Avino 2013 Production up 253% over 2012 to 895,240 oz Silver Equivalent
January 20 2014 - 7:00AM
Marketwired Canada
Avino Silver & Gold Mines Ltd. (TSX VENTURE:ASM)(NYSE MKT:ASM)(FRANKFURT:GV6)
("Avino" or "the Company") is pleased to report its year end and Q4 2013
production results from its Avino property near Durango, Mexico.
Production Highlights for Fiscal 2013 (Compared to Fiscal 2012)
-- Silver production increased 264% to 698,076 oz
-- Gold production increased 162% to 3,243 oz
-- Silver equivalent production increased 253% to 895,240 oz(i)
Production Highlights for Fourth Quarter, 2013 (Compared to Fourth Quarter, 2012)
-- Silver production increased 44% to 184,760 oz
-- Gold production increased 122% to 1,011 oz
-- Silver equivalent production increased 66% to 250,533(i)
(i) Silver equivalent in Q3 & Q4 2013 has been calculated using a 65:1 ratio for
silver to gold. During Q1 & Q2 2013, a 55:1 ratio was used in the calculation.
In Q4 2012 a ratio of 50:1 was used. (The ratio was changed to reflect the gold
and silver prices during those periods). Mill production figures have not been
reconciled and are subject to adjustment with concentrate sales. Year-to-date
and calculated figures may not add up due to rounding.
"2013 represented a major milestone for the Company as we completed our first
full year of commercial production since the 2000/2001 mine closure. This
tremendous accomplishment can be attributed directly to our impressive team of
operators, officers, managers, employees and contractors. Oh behalf of the board
of directors, I would like to thank all of them for their tireless efforts and
continued focus on improving operational efficiency and expanding the mines
output. The new year is shaping up to be another exciting period of growth for
the Company as we expect to complete the next phase of expansion work, leading
towards our mission of becoming the next mid-tier silver producer."
- David Wolfin, President, CEO & Director, Avino Silver & Gold Mines Ltd.
2013 Production Highlights
Comparative production numbers from Q4 2013 and Q4 2012 are presented below:
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Q4 2013 Q4 2012 % Change
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Total Silver Produced (oz) calculated 184,760 128,607 44
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Total Gold Produced (oz) calculated 1,011 455 122
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Total Silver Eq. Produced (oz) calculated 250,533 151,373 66
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Silver equivalent in Q3 & Q4 2013 was calculated using a 65:1 ratio for silver
to gold. During Q1 & Q2 2013, a 55:1 ratio was used in the calculation. In 2012
a ratio of 50:1 was used. (The ratio was changed to reflect the gold and silver
prices during these periods). Mill production figures have not been reconciled
and are subject to adjustment with concentrate sales. Year-to-date and
calculated figures may not add up due to rounding.
Q4 San Gonzalo Production Highlights
Comparative figures for Q4 2013 and Q4 2012 are presented below as well as 2013
yearly totals are reported as follows:
-------------------------------------
Q4 Q4 Quarterly 2013
2013 2012 Change % Totals
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Total Mill Feed (dry tonnes) 19,354 19,539 (0.9) 78,415
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Average Daily Throughput (tpd) 225 222 1.4 225
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Days of Operation 86 88 (2.3) 349
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Feed Grade Silver (g/t) 280 259 8.1 288
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Feed Grade Gold (g/t) 1.49 1.04 43.3 1.34
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Bulk Concentrate (dry tonnes) 617 538 14.7 2,431
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Bulk Concentrate Grade Silver
(kg/t) 7.44 7.44 0 7,704
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Bulk Concentrate Grade Gold (g/t) 35.0 26.33 32.9 31.6
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Recovery Silver (%) 85 79 7.6 83
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Recovery Gold (%) 75 70 7.1 73
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Mill Availability (%) 93.9 94.4 (0.5) 95.2
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Total Silver Produced (kg) 4,588 4,000 14.7 18,732
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Total Gold Produced (g) 21,575 14,161 52.4 76,904
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Total Silver Produced (oz)
calculated 147,516 128,607 14.7 602,233
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Total Gold Produced (oz) calculated 693 455 52.4 2,473
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Total Silver Equivalent Produced
(oz) calculated 192,604 151,372 27.2 751,462
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Silver equivalent in Q3 & Q4 2013 has been calculated using a 65:1 ratio for
silver to gold. During Q1 & Q2 2013, a 55:1 ratio was used in the calculation.
In Q4 2012 a ratio of 50:1 was used. (The ratio was changed to reflect the gold
and silver prices during those periods). Mill production figures have not been
reconciled and are subject to adjustment with concentrate sales. Year-to-date
and calculated figures may not add up due to rounding.
Q4 2013 Highlights
-- Silver and gold production increased significantly over the comparative
quarter from the previous year. The main reason being the grade which
improved by 8.1% and 43.3% respectively. Mill feed came from the 4th and
5th levels which has higher grade material than those of the 2nd and 3rd
level which was the source of feed in 2012.
-- Silver and gold recoveries also improved by 7.6% and 7.1% respectively.
They were the result of processing the less oxidized material from the
lower levels.
-- Tonnage processed for the quarter was slightly less due to 2 fewer
operating days.
-- The above factors resulted in the increase of silver production by 14.7%
and gold production increase of 52.4%.
Q4 Avino Mine Stockpile (Circuit 2) Highlights(i)
Comparative Production numbers from Q4 and Q3 2013 at Circuit 2, as well as 2013
annual totals are reported as follows:
-------------------------------------
Q4 Q3 2013
2013 2013 % Change Totals
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Total mill feed - (dry tonnes) 19,576 18,279 7.1 47,645
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Days of Operation 86 87 (1.1) 251
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Feed grade Silver - g/t 92 84.23 9.2 85
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Feed grade Gold - g/t 0.94 0.773 21.6 0.83
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Bulk concentrate - (dry tonnes) 226 210 7.6 636
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Bulk Concentrate Grade Silver
(kg/t) 5.13 4.803 6.8 4.687
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Bulk Concentrate Grade Gold (g/t) 43.8 35.479 23.5 37.66
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Recovery Silver (%) 64 65.5 (2.3) 74
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Recovery Gold (%) 54 52.7 2.5 61
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Mill availability (%) 93.3 89.24 4.5 90.9
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Total Silver Produced (oz)
calculated 37,244 32,436 14.8 95,482
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Total Gold Produced (oz) calculated 318 239 33.1 770
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Total Silver Eq. Produced (oz)
calculated 57,929 48,010 20.1 143,778
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Silver equivalent in Q3 & Q4 2013 has been calculated using a 65:1 ratio for
silver to gold. During Q2 2013, a 55:1 ratio was used in the calculation. (The
ratio was changed to reflect the gold and silver prices during those periods).
Mill production figures have not been reconciled and are subject to adjustment
with concentrate sales. Year-to-date and calculated figures may not add up due
to rounding.
(i) Since circuit 2 was not operational during Q4 2012 no comparative data is
available. For analytical purposes comparative data from Q3 2013 has been
provided.
Q4 2013 Highlights
-- Tonnage processed for the quarter was higher than the 3rd quarter
because of the higher mill availability. The mill issues with power
generator and the maintenance issues on the ball mill and crusher were
resolved.
-- The gold and silver feed grades to the plant were also higher by 21.6%
and 9.2% respectively with similar recoveries.
-- The concentrate grades in gold and silver improved by 23.5% and 6.8%
respectively probably due to the higher feed grades being processed.
-- Silver production for the quarter increased by 14.8% while the gold
production increased by 33.1%.
Quality Assurance/Quality Control
Mill assays are performed at the mine's on-site lab. Check samples are verified
by Inspectorate Labs in Reno, Nevada. San Gonzalo concentrate shipments are
assayed at AH Knight in Manzanillo, Mexico. The Avino stockpile concentrate
shipments are assayed at LSI in Rotterdam, Netherlands.
Qualified Person(s)
Avino's projects are under the supervision of Chris Sampson, P.Eng., Avino
Consultant and Jasman Yee, P.Eng., Avino Director, who are both qualified
persons within the context of National Instrument 43-101. Both have reviewed and
approved the technical data in this news release.
About Avino
Avino is a silver and gold producer operating the Avino property located in
Durango, Mexico. The Company's mission is to become the next mid-tier silver
producer through profitable organic growth at the Avino property. We are
committed to managing all business activities in an environmentally responsible
and cost-effective manner while contributing to the well-being of the community
in which we operate.
ON BEHALF OF THE BOARD
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, 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, 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 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.
Neither 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Avino Silver & Gold Mines Ltd.
David Wolfin
President & CEO
604.682.3701
604.682.3600 (FAX)
ir@avino.com
www.avino.com
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