April 2010

New Gold Producer In Elephant Country

Company

PresentationAVR: TSX-V

AVGCF: OTCQX

Forward-Looking Statement

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This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but arenot limited to, statements with respect to the development potential and timetable of the Mali projects; the Company’s ability to raiseadditional funds as necessary; the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (includingscoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development andexploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues;currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking statements canbe 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 orstatements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Estimatesregarding the anticipated timing, amount and cost of mining at the Mali projects are based on assumptions underlying mineral resourceestimates and the realization of such estimates; results of previous mining activities at the projects, and detailed research and analysiscompleted by independent of the Company; research and estimates regarding the timing of delivery for long-lead items; knowledgeregarding the factors consultants and management involved in building a mine and other factors that will be described in the technicalreport summarizing the scoping study that will be filed under the profile of the Company on SEDAR. Capital and operating cost estimatesare based on results of previous mining activities, research of the Company and independent consultants, recent estimates of constructionand mining costs and other factors that are set out in the scoping study. Production estimates are based on mine plans and productionschedules, which have been developed by the Company’s personnel and independent consultants. Forward-looking statements are subjectto known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance orachievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including butnot limited to risks related to: timing and availability of external financing on acceptable terms; unexpected events and delays duringconstruction, expansion and start-up; variations in ore grade and recovery rates; receipt and revocation of government approvals; actualresults of exploration and mining activities; changes in project parameters as plans continue to be refined; future prices of gold; failure ofplant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry. Althoughmanagement of the Company has attempted to identify important factors that could cause actual results to differ materially from thosecontained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially fromthose anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Companydoes not undertake to update any forward-looking statements except in accordance with applicable securities laws.

Investors are advised that National Instrument NI 43-101 of the Canadian Securities Administrators requires that each category of mineralreserves and mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstratedeconomic viability.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred ResourcesThe information presented uses the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advisedthat while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission doesnot recognize these terms. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economicand legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United Statesinvestors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineralreserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or iseconomically or legally mineable.

A Great Time To Buy Gold Shares….

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2 Gold Bull Markets – 2001 to present and 1968 to 1980

Relative Performance (Monthly)

2001 to present

1968-1980

Delivering gold into a bull market

Avion Properties – West Africa Focus

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In a Good Neighbourhood

Mali: Africa’s Third Largest Gold Producer

Strong Assets

April 2010 Resource Base

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Updated – Mineral Resources*

Tonnes Grade (g/t Au) Ounces (Au)

Measured & Indicated (1 to 2 g/t Au Cut-off)

14,420,000 3.62 1,680,000

Inferred (1 to 2 g/t Au Cut-off)15,140,000 3.23 1,570,000

• The resource study was prepared by Milko Rivera, P.Eng., and Farshid Ghazanfari, GIT, with a third party review and initial open pit versusunderground mining reviews carried out by Eugene Puritch, P.Eng., of P&E Mining Consultants Inc. Note that open pit mineral resourceswere calculated at a cut-off of 1.0 g/t Au and underground mineral resources were calculated using a 2.0 g/t cut-off.

• Resource updated to include estimated mining drawdown, Great Quest Acquisition and recent Kofi Acquisition

Delivering Production Expansion into Gold’s Bull Market

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51,000 ounces in 2009

75 – 85,000 ounces in 2010 (Forecast)

Plan to ramp up to 200,000 ounces in 2012

Three major exploration packages

A Great Start Up –51,000 oz. Produced In 2009

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2009 Production of 51,000 oz.

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Cost/Oz.

Production Growth

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Mine plan presented in the scoping study prepared by M. Rivera, P. Eng, (independent) with the support of T, Mann, P.Eng. (independent) andAndrew Bradfield, P.Eng. (COO). Resource estimate prepared by Eugene Puritch and Antoine Yassa of P&E Mining Consultants. Using CanaccordAdams Research’s gold price forecast of US$900/oz in 2009, US$850/oz in 2010, US$800/oz in 2011 and US$750/oz in 2012, open pit andunderground recoveries of 90% and 85%, respectively, UG equipment will be leased, UG mining by mechanized long hole retreat

Production (000 Au oz) Cash Cost (US$)

Au Production estimates and Cash Costs

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Cash Costs

Au Production

Segala (OP) Segala/Taba(UG)

Tabakoto etc.(OP)

Stockpile

Project Timeline

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2010 2011 2012

Anticipated project milestones Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

60,000 metre exploration program

Update plant expansion study ◊

Gravity gold vs leach study ◊

Order plant long lead time equipment ◊

Order and construct gravity gold

recovery plant (under review)

Tabakoto underground development

Fast-track two Tabakoto u/g devel. areas

Update mineral resource statement ◊

Issue NI43-101 report with mine plan ◊

Plant expansion construction

Segala underground development

200,000 oz/year gold production ◊

How much is an ounce of gold?

Value Proposition

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US $1169 (April 29, 2010)

How much Did We Pay?

US $7 Per Ounce

Strong Balance Sheet

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Debt

A Substantial Resource – and Growing

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TABAKOTO PROJECTRESOURCES (NI 43-101 compliant)

Goldounces

(million)

Measured & Indicated*

1.4

Inferred**1.2

*Average Grade of Approximately 3.9 g/t

** Includes ounces from Great Quest

Low Cost Ounces in the Ground = LEVERAGE

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What Does the Market Pay?

US $200 Per Total Resource Ounce

What is Market Paying Avion?

US $87 Per Ounce

More Ounces to Come!Organic Growth – recent drilling

Great Quest (324,000 oz.)

Hounde Acquisition

Kofi Acquisition (670,000 oz)

Avion Gold Corporation’s Capital Structure

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Exchange TSX Venture

Ticker AVR

Shares Outstanding – basic

Fully diluted

300 million

357 million

52-Week High/Low $0.83- $0.25

Recent Price (April 29, 2010) $0.61

Market Capitalization ~183 million

*Current Cash position of ~$10 Million

Strong Assets

Large, Target-Rich Property with Central Milling Complex

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Approx. 132 km2

Mill – 2100 tpd

Roads

Tailings pond

Power

WaterFougala 1

8.02 g/t Au/22.3 m

Dioulafoundou21.77 g/t Au/21.0 m

7.53 g/t Au/20.0 m

Strong Assets

$US100M Assets Acquired for <$0.20 on the Dollar (2008)

Milling Facility – 2,100 tpd

Fuel Supply – Contracted

Camp – Houses 100 staff

Power Supply

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Current Segala Pit

Current Segala Main Pit Mining

Avion is Mali’s 4th Largest Gold Company

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Segala Mine Plan

Resource Expansion Potential

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Four Target Concepts

3 km

Approx. 132 km2

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Segala at depth – underground potential

Tabakoto at depth, and around pit

Remainder of property– numerous targets

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4 New Properties

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Target-Rich Exploration Package (~500 km2)

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75% of drill holes have intersected gold!

$10 Million Exploration Budget for 2010

Total Project (Avion + Great Quest+Kofi) Resource 3.65 M ozs*

* At 0.5 g/t cut-off

10 km

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Hounde – Burkina Faso

Comparable Trading Multiples

P / CFPS

1. NAVPS uses 5% discount rate and long-term metal prices of US$850/oz Au and US$15.50/oz AgNote: Producer Peers include Alamos Gold, Aura Minerals, Centamin Egypt, Gammon Gold, Gold Wheaton, Golden Star Resources, New Gold, Northgate Minerals and Red

Back MiningSource: Canaccord Adams Research and public market research (updated March 11, 2010)

Avion is significantly undervalued relative to its peer group based on cash flow and P/NAV multiples

3.2x

2.1x

9.1x

9.9x

2010 2011

Avion Producer Peers

0.9x

1.4x

P/NAV

Avion Producer Peers

P / NAV1

Low valuation compared to peers

Avion Gold

Average

BTO

ANVSGR NXG GSS

MFL

SMF

NGD

KGI

EGU

ARZ

AGI

GAM

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2010E Production (000's oz Au)

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m)

AVION GOLD CORPORATION

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MAJOR SHAREHOLDERS

Sprott Asset Management (14%)

Pinetree Capital (7%)

Maple Leaf Partners (5%)

Front Street (3%)

Aberdeen International (3%)

Management/Insiders ~2%

Analyst Coverage

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Wellington West:

Canaccord Capital Markets:

Experienced Management Team & Board

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MANAGEMENT

John Begeman, President, CEO and Director

Don Dudek, Senior VP Exploration and Director

Greg Duras, CFO

Andrew Bradfield, Chief Operating Officer

Chris Bradbrook, M.Sc. VP Strategic Development

BOARD OF DIRECTORS

Stan Bharti – Executive Chairman

John Begeman

Bruce Humphrey

Lewis Mackenzie, Major General (Ret.)

Don Dudek

Honorable Pierre Pettigrew

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Contact:

John Begeman 65 Queen Street West #800

President & CEO PO Box 67

Tel: (416) 861-5884 Toronto, ON M5H 2M5

info@aviongoldcorp.com www.aviongoldcorp.com

AVION GOLD CORPORATION