To fund the acquisition, Avion completed an equity financing of 60.1 million subscription receipts for gross proceeds of $30 million. Immediately prior to completion of the acquisition, each subscription receipt was automatically converted into one common share and one-half of a share purchase warrant (each whole share purchase warrant). Each warrant entitles the holder to acquire one common share at a price of $0.65 at any time prior to May 8, 2010.

Don Dudek, senior vice president of exploration for Avion, said, “The Mali properties represent an exceptional ‘target- rich’ exploration environment. Avion intends to embark upon a minimum 15,000 meter exploration drill program, which is designed to confirm existing life of mine resources for the Tabakoto and Segala deposits. Avion also intends to drill and test other targets, including Dar Salam, Tabakoto South, Diolafoundou, Fougala, Segala South and NE Orpaillage, which we believe offer excellent potential to add to the gold resources on the properties. The next six to eight months will be exciting as a new mineable resource is developed and good news flow is anticipated from the other exploration targets on the properties.”

Andrew Bradford, COO, said, “Once the deposit geology is understood better, the mineral resource model has been updated, and the regional potential assessment is under way, a new mine plan and production schedule will be generated. Avion will study the economics of restarting mining at the Tabakoto deposit versus Segala. An important aspect of the study will be to review methods to reduce operating costs. We intend to make several improvements to the processing plant, including increasing the gravity gold circuit capacity. A two meter lift must be constructed at the tailings dam in order for production to restart, and a new mining contractor will be hired. We aim to resume mining at Tabakoto in 2009 with a targeted rate of 90,000 oz of gold per year at full production, subject to exploration results and the new mine plan.”