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

Tara Hassan, National Bank Financial (5/11/12) "As Avion Gold Corp.'s Tabakoto continues its transition from an open-pit operation to underground, we highlight that Tabakoto will benefit from higher grades in the underground resource, which have also increased, up 8.4% over the previous estimate and flat in the reserve category. Underground resources currently represent 85% of Tabakoto's total resources. . .we reiterate our CA$2.10/share target price and Outperform rating."

The Gold Report Interview with Barry Allan (4/23/12) "We were aware that Mali might be going through some issues, but we still see some value in Avion Gold Corp. . .I subsequently had a conversation with management and they are quite pleased that the borders have been opened now and goods and services are freely traveling. Operations are starting to return to normal even though the country itself is probably going to go through a few gymnastics before its issues are solved. We're not out of the woods, but it certainly is looking a little brighter than it was two weeks ago." More >

Morning Coffee (4/10/12) "Avion Gold Corp. shot up after announcing two pieces of positive news: 1.) Significant improvement in the Mali political situation and 2.) Record Q112 production (including strong March production) beat on better than expected on grades. . .the chaotic situation now appears to be turning into an orderly transition of power—overall positive for companies operating in the country, including Avion, based on the restoration of constitutional rule and the re-opening of borders. . .the company also reported record Q112 production of 26,256 oz."

Steven Butler, Canaccord Genuity (4/9/12) "We reiterate our Buy rating on Avion Gold Corp. . .the company announced record Q112 production of 26,256 oz, which is approximately 6% higher than our estimate of 24,817 oz; average milled grade of 4.02 g/t highlighted a 15% improvement over Q411 levels and better than our estimated 3.93 g/t. In March 2012, Avion produced a record 11,883 oz (annualized run rate of ~142 Koz) even before the benefit of an expansion."

Mike Kozak, Cormark Securities (4/3/12) "Avion Gold Corp. provides investors with an opportunity to buy an upcoming mid-tier producer on the ground floor at an attractive valuation. 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. . .we are maintaining our Buy rating."

• Fact Sheet (2/21/12)
• Corporate presentation (3/26/12)

(12/6/10) Agoracom Small Cap Stock TV

(11/4/10) Agoracom Small Cap Stock TV

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