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Friday, 24th April 2009 (707 views)

Avion Resources has announced that it produced a total of 6,211 ounces of gold during the first quarter of 2009, in excess of its target.

The Toronto-based company started production in February this year and exceeded its estimates by 1,013 ounces of gold in the three months to the end of March.

Avion expects the cash cost per ounce of gold for the year to be $505 (£346) per ounce, with commercial production expected by July 1st 2009.

John Begeman, the company's president and chief executive, commented: "I am pleased with the first quarter results and believe that the team in Mali will be able to achieve commercial production on schedule at the beginning of July."

Listed on the TSX Venture exchange, Avion Resources is focused on properties in Mali, west Africa, where it holds 80 per cent of the Tabakoto and Segala gold projects.

Gold production has commenced on both prospects and the firm forecasts 66,000 ounces of production for 2009, increasing to 101,400 ounces in 2012.

 

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