1. Company Presentation
May 2009
New Gold Producer in West Africa with
Exploration Upside

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. Delivery
In less than one year Avion
 Acquired a previous producer for a substantial discount
 Completed 15,000 metres of drilling
 Developed a new mine plan and raised US$ 5 million
 Announced an updated resource of 941,000 ounces Au
and a merger with Dynamite Resources
 Commenced production mid-February, 2009
– 66,000 ounces Au @ US$ 505/oz op cost in 2009
 Announced acquisition of resource of 324,000 oz Au
 Announces a significant increase in resources
 Initiated project expansion studies ~ 200,000 oz Au per year
3

4. Current Segala Main Pit Mining
Segala Mine Plan
4

5. The Avion Story
The Setting
 Gold in a secular bull market
– gold shares outperform gold
– shares of consolidators perform best
The Company
 Avion is a well-financed new producer
in Mali, West Africa
The Opportunity
 Current model envisions 100,000 oz gold
production by 2012
 Increasing resource supports expansion plans
- 200,000 ozs Au per year by 2011 possible
 Regional consolidation underway
5

6. Agenda
The opportunity
The company
The growth plan
The execution
6

7. Gold Bull Market
The Comparison is Remarkable
2 Gold Bull Markets – 2001 to present and 1968 to 1980
Relative Performance
2000
1500 1968 to 1980
1000
500
2001 to present
100
0 24 48 72 96 120 144 168
Is history repeating itself?
7

8. Gold Shares
Consolidators Perform Best
Wheaton River 2001-2005
Relative Performance
1400
1200
1000 Wheaton
800
600
HUI
400
200
0
2001 2002 2003 2004 2005
8

9. Agenda
The opportunity
The company
The growth plan
The execution
9

10. The Avion Advantage
1. A new, well funded player
Emerging,
2. Good neighbourhood high growth
regional consolidator
3. Strong asset base
4. Attractive growth profile
10

11. 1 New Player
The New Avion Resources
 40% Interest in the Segala Project1  40% Interest in the
 80% Interest in the Segala Project
Tabakoto Project1  C$11 million in cash
 Proven management  Clean balance sheet
 Substantial exploration upside
N E W
 Stronger company
 C$13 million in cash and cash equivalents, producing Au
 Consolidated interest in the Segala and Tabakoto Projects in Mali1
 No debt
1. Government of Mali’s owns 20% 11

12. 1 New Player
The New Avion Resources Capital Structure
Exchange TSX Venture
Ticker AVR
Shares Outstanding – basic 198.4 million
Fully diluted 341 million*
52-Week High/Low $0.68 - $0.04
Recent Price (May 01 2009) $0.32
Market Capitalization $63.5 million
•Warrants and options at $0.08 to $1.00 – would bring in CDN$96 million
•82.5 million dynamite warrants @ >$1.07 expire by August 17th , 2009
12

13. 2 In a Good Neighbourhood
Mali: Africa’s Third Largest Gold Producer
Anglogold Ashanti / IAMGOLD’s
Sadiola Mine produces
445,000 oz of gold per year
MALI
2.8 M oz.
Randgold’s Loulo Mine
produces
270,000 oz of gold per
year
13

14. 3 Strong Assets
Large, Target-Rich Property with Central Milling Complex
Approx. 100 km2
Mill
Roads
Tailings pond
Power
3 km
Water
14

15. 3 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 Tabakoto Pit – 400 days water supply
15

16. 3 Strong Assets
Large Resource Base – January 2009
Measured and Indicated Resources
Tonnes Grade (g/t Au) Ounces (Au)
Segala (open pit)* 1,523,000 2.65 129,700
Segala (underground)* 2,478,000 4.02 320,500
Tabakoto 337,000 3.58 38,800
Total M&I 4,338,000 3.50 489,000
Inferred Resources
Tonnes Grade (g/t Au) Ounces (Au)
Segala (open pit)* 3,000 2.91 300
Segala (underground)* 4,069,000 3.46 452,300
Total Inferred 4,072,000 3.46 452,600
Total Resource
Tonnes Grade (g/t Au) Ounces (Au)
Total MI&Inf 8,410,000 3.48 941,600
Tabakoto geological resource 10,500,000 2.90 ~ 1,000,000**
* Segala open pit cut-off 1.4 g/t Au, UG cut-off 2.0 g/t Au
** The potential quantity and grade is conceptual in nature, in that there has been insufficient exploration and/or study to
define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The geological resource was estimated by modeling Au-mineralized cross structures in the immediate Tabakoto pit area using a 0.5 g/t
Au wireframe shell. This estimate is designed to indicate what is possible rather than provide any indication of what may eventually
become mineable.
16

17. 3 Strong Assets
Updated May 2009 Resource Base
Updated – Mineral Resources*
Tonnes Grade (g/t Au) Ounces (Au)
Measured & Indicated (1 to 2 g/t Au Cut-
10,820,000 3.48 1,211,300
off)
Inferred (1 to 2 g/t Au Cut-off)
9,990,000 3.50 1,139,000
Mineral Resources 0.5 g/t cut-off
Tonnes Grade (g/t Au) Ounces (Au)
Measured & Indicated 18,440,000 2.55 1,510,000
Inferred 17,680,000 2.58 1,467,000
* 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.
17

18. 4 Growth
Attractive Growth Profile
Timing is ideal
– Producing since February 16th , 2009
– On target to produce 66,000 ozs in 2009 @ US$505/oz cash cost
 No capital requirements
 Five year tax exoneration period
 Project debt to be paid to Avion before dividends to Mali Gov.
 Significant production growth – with limited capex
 Outstanding reserve and resource growth potential
– Large land position
 West African consolidator
– Completed acquisition of Dynamite Resources
– Great Quest deal
– Acquired 16% of Midlands Minerals
18

19. 4 Growth
Production Growth Starts Now!
Au Production and Cash Costs
Production (000 Au oz) Cash Cost (US$)
Cash Costs
Au Production
Segala (OP) Segala (UG) Tabakoto (OP) Stockpile
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
19

20. 4 Growth
Immediate and Growing Cash Flow
Leverage to Gold Price
$M of
Cash Flow
$750/oz $850/oz $950/oz
20

21. Agenda
The opportunity
The company
The growth plan
The execution
21

22. Resource Expansion Potential
Four Target Concepts
1 Segala at depth – underground potential
2 Tabakoto at depth, and around pit
4 Approx. 100 km2
3 Remainder of property
– numerous targets 4
4 New Properties 1
3
2
3
3 km
4
22

23. 1. Segala at Depth/Along Strike
NW S Plan View
egala
S h ear
Target
Area
Segala Ma
in Shear
Target Area
Target Area
Section Looking North
Target
Area
Target -400m
Area
Target
Area
23

24. 2. Expansion Potential Around Tabakoto Pit
16.56 g/t Au/24.0 m
4.55 g/t Au/22.0 m
2.18 g/t Au/38.4 m
11.66 g/t Au/13.9 m
28.67 g/t Au/15.9 m
 High grade pittable ore
already exposed
37.12 g/t Au/7.7 m
22.86 g/t Au/48.0 m
24

25. 2. Tabakoto at Depth/Along Strike
Plan View
500 m
 Modelled zones
at Tabakoto
Section
View
 Open at depth
 Potential
along strike
25

26. 3. Target-Rich Exploration Property (100 km2)
Segala Deposit
8.51 g/t Au/10.5m
2.28 g/t Au/45.0m
1.33 g/t Au/40.0m 3 km
2.72 g/t Au/73.5m
15.27 g/t Au/3.7m
13.56 g/t Au/22.5m
Dar Salam
67.08 g/t Au/4.0m
7.41 g/t Au/11.5m 15.56 g/t Au/24.0m
11.6 g/t Au/13.8m
Tabakoto Mine
Dioulafoundou  75% of drill holes have
10.96 g/t Au/6.0m intersected gold!
Fougala
Great Quest Property
26

27. 4. Great Quest LOI
 Great Quest zones
line up with
mineralized trends on
Tabakoto property
 Total Project (Avion
+ Great Quest)
Resource 3.08 M ozs
Djambaye 2 Inferred
Resource – 2,574,000
tonnes @ 3.92 g/t Au
324,000 oz
27

28. Agenda
The opportunity
The company
The growth plan
The execution
28

29. Production to end of March, 2009
Actual Production YTD Feb-Mar Variance
Unit Feb. Mar. Total Budget
Ore Mined tonnes 14,542 22,140 36,682 24,543 12,139
Waste Mined tonnes 1,800 103,742 105,542 692,660 (587,118)
Total Mined tonnes 16,342 125,882 142,224 717,203 (574,979)
MALI
Stockpile Reclaim tonnes 3,953 40,385 44,338 50,000 (5,662)
Mill Feed tonnes 15,400 60,624 76,024 73,200 2,824
Grade g/t Au 2.17 2.88 2.74 2.45 0.29
Recovery % 94.2 92.7 93.0 90.0 3.0
Gold Produced oz 1,010 5,201 6,211 5,198 1,013
Gold Sold oz 720 3,787 4,507 5,198 (691)
Gold Price Realized US$/oz 910 930 914 825 89
OPEX per Tonne
Milled US$/tonne 37.9 42.5 41.5 73.2 (32)
OPEX per Ounce US$/oz 577 495 512 1,031 (519)
29

30. Project Timeline
2008 2009 2010
Tabakoto and Segala Gold Projects Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Acquisition
Production Start
Achieve/Sustain commercial production
Technical Reports
Historic NI 43 - 101 Technical Report
Updated Resource Estimates for Segala and Tabakoto
Resource Estimate for Tabakoto Cross Structures
Resource Estimate for Dar Salam
Resource Estimate for Dioulafoundou
Exploration Program
Segala / Tabakoto Drilling
Regional Exploration
Verification of ROM Pad Stockpile and Tailings Grades
Ground magnetic surveys
Leach Test Work on Segala
Production Growth Studies
Potential capacity upgrade completed by 2010 year end
Merger and Acquisition reviews
30

31. Recent Developments: March 2009
Updated / Optimized Segala Mine Plan
Redesigned Segala open pits
– reduce waste, increase tonnage
 Reduce lower grade stockpile
 Lower open pit mining contracted operating costs
 Reduce explosive costs
 $US1M savings in start-up capital expenditures
 First Gold Poured!
Segala Mine Plan
31

32. Current Low Valuation
Price to Cash Flow Multiples Versus Peers
2009 2010
Note: African Producers/Developers include – Axmin, Banro, Centamin Eqypt, Etruscan, Moto Goldmines, Red Back Mining and Semafo
Junior Producers – Eldorado Gold, Gold Wheaton, Golden Star, Northgate, Alamos Gold and Gammon Gold
Source: Canaccord Adams Research and public market research (updated May 3)
32

33. Why Invest in Avion Resources?
Favourable Consolidators
gold dynamics perform best
Emerging W. African
Consolidator
Unknown and New producer
Undervalued – into bull market
Attractive
growth profile
33

34. The Avion Advantage
Unknown and undervalued
Delivering gold into the heart of the bull market
– mill just started!
No capital requirements
Tax exoneration/project debt re-payment
MALI
Significant growth potential
(with limited capex)
Outstanding reserve and resource
growth potential
West African consolidator
We deliver
34

35. Strong Board of Directors
Stan Bharti, Chairman
Mr. Bharti is a professional engineer and is currently the President of Forbes & Manhattan, Inc., a private merchant bank operating in
Canada, the United States and Western Europe. From February 2002 to April 2006, he was Chairman and a director of Desert Sun
Mining Corp., a Toronto Stock Exchange-listed mining company which was acquired by Yamana Gold Inc. He has over 25 years of
experience in operations, public markets and finance. Mr. Bharti is also a director of several public and private companies.
Bruce Humphrey, Director
Mr. Humphrey brings a lifetime of mining industry experience, including having served as a former Chief Operating Officer at Goldcorp
Inc. and most recently as President and Chief Executive Officer of Desert Sun Mining Corp. prior to its sale to Yamana Gold Inc.
John Begeman, President, CEO and Director
Mr Begeman is a mining engineer with over 30 years of mining experience. He is currently the Chief Executive Officer of Valencia
Ventures Inc. and was recently the Operating Officer of Zinifex Canada Inc. He has previously served as Vice President, Western
Operations of Goldcorp Inc. where Mr. Begeman ran the Wharf Mine open-pit, a consistent low-cost producer
Rene Bharti, VP Corporate Development and Director
Mr. Bharti has held roles in several public and private companies, including those in the resource, technology, and entertainment
sectors. Previously, Mr. Bharti also served as Vice President of Business Development for a publicly listed resource company with gold
assets in the former Soviet Union. Mr. Bharti holds a Bachelor of Commerce (Honors) degree from Queen’s University.
Don Dudek, Senior VP Exploration and Director
Mr. Dudek has held increasingly senior roles with junior to senior exploration and mining companies over the past 25 years. Most
recently Mr. Dudek served as Exploration Manager for Aur Resources Inc. which provided him the opportunity to evaluate 100’s of grass
roots to advanced projects in Latin America and Africa. During his career Mr. Dudek was part of the team that discovered 7 new base
and precious metal deposits in Canada, one of which has been mined. He also supervised work at Teck Cominco’s high profile La Verde
Cu-porphyry deposit in Mexico. Mr. Dudek holds a B.Sc. Geology (honors) from the University of Saskatchewan.
Honorable Pierre Pettigrew, Director
The Honorable Pierre S. Pettigrew has had a most distinguished career as a Canadian federal cabinet minister, serving as Minister of
Foreign Affairs and Minister for International Trade in his last positions in public office. Mr. Pierre Pettigrew also served as Minister of
Health, Minister of Intergovernmental Affairs, Minister of Human Resources Development and Minister of International Cooperation. As a
cabinet minister, he chaired numerous working groups on difficult international trade issues and lead trade missions to China, India,
Russia, Germany, Algeria, Morocco, South Africa, Nigeria, Mexico, and other countries. From 1985 to 1995, he was an International
Business Consultant with Deloitte.
35

36. Experienced Management Team
John Begeman, President, CEO and Director (see “Board of Directors”)
Rene Bharti, VP Corporate Development and Director (see “Board of Directors”)
Don Dudek, Senior VP Exploration and Director (see “Board of Directors”)
Greg Duras, CFO
Mr. Duras joined Avion Resources Corp. in May 2008, bringing with him more than a decade of corporate and project finance
experience in the resource sector. Prior to assuming this role, he held the position of Vice President of Finance and Administration at
S.C. Rosia Montana Gold Corporation S.A. (RMGC), a mineral exploration and mining development company based in Romania with
responsibility for financial reporting, project financing, taxation, auditing and budgeting activities. Prior to RMGC, Mr. Duras held a
number of senior finance roles, including Controller of TSX-listed Gabriel Resources Ltd. and High River Gold Mines Ltd. Mr. Duras is a
Certified General Accountant and a Certified Professional Accountant, and holds a Bachelor of Administration from Lakehead University.
Andrew Bradfield, Chief Operating Officer
Andrew Bradfield has over 26 years of operations, technical, and management experience in the mineral resource industry. He has held
positions at mines in Australia, Canada, China, Ethiopia, the Philippines, South Africa and Sweden. His experience includes start-up,
development, operations, as well as technical and financial evaluations. Mr. Bradfield was most recently VP, Operations for TVI Pacific.
Prior to joining TVI, he was the Chief Operating Officer for a mining and exploration company, which operates a diamond mine, and
explores for diamonds and gold in China. He holds a Bachelor of Science (B.Sc. with honours) in Mining Engineering from Queen’s
University, Canada.
Chris Bradbrook, M.Sc. VP Strategic Development
30 years experience in Mining and Financial Industries. Demonstrated skills in development, management and growth of junior mining
companies through application of strong financing, strategic and marketing skills. Founder of New Gold Inc., for which he raised $500
million. Former Vice President, Corporate Development for Goldcorp Inc. during company's most explosive growth phase.
36

37. Contact:
Rene Bharti
VP Corporate Development
Tel: (416) 861-5876
rene@avionresources.com
Don Dudek, P.Geo, the Senior Vice President, Exploration of the Company and qualified person under National Instrument 43-101, has reviewed the
scientific and technical information in this presentation
37

38. Gold Bull Market
How High Could Gold Go?
DJIA/Gold Price Since 1896
45
Jul ’99
= 44X
40
35
30 Jan ’66
= 28X
25
20 Aug ’29
= 18X
15
Mar 05
10 Jan ’32 Apr ’80 = 7X
= 2X = 1X
5
= 2X DJIA/Gold
0  Gold = A
1896 1906 1916 1926 1936 1946 1956 1966 1976 1986 1996 2006 BIG NUMBER!
38