July 4, 2012 / 11:35 AM / in 5 years

Avion Gold raises production forecast

(Reuters) - Gold miner Avion Gold Corp AVR.TO raised its gold production forecast for the year as it found higher grades of ore at its Tabakoto mine in west Africa.

The company said it now expects to produce between 95,000 and 102,000 ounces of gold for 2012, up from its earlier forecast of 90,000 to 100,000 ounces of gold.

Avion, which holds 80 percent of the Tabakoto and Segala gold projects in Mali, said it expects mill expansion at Tabakoto to resume in the latter part of 2012 or early 2013.

In May, Avion had lowered its gold production forecast for the year after halting mill expansion plans at the Tabakoto mine due to a military coup.

Avion Gold shares, which have fallen 74 percent over the last six months, closed at 44.5 Canadian cents on the Toronto Stock Exchange on Tuesday.

Reporting by Maneesha Tiwari in Bangalore; Editing by Joyjeet Das

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