1. A Growing Gold Producer in West
Africa with Exploration Upside
TSX: AVR
OTCQX: AVGCF May 2012

2. Forward Looking Statement
This presentation of Avion Gold Corporation (the ”Company”) 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 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 consultants and management of the
Company; research and estimates regarding the timing of delivery for long-lead items; knowledge regarding the factors involved in building a mine and other
factors described in the annual information form of the Company. 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.
The Company uses the term “cash costs” in this presentation. Cash costs is a non-GAAP figure. Please see the Company’s Management Discussion & Analysis
for an explanation of this figure and the associated uncertainty.
Andrew Bradfield, P.Eng., the Chief Operations Officer and Don Dudek, P.Geo., the Senior Vice President, Exploration, of the Company and are “qualified
persons” under National Instrument 43-101 and have reviewed and approved the scientific and technical information contained in this news release.
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.
TSX: AVR 2

3. Avion Properties –West African Focus
Coup Update
 Constitutional Law reinstated
April 8th
 Interim Gov’t appointed with
elections in ~1 year
 Borders are open with fuel
and supplies arriving at site
 Production continues at
Tabakoto
 Expect a significant positive
valuation change as the
perception of country risk
reduces after coup
TSX: AVR 3

4. Investment Highlights
 Profitable Production
 Tabakoto underground exceeding expectations
 New sources of ore for the Tabakoto Mill
 Hounde PEA in progress with H2 delivery of report
expected
 Continued Exploration success
TSX: AVR 4

5. Mali: Africa’s Third Largest Gold Producer
*See Appendix for details of mineral reserve and resource
estimates
TSX: AVR 5

6. Strong Assets
Global Resource Base
Updated – Corporate Mineral Resources*
Tonnes Grade Gold Ounces
(g/t Au)
Proven & Probable (Stock Pile/Open Pit)(1)
2,300,000 2.20 162,500
(1 to 2 g/t Au Cut-off)
Proven & Probable(Underground)
4,606,000 4.49 664,000
(2 g/t Au Cut-off)
Measured & Indicated
21,843,545 2.40 1,653,480
(0.5 to 2 g/t Au Cut-off)
Inferred
29,891,923 2.63 2,487,546
(0.5 to 2 g/t Au Cut-off)
(1) Includes stockpile of 1,291,000 tonnes grading 1.12g/t Au containing 46,300ozs as of January 1, 2012
• The resource study for the Tabakoto, Segala Main West, Segala NW and Djambaye II deposits were prepared by Avion under the supervision of Don Dudek, P. Geo.
Eugene Puritch, P.Eng. and Antoine Yassa, P. Geo of P&E Mining Consultants Inc. who are qualified persons under NI 43-101, prepared the resource estimates for
Segala Main, Dar Salam and Dioulafoundou, Kofi Project and Vindaloo deposits. Final resources, were adjusted for Segala Main and Dioulafoundou after mining
drawdown. Note that open pit mineral resources were calculated at a cut-off of 0.5 and 1.0 g/t Au and underground mineral resources were calculated using a 2.0 g/t
cut-off.
• Estimates include 93.75% of Kofi Project resources to reflect ownership
(2) Mineral resources that are not mineral reserves do not have demonstrated economic viability
TSX: AVR 6

7. Project Resource Base Growth
3,000,000
Acquistions  87% average total
resource growth year
Production over year
Reserves
2,000,000 M&I
Inferred
1,000,000
-
2008 2009 2010 2011
7
TSX: AVR

8. 2011 – 91,200 oz. Produced
2012 – 90,000 – 100,000 oz. Forecasted
Gold Production at Tabakoto
30,000 $1,000
$900
25,000
$800
$700
20,000
$600
15,000 $500 Oz. Produced
$400 Cost/Oz.
10,000
$300
$200
5,000
$100
- $-
Q1-11 Q2-11 Q3-11 Q4-11 Q1-12
TSX: AVR 8

9. Avion Production to Date
 Average mined
Increasing Production
100,000
grade to date of
3.61 g/t Au
 Average
recovery 95.5%
2009
50,000 2010  Avion produced
2011
256,378 ozs to
2012*
date
0
2009 2010 2011 2012*
* Estimated 2012 production from 90,000-100,000 ounces
TSX: AVR 9

10. - Mali
Gold Production Growth - Burkina Faso
* *
200,000 *
Kofi
Hounde
Open PIt
100,000 Segala UG
Taba UG
0
2011 2012 2013 2014 2015 2016-21
*Does not include Houndé Production
Tabakoto and Segala deposit mine schedules from 2011 to 2014 are based on Avion’s NI43-101 technical report on Tabakoto Mining Operations, issued
on August 17, 2011, and filed on SEDAR. For subsequent years, and for projections of the Kofi and Houndé deposits, Inferred Mineral Resources have
been included, and the plan is based on an in-house study by Avion.
Production growth assumes 100% of project, adding incremental feed to the Tabakoto mill and that African Barrick does not exercise their back-in right
for the Houndé Project
TSX: AVR 10

11. Production Forecast 90,000-100,000 oz
2012
Anticipated project milestones
Q1 Q2 Q3 Q4
60,000 metre exploration program
Tabakoto underground stoping
Issue updated resource and reserve reports
Start new open pit mine at Djambaye II
Segala underground development
Houndé resource update & P.E.A. report
TSX: AVR 11

12. Strong Assets
Milling Facility – 2,100 tpd Milling Facility – expanding to 4,000 tpd
Fuel Supply – max 5 million Litres Camp – now houses >350 staff
TSX: AVR 12

13. Recent Tabakoto Underground Development
Tabakoto Pit Tabakoto Underground Development
Tabakoto Underground
TSX: AVR 13

14. Underground Process
 Stoping started February 9, 2012
 YTD to end of April UG production
 Mined 5% less tonnes than planned
 11% more ounces produced than planned
 Approximately 0.75 g/t higher in grade than forecast
 Dilution is less than expected and grades slightly
higher
TSX: AVR 14

15. Tabakoto & Kofi - Mali Kofi Resource
Doubled in 2011
 Target-Rich Mining Camp (~600
km2)
 2011 discovery cost overall
 ~$6.6/oz Inf
 ~$23.5/oz Ind
 Exploration Program of ~$11.4
Million for 2012 (all properties)
 Total Corp. (Tabakoto + Kofi +
Hounde) Resource of:
 P&P Res: 0.83 M ozs (Jan.1, 2011)
 M&I: 1.7 M ozs*
 Inf: 2.5 M ozs*
* At 0.5 to 2.0 g/t cut-offs
TSX: AVR 15

16. Houndé – Burkina Faso
 Excellent Resource Expansion
Potential <5% of property evaluated
 Current Resource of:
 Ind: 893,000 ozs
 Inf: 712,000 ozs
 Vindaloo resource strike ~2.6 km,
mineralized trend ~ 5.7 km open,
target 15+ km long
 Preliminary Economic Assessment
initiated for completion Q4 2012
 $8.0 Million Exploration program for
2012
TSX: AVR 16

17. Opportunity Summary
 Mali - Short term production 90,000 to 100,000
ounces per year mid term production doubling
supported by two high quality project assets in 20
million ounce plus mining camp
 Burkina Faso - Expanding 2+ g/t Au open pit
resource base with great logistics
 3 km from paved highway
 1.5 km from high tension power line
 Nearby community and work force
TSX: AVR 17

18. Capital Structure
Exchange: TSX
Ticker: AVR
Shares Outstanding – basic: 441.1 million
Fully diluted: 466.0 million
52-Week High/Low: $2.57 - $0.44
Recent Price (May 22, 2012): $0.50
Market Capitalization: ~$221 million
TSX: AVR 18

19. Undervalued Compared to Peers
Avion is undervalued relative to producing peer group
based on a price to earnings and cash flow multiples
Source: NBF Estimates, Bloomberg, Thomson (May 17, 2012) Note: For Royalty Co's a 3% discount rate is applied (FNV, RGLD, SSL). For companies above, FY is 2012.
TSX: AVR 19

20. Avion Gold Corporation
MAJOR SHAREHOLDERS
Sentry Investments ~15% Oppenheimerfunds ~2%
Sprott Asset Management ~13% RBC Asset Management ~2%
Fidelity Asset Management ~12% Management & Directors ~2%
Maple Leaf Partners ~8% AGF Asset Management ~1%
Van Eck Jr Gold ETF ~5% Altamira Asset Management ~1%
Regent Pacific ~3% BlackRock Asset Management ~1%
Carmignac Gestion ~2% TD Asset Management ~1%
Craton Capital ~2% Summary of other positions ~7%
at less than 1%
TSX: AVR 20

21. Independent Research and Media Coverage
Independent Research – Full Coverage
Firm Analyst
BMO Capital Markets Andrew Breichmanas
Canaccord Genuity Steven Butler
Cormark Securities Mike Kozak
Mackie Research Capital Barry Allen
NB Financial Tara Hassan
Independent Research – Research Notes
Firm Analyst
Desjardins Securities Brian Christie
PI Financial Eric Zaunscherb
Media Coverage
Firm
Casey Research
Gecko Research
TSX: AVR 21

22. Experienced Management Team & Board
MANAGEMENT
John Begeman, President, Chief Executive Officer and Director
Don Dudek, Senior Vice President Exploration
Alex Dann, Chief Financial Officer
Andrew Bradfield, Chief Operating Officer
Neil Said, Legal Corporate Counsel
BOARD OF DIRECTORS
James Coleman–Independent Chairman
John Begeman
Stan Bharti
George Faught
Bruce Humphrey
Lewis Mackenzie, Major General (Ret.)
Honourable Pierre Pettigrew, P.C.
TSX: AVR 22

23. Avion Gold Corporation
Segala Pit
Contacts: Address:
John Begeman 65 Queen Street West, Suite 800
President & CEO PO Box 67
Tel: (416) 861-5884 Toronto, ON M5H 2M5
jbegeman@aviongoldcorp.com
Website: www.aviongoldcorp.com
Michael McAllister
Manager, Investor Relations Follow us:
Tel: (416) 309-2134
info@aviongoldcorp.com
TSX: AVR 23

24. Appendix
TSX: AVR 24

25. Strong Assets
Global Resource Base
Tabakoto Kofi (93.75% ownership) Houndé Avion
Tonnes Grade Oz Au Tonnes Grade Oz Au Tonnes Grade Oz Au Total (Ozs)
P&P*
2,611,000 2.90 243,600 243,600
(OP + SP)(1)
P&P*
4,630,000 4.50 669,500 669,500
(UG)
M&I 1,359,000 3.41 149,100 6,469,125 2.25 468,375 13,410,000 2.07 893,000 1,510,475
Inferred 7,892,500 4.10 1,040,600 11,583,750 1.77 658,125 10,710,000 2.07 715,000 2,413,725
(1) Effective reserve date of January 1, 2011. Update planned for mid Q2, 2012
(2) Includes stockpile of 1,207,300 tonnes grading 1.53 g/t Au containing 59,600 ozs as of January 1, 2011
• The resource study was prepared by Eugene Puritch, P.Eng. and Antoine Yassa, P. Geo of P&E Mining Consultants Inc. who are qualified persons under NI 43-101. Note that open
pit mineral resources were calculated at a cut-off of 0.5 and 1.0 g/t Au and underground mineral resources were calculated using a 2.0 g/t cut-off.
(3) Andrew Bradfield, P.Eng. and Don Dudek, P.Geo., Senior Officers of Avion and “qualified persons”, as such term is defined under NI 43-101, are responsible for the Mineral Reserve
estimates.
(4) The Mineral Reserves 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.
(3) The Inferred Resources are in addition to the Measured and Indicated Resources.
(4) The Mineral Reserves have been classified in accordance with the requirements of National Instrument 43-101 based on a gold price of US$1,183 per ounce and a 94% process plant
recovery rate.
(5) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
(6) “UG” stands for underground , “OP” stands for open pit and “SP” stands for stock pile
(7) For a full description of the key parameters, assumptions and methods used to estimate the above Mineral Reserves and a discussion of the legal, political and environmental risks
that may have an impact on those estimates, refer to the Reserves Report.
TSX: AVR 25

26. Call Options Explanation
 Avion sold 12 European style call options exercisable over 12 quarters (1st option
June 1, 2012 - 12th option March 1, 2015) for $25MM upfront cash for a total of
36,396 ounces ($687/ounce)
 Each option allows the institution to purchase 3,033 ounces of gold at a set price.
The first 4 options are priced at $700, the remaining 8 options are priced at $900
 If the call option is exercised on the specific date, Avion will remit to the
institution, the difference between the LME gold price and the price of the option
 Quarterly Option Calculation example: on June 1, 2013, if the gold price is $1,650,
Avion will remit $2.27MM to the institution (3,033 ozs * ($1,650 - $900) ) and
retain $2.73MM (3,033ozs * $900 ). Total amount to Avion for those 3,033 ounces
in the call option would be $1,587 per ounce ($687 upfront + $900 option)
 For example, at a $1,650 gold price, each ounce sold equates to roughly $1,520 for
Avion (undiscounted).
TSX: AVR 26