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Avion Gold's Mali Kofi C Zone Returns More High Grade Intercepts

Avion Gold Corporation has announced the results from 45 drill holes totaling 9,367 metres completed over the Kofi Project during the third quarter of 2011.

Drilling was focused in and proximal to the Kofi C zone which contains an historic National Instrument 43-101 ("NI 43-101") estimated indicated mineral resource of 873,000 tonnes grading 3.6 g/t Au totaling 99,000 ounces of gold and an inferred mineral resource of 913,000 tonnes at 3.7 g/t Au totaling 109,000 ounces gold (Roberts1, 2008, NI 43-101 compliant resource report, available under the SEDAR profile of AXMIN Inc.).

Note that a qualified person has not carried out the work required to classify the historical estimate as current mineral resources for Avion and therefore Avion is not treating the historical estimate as current mineral resources. Avion intends to update the resources for the Kofi project in late Q4, 2011.

Significant results include the following:

  • 3.39 g/t Au over 77.4 metres
  • 3.51 g/t Au over 53.7 metres
  • 2.68 g/t Au over 64.3 metres
  • 1.68 g/t Au over 33.0 metres
  • 5.00 g/t Au over 20.0 metres
  • 2.38 g/t Au over 75.0 metres
  • 4.87 g/t Au over 15.0 metres
  • 3.19 g/t Au over 16.2 metres
  • 14.36 g/t Au over 6.0 metres
  • 27.75 g/t Au over 5.0 metres

The Kofi C zone lies within an at least 40 kilometre long by 5 kilometre wide, north-northeast trending structural corridor that contains at least nineteen deposits and zones that have been discovered, fifteen of which are on the adjacent Randgold property (see Figure 1). A clear break, defined by the airborne geophysical conductivity data, suggests that this trend continues onto the Kofi property for at least 19 kilometres.

Avion's 2011 Kofi C zone drill program was designed to better define mineralization continuity and to test for extensions of the known zones. To date, Avion has completed 52 holes totaling approximately 10,738 metres at the Kofi C zone and expects to continue drill testing the Kofi project until mid-December. Drilling at the Kofi C zone area has defined 10 mineralized zones over a 700 metre by 200 metre area to a maximum depth of 180 metres. This area has been subject to intense alteration, dyke emplacement and faulting, which complicates geological interpretation. A summary of current intercepts and their associated zone designations are appended to this release.

Don Dudek, Avion's Senior Vice President, Exploration stated: "The Kofi C zone area has returned exceptional grades and widths and as we collect drill information we have gained more confidence in our geological models and in Avion's ability to trace the mineralized zones along strike. As a result, management believes that Avion will be able to increase the confidence levels of the historic resources and add additional mineral resources."

The Kofi property is a large, approximately 470 km², property package situated, at its nearest point, within approximately five kilometres to the northwest of Avion's Tabakoto Project. The Kofi property wraps around the north side of Randgold's Loulo Mine concessions (Historic Measured and Indicated mineral resources of 62.69 million tonnes grading 4.55 g/t Au).

The Kofi property contains nine mineralized zones with identified mineral resources. All of the estimated mineral resources lie in the Kofi Nord concession of which Avion's holds a 93.75% interest with 6.25% held by Société Financière d'Exploration d'Or au Mali. These interests are prior to a carried interest of up to 20% due to the Government of Mali upon commencement of production. Therefore, Indicated mineral resources of 274,687 ounces and Inferred mineral resources of 345,000 ounces are currently credited to Avion. Total estimated Indicated Mineral Resources are approximately 3.24 million tonnes grading 2.55 g/t Au totaling 293,000 ounces Au (Roberts1, 2008, NI 43-101 compliant report). In addition, the Kofi property hosts total Inferred Mineral Resources of approximately 5.26 million tonnes grading 2.18 g/t Au totaling 368,000 ounces of gold (Dec. 11, 2007 AXMIN news release, Roberts1, 2008 NI 43-101 compliant report). Note that a qualified person has not carried out the work required to classify the historical estimate as current mineral resources for Avion and therefore Avion is not treating the historical estimate as current mineral resources. Avion intends to update the resources for the Kofi project in late Q4, 2011. Most of the zones are open along strike and to depth with zones only tested from 60 to 200 metres below surface. All of the zones are within 15 to 38 kilometers of Tabakoto's mine infrastructure, potentially placing these zones, including the estimated mineral resources, within trucking distance to the Tabakoto mill.

Avion will continue to compile the project data, develop target models and define new drill targets for the remainder of 2011's approximate 20,000 metre drill program and prepare for an aggressive drill program in 2012. Work in 2011 has concentrated on the Betea Central and Kofi C zones. It is anticipated that during the fourth quarter of 2011, drill testing of some of the other zones as well as a few conceptual targets, will be carried out.

Avion's procedures for handling core have been presented in previous news releases (See for e.g. Avion's News Release dated May 13, 2010). Assays presented in the attached table have been capped at 25 g/t to 40 g/t Au.

Avion's 2011 minimum 75,000 metre drill focused, US$ 16 million exploration program is well underway with 405 core and reverse circulation ('RC') holes totaling approximately 64,000 metres of drilling completed. Drilling completed to date consists of approximately 34,500 metres on Avion's Mali projects (Tabakoto and Kofi) and 27,600 metres on Avion's Burkina Faso property (Houndé) with a core drill rig active on the Kofi property and two core rigs active on the Houndé property. Two additional core drill rigs and an RC rig are now active at the Tabakoto property. The core rigs will focus on upgrading Inferred mineral resources to Measured & Indicated mineral resources and the testing of new targets east and west of the Segala Main deposit and north of the Tabakoto deposit. The RC rig will focus on the conversion of open pit Inferred mineral resources to open pit Measured & Indicated mineral resources at Avion's Djambaye II zone, which will be subject to open pit mine development later in 2011.

Don Dudek, P.Geo., the Senior Vice President, Exploration of the Company and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information in this press release.

Source: www.aviongoldcorp.com

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