgical testing will commence once all assay result have been received.

The mining industry in Burkina Faso is growing at a fast rate due to a combination of a stable elected democratic government, good geology and a competitive fiscal regime. Currently six gold mines are in production or development in Burkina Faso (Essakane - IAMGOLD Corporation, Mana - SEMAFO, Inata - Avocet Mining PLC, Youga - Etruscan Resources Inc., Taparko - High River Gold Mines Ltd., Kalsaka - Cluff Gold PLC). In 2011, it is expected that Burkina Faso will become the fourth largest gold producing country in Africa. The country enjoys an income tax rate of 20% and a corporate profits tax of 20% for mining companies. There is a three-year tax holiday during construction that includes relief from VAT and custom duties during construction and reduced customs duties of 7.5% during mining operations. The government is entitled to a 10% free carried interest and a reasonable 3% Royalty on gold production.

Don Dudek, P.Geo., the Senior Vice President, Exploration 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 Gold Corporation

Avion is a Canadian-based gold mining company focused in West Africa that holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced at these projects in 2009 with just over 51,000 ounces produced; 2010 production is estimated at 75,000 to 85,000 ounces. Production sustainability is supported and enhanced by an aggressive 2010 drill program over an approximately 600 km2 exploration package that both surrounds and is near to our existing mine infrastructure. Additionally, a new, 1,670 km2 exploration property in Burkina Faso is expected to return good results from an ongoing drill program. These properties are the subject of an approx. US$ 12 million dollar, 60,000 metre plus, drill-focused exploration program in 2010, which is expected, based on results to date, to add new resources and future opportunities for Avion. Avion continues to progress towards its longer term goal of 200,000 ounces of gold per year and is evaluating an underground mine plan for the Segala and Tabakoto deposits. 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, without limitation, statements regarding the likelihood, timing and impact of the acquisition on the Company; statements with respect to the development potential and timetable of the Mali projects; 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: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; ability to successfully integrate the purchased properties; foreign operations risks; other risks inherent in the mining industry and other 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts: Avion Gold Corporation Michael McAllister Manager, Investor Relations (416) 309-2134 info@aviongoldcorp.com