November 2010

New Gold Producer In Elephant Country

AVR: TSX-V AVGCF: OTCQX

Company

Presentation AVR: TSX-V AVGCF: OTCQX

Forward-Looking Statement

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This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but arenot limited to, statements with respect to the development potential and timetable of the Mali projects; the Company’s ability to raiseadditional funds as necessary; the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (includingscoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development andexploration; 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 canbe 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 orstatements 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. Estimatesregarding the anticipated timing, amount and cost of mining at the Mali projects are based on assumptions underlying mineral resourceestimates and the realization of such estimates; results of previous mining activities at the projects, and detailed research and analysiscompleted by independent of the Company; research and estimates regarding the timing of delivery for long-lead items; knowledgeregarding the factors consultants and management involved in building a mine and other factors that will be described in the technicalreport summarizing the scoping study that will be filed under the profile of the Company on SEDAR. Capital and operating cost estimatesare based on results of previous mining activities, research of the Company and independent consultants, recent estimates of constructionand mining costs and other factors that are set out in the scoping study. Production estimates are based on mine plans and productionschedules, which have been developed by the Company’s personnel and independent consultants. Forward-looking statements are subjectto known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance orachievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including butnot limited to risks related to: timing and availability of external financing on acceptable terms; unexpected events and delays duringconstruction, expansion and start-up; variations in ore grade and recovery rates; receipt and revocation of government approvals; actualresults of exploration and mining activities; changes in project parameters as plans continue to be refined; future prices of gold; failure ofplant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry. Althoughmanagement of the Company has attempted to identify important factors that could cause actual results to differ materially from thosecontained 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 fromthose anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Companydoes 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 mineralreserves and mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstratedeconomic viability.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred ResourcesThe information presented uses the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advisedthat while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission doesnot recognize these terms. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economicand 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 Statesinvestors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineralreserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or iseconomically or legally mineable.

Investment Highlights

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Increasing production profile from 75,000 ozsto 200,000 ozs by 2012

Increasing resource base through exploration

Trading at a significant discount compared to peers

Declining cost base from ~$650/oz to $525/oz in currently planned 10 year project

~$36 million in bank

Avion Properties – West Africa Focus

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In a Good Neighbourhood

Mali: Africa’s Third Largest Gold Producer

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Bringing Value SoonerDelivering Production Expansion into Gold’s Bull Market

February 2009Avion restarts Mill at Tabakoto

May 2009-Commercial Production Declared -Avion acquires Dynamite Resources-Avion Produces Second Technical Report (2.35 Moz)

January 2010Avion completes acquisition of Great Quest interest in Kenieba Concession

March 2010Avion announces purchase of Axmin’sinterest in Kofi Group Concession

October 2010-Avion closes acquisition of HoundeGroup Concession from Avocet

-Vindaloo Resource Announced

51,000 ounces in 200975,000-85,000 ounces in 2010Plan to ramp up to a 200,000 ounce run-rate in 2012Three major exploration packages

December 2008-Tabakoto Property purchased from Nevsun -Avion produces First Technical Report (940,000 oz)

Strong Assets

July 2010 Resource Base

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Updated – Mineral Resources*

Tonnes Grade (g/t Au)

Gold Ounces

Measured & Indicated (1 to 2 g/t Au Cut-off)

15,368,000 3.50 1,729,000

Inferred (1 to 2 g/t Au Cut-off) 20,627,000 3.16 2,098,000

• The resource study was prepared by Milko Rivera, P.Eng., and Farshid Ghazanfari, GIT, with a third party review and initial open pit versusunderground mining reviews carried out by Eugene Puritch, P.Eng., of P&E Mining Consultants Inc. Note that open pit mineral resourceswere 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, recent Kofi Acquisition and Hounde’s Vindaloo zone.

Increasing Resource Base

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Production Start

Mill

ion

ounc

es

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

M&I

Inferred

Total Res

Segala

+Tabakoto+GQ

+Kofi

+Dioulafoundou

+Vindaloo

201020092008

2009 – A Great Start Up – 51,000 oz. Produced2010 – Steady Growth in Production

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Estimated 2010 Production of 75,000 – 85,000 oz. Au

01002003004005006007008009001000

0

5000

10000

15000

20000

25000

Oz. Produced

Cost/Oz.

Avion Production To Date

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2009 Total (1)(2)(3)(4)

Ore Milled (000 t) 562.8

Head Grade (g/t Au) 2.95

Recovery (%) 95.4

Gold Production (oz) 51,291

(1) Mill was restarted on February 17, 2009. Gold production includes 747 oz recoveredfrom plant clean-up work in 2009 prior to the mill restart.

(2) Commercial production was declared May 1, 2009.(3) Includes 2 weeks downtime due to heavy rainfall and road transportation issues.(4) 2009 Total adjusted by -483 oz to reconcile to refined ounces.

2009

Q1 Q2 Q3 Q4 (October)

2010 YTD

Ore Milled (000 t) 156.1 183.1 178.8 64.5 518.1

Head Grade (g/t Au) 3.26 3.95 4.28 4.53 3.86

Recovery (%) 96.5 95.8 96.2 97.3 96.1

Gold Production (oz)(1) 15,710 22,222 23,609 9,123 70,664

2010

(1) Ounces adjusted to final refined product

$300

$350

$400

$450

$500

$550

$600

$650

0

50

100

150

200

250

2009 2010 2011 2012 2013 - 2022

Production Growth

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Mine plan presented in the scoping study prepared by M. Rivera, P. Eng, (independent) with the support of T, Mann, P.Eng. (independent) andAndrew Bradfield, P.Eng. (COO). Resource estimate prepared by Eugene Puritch and Antoine Yassa of P&E Mining Consultants. Using CanaccordAdams 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 andunderground recoveries of 90% and 85%, respectively, UG equipment will be leased, UG mining by mechanized long hole retreat

Production (000 Au oz) Cash Cost (US$)

Au Production and Cash Costs

Cash Costs

Au Production

Segala (OP) Segala/Taba(UG)

Tabakoto etc.(OP)

200,000 oz/year Run-Rate in 2012

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Anticipated project milestones2010 2011 2012

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

60,000 metre exploration program • • • •

Future exploration programs • • • • •

Update plant expansion study •

Gravity gold vs leach study •

Order plant long lead time equipment •

Tabakoto underground development • • • • • •

Update mineral resource statement •

Issue NI43-101 report with mine plan •

Mine other open pits • • • • • •

Segala underground development • • • • •

Plant expansion construction • • • • •

200,000 oz/year gold production ◊

Strong Assets

Large, Target-Rich Property with Central Milling Complex

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Approx. 132 km2

Mill – 2100 tpd

Roads

Tailings pond

Power

Water

3 km

Segala Deposit

Tabakoto Mine

Dioulafoundou

Fougala

8.51 g/t Au/10.5m

2.28 g/t Au/45.0m

2.72 g/t Au/73.5m

7.41 g/t Au/11.5m11.6 g/t Au/13.8m

15.27 g/t Au/3.7m

67.08 g/t Au/4.0m

13.56 g/t Au/22.5m

Dar Salam

15.56 g/t Au/24.0m

10.96 g/t Au/6.0m 21.77 g/t Au/21.0m

7.53 g/t Au/20.0 m

Kenieba Property

Strong Assets

$US100M Assets Acquired for <$0.20 on the Dollar (2008)

Milling Facility – 2,100 tpd

Fuel Supply – Contracted

Camp – now houses 150 staff

Power Supply

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Current Segala Pit

Current Segala Main Pit Mining Avion is Mali’s 4th Largest Gold Company

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Segala Mine Plan

Resource Expansion Potential

Four Target Concepts

3 km

Approx. 132 km2

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2

1

2

3

Segala at depth – underground potential

Tabakoto at depth, and around pit

Remainder of property– numerous targets

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3

4 New Properties

4

4

4

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Target-Rich Exploration Package (~500 km2)

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75% of drill holes have intersected gold!

$12 Million Exploration Budget for 2010

Total Project (Avion + Great Quest+Kofi) Resource 3.9 M ozs*

* At 1.0 and 2.0 g/t cut-offs

10 km

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Hounde – Burkina Faso

Low Cost Ounces in the Ground = LEVERAGE

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What Does the Market Pay?

US $190 Per Total Resource Ounce** Wellington West research October 25th, 2010

What is Market Paying Avion?

US $79 Per Resource Ounce

More Ounces to Come!Organic Growth – recent drillingGreat Quest (324,000 oz)Hounde Acquisition (610,000 oz)Kofi Acquisition (670,000 oz)

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Comparable Trading Multiples

P / CFPS

1. NAVPS uses 5% discount rate and long-term metal prices of US$950/oz Au and US$17.25/oz AgNote: Producer Peers include Alamos Gold, Aura Minerals, B2Gold, Centamin Egypt, Endeavour Mining, Gammon Gold, Gold Wheaton, Golden Star Resources, Minefinders,

New Gold, Northgate Minerals and Primero MiningSource: Canaccord Genuity Research and public market research (updated November 12, 2010)

Avion is significantly undervalued relative to its peer group based on cash flow and P/NAV multiples

1.0x

1.2x

P/NAV

Avion Producer Peers

P / NAV1

4.2x

2.7x

9.5x8.9x

2011 2012

Avion Producer Peers

Low Valuation Compared to Peers

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Mar

ket

Cap

ital

izat

ion

(U

S$m

m)

2010E Production (000's oz Au)

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

3,000

3,250

0 100 200 300 400 500

EGU

Avion Gold

ANV

KGI

SGRARZ

BTO

AGI

MFL

SMF

NXGGAM

NGD

GSS

AVERAGE

Avion Gold(Future)

Avion Gold Corporation’s Capital Structure

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Exchange TSX Venture

Ticker AVR

Shares Outstanding – basicFully diluted

370 million431 million

52-Week High/Low $1.10- $0.39

Recent Price (Nov 23, 2010) $1.08

Market Capitalization ~399million

*Current Cash position of ~$36 Million

Debt

• Strong Balance Sheet• $18 Million in the money warrants (May 2011)

Avion Gold Corporation

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MAJOR SHAREHOLDERS

Sprott Asset Management ~19%

Sentry Select ~10%

Pinetree Capital ~5%

Maple Leaf Partners ~5%

Front Street ~3%

Aberdeen International ~3%

Management/Insiders ~2%

Independent Research & Media Coverage

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Firm Analyst

Wellington West Paolo Lostritto

Canaccord Capital Markets Eric Zaunscherb

Independent Research

Firm

OB Research

Media Coverage

Experienced Management Team & Board

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MANAGEMENT

John Begeman, President, CEO and DirectorDon Dudek, Senior VP Exploration and DirectorGreg Duras, CFOAndrew Bradfield, Chief Operating Officer

BOARD OF DIRECTORS

Stan Bharti – Executive ChairmanJohn BegemanBruce HumphreyLewis Mackenzie, Major General (Ret.)Don DudekHonorable Pierre PettigrewGeorge Faught

Contacts: Address:

John Begeman 65 Queen Street West #800President & CEO PO Box 67Tel: (416) 861-5884 Toronto, ON M5H 2M5jbegeman@aviongoldcorp.com

www.aviongoldcorp.comMichael McAllisterManager, Investor RelationsTel: (416) 309-2134info@aviongoldcorp.com

Avion Gold Corporation

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