VANCOUVER, Oct. 16, 2019 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM:
TSX/NYSE American, GV6: FSE, "Avino" or "the Company")
announces its third quarter 2019 production results from its Avino
property near Durango, Mexico.
Consolidated Production Highlights for Q3, 2019 (Compared to
Q3, 2018)
- Silver equivalent production decreased by 19% to 570,220
oz*
- Gold production decreased by 34% to 1,448 oz
- Silver production decreased by 34% to 221,928 oz
- Copper production increased by 39% to 1,381,924 lbs
*In Q3, 2019, AgEq
was calculated using metals prices of $16.98 oz Ag, $1,472 oz Au
and $2.63 lb Cu. In Q3, 2018, AgEq was calculated using metals
prices of $15.00 oz Ag, $1,213 oz Au and $2.77 lb Cu.
Calculated figures may not add up due to
rounding.
|
The silver equivalent production in Q3, 2019 decreased by 19%
compared to Q3, 2018. The decrease was due to the following
reasons:
- Decreasing consolidated silver and gold feed grades that were
offset slightly by higher mill throughput, copper feed grades at
Avino, and increased consolidated recoveries
- Minor production interruptions as a result of delays due to
heavy seasonal rain
- Processing continued using the remaining stockpiles from past
production and development activities at San Gonzalo, which is
lower grade.
The expectations are for higher production in Q4 2019 as we
change our feed mix to focus more on the Elena Tolosa area of the
Avino Mine.
"Our Q3 2019 production results, while lower compared to the
same period in 2018, were in line with our internal expectations
and output remained similar to the first two quarters of 2019. This
quarter's increase in throughput and recoveries are very
encouraging and are attributed to the hard work and efforts by our
team in Mexico," said David Wolfin, Avino's President and CEO. "In
addition, we are pleased with the progression of the Open Pit
tailings storage work, specifically the installation of the
geomembrane, which is almost complete. The newly commissioned
tailings thickener has transitioned to full operation and has
reduced the water content sent to the tailings facility while
similarly increasing the amount of water recycled back to the
processing plant. During the 4th quarter and into 2020, we are
looking forward to advancing our processing plant optimization
initiatives and transitioning to full mining production in the
Elena Tolosa area of the Avino Mine."
Consolidated Production Tables
Q3
2019
|
Production by
Mine
|
Tonnes
Processed
|
Silver
Oz
|
Gold
Oz
|
Copper
Lbs
|
AgEq
|
Avino
|
122,208
|
139,419
|
900
|
1,307,622
|
418,352
|
San
Gonzalo
|
17,800
|
29,568
|
194
|
-
|
56,203
|
Historic Above Ground
Stockpiles
|
62,656
|
52,941
|
354
|
74,302
|
95,665
|
Consolidated
|
202,664
|
221,928
|
1,448
|
1,381,924
|
570,220
|
YTD
2019
|
Production by
Mine
|
Tonnes
Processed
|
Silver
Oz
|
Gold
Oz
|
Copper
Lbs
|
AgEq
|
Avino
|
319,837
|
356,626
|
2,797
|
3,269,687
|
1,160,595
|
San
Gonzalo
|
53,271
|
149,265
|
555
|
-
|
208,184
|
Historic Above Ground
Stockpiles
|
228,116
|
232,116
|
1,528
|
311,052
|
419,623
|
Consolidated
|
601,224
|
738,007
|
4,880
|
3,580,739
|
1,788,402
|
*During the three
and nine months ended September 30, 2019, the Company produced
15,784 and 19,454 AgEq oz, respectively, of zinc by-product
concentrate which has been included in the "San Gonzalo" production
category above.
|
Q3
2019
|
Grade &
Recovery by Mine
|
Grade
Ag g/t
|
Grade
Au g/t
|
Grade
Cu %
|
Recovery
Ag %
|
Recovery
Au %
|
Recovery
Cu %
|
Avino
|
41
|
0.31
|
0.58
|
86%
|
73%
|
83%
|
San
Gonzalo
|
56
|
0.41
|
-
|
80%
|
73%
|
-
|
Historic Above Ground
Stockpiles
|
47
|
0.33
|
0.14
|
56%
|
54%
|
39%
|
Consolidated
|
44
|
0.33
|
0.33
|
76%
|
67%
|
68%
|
YTD
2019
|
Grade &
Recovery by Mine
|
Grade
Ag g/t
|
Grade
Au g/t
|
Grade
Cu %
|
Recovery
Ag %
|
Recovery
Au %
|
Recovery
Cu %
|
Avino
|
41
|
0.38
|
0.55
|
84%
|
71%
|
85%
|
San
Gonzalo
|
122
|
0.46
|
-
|
69%
|
65%
|
-
|
Historic Above Ground
Stockpiles
|
57
|
0.40
|
0.17
|
55%
|
53%
|
36%
|
Consolidated
|
54
|
0.40
|
0.39
|
72%
|
64%
|
64%
|
Avino Mine Production Highlights
|
Q3
2019
|
Q3**
2018
|
Quarterly
Change
|
YTD
2019
|
Total Mill Feed (dry
tonnes)
|
122,208
|
85,221
|
43%
|
319,837
|
Feed Grade Silver
(g/t)
|
41
|
57
|
-28%
|
41
|
Feed Grade Gold
(g/t)
|
0.31
|
0.54
|
-42%
|
0.38
|
Feed Grade Copper
(%)
|
0.58
|
0.53
|
10%
|
0.55
|
Recovery Silver
(%)
|
86%
|
83%
|
3%
|
84%
|
Recovery Gold
(%)
|
73%
|
66%
|
10%
|
71%
|
Recovery Copper
(%)
|
83%
|
88%
|
-6%
|
85%
|
Total Silver Produced
(oz)
|
139,419
|
130,320
|
7%
|
356,626
|
Total Gold Produced
(oz)
|
900
|
982
|
-8%
|
2,797
|
Total Copper Produced
(Lbs)
|
1,307,622
|
879,430
|
49%
|
3,269,687
|
Total Silver
Equivalent Produced (oz)*
|
418,352
|
372,601
|
12%
|
1,160,595
|
*In Q3,
2019, AgEq was calculated using metals prices of $16.98 oz Ag,
$1,472 oz Au and $2.63 lb Cu. In Q3, 2018, AgEq was calculated
using metals prices of $15.00 oz Ag, $1,213 oz Au and $2.77 lb
Cu. Calculated figures may not add up due to
rounding.
|
|
**The figures for
Q3 2018 include San Luis processed material that was not included
in the previously released Q3 2018 production table however it was
reflected in the consolidated figures.
|
Overall, silver equivalent production at Avino increased by 12%
compared to Q3, 2018, as a result of increased copper and silver
production during the quarter. Mill feed at Avino increased by 43%,
which offset lower silver and gold grades of 28% and 42%,
respectively. Copper grades increased by 10% compared to Q3, 2018.
Silver and gold recoveries increased by 3% and 10%
respectively.
San Gonzalo Production Highlights
|
Q3
2019
|
Q3
2018
|
Quarterly
Change
|
YTD
2019
|
Total Mill Feed (dry
tonnes)
|
17,800
|
19,691
|
-10%
|
53,271
|
Feed Grade Silver
(g/t)
|
56
|
226
|
-75%
|
122
|
Feed Grade Gold
(g/t)
|
0.41
|
1.15
|
-65%
|
0.46
|
Recovery Silver
(%)
|
80%
|
78%
|
2%
|
69%
|
Recovery Gold
(%)
|
73%
|
75%
|
-3%
|
65%
|
Total Silver Produced
(oz)
|
29,568
|
111,287
|
-73%
|
149,265
|
Total Gold Produced
(oz)
|
194
|
549
|
-65%
|
555
|
Total Silver
Equivalent Produced (oz)*
|
56,203
|
155,990
|
-64%
|
208,184
|
*In Q3,
2019, AgEq was calculated using metals prices of $16.98 oz Ag,
$1,472 oz Au and $2.63 lb Cu. In Q3, 2018, AgEq was calculated
using metals prices of $15.00 oz Ag, $1,213 oz Au and $2.77 lb
Cu. Calculated figures may not add up due to
rounding.
|
|
*During the three
and nine months ended September 30, 2019, the Company produced
15,784 and 19,454 AgEq oz, respectively, of zinc by-product
concentrate which has been included above.
|
At San Gonzalo, the Company continues to process stockpiles,
which have exceeded our expectations, albeit with declining silver
and gold grades, which is inline with internal expectations.
Historic Above Ground Stockpiles Production
Highlights
|
Q3
2019
|
Q3
2018
|
Quarterly
Change
|
YTD
2019
|
Total Mill Feed (dry
tonnes)
|
62,656
|
88,733
|
-29%
|
228,116
|
Feed Grade Silver
(g/t)
|
47
|
62
|
-25%
|
57
|
Feed Grade Gold
(g/t)
|
0.33
|
0.45
|
-28%
|
0.40
|
Feed Grade Copper
(%)
|
0.14
|
0.15
|
-9%
|
0.17
|
Recovery Silver
(%)
|
56%
|
57%
|
-1%
|
55%
|
Recovery Gold
(%)
|
54%
|
52%
|
3%
|
53%
|
Recovery Copper
(%)
|
39%
|
37%
|
5%
|
36%
|
Total Silver Produced
(oz)
|
52,941
|
100,544
|
-47%
|
232,116
|
Total Gold Produced
(oz)
|
354
|
673
|
-47%
|
1,528
|
Total Copper Produced
(Lbs)
|
74,302
|
112,841
|
-34%
|
311,052
|
Total Silver
Equivalent Produced (oz) calculated*
|
95,665
|
175,837
|
-46%
|
419,623
|
*In Q3,
2019, AgEq was calculated using metals prices of $16.98 oz Ag,
$1,472 oz Au and $2.63 lb Cu. In Q3, 2018, AgEq was calculated
using metals prices of $15.00 oz Ag, $1,213 oz Au and $2.77 lb
Cu. Calculated figures may not add up due to
rounding.
|
Due to the negligible cost of mining, the profit margin on this
material is quite positive. We will continue to evaluate our feed
and product mix to maximize profitability.
Quality Assurance/Quality Control
Mill assays are performed at the Avino property's on-site lab.
Check samples are sent to SGS Labs in Durango, Mexico for verification. Gold and
silver assays are performed by the fire assay method with the
gravimetric finish for the concentrates and the AAS methods for
copper, lead, zinc and silver for the feed grade samples. All
concentrate shipments are assayed by one of the following
independent third party labs: AHK, and Inspectorate in the UK and
LSI in the Netherlands.
Qualified Person(s)
Peter Latta, P.Eng, MBA, Senior
Technical Advisor, Avino and Jasman Yee
P.Eng, Avino director, both of whom are qualified persons
within the context of National Instrument 43-101 have reviewed and
approved the technical data in this news release.
About Avino
Avino is a silver and gold producer with a diversified pipeline
of gold, silver and base metals properties in Mexico and Canada employing close to 350 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. Avino is 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 & Chief Executive
Officer
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 the updated mineral
resource estimate for the Company's Avino Property located near
Durango in west-central Mexico
(the "Property") with an effective date of February 21, 2018, and amended on December 19, 2018, prepared for the Company, and
reference to Measured, Indicated, Inferred Resources referred to in
this press release. 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. No
assurance can be given that the Company's Property does not have
the amount of the mineral resources indicated in the updated report
or that such mineral resources may be economically extracted.
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 our common share price and
volume; tax consequences to U.S. investors; and other risks and
uncertainties. 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.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
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SOURCE Avino Silver & Gold
Mines Ltd.