The Gold Report

Avion Gold Corp. TICKER: AVR:TSX; AVGCF:OTCQX Visit Company Website Avion is a Canadian-based gold company focused in West Africa. In Mali, it holds 80% of the Tabakoto and Segala gold projects. Additionally, a new 1,670 km2 exploration property in Burkina Faso is expected to return good results from an ongoing drill program. The company's longer-term goal is to ramp-up production to a 200 Koz. run-rate in 2012. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Morning Coffee (1/18/12) "Avion Gold Corp. moved higher amid an updated resource estimate for its Kofi property and a higher gold price. . .an updated NI 43-101 resource (0.5 g/t cutoff) for the Kofi project highlighted an 81% increase in the global resource base to 1.2 Moz from 0.66 Moz previously (including an Indicated resource of 499,700 oz grading 2.25 g/t and an Inferred resource of 702 Koz grading 1.77 g/t). . .a preliminary economic assessment could potentially be completed in the next 12 months, which would improve market recognition."

Steven Butler, Canaccord Genuity (1/17/12) "We reiterate our Buy rating on Avion Gold Corp. following the release of an updated resource for the Kofi project (Mali) highlighting an 81% increase in the global resource (M&I plus Inferred) to 1.20 Moz from the previous resource estimate (2008) of 0.66 Moz; we were not expecting a significant increase in the overall resource at this stage and as such view this as a positive update. We continue to see substantial re-rating potential and valuation upside on successful delivery of the Tabakoto expansion and resource growth and derisking at the Hounde and Kofi projects."

Tara Hassan, National Bank Financial (1/9/12) "Avion Gold Corp. pre-released its Q411 production results, coming in line with our estimates and its own guidance; for Q411, the company produced 23.4 Koz (vs. our estimate of 23.6 Koz). . .grades for the quarter averaged 3.48 g/t Au, which was in line with our expectations of 3.58 g/t, however, grades from Tabakoto underground topped our expectations. . .we reiterate our $3.05 target price and Outperform rating."

Mike Kozak, Cormark Securities (12/22/11) "We believe that at current levels, Avion Gold Corp. provides investors with an opportunity to buy an upcoming midtier producer on the ground floor; we expect returns could be generated through a rerating led by cash flow growth in 2012 and 2013, derisking of the Hounde project as it becomes better defined and subjected to economic studies, and resource growth on the company's large properties on major mineralized trends in West Africa. . .at a comparable cut-off grade of 1 g/t, Indicated resources increased 1,183% with a 14% increase in grade."

Tara Hassan, National Bank Financial (12/21/11) "Avion Gold Corp. issued an updated resource estimate for its Hounde project in Burkina Faso; on a total resource basis, the resource is up more than 160% to 1.6 Moz from the October 2010 resource estimate of 610 Koz; the updated resource significantly topped our expectations as well as Avion’s guidance. . .Hounde is a highly prospective property that stands to be a major valuation driver and become Avion's next producer with potential to host a 2-3 Moz Au resource in the mid-term."

• Corporate Fact Sheet (6/13/11)
• Corporate Presentation (9/13/11)

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