Avion Gold Corporation (TSX VENTURE: AVR)(OTCQX: AVGCF)(PINK
SHEETS: AVGCF) ("Avion") is pleased to announce the results from
core and reverse circulation drill holes that tested a 900 metre
long portion of the Djambaye II zone located on the Kenieba
Property (see Avion News Releases dated December 21, 2009 and
January 8, 2010). The Kenieba Property lies 6.5 kilometres
southwest of the Tabakoto Mine/Mill complex, adjacent to the south
and southwestern boundary of Avion's Tabakoto Property (see
attached figure 1). The property hosts the Djambaye II deposit
(Inferred resources of 324,000 ounces of gold, in 2,574,000 tonnes
grading 3.92 grams per tonne gold).
Highlights of this drilling, which tested the near-surface and
depth extensions of the deposit comprise the following:
-- 5.79 g/t Au over 12.0 metres in drill hole G-10-07
-- 29.80 g/t Au over 2.3 metres in drill hole G-10-08
-- 7.77 g/t Au over 4.7 metres in drill hole G-10-17
-- 3.89 g/t Au over 11.6 metres in drill hole G-10-18
-- 4.89 g/t Au over 8.7 metres in drill hole G-10-23
-- 9.47 g/t Au over 3.9 metres in drill hole G-10-57
Results for a 900 metre long portion of the steep east dipping
Djambaye II hangingwall (HW) zone are presented in this news
release (see figure 2). Within this northern section of the
Djambaye II zone, drilling has defined a 400 metre long,
shallow-south-plunging zone of higher grade gold mineralization.
This higher grade portion of the Djambaye II zone can be traced to
240 metres vertical depth along an open ended 640 metre plunge
extent. One of the deepest holes on the zone returned 9.47 g/t Au
over 3.9 metres core length; intercepts like this and others
support the underground potential of this zone. The higher grade
sections of this zone (above a grade times width of 11
gram(i)metres) returned a weighted grade of 5.3 g/t Au (4.92 g/t
capped at 30 g/t Au) over an average true width of 6.0 metres. This
compares favorably with the Company's Segala Deposit where overall
mined gold grades average between 3.5 g/t Au to 4.0 g/t Au.
A second parallel zone of gold mineralization, Djambaye footwall
(FW) zone, lies approximately 15 to 20 metres to the west. This
zone has been intersected by 37 core and reverse circulation holes
along a 540 metre strike length and to 240 metres depth (see figure
3). It appears to be open to depth and to the north. Hole GRC-10-11
returned the best results with an intercept of 10.66 g/t Au over
5.0 metres. The second best intercept of 6.3 g/t Au over 4.3 metres
was returned from hole G-10-2, which represents a 160 metre
step-out from the previous resource block; additional drilling will
be carried out in this area. This zone has an average weighted
grade, from all holes on the long section, of 2.47 g/t Au over an
average true width of 2.8 metres.
This news release presents results for 24 reverse circulation
and 53 diamond drill holes totaling 6,617.5 metres that were
completed by Avion in 2010. Once all drill data and sectional
interpretations have been completed the Company plans to update the
historic resource with a goal to define additional open pittable
resources.
John Begeman, Avion's President and CEO, stated, "These results
support reasonable potential for the definition of good grade,
shallow open pit mineable resources for Avion, which in turn has
the potential to provide Avion with greater flexibility as we move
to develop underground mines at Tabakoto and Segala. This zone also
provides an opportunity to define gold mineralization with adequate
grades and widths that could potentially support underground mine
development and additional immediate open pit resources."
Avion's procedures for handling core and reverse circulation
drill chips have been presented in previous news releases (See for
e.g. Avion News Release dated May 13, 2010).
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 a 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
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 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.
Djambaye II Zone Intercept Summary(i) (1)
----------------------------------------------------------------------------
Assay g/t Core length True Width Capped Assay
Drill Hole # Zone Au (m) (m) g/t Au
----------------------------------------------------------------------------
G-10-01 FW 0.02 3 2.5 0.02
G-10-01 FW 0.14 1.2 1 0.14
G-10-02 FW 0.27 1.6 1 0.27
G-10-02 FW 0.28 1.25 1 0.28
G-10-03 FW 0.28 1.25 1 0.28
G-10-03 FW 0.44 1.8 1.5 0.44
G-10-08 FW 0.425 8 5 0.425
G-10-08 FW 1.15 2 2 1.15
G-10-08 FW 0.81 3.5 3 0.81
G-10-11 FW 0.47 8.7 7 0.47
G-10-12 FW 1.32 6 5 1.32
G-10-13 FW 0.5 2.2 1.7 0.5
G-10-13 FW 1.91 1.2 1 1.91
G-10-14 FW 1.49 4.2 3.5 1.49
G-10-14 FW 1.81 4 3 1.81
G-10-20 FW 2.62 6.4 5.5 2.62
G-10-20 FW 3.4 7.3 6 3.4
G-10-29 FW 1.21 2.95 2.9 1.21
GRC-10-02 FW 0.24 5.3 4.8 0.24
GRC-10-04 FW 1.83 3 2.8 1.83
GRC-10-04 FW 1.71 3.8 3 1.71
GRC-10-05 FW 2.14 3 3 2.14
GRC-10-06 FW 4.09 3.35 3 4.09
GRC-10-07 FW 2.1 6.1 6 2.1
KN-08(ii) FW 2.7 3.3 3 2.7
KN-08(ii) FW 2.41 5 4.5 2.41
KN-08(ii) FW 15.8 1.8 1.5 15.8
KN-11(ii) FW 2.36 3.3 2.8 2.36
KN-12(ii) FW 0.86 3.95 3 0.86
KN-12(ii) FW 1.1 4 3 1.1
KN-14(ii) FW 2.64 3 2.5 2.64
KN-14(ii) FW 4.38 2 2 4.38
KN-14(ii) FW UG UG
KN-15(ii) FW 1.55 2.45 2 1.55
KN-15(ii) FW 2.43 1.85 1.5 2.43
KN-16(ii) FW 5.43 3 1.5 5.43
KN-16(ii) FW 6.3 4.3 4 6.3
KN-43(ii) FW 1.99 3 2 1.99
KN-43(ii) FW 2.24 2 2 2.24
KN-43(ii) FW 1.22 4.25 4 1.22
KN-44(ii) FW 4.85 3.78 3.2 4.85
KN-44(ii) FW 10.66 5 5 8.56
G-10-07 HW 1.69 5.3 4.5 1.69
G-10-09 HW 1.43 0.4 0.3 1.43
G-10-09 HW 0.26 3.6 3 0.26
G-10-10 HW 0.93 2.4 2 0.93
G-10-10 HW 0.84 3 2.5 0.84
G-10-14 HW 0.803 9.85 8.5 0.803
G-10-15 HW 1.49 3.2 2.5 1.49
G-10-15 HW 0.96 4.7 4 0.96
G-10-16 HW 1.56 4.19 3.5 1.56
G-10-17 HW 3.06 2.1 1.75 3.06
G-10-18 HW 1.86 4.1 4 1.86
G-10-19 HW 2.9 4.05 3.5 2.9
G-10-21 HW 1.55 1 0.75 1.55
G-10-21 HW 0.44 3.7 3 0.44
G-10-22 HW 3.04 8 5 3.04
G-10-23 HW 6.96 3 2.75 6.96
G-10-24 HW 1.98 10.5 9 1.98
G-10-25 HW 2.53 10.4 8 2.53
G-10-26 HW 10.69 3.3 3 10.69
G-10-27 HW 2.62 15.6 8 2.62
G-10-28 HW 12.02 4.1 3.5 12.02
G-10-30 HW 3.56 10 8 3.56
G-10-31 HW 3.61 0.55 0.5 3.61
G-10-31 HW 0.4 6.5 5 0.4
G-10-33 HW 1.39 6.6 5.5 1.39
G-10-34 HW 2.54 5 4 2.54
G-10-35 HW 3.46 3.3 3 3.46
G-10-36 HW 0.97 12.1 12 0.97
G-10-37 HW 6.11 2.8 2.5 6.11
G-10-38 HW 2.75 7.7 7 2.75
G-10-39 HW 3.82 11 9 3.82
G-10-40 HW 7.7 4.7 4.5 7.7
G-10-41 HW 29.8 2.3 2 23.1
G-10-42 HW 1.51 1.7 1.5 1.51
G-10-43 HW 3.34 1.72 1.5 3.34
G-10-43 HW 1.29 4 4 1.29
G-10-45 HW 3.12 4 3 3.12
G-10-46 HW 2.46 6 4.5 2.46
G-10-47 HW 2.74 10.05 6.5 2.74
G-10-48 HW 2.53 10.4 8 2.53
G-10-49 HW 9.47 3.9 3 9.47
G-10-50 HW 9.87 4.4 4 9.87
G-10-51 HW 5.79 12 11 5.79
G-10-52 HW 0.47 1.48 1 0.47
G-10-52 HW 0.64 1.5 1.2 0.64
G-10-54 HW 27.69 2.9 2.7 15.7
G-10-55 HW 3.98 26 18 3.7
G-10-57 HW 21.03 7.6 6.5 21.03
G-10-58 HW 8.34 7 3 8.34
G-10-58 HW 10.69 2.96 2.5 10.69
G-10-59 HW 4.07 2.2 2 4.07
G-10-59 HW 1.44 7.2 6 1.44
G-10-86 HW 1.88 5.8 5 1.88
GRC-10-09 HW 0.64 2 1.5 0.64
GRC-10-11 HW 0.87 2 2 0.87
GRC-10-13 HW 0.75 3.1 2.5 0.75
GRC-10-14 HW 2.17 1.2 1 2.17
GRC-10-16 HW 0.92 5.1 4 0.92
GRC-10-18 HW 2.47 2.9 2 2.47
GRC-10-18 HW 1.66 3.4 3 1.66
GRC-10-19 HW 2.15 3.5 3 2.15
GRC-10-21 HW 2.89 3.1 2.5 2.89
GRC-10-22 HW 1.13 8.76 8 1.13
GRC-10-27 HW 2.84 4.5 4 2.84
GRC-10-28 HW 3.6 7 4 3.6
GRC-10-30 HW 4.5 4.1 3.5 4.5
GRC-10-31 HW 8.56 2.3 2 8.56
GRC-10-33 HW 2.68 10 7.5 2.68
GRC-10-34 HW 5.4 6.67 5 5.4
GRC-10-35 HW 3.89 11.6 9 3.89
GRC-10-36 HW 4.89 8.7 8 4.89
GRC-10-41 HW 1.06 13.5 10 1.06
GRC-10-46 HW 0.81 10.1 8 0.81
KN-03(ii) HW 2.32 7.4 5 2.32
KN-05(ii) HW 3.34 6.25 4 3.34
KN-06(ii) HW 1.93 3.2 3 1.93
KN-07(ii) HW 1.57 3.8 3.8 1.57
KN-07(ii) HW 2.19 3.7 3 2.19
KN-08(ii) HW 2.35 5.8 5 2.35
KN-09(ii) HW 0.73 4.01 3.5 0.73
KN-10(ii) HW 1.54 2.1 2 1.54
KN-10(ii) HW 0.82 6.5 5 0.82
KN-17(ii) HW 2.26 2.3 1.7 2.26
KN-17(ii) HW 0.88 4.75 4.5 0.88
KN-18(ii) HW 1.42 3.8 3.2 1.42
KN-18(ii) HW 1.6 3.7 3 1.6
KN-19(ii) HW 1.97 8.25 2.5 1.97
KN-21(ii) HW 2.53 2.6 2.4 2.53
KN-21(ii) HW 2.03 3.8 3.5 2.03
KN-22(ii) HW 2.5 6.55 5.5 2.5
KN-23(ii) HW 2.8 8.09 7 2.8
KN-24(ii) HW 14.08 2.8 2.5 12.4
KN-29(ii) HW 7.38 3.4 3 7.38
KN-31(ii) HW 0.46 1.45 1.2 0.46
KN-35(ii) HW 2.1 13.2 11 2.1
KN-36(ii) HW 12.7 6 5 6.81
KN-45(ii) HW 0.47 7.8 7 0.47
KN-46(ii) HW 1.98 4.9 4 1.98
KN-47(ii) HW 1.6 12.9 9 1.6
KN-48(ii) HW 3.01 8.5 8 3.01
KN-49(ii) HW 18.97 5 3.5 14.07
KN-50(ii) HW 7.53 20 10 7.3
----------------------------------------------------------------------------
(i) Assay capped at 30 g/t Au
(ii) Historic Great Quest Metals Ltd.
(1) All GRC prefix holes were reported in a previous Avion
News release (March 22, 2010)
UG - Artisanal underground workings
To view the Tabakoto Project figure, please visit the following
link:
http://media3.marketwire.com/docs/TabakotoProject.pdf.
To view the Djambaye II HW Zone figure, please visit the
following link:
http://media3.marketwire.com/docs/Djambaye-II-HW-Zone.pdf.
To view the Djambaye II FW Zone figure, please visit the
following link:
http://media3.marketwire.com/docs/Djambaye-II-FW-Zone.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 Don Dudek Senior Vice President
Exploration (416) 861-2261 don@aviongoldcorp.com
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