Avion Gold Corporation (TSX VENTURE: AVR)(OTCQX: AVGCF) ("Avion")
is pleased to announce new drill results for 16 holes that tested
the Tabakoto Pit area cross structures and for 6 holes that tested
the Dioulafoundou zone. These drill holes combine a mix of in-fill
and step-outs on the mineralized zones down plunge and along
strike. These results continue to build confidence in Avion's 2011
mine plan.
Significant intercepts include the following:
-- 10.05 g/t Au over 3.7 metres
-- 56.08 g/t Au over 11.4 metres (includes 1508.07 g/t Au over 0.4 metres)
-- 7.31 g/t Au over 6.5 metres
-- 5.29 g/t Au over 12.4 metres
-- 11.35 g/t Au over 2.5 metres
-- 6.21 g/t Au over 8.4 metres
-- 9.40 g/t Au over 5.1 metres
-- 18.52 g/t Au over 5.6 metres
-- 9.51 g/t Au over 3.5 metres
-- 34.52 g/t Au over 3.7 metres
-- 13.57 g/t Au over 7.4 metres
-- 10.48 g/t Au over 5.4 metres
-- 6.70 g/t Au over 4.5 metres
Avion has continued with a program designed to increase the
confidence levels in the modeled gold zones and to extend the known
Tabakoto pit and Dioulafoundou zones down plunge and, to a lesser
extent, along strike. Avion continues to intersect additional zones
of gold mineralization that are not part of the modeled zones in
the upcoming resource update. These new intercepts will be modeled
and added to the overall resources when sufficient information has
been acquired. A summary of the drill results are presented in a
table at the end of this news release. Select drill results for the
Tabakoto area are presented in Figure 2 and for the Dioulafoundou
Deposit in Figure 3.
John Begeman, Avion's President and CEO, stated: "Avion's
underground development is progressing toward the high grade zones
under the Tabakoto Pit with an excess of 400 metres of development
completed to date. We are eagerly looking forward to our first look
at these zones at depth and the first development ore from these
zones is expected in late Q1, 2011. "
In 2010 Avion has completed over 436 core and reverse
circulation drill holes totaling approximately 56,000 metres of
drilling, at the Tabakoto property. This work has focused
predominantly on the Dioulafoundou, Tabakoto, Djambaye II and
Segala areas. In total, in all properties, Avion has completed
approximately 68,500 metres of drilling in 504 holes. Drilling is
currently being carried out with one drill each on the Tabakoto
(Mali) and Hounde (Burkina Faso) properties. Drilling will cease in
mid-December to allow time to review results and plan for the 2011
drill program with a planned re-start in February.
Avion continues to work toward a year-end resource update with
the majority of the deposit modeling completed. This resource
update will include most mineralized zones on the Tabakoto Project
which includes the Tabakoto, Segala and Great Quest properties. It
is anticipated that the overall mineral resources will reduce
somewhat from the historic estimates but will demonstrate higher
grades in-line with plans to develop the Segala and Tabakoto
deposits from underground.
Avion's procedures for handling core have been presented in
previous news releases (See Avion News Release dated May 13, 2010).
Assays presented in the attached table have been capped at 32 g/t
at Tabakoto and to 50 g/t Au at Dioulafoundou.
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 85,000
ounces of gold. 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 the
Company's existing mine infrastructure. Additionally, the 1,670
km(2) Hounde exploration property in Burkina Faso is returning
promising results from an ongoing exploration program. These
properties are the subject of an approximate US$ 12 million dollar,
approximate 70,000 metre, drill-focused, exploration program in
2010, which management expects, based on results to date, to add
new resources and future opportunities for Avion. Avion continues
to progress towards its medium term goal of 200,000 ounces of gold
per year and a longer term goal of organic growth through
development of its exploration properties. The Company is
developing an underground mine at the Tabakoto deposit, and is
preparing to mine underground at the Segala deposit. Avion has a
highly skilled management team, with a focus on growth and
consolidation within West Africa.
Cautionary Notes
The ability of Avion to increase production to 200,000 ounces of
gold per year has not been the subject of a feasibility study and
there is no certainty that the proposed expansion will be
economically viable.
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 drilling results on the
Company; statements with respect to the development potential and
timetable of the Tabakoto, Kofi and Hounde 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 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.
Avion 2010 - New Tabakoto Pit and Dioulafoundou Deposit Intercepts
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HOLE FROM TO LENGTH EST. TRUE Au Au Zone
# (m) (m) (m) WIDTH (m) g/t Capped
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TABAKOTO DEPOSIT
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T-10-57A 107.0 118.0 11.0 8.5 1.16 1.16 NE7
T-10-57A 135.0 136.5 1.5 0.8 1.06 1.06 NE2
T-10-57A 164.0 172.5 8.5 5.20 5.20
T-10-57A 170.7 172.5 1.8 5.40 5.40
T-10-57A 175.0 176.0 1.0 0.7 2.50 2.50 NE1?
T-10-57A 178.3 181.2 2.9 2.0 6.92 6.92 NE1
T-10-57A 203.8 205.6 1.8 1.0 6.08 6.08 NE8
T-10-58 127.9 130.9 3.0 2.6 1.24 1.24 NE7
T-10-58 146.2 147.2 1.0 0.8 3.50 3.50 NE2
T-10-58 157.8 159.3 1.5 2.13 2.13
T-10-58 164.3 165.4 1.2 1.52 1.52
T-10-58 172.5 176.0 3.5 1.29 1.29
T-10-58 183.5 189.3 5.8 3.16 3.16
T-10-58 195.0 195.7 0.7 1.22 1.22
T-10-58 202.2 205.0 2.8 2.3 4.96 4.96 NE1
T-10-58 211.4 212.9 1.5 1.17 1.17
T-10-58 215.9 219.5 3.7 2.5 10.05 10.05 NE1?
T-10-58 222.9 226.8 3.9 1.69 1.69
T-10-58 237.0 237.5 0.5 2.41 2.41
T-10-58 250.8 254.3 3.5 1.9 3.50 3.50 NE8?
T-10-58 268.0 271.3 3.3 1.5 1.36 1.36 NE8?
T-10-58 294.0 295.2 1.2 1.56 1.56
T-10-59 42.0 42.8 0.8 0.7 1.56 1.56 NE4?
T-10-59 83.0 84.6 1.6 1.3 2.85 2.85 NE6
T-10-59 87.0 89.0 2.0 1.7 1.17 1.17 NE6?
T-10-59 96.0 99.5 3.5 2.8 1.34 1.34 NE7
T-10-59 104.2 105.7 1.6 1.2 1.80 1.80 NE7?
T-10-59 116.6 120.9 4.3 3.5 4.77 4.77 NE2
T-10-59 121.9 122.6 0.7 1.04 1.04
T-10-59 139.5 141.0 1.5 1.76 1.76
T-10-59 154.0 157.0 3.0 2.3 7.93 7.93 NE1
T-10-59 204.0 207.5 3.5 2.9 6.55 6.55 NE8
T-10-60 32.4 36.2 3.8 1.06 1.06
T-10-60 40.7 42.6 1.9 1.5 1.11 1.11 NE4
T-10-60 67.6 69.1 1.5 2.18 2.18
T-10-60 72.1 83.5 11.4 10.0 56.08 4.16 NE6
includes 74.8 77.5 2.7 231.41 11.25
T-10-60 95.0 96.6 1.6 1.3 1.75 1.75 NE7
T-10-60 131.1 133.0 2.0 1.8 6.00 6.00 NE1
T-10-60 155.1 156.7 1.6 15.99 15.99
T-10-60 182.3 188.8 6.5 6.0 7.31 7.31 NE8
T-10-61 31.2 32.5 1.3 1.0 3.31 3.31 NE4
T-10-61 44.0 57.7 12.4 5.29 5.29
T-10-61 66.0 67.0 1.0 0.5 2.17 2.17 NE6
T-10-61 102.5 105.7 4.4 2.5 11.33 10.44 NE2
T-10-61 115.5 117.7 2.3 2.99 2.99
T-10-61 151.5 159.9 8.4 5.0 6.21 6.21 NE1
T-10-61 166.0 167.5 1.5 2.39 2.39
T-10-62 188.5 190.0 1.5 5.36 5.36
T-10-62 195.5 197.7 2.2 1.11 1.11
T-10-62 203.8 205.7 1.9 1.3 3.51 3.51 TK south
T-10-63 217.2 218.4 1.3 4.85 4.85
T-10-63 222.4 224.0 1.6 1.29 1.29
T-10-63 228.5 233.6 5.1 4.5 9.40 9.40 Dabo
T-10-63 374.0 375.2 1.2 2.09 2.09
T-10-64 138.0 140.0 2.0 1.5 4.83 4.83 NW11
T-10-64 178.0 182.8 3.3 2.6 7.63 7.63 NW2
T-10-65 79.9 81.5 1.6 1.30 1.30
T-10-65 99.4 105.0 5.6 4.5 18.52 13.72 NW1
T-10-65 132.5 134.0 1.5 1.0 13.53 13.53 NW11
T-10-65 136.5 138.5 2.0 4.88 4.88
T-10-65 179.6 181.1 1.5 3.60 3.60
T-10-66 7.5 11.0 3.5 1.52 1.52 NW3
T-10-66A 5.5 9.1 3.6 3.82 3.82 NW3
T-10-66A 12.1 15.0 2.9 3.39 3.39
T-10-66A 48.0 49.5 1.5 1.32 1.32
T-10-66A 57.4 61.9 4.5 3.0 1.54 1.54 NW5
T-10-66A 66.4 72.4 6.0 1.22 1.22
T-10-66A 92.5 96.0 3.5 9.51 9.51
T-10-66A 110.2 112.4 2.2 1.5 7.03 7.03 NW8
T-10-66A 137.0 138.3 1.3 1.76 1.76 NW11
T-10-66A 171.0 173.2 2.2 2.0 5.11 5.11 NW1
T-10-67 16.7 18.2 1.5 1.0 2.83 2.83 NW8
T-10-67 27.6 29.4 1.8 5.61 5.61
T-10-67 33.0 35.5 2.5 1.34 1.34
T-10-67 55.5 57.0 1.5 1.20 1.20
T-10-67 60.0 61.5 1.5 2.30 2.30
T-10-67 64.2 66.1 1.9 1.66 1.66
T-10-67 68.9 70.4 1.5 2.14 2.14
T-10-67 89.9 91.4 1.5 1.41 1.41
T-10-67 97.7 98.2 0.5 1.17 1.17
T-10-67 100.4 101.9 1.6 1.17 1.17
T-10-67 106.0 108.0 2.0 1.5 8.71 8.71 NW1
T-10-67 143.5 143.9 0.4 0.4 1.61 1.61 NW11
T-10-67 147.5 151.2 3.7 3.0 34.52 14.95 NW2
T-10-67 194.9 196.4 1.5 1.0 12.67 12.67 NW7
T-10-68 48.0 49.5 1.5 1.03 1.03
T-10-68 183.5 190.9 7.4 6.0 13.97 9.97 Tabakoto S
T-10-68 200.6 201.6 1.0 10.47 10.47
T-10-68 206.1 207.6 1.5 1.22 1.22
T-10-69 246.6 246.9 0.3 2.00 2.00
T-10-69 249.8 251.0 1.3 2.78 2.78
T-10-69 273.2 274.7 1.5 1.06 1.06
T-10-69 283.1 284.8 1.7 1.59 1.59
T-10-69 291.0 292.5 1.5 1.0 3.15 3.15 Dabo?
T-10-70 137.7 138.1 0.4 1.01 1.01
T-10-70 197.3 199.7 2.4 1.8 12.16 12.16 Tabakoto S
T-10-70 210.0 211.0 1.0 3.96 3.96
T-10-70 213.5 216.6 3.1 2.24 2.24
T-10-71 372.0 375.0 3.0 2.5 3.39 3.39 Tabakoto S
DIOULAFOUNDOU DEPOSIT
D-10-74 128.0 130.0 2.0 1.5 4.59 4.59 NW1
D-10-74 153.4 156.5 3.2 1.0 2.03 2.03 FW
D-10-76 65.4 69.7 4.4 4.41 4.41
D-10-76 84.0 85.5 1.5 1.24 1.24
D-10-76 200.7 210.0 9.3 7.2 4.74 4.74 NW1
D-10-83 19.5 22.5 3.0 1.71 1.71
D-10-83 227.9 233.9 5.4 4.3 10.48 10.48 NW1
D-10-84 140.9 141.2 0.3 4.07 4.07
D-10-84 285.1 289.6 4.5 3.0 6.70 6.70 NW1
D-10-87 40.5 42.0 1.5 1.30 1.30
D-10-87 115.1 116.5 1.4 1.35 1.35
D-10-87 121.5 124.2 2.8 1.70 1.70
D-10-87 201.5 206.0 4.5 3.0 1.97 1.97 NW1
D-10-89 196.1 197.0 0.9 1.53 1.53
D-10-89 340.4 340.9 0.5 2.19 2.19
D-10-89 349.7 353.0 3.3 2.0 2.81 2.81 NW1
D-10-90 92.0 94.5 2.5 1.25 1.25
D-10-90 248.0 249.5 1.5 2.77 2.77
D-10-90 262.9 268.3 5.4 4.0 3.38 3.38 NW1
D-10-90 275.4 277.4 2.0 1.15 1.15
D-10-90 397.5 399.0 1.5 1.0 1.13 1.13
D-10-90 409.2 416.2 7.0 4.7 1.26 1.26 NW2
D-10-90 421.5 426.0 4.5 1.02 1.02
D-10-90 430.5 432.0 1.5 1.82 1.82
D-10-90 440.0 441.0 1.0 1.53 1.53
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To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/Fig1TabakotoLocationMap.pdf.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/Fig2TabakotoInterceptsPlan.pdf
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/Fig3DioulafoundouInterceptsPlan.pdf.
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