Avion Gold Corporation ("Avion" or "the Company") (TSX:AVR)(OTCQX:AVGCF), today announced its updated mineral resource estimation for the Tabakoto Project, including exploration drilling completed predominantly in Q1, 2011. Exploration drilling focused on the Tabakoto NW underground zones and the Djambaye II open pit zone. A summary of the current changes to the Tabakoto Project mineral resources are as follows:

-- Open Pit Measured and Indicated mineral resources increase 85% from 136,000 ounces of gold to 251,700 ounces of gold -- Underground Measured and Indicated mineral resources increase 10% from 842,700 ounces of gold to 928,800 ounces of gold

The current mineral resources estimate update for the Tabakoto project presents updated resources for the Tabakoto NW zones and Djambaye II zone. The mineral resources, for all other zones on the Tabakoto Project, as presented on December 30th, 2010, remain the same. Material changes for this update include the addition of open pit Indicated mineral resources for the Djambaye II zone of 91,300 ounces of gold and additional underground Measured and Indicated mineral resources of 81,200 ounces of gold for the Tabakoto NW zones. The details of the resource breakdown are summarized in the table below.

John Begeman, President and CEO, commented: "The recent exploration drilling at the Tabakoto Project confirms our belief that a significant amount of the Inferred mineral resources can be upgraded to Measured and Indicated mineral resources. As well, the additional open pit mineral resources are especially significant as it provides even more flexibility to our mining operations as we transition to underground mining at Tabakoto and Segala."

Mineral Resource Estimates(1)(2)(3)(4)(5)
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ZONE CATEGORY TONNES Au g/t Au OUNCES TYPE
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Measured 5,000 7.75 1,200 OP
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Indicated 102,000 4.48 14,800 OP
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Tabakoto NW Zones inferred 86,000 3.31 9,100 OP
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Measured 17,000 5.92 3,200 UG
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Indicated 627,000 5.81 117,100 UG
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inferred 660,000 5.67 120,200 UG
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Indicated 751,000 3.78 91,300 OP
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Djambaye II inferred 1,595,000 3.30 169,200 OP
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indicated 3,000 2.52 200 UG
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inferred 950,000 3.43 104,700 UG
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(1) Resource estimates based on a gold price of USD$1000 per ounce and a 96%
recovery.
(2) Eugene Puritch, P.Eng. and Antoine Yassa, P.Geo. from P&E Mining
Consultants Inc., Qualified Persons under NI 43-101 who are independent
of the Company, are responsible for the mineral resource estimates
presented herein.
(3) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues.
(4) The quantity and grade of reported Inferred resources in this estimation
are uncertain in nature and there has been insufficient exploration to
define these Inferred resources as an indicated or Measured mineral
resource and it is uncertain if further exploration will result in
upgrading them to an Indicated or Measured mineral resource category.
(5) The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council.

The updated mineral resource statement was based on 46 shallow reverse circulation ("RC") holes, totaling 3,554 metres of drilling, over the northern part of the Djambaye II zone and 10 core holes, totaling 2,068 metres, into the NW trending mineralized zones under the north end of the Tabakoto pit. All core and RC chip samples were analyzed at Avion's Tabakoto mine lab to ensure quick turnaround. Avion's procedures for handling reverse circulation drill chips were consistent with previous practice as presented in an April 5, 2010 news release.

The updated mineral resource calculations were prepared by Eugene Puritch, P. Eng. and Antoine Yassa, P. Geo. from P&E, Qualified Persons under NI 43-101 who are independent of the Company and have reviewed the scientific and technical information in this document relating to those estimates. Eugene Puritch, P. Eng. and Don Dudek, P.Geo., Senior Vice President Exploration of Avion both Qualified Persons under NI43-101 have reviewed and approved the updated mineral resources and the technical data presented in this press release. The updated mineral resource capped gold assays at 17.5 to 65 g/t Au, depending on the individual zone. A gold price of US$1000 per ounce, a 96% process recovery rate, mining costs of US$34/tonne, process costs of US$20/tonne and G&A costs of US$8 tonne were used to determine the 2.0 g/t underground cut-off grade. For potentially open pittable mineral resources a 1.0 g/t cut-off grade was used. Avion has not completed a feasibility study in regards to the mineral resources presented herein and there is no certainty the proposed operations will be economically viable.

These updated mineral resources and specifically the additional Measured and Indicated mineral resources will have an impact on Avion's maiden reserve report. As such, the delivery of Avion's first reserve report will be delayed until later Q2 2011 in order that this initial reserve statement can incorporate the updated resource data.

Don Dudek, Avion's Senior Vice President Exploration, commented: "As we continue to refine the mineralization models at the Tabakoto Project numerous exploration targets and opportunities to systematically increase the mineral resources, become apparent. In management's opinion, further drilling should continue to unlock the exploration potential of this project over time."

Avion's 2011, approximately 60,000 metre drill focused exploration program is well underway with 199 core and reverse circulation ('RC') holes totaling approximately 24,700 metres of drilling completed. Drilling completed to date is split evenly between Avion's Tabakoto (Mali) and Hounde (Burkina Faso) properties with a core and an RC drill rig on each property. Drilling will commence on the Kofi property in early May. Additional drill rigs are being sought to accelerate and expand the 2011 drill programs.