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UPDATE: Avion Achieves Record Production, Financial Results for First Quarter 2012; Shares Jump 7% But Close to Year Lows

Avion Gold Corporation (AVR.TO) has jumped 7% after announcing today its financial results for the first quarter ended March 31, 2012.

The company had a net loss of $6.2 million or $0.01 per share, for the quarter as compared to net income of $12.6 million or $0.03 per share for the comparable quarter last year. Revenue was $33.0 million for the quarter compared to revenues of $31.8 million for the comparable quarter last year, representing a 4% increase.

Avion produced 26,256 ounce of gold during the quarter after final refinery adjustments at a cash cost of per ounce produced of $898.

AVR is now trading at 52 cents, which is close to year low $0.475. Volume traded so far is over 166,000.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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