NYSE - MKT: ASM
TSX-V:
ASM
FSE: GV6
VANCOUVER, May 29, 2017 /PRNewswire/- Avino Silver & Gold Mines Ltd. (ASM: TSX.V,
ASM: NYSE – MKT, GV6: FSE, "Avino" or "the Company") is pleased
to announce that it has filed the completed "Technical Report on
the Avino Property, Durango,
Mexico" on the company's profile on the SEDAR system, with
the effective date of April 11, 2017,
pursuant to Avino's news release dated the same day. The Technical
Report, pertaining to the Preliminary Economic Assessment ("PEA")
of re-treating the Avino mine tailings, includes the results from
the Company's recent 2016 Resource Estimate (see news release dated
September 26, 2016). The PEA was
prepared in accordance with National Instrument 43-101 by Tetra
Tech Canada Inc. ("Tetra Tech").
Highlights of the Oxide Tailings Preliminary Economic
Assessment
- Significant pre-tax NPV8% of US$40.5 million
- Attractive pre-tax IRR of 48.4%
- 2 year pay-back period
- Total capital expenditures of US$28.5
million
- 7 year mine life with LOM of 3.12 million tonnes of oxide
tailings material
The Oxide Tailings deposit comprises historic recovery plant
residue material deposited during the earlier period of open pit
mining of the Avino Vein, when there were poor process plant
recoveries for silver and gold. The oxide tailings are partially
covered by younger unconsolidated sulphide tailings on the
northwest side of the property. For more information see Avino's
news release dated April 11,
2017.
The Company cautions that the PEA is preliminary in nature in
that it is based on Inferred Mineral Resources which are considered
too speculative geologically to have the economic considerations
applied to them that would enable them to be characterized as
mineral reserves, and there is no certainty that the PEA will be
realized. Mineral resources that are not mineral reserves do
not have demonstrated economic viability.
Qualified Person(s)
The Qualified Persons as defined by NI 43-101, who supervised
and are responsible for the Technical Report on the Oxide Tailings
Retreatment of the Avino Mine, and have reviewed the scientific,
technical and financial content of this news release, are
Hassan Ghaffari, MASc., P.Eng.,
P.Eng, Jianhui Huang, PhD., P.Eng,
of Tetra Tech Canada Inc., Sabry Abdel‐Hafez, PhD., (previously
with Tetra Tech Canada Inc.) and Michael
O'Brien P.Geo., Pr.Sci.Nat., who is an employee of QG
Australia Pty Ltd (an ARANZ Geo Company) and independent of Avino,
as defined by Section 1.5 of NI 43-101.
Avino's projects are under the supervision of Jasman Yee P.Eng, Avino Director, who is a
qualified person within the context of National Instrument 43-101.
He has reviewed and approved the technical data in this news
release.
About Avino
Avino's is a silver and gold producer with a diversified
pipeline of gold, silver and base metals properties in Mexico and Canada employing approximately 500
people. Avino produces from its wholly owned Avino and San
Gonzalo Mines near Durango,
Mexico, and is currently planning for future production at
the Bralorne Gold Mine in British
Columbia, Canada. The Company's gold and silver production
remains unhedged. The Company's mission and strategy is to create
shareholder value through its focus on profitable organic growth at
the historic Avino Property near Durango,
Mexico, and the strategic acquisition of mineral exploration
and mining properties. We are committed to managing all business
activities in an environmentally responsible and cost-effective
manner, while contributing to the well-being of the communities in
which we operate.
On Behalf of the Board
"David Wolfin"
______________________________
David Wolfin
President & CEO
Avino Silver & Gold Mines
Ltd.
Safe Harbor Statement - This news release contains
"forward-looking information" and "forward-looking statements"
(together, the "forward looking statements") within the meaning of
applicable securities laws and the United States Private Securities
Litigation Reform Act of 1995, including our belief as to the
extent and timing of various studies including the PEA, and
exploration results, anticipated capital costs and operational
costs, the potential tonnage, grades and content of deposits,
timing and establishment and extent of resource estimates. These
forward-looking statements are made as of the date of this news
release and the dates of technical reports, as applicable. Readers
are cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the future
circumstances, outcomes or results anticipated in or implied by
such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur. While we have based these
forward-looking statements on our expectations about future events
as at the date that such statements were prepared, the statements
are not a guarantee that such future events will occur and are
subject to risks, uncertainties, assumptions and other factors
which could cause events or outcomes to differ materially from
those expressed or implied by such forward-looking statements.
Such factors and assumptions include, among others, the effects
of general economic conditions, the price of gold, silver and
copper, changing foreign exchange rates and actions by government
authorities, uncertainties associated with legal proceedings and
negotiations and misjudgments in the course of preparing
forward-looking information. In addition, there are known and
unknown risk factors which could cause our actual results,
performance or achievements to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Known risk factors include risks
associated with project development; the need for additional
financing; operational risks associated with mining and mineral
processing; fluctuations in metal prices; title matters;
uncertainties and risks related to carrying on business in foreign
countries; environmental liability claims and insurance; reliance
on key personnel; the potential for conflicts of interest among
certain of our officers, directors or promoters with certain other
projects; the absence of dividends; currency fluctuations;
competition; dilution; the volatility of the our common share price
and volume; tax consequences to U.S. investors; and other risks and
uncertainties as set forth in our regulatory filings in
Canada and the U.S.. Although we
have attempted to identify important factors that could cause
actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. We are under no
obligation to update or alter any forward-looking statements except
as required under applicable securities laws.
Cautionary Note to United States Investors - The information
contained herein and incorporated by reference herein has been
prepared in accordance with the requirements of Canadian securities
laws, which differ from the requirements of United States securities laws. In particular,
the term "resource" does not equate to the term "reserve". The
Securities Exchange Commission's (the "SEC") disclosure standards
normally do not permit the inclusion of information concerning
"measured mineral resources", "indicated mineral resources" or
"inferred mineral resources" or other descriptions of the amount of
mineralization in mineral deposits that do not constitute
"reserves" by SEC standards, unless such information is required to
be disclosed by the law of the Company's jurisdiction of
incorporation or of a jurisdiction in which its securities are
traded. U.S. investors should also understand that "inferred
mineral resources" have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal
feasibility. Disclosure of "contained ounces" is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Avino Silver & Gold
Mines Ltd.