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NEWS: Avion Files a NI 43-101 Technical Report and Mineral Resource Estimate for Hounde Project in Burkina Faso

Feb 3, 2012

Avion Gold Corporation is pleased to announce that a technical report in respect of its updated mineral resource estimate at the Houndé Project in Burkina Faso, as announced on December 21, 2011 has been filed on SEDAR in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") requirements.

The report was prepared to provide a technical overview of the Houndé Property and an independent Mineral Resource estimate of the gold mineralization in the Vindaloo zone area of the Houndé Project in Burkina Faso, West Africa.

The current resource estimate for the Vindaloo zone at the Houndé Project represents a 1,400% increase in Open Pit Indicated Mineral Resources from 883,000 tonnes Indicated Mineral Resources at 2.23 g/t Au totalling 63,000 ounces of gold (Avion news release October 26, 2010) to 13.41 million tonnes at 2.07 g/t Au for a total of 893,000 ounces of gold. In addition, there is also a 30% increase in Open Pit Inferred Mineral Resource from 5,725,000 tonnes Inferred Mineral Resources at 2.97 g/t Au totalling 547,000 ounces of gold (Avion news release October 26, 2010) to 10.71 million tonnes grading 2.07 g/t Au for a total of 712,000 ounces of gold.

The NI 43-101 mineral reserve technical report was authored by Mr. Don Dudek, P.Geo.an officer of the Corporation, Klaus Kappenschneider, an employee of the Company and by Mr. Eugene J. Puritch, P. Eng. and Mr. Antoine Yassa, P. Geo. of P&E Mining Consultants, who are independent of Avion, and all of whom are "qualified persons" as defined in NI 43-101.

The Technical Report, entitled "Technical Report and Resource Estimate on the Houndé Property Burkina Faso, Africa" dated effective December 19, 2011, has been filed under Avion's profile on SEDAR (www.sedar.com).

Regulatory Notes
Don Dudek, P.Geo., the Senior Vice President, Exploration, of the Company is a "qualified persons" under National Instrument 43-101 and have reviewed and approved the scientific and technical information contained in this news release.

For a full description of the mineral resources discussed herein, the key parameters, assumptions and methods used to estimate these mineral resources and a discussion of the legal, political and environmental risks that may have an impact on the estimates, refer to the Technical Report.

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