Avion Gold Awards EPCM Contract
11 August 2010 - 9:45PM
Marketwired
Avion Gold Corporation (TSX VENTURE: AVR)(OTCQX: AVGCF)(PINK
SHEETS: AVGCF) ("Avion" or the "Company") announces the
commencement of its planned 100% capacity upgrade at its
Tabakoto/Segala operations in Mali, West Africa by awarding an
Engineering, Procurement, Construction, Management ("EPCM")
contract to GENIVAR Limited Partnership of Montreal. Avion plans to
increase plant throughput from 2,000 tonnes per day to 4,000 tonnes
per day. This project is anticipated to be completed in 2012.
Activities during 2010 will focus on detailed engineering
analysis, and ordering of long lead time equipment. Most of the
construction will take place in 2011, with commissioning planned in
2012.
Commenting on the EPCM contract, Mr. John Begeman, Avion's
President and Chief Executive Officer, stated: "GENIVAR has a
proven track record of building new process plants, and plant
expansions, in West Africa. The EPCM contract is a major step
towards Avion achieving its goal of increasing gold production to
200,000 ounces per year".
About Avion Gold Corporation
Avion is a Canadian-based gold mining company focused in West
Africa that holds 80% of the Tabakoto and Segala gold projects in
Mali. Gold production commenced at these projects in 2009 with just
over 51,000 ounces produced. 2010 production is estimated at 75,000
to 85,000 ounces of gold. Production sustainability is supported
and enhanced by an aggressive 2010 drill program over an
approximately 600 km2 exploration package that both surrounds and
is near to the Company's existing mine infrastructure.
Additionally, the 1,670 km2 Hounde exploration property in Burkina
Faso that Avion is in the process of acquiring (see News Release
dated July 5, 2010) is returning good results from an ongoing
exploration program. These properties are the subject of an
approximate US$ 12 million, 60,000 metre plus, drill-focused
exploration program in 2010, which management expects, based on
results to date, to add new resources and future opportunities for
Avion. Avion continues to progress towards its longer term goal of
200,000 ounces of gold per year and is preparing to mine
underground at the Segala and Tabakoto deposits. Avion has a highly
skilled management team, with a focus on growth and consolidation
within West Africa.
Cautionary Notes
The ability of Avion to increase production to 200,000 ounces of
gold per year has not been the subject of a feasibility study and
there is no certainty that the proposed expansion will be
economically viable.
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, without limitation,
statements regarding the impact of the proposed capacity upgrade
and EPCM contract on the forecast production and results of the
Company, statements with respect to the development potential and
timetable of the Mali projects; 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 information 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 state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is 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 information, including but not limited to: general
business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration
activities; ability to successfully integrate the purchased
properties; foreign operations risks; other risks inherent in the
mining industry and other risks described in the annual information
form of the Company which is available under the profile of the
Company on SEDAR at www.sedar.com. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information 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 information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE
Contacts: Avion Gold Corporation Michael McAllister Manager,
Investor Relations (416) 309-2134 info@aviongoldcorp.com
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