TORONTO, ONTARIO--(Marketwire - Sept. 12, 2011) - Avion Gold Corporation (News - Market indicators)(OTCQX:AVGCF) ("Avion" or the "Company") is pleased to announce that it will be added to the S&P/TSX Composite Index effective after the close of trading on Friday, September 16, 2011.
John Begeman, President and Chief Executive Officer of Avion Gold commented, "We are pleased to be added to the S&P/TSX Composite Index as this speaks to our progress and growth as a company and in achieving a certain market capitalization and liquidity for inclusion in this index. This inclusion will add to our global visibility as we continue to develop and grow Avion Gold into a mid-tier gold producer."
The S&P/TSX Composite Index contains stocks of the largest companies on the Toronto Stock Exchange. The index is calculated by Standard and Poor's, and contains both common stock and income trust units. Additions to the index are based on quarterly reviews by Standard and Poors. The Toronto Stock Exchange serves as the distributor of both real-time and historical data for this index. Eligibility criteria include certain levels for market capitalization and liquidity, among other requirements.
About Avion
Avion is a Canadian-based gold mining company focused in West Africa that holds 80% of the Tabakoto and Ségala gold projects in Mali. Gold production commenced at these projects in 2009 with approximately 51,290 ounces produced. Production in 2010 was 87,630 ounces of gold. Production sustainability will continue to be supported and enhanced by an aggressive 2011 drill program over an approximately 600 km² exploration package that both surrounds and is near to the Company's existing mine infrastructure. The current mineral resources estimate for the Tabakoto project demonstrates several sources of excellent grade open pit and good grade underground mineral resources thus providing significant flexibility for Avion's future mining plans. On July 5, 2011 Avion announced its initial proven or probable mineral reserve estimate of 7.24 million tonnes grading 3.92 g/t Au totaling 913,100 ounces of gold at the Tabakoto Project. Additionally, the 1,670 km2 Houndé exploration property in Burkina Faso continues to return promising results. These properties are subject to a preliminary US$ 13 million, approximate 75,000 metre, drill-focused, exploration program in 2011. Avion continues to progress towards its medium term goal of 200,000 ounces of gold per year and a longer term goal of organic growth through development of its exploration properties. The Company is developing an underground mine at the Tabakoto deposit, and is preparing to mine underground at the Ségala deposit. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
John Begeman, Chief Executive Officer 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.
For additional information, please visit our website at www.aviongoldcorp.com. Follow us on Facebook and Twitter: @AvionGoldAVR.
Cautionary Notes
Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include the impact and the timing of the inclusion in the index on the Company, management's assessment of Avion's targeted production, future plans, operations and mineral resource estimates and are based on Avion's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Avion's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those risks described in the annual information form of the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Avion undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
