Avino Silver & Gold Mines Ltd. ("Avino" or "the Company") (TSX VENTURE:ASM)(NYSE
MKT:ASM)(NYSE Amex:ASM)(FRANKFURT:GV6)(BERLIN:GV6), as reported on May 11, 2012,
the Company's public disclosures on mineral resource estimates regarding the
Company's Avino property in Durango, Mexico, have been under review by the
British Columbia Securities Commission ("BCSC"). This review resulted in the
Company issuing a news release on May 11, 2012 to clarify and retract certain
disclosures it has made. 


The Company has been fully co-operating with the BCSC in this matter, but
unfortunately due to an oversight, a corporate presentation which reported a
global resource estimate for the property had remained on the Company's website.
It has now been removed.


The Company is working with its independent engineering consultants, Tetra Tech
Wardrop ("Tetra Tech"), and filed with the BCSC an amended technical report to
attempt to address the BCSC's disclosure concerns. The BCSC has further concerns
with the technical report, principally dealing with:




1.  Limitations on the scope of the report, the use of legacy data for the
    estimation of a tailings resource, and the exclusion of data and
    information that is necessary to support the report's conclusions for an
    inferred tailings resource; 
    
2.  Issues about the assay database used in the report for the tailings
    resource estimate; and 
    
3.  Unsupported statements about mining activity, economic viability and
    commercial production. 



The Company and Tetra Tech intend to address all of the BCSC's disclosure
issues. However, in the meanwhile, the BCSC has issued a cease trade order
against the Company. The cease trade order is effective in Canada, and will
remain in place until the Company has addressed the disclosure concerns raised
to the BCSC's satisfaction.


The disclosure of the technical information contained in this news release has
been reviewed and approved by Mr. Chris Sampson, P. Eng., and Mr. Jasman Yee, P.
Eng., who are Qualified Persons as defined by NI 43-101. 


ON BEHALF OF THE BOARD

David Wolfin, President & CEO

Safe Harbour 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, the potential tonnage, grades and content of deposits, timing and
establishment and extent of resources 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 and silver, 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 of 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.


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.
Avino Silver & Gold Mines Ltd. (TSXV:ASM)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Avino Silver & Gold Mines Ltd. Charts.
Avino Silver & Gold Mines Ltd. (TSXV:ASM)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Avino Silver & Gold Mines Ltd. Charts.