VANCOUVER, BC, March 8, 2021 /PRNewswire/ - Avino Silver
& Gold Mines Ltd. (TSX: ASM) (NYSE American:
ASM) (FSE: GV6) (Avino" or "the Company") is
implementing a fully funded increase in drilling from 12,000 to
30,600 metres as approved by Avino's Board of Directors.
"The fully-funded increases to the drilling campaign, with
the addition of Phases 2 & 3, as well as the PEA-recommended
drilling on the Oxide Tailings resource, totaling 30,600 additional
metres, are consistent with our strategy to increase value for
shareholders in the long-term through drilling on the Avino
Property", said David Wolfin,
President and CEO. "We are looking forward to receiving initial
results from Phase 1 in Q2 2021, as well as advancing the Oxide
Tailings project, as we continue to see exceptional value in this
project."
INCREASES:
Project
|
2021 Original
Budget
|
2021 Expanded
Budget
|
Increase
|
Exploration
Program
|
12,000
metres
|
18,600
metres
|
6,600
metres
|
Oxide Tailings
Project
|
-
|
12,000
metres
|
12,000
metres
|
Total
|
12,000
metres
|
30,600
metres
|
18,600
metres
|
Exploration Program
- Increase from 12,000 to 18,600 metres
- Phase 2, consisting of 6,600 metres, will focus on high-grade,
narrow-vein mineralized systems, similar to the previously mined
San Gonzalo system
- Further drilling has been approved and will be subject to
results from Phase 1 & Phase 2
Oxide Tailings Drilling
In 2017, Avino released an encouraging Preliminary Economic
Assessment ("PEA"), which can be found on Avino's profile on SEDAR.
One of the recommendations from the PEA was to perform additional
surface drilling to increase the confidence level of the resource.
This would be done in anticipation on commencing a Pre-Feasibility
Study ("PFS"). Avino will proceed with the recommended drilling,
with the intention of making a decision to proceed with a PFS later
in the year.
Capital Expenditures
Following the increases mentioned above, budgeted capital
expenditures for 2021 are now expected to be between
$9 and $11
million, up from the original budget of between $6 and $8 million.
All figures are stated in US dollars.
COVID-19 Protocols
The Company continues to implement its COVID-19 safety protocol
plan at site to ensure the safety of employees and the communities
surrounding the Avino mine property. Our drill program is utilizing
employees who live locally and require minimal travel to and from
the mine site.
Qualified Person(s)
Peter Latta, P.Eng, MBA, VP
Technical Services, who is a qualified person within the context of
National Instrument 43-101 have reviewed and approved the technical
data in this news release.
About Avino
Avino is primarily a silver producer with a diversified pipeline
of silver, gold, and base metal properties in Mexico. Avino produces from its wholly owned
Avino Mine near Durango, Mexico.
The Company's silver, copper and gold 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 and the strategic acquisition of mineral exploration
and mining properties. We are committed to managing all business
activities in a safe, 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 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 January 13, 2021 prepared for the Company, and
referenced 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
has 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; the COVID-19 pandemic; volatility in the global
financial markets; 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. 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. For more detailed information regarding the
Company including its risk factors, investors are directed to the
Company's Annual Report on Form 20-F and other periodic reports
that its files with the U.S. Securities and Exchange
Commission.
On October 31, 2018, the US
Securities and Exchange Commission adopted Item 1300 of Regulation
S-K ("Regulation SK-1300") to modernize the property disclosure
requirements for mining registrants, and related guidance, under
the Securities Act of 1933 and the Securities Exchange Act of
1934. All registrants are required to comply with Regulation
SK-1300 for fiscal years ending after January 1, 2021. Accordingly, the Company
must comply with Regulation SK-1300 for its fiscal year ending
December 31, 2021, and thereafter,
and the Company will no longer utilized Industry Guide 7.
Regulation SK-1300 uses the Committee for Mineral Reserves
International Reporting Standards ("CRIRSCO") based classification
scheme for mineral resources and mineral reserves, that includes
definitions for inferred, indicated, and measured mineral
resources. U.S. Investors are cautioned not to assume that
any part of the mineral resources in these categories will ever be
converted into probable or proven mineral reserves within the
meaning of Regulation S-K 1300.
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SOURCE Avino Silver & Gold
Mines Ltd.