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Avion holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced at these projects in 2009 with approximately 51,290 ounces produced. 2010 production was 87,630 ounces of gold.
Message: Acquires 16% Stake in Midlands Minerals Corporation
| May 12, 2009 |
| Avion Resources Acquires 16% Stake in Midlands Minerals Corporation |
| TORONTO, ONTARIO--(Marketwire - May 12, 2009) - Avion Resources Corp. ("Avion Resources" or "the Company") (TSX VENTURE:AVR), is pleased to announce that it has entered into an agreement to acquire a 16% interest in Midlands Minerals Corporation ("Midlands"). As part of a share exchange, Avion Resources has agreed to purchase from RAB Special Situations (Master) Fund Limited a total of 8,581,000 common shares in the capital of Midlands in exchange for the issuance of 4,290,500 common shares of Avion Resources. Based on approximately 53.6 million common shares of Midlands being issued and outstanding, according to the TSX website, Avion's proposed shareholding of 8,581,000 common shares represents approximately 16% of the issued and outstanding common shares of Midlands. The acquisition of an interest in Midlands is consistent with Avion's growth strategy in Western Africa through strategic acquisitions and accelerated development of the Tabakoto and Segala assets. Midlands' primary asset is the Sian and Kwahu Prasso projects in central Ghana. Midlands has publicly disclosed an indicated mineral resource estimate at the Sian project of 2.6 million tonnes at 2.3 g/t Au for a total of 192,000 ounces of gold and an inferred mineral resource estimate of 2.7 million tonnes @ 2.4 g/t Au for a total of 208,000 ounces of gold. See their public disclosure (including April 4, 2008 press release) for details regarding the resource estimate. These projects lie approximately 30 km north of Newmont's Akyem project that contains a resource of greater than 8.7 million ounces. Avion believes that the Sian project offers promising exploration potential. Closing of this purchase of Midlands common shares will be subject to final approval of the TSX Venture Exchange. Avion Resources may seek to acquire additional securities through market transactions, private placements, treasury issuances or otherwise as circumstances or market conditions warrant or arise. About Avion Resources Corp. Avion is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production at these projects has commenced, with approximately 66,000 ounces of production forecast for 2009 with an expected cash cost of US$505 per ounce of gold. Avion has a skilled management team, with a focus on growth and consolidation within West Africa. |
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