VANCOUVER, April 15, 2019 /PRNewswire/ - Avino Silver & Gold Mines Ltd. (ASM:
TSX/NYSE American, GV6: FSE, "Avino" or "the Company") is
pleased to announce its first quarter 2019 production results from
its Avino property near Durango,
Mexico.
The silver equivalent production in Q1, 2019 decreased by 6%
compared to Q1, 2018, primarily due to a shutdown of mill for a
period of 7 days during the quarter to facilitate planned upgrades
to the crushing circuit.
Consolidated Production Highlights for Q1 2019 (Compared to
Q1 2018)
- Silver equivalent production decreased by 6% to 615,019
oz*
- Gold production decreased by 6% to 1,813 oz
- Silver production decreased by 13% to 268,399 oz
- Copper production increased by 10% to 1,062,702 lbs
*In Q1, 2019, AgEq
was calculated using metals prices of $15.57 oz Ag, $1304.40 oz Au
and $2.82lb Cu. In Q1, 2018, AgEq was calculated using metals
prices of $16.77 oz Ag, $1,330 oz Au and $3.16 lb
Cu.
|
"The production results this quarter are reflective of the lower
grades achieved, coupled with 7 days of lost production while
upgrades to the crusher were being completed at the mill. The
upgrades were significant to the overall operation as they will
enable us to realize more consistent throughput from the crusher
during the rainy season in Mexico." said David
Wolfin, President and CEO. "We continue to focus on
profitable ounces and a considered approach to keeping costs
controlled company-wide, particularly as we are experiencing lower
metal prices."
Consolidated Production Tables
Q1
2019
|
Production by
Mine
|
Tonnes
Processed
|
Silver
Oz
|
Gold
Oz
|
Copper
Lbs
|
AgEq
|
Avino
|
100,922
|
112,315
|
1,097
|
958,071
|
379,798
|
San
Gonzalo
|
17,901
|
70,759
|
187
|
-
|
86,406
|
Historic Above Ground
Stockpiles
|
78,864
|
85,325
|
529
|
104,631
|
148,815
|
Consolidated
|
197,687
|
268,399
|
1,813
|
1,062,702
|
615,019
|
Q1
2019
|
Grade &
Recovery by Mine
|
Grade
Ag g/t
|
Grade
Au g/t
|
Grade
Cu %
|
Recovery
Ag %
|
Recovery
Au %
|
Recovery
Cu %
|
Avino
|
41
|
0.48
|
0.49
|
84%
|
71%
|
87%
|
San
Gonzalo
|
188
|
0.54
|
-
|
65%
|
61%
|
-
|
Historic Above Ground
Stockpiles
|
61
|
0.40
|
0.21
|
55%
|
52%
|
29%
|
Consolidated
|
62
|
0.45
|
0.37
|
71%
|
62%
|
62%
|
|
|
|
|
|
|
|
|
|
|
The mill circuit configuration in Q1 2019 was the same as Q4
2018 where Mill Circuit 1 processed material from San Gonzalo, Mill
Circuit 2 processed material from San
Luis, Mill Circuit 3 processed material from Elena Tolosa and Mill Circuit 4 processed
material from the AHAG's.
Avino Mine Production Highlights
|
Q1
2019
|
Q1
2018
|
Quarterly
Change
|
Total Mill Feed (dry
tonnes)
|
100,922
|
120,631
|
-16%
|
Feed Grade Silver
(g/t)
|
41
|
56
|
-27%
|
Feed Grade Gold
(g/t)
|
0.48
|
0.58
|
-18%
|
Feed Grade Copper
(%)
|
0.49
|
0.43
|
14%
|
Recovery Silver
(%)
|
84%
|
81%
|
4%
|
Recovery Gold
(%)
|
71%
|
68%
|
4%
|
Recovery Copper
(%)
|
87%
|
84%
|
3%
|
Total Silver Produced
(oz)
|
112,315
|
174,603
|
-36%
|
Total Gold Produced
(oz)
|
1,097
|
1,544
|
-29%
|
Total Copper Produced
(Lbs)
|
958,071
|
970,165
|
-1%
|
Total Silver
Equivalent Produced (oz)*
|
379,798
|
480,315
|
-21%
|
|
* In Q1, 2019, AgEq was
calculated using metals prices of $15.57oz Ag, $1304.40 oz Au and
$2.82 lb Cu. In Q1, 2018, AgEq was calculated using metals prices
of $16.77 oz Ag, $1,330 oz Au and $3.16 lb Cu.
|
Copper grades increased by 14%, compared to Q1 2018, and silver
and gold grades decreased 27% and 18% respectively. The change in
grades is due to variability in the deposit.
San Gonzalo Production Highlights
|
Q1
2019
|
Q1
2018
|
Quarterly
Change
%
|
Total Mill Feed (dry
tonnes)
|
17,901
|
20,186
|
-11%
|
Feed Grade Silver
(g/t)
|
188
|
264
|
-29%
|
Feed Grade Gold
(g/t)
|
0.54
|
1.07
|
-50%
|
Recovery Silver
(%)
|
65%
|
79%
|
-17%
|
Recovery Gold
(%)
|
61%
|
75%
|
-19%
|
Total Silver Produced
(oz)
|
70,759
|
135,079
|
-48%
|
Total Gold Produced
(oz)
|
187
|
521
|
-64%
|
Total Silver
Equivalent Produced (oz)*
|
86,406
|
176,384
|
-51%
|
|
* In Q1, 2019, AgEq was
calculated using metals prices of $15.57 oz Ag, $1304.40 oz
Au and $2.82 lb Cu. In Q1, 2018, AgEq was calculated using metals
prices of $16.77 oz Ag, $1,330 oz Au and $3.16 lb
Cu.
|
At San Gonzalo, the mine is approaching its end of life and the
grades, recoveries and production have started to tail off. This is
in line with our internal expectations.
Historic Above Ground Stockpiles Production
Highlights
|
Q1
2019
|
Total Mill Feed (dry
tonnes)
|
78,864
|
Feed Grade Silver
(g/t)
|
61
|
Feed Grade Gold
(g/t)
|
0.40
|
Feed Grade Copper
(%)
|
0.21
|
Recovery Silver
(%)
|
55%
|
Recovery Gold
(%)
|
52%
|
Recovery Copper
(%)
|
29%
|
Total Silver Produced
(oz)
|
85,325
|
Total Gold Produced
(oz)
|
529
|
Total Copper Produced
(Lbs)
|
104,631
|
Total Silver
Equivalent Produced (oz) calculated*
|
148,815
|
|
*In Q1, 2019, AgEq
was calculated using metals prices of $15.57oz Ag, $1304.40z Au and
$2.82lb Cu. In Q1, 2018, AgEq was calculated using metals prices of
$16.77 oz Ag, $1,330 oz Au and $3.16 lb Cu.
|
Although recovery numbers look less favorable; 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 during the current metal price
environment.
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. 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 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. 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.