Avion Announces Record Production in Q4-21,300 Ounces
January 11, 2010 7:30 AM EST
TORONTO, ONTARIO -- (MARKET WIRE) -- 01/11/10 -- Avion Gold Corporation (TSX VENTURE: AVR) ("Avion" or the "Company") announces record monthly production of approximately 8,100 ounces of gold in December 2009 from its Tabakoto/ S?gala operations in Mali, West Africa, and record quarterly production of approximately 21,300 ounces of gold in the fourth quarter of 2009 at a preliminary cash cost of less than US$495(1) per ounce of gold. The total annual production for 2009 was approximately 51,300 ounces of gold and exceeded the previous forecast (50,000 ounces), at a cash cost expected at less than US$530(1) per ounce of gold.
Since starting mining operations in the first quarter, the company has recorded the following production highlights (see table):
- Quarterly Gold Production has steadily increased
- Ore Grades have increased
- Mill Recoveries have improved
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Q1(1) Q2(2) Q3(3) Q4 2009(4)
Partial Quarter Total
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Ore Milled (000 t) 76.0 182.6 125.1 179.1 562.8
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Head Grade (g/t Au) 2.74 1.99 3.25 3.83 2.95
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Recovery (%) 92.8 93.7 95.5 96.7 95.4
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Gold Production (oz) 6,958 10,992 12,517 21,307 51,291
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(1) Mill was restarted on February 17, 2009. Gold production includes
747 oz recovered from plant clean-up work in 2009 prior to the mill
restart.
(2) Commercial production was declared May 1, 2009.
(3) Includes 2 weeks downtime due to heavy rainfall and road
transportation issues.
(4) 2009 Total adjusted by -483 oz to reconcile to refined ounces.
During the month of December the Company milled 67,500 tonnes of ore at an average grade of 3.87 g/t Au, with a 96.6% mill recovery.
Commenting on the 2009 production numbers, Avion's President and CEO, Mr. John Begeman, stated: "Avion's focus on this mine has resulted in a highly successful new start up, and has set the stage for Avion's continued growth in 2010 and beyond."
100,000 Ounce Production Planned in 2010
Plans for 2010 include open pit mining at the S?gala Main and NW deposits, and mining a small open pit at the Tabakoto deposit. Underground development of the Tabakoto deposit is planned to be well underway during the year. Gold production is estimated at approximately 23,000 ounces per quarter for the first three quarters, increasing to 32,000 ounces in the fourth quarter as the amount of development ore from Tabakoto underground increases.
Andrew Bradfield, P.Eng., the Chief Operating Officer 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. The Company holds 80% of the Tabakoto and S?gala gold projects in Mali. Gold production is planned at approximately 100,000 ounces for 2010, with a longer term goal of achieving 200,000 ounces per year. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Cautionary Notes
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the effect of the results on the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs, anticipated production schedule and terms. 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; acquisition risks; and other risks of the mining industry. 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.
(1) All cash cost amounts for Q4-2009 and 2009 annual are preliminary and based on initial end period estimates. Final adjustments may be required. Estimates for cash costs do not include royalties payable. Complete cash cost details will be provided with Avion's 2009 year end financial results release.
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
Rene Bharti
Vice President, Business Development
+1 (416) 861-5913
rene@aviongoldcorp.com
Avion Gold Corporation
Andrew Bradfield
Chief Operating Officer
+1 (416) 861-2268
abradfield@aviongoldcorp.com
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