11:55 AM EST - Avion Gold Corporation : announced its financial results for the first quarter ended March 31, 2012. All amounts are in United States dollars unless otherwise indicated. 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. The loss in earnings is primarily related to: The change in fair value of the call options of $6.4 million, higher operating costs as Avion transitions to underground mining; depletion and depreciation charges of $5.1 million and foreign exchange losses of $3.0 million. The Company achieved revenue of $33.0 million for the quarter compared to revenues of $31.8 million for the comparable quarter last year, representing a 4% increase. Avion Gold Corporation
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