- Avion Gold is a gold mining company focused on West Africa with assets in Mali. - In 2009, Avion produced 51,000 ounces of gold and estimates production will increase to 75-85,000 ounces in 2010 and ramp up to 200,000 ounces by 2012. - Avion's resource base includes over 14 million ounces of measured and indicated gold resources and over 15 million ounces of inferred gold resources across its properties in Mali.

1. Company
April 2010
Presentation AVR: TSX-V
AVGCF: OTCQX
New Gold Producer In Elephant Country

2. Forward-Looking Statement
This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are
not limited to, statements with respect to the development potential and timetable of the Mali projects; the Company’s ability to raise
additional funds as necessary; the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (including
scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and
exploration; 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 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
statements 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. Estimates
regarding the anticipated timing, amount and cost of mining at the Mali projects are based on assumptions underlying mineral resource
estimates and the realization of such estimates; results of previous mining activities at the projects, and detailed research and analysis
completed by independent of the Company; research and estimates regarding the timing of delivery for long-lead items; knowledge
regarding the factors consultants and management involved in building a mine and other factors that will be described in the technical
report summarizing the scoping study that will be filed under the profile of the Company on SEDAR. Capital and operating cost estimates
are based on results of previous mining activities, research of the Company and independent consultants, recent estimates of construction
and mining costs and other factors that are set out in the scoping study. Production estimates are based on mine plans and production
schedules, which have been developed by the Company’s personnel and independent consultants. Forward-looking statements are 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 statements, including but
not limited to risks related to: timing and availability of external financing on acceptable terms; unexpected events and delays during
construction, expansion and start-up; variations in ore grade and recovery rates; receipt and revocation of government approvals; actual
results of exploration and mining activities; changes in project parameters as plans continue to be refined; future prices of gold; failure of
plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry. Although
management of the Company has attempted to identify important factors that could cause actual results to differ materially from those
contained 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 from
those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company
does 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 mineral
reserves and mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources
The information presented uses the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised
that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does
not recognize these terms. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic
and 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 States
investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral
reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is
economically or legally mineable.
2

3. A Great Time To Buy Gold Shares….
2 Gold Bull Markets – 2001 to present and 1968 to 1980
2000
1800
1600
1400 Relative Performance (Monthly) 1968-1980
1200
1000
800
Delivering gold into a bull market
600
400
200 2001 to present
0
3

4. Avion Properties – West Africa Focus
4

5. In a Good Neighbourhood
Mali: Africa’s Third Largest Gold Producer
5

6. Strong Assets
April 2010 Resource Base
Updated – Mineral Resources*
Tonnes Grade (g/t Au) Ounces (Au)
Measured & Indicated (1 to 2
14,420,000 3.62 1,680,000
g/t Au Cut-off)
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 versus
underground mining reviews carried out by Eugene Puritch, P.Eng., of P&E Mining Consultants Inc. Note that open pit mineral resources
were 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
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7. Delivering Production Expansion into Gold’s Bull Market
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
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8. A Great Start Up –
51,000 oz. Produced In 2009
25000 1000
900
20000 800
700
15000 600
500
10000 400 Oz. Produced
300
Cost/Oz.
5000 200
100
0 0
2009 Production of 51,000 oz.
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9. Production Growth
Au Production estimates and Cash Costs
Production (000 Au oz) Cash Cost (US$)
250 $550
Cash Costs
200 $500
150 $450
100 $400
50 $350
Au Production
0 $300
2009 2010 2011 2012
Segala (OP) Segala/Taba Tabakoto etc. Stockpile
(UG) (OP)
Mine plan presented in the scoping study prepared by M. Rivera, P. Eng, (independent) with the support of T, Mann, P.Eng. (independent) and
Andrew Bradfield, P.Eng. (COO). Resource estimate prepared by Eugene Puritch and Antoine Yassa of P&E Mining Consultants. Using Canaccord
Adams 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 and
underground recoveries of 90% and 85%, respectively, UG equipment will be leased, UG mining by mechanized long hole retreat
9

10. Project Timeline
2010 2011 2012
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Anticipated project milestones
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 ◊
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11. Value Proposition
How much is an ounce of gold?
US $1169 (April 29, 2010)
How much Did We Pay?
US $7 Per Ounce
11

12. Strong Balance Sheet
Debt
12

13. A Substantial Resource – and Growing
TABAKOTO PROJECT
RESOURCES (NI 43-101 compliant)
Gold
ounces
(million)
Measured & 1.4
Indicated*
Inferred** 1.2
*Average Grade of Approximately 3.9 g/t
** Includes ounces from Great Quest 13

14. Low Cost Ounces in the Ground = LEVERAGE
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)
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15. Avion Gold Corporation’s Capital Structure
Exchange TSX Venture
Ticker AVR
Shares Outstanding – basic 300 million
Fully diluted 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
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16. Strong Assets
Large, Target-Rich Property with Central Milling Complex
Approx. 132 km2
Mill – 2100 tpd
Roads
Tailings pond
Dioulafoundou
Power 21.77 g/t Au/21.0 m
Fougala 1
Water 8.02 g/t Au/22.3 m
7.53 g/t Au/20.0 m
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17. Strong Assets
$US100M Assets Acquired for <$0.20 on the Dollar (2008)
Camp – Houses 100 staff
Milling Facility – 2,100 tpd
Power Supply
Fuel Supply – Contracted Current Segala Pit
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18. Current Segala Main Pit Mining
Avion is Mali’s 4th Largest Gold Company
Segala Mine Plan
18

19. Resource Expansion Potential
Four Target Concepts
1 Segala at depth – underground potential
2 Tabakoto at depth, and around pit
4 Approx. 132 km2
3 Remainder of property
– numerous targets 4
4 New Properties 1
3
2
3
3 km
4
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20. Target-Rich Exploration Package (~500 km2)
10 km
 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
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21. Hounde – Burkina Faso
21

22. Comparable Trading Multiples
Avion is significantly undervalued relative to its peer group based on cash
flow and P/NAV multiples
P / CFPS P / NAV1
1.4x
9.9x
9.1x
0.9x
3.2x
2.1x
2010 2011 P/NAV
Avion Producer Peers Avion Producer Peers
1. NAVPS uses 5% discount rate and long-term metal prices of US$850/oz Au and US$15.50/oz Ag
Note: Producer Peers include Alamos Gold, Aura Minerals, Centamin Egypt, Gammon Gold, Gold Wheaton, Golden Star Resources, New Gold, Northgate Minerals and Red
Back Mining
Source: Canaccord Adams Research and public market research (updated March 11, 2010)

23. Low valuation compared to peers
$2,000
$1,750
GAM
Market Capitalization (US$mm)
$1,500 AGI NGD
EGU
Average
$1,250
SGR NXG GSS
ANV SMF
$1,000
ARZ
$750 MFL
KGI
$500 BTO
$250 Avion Gold
$-
0 100 200 300 400 500 600
2010E Production (000's oz Au)

24. AVION GOLD CORPORATION
MAJOR SHAREHOLDERS
 Sprott Asset Management (14%)
 Pinetree Capital (7%)
 Maple Leaf Partners (5%)
 Front Street (3%)
 Aberdeen International (3%)
 Management/Insiders ~2%
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25. Analyst Coverage
Wellington West:
Canaccord Capital Markets:
25

26. Experienced Management Team & Board
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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27. AVION GOLD CORPORATION
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
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