Avino Q1 2014 Production up 60% Over Q1 2013 to 312,000 oz Silver Equivalent
April 07 2014 - 8:00AM
Marketwired Canada
Avino Silver & Gold Mines Ltd. (NYSE MKT:ASM)(TSX VENTURE:ASM)(FRANKFURT:GV6)
("Avino" or "the Company") is pleased to report its Q1 2014 production results
from its Avino property, located 80km northeast of Durango, Mexico.
Production Highlights for First Quarter, 2014 (Compared to First Quarter, 2013)
-- Silver production increased 46% to 232,401 oz
-- Gold production increased 122% to 1,274 oz
-- Silver equivalent production increased 60% to 312,000(i)
(i) For the sake of comparison, a silver equivalent of 62.5 has been used. 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.
"We are pleased to report our 5th consecutive quarter of production growth. Our
progress is a testament to the talents and hard work of our staff, consultants,
directors and management in Canada, the US and Mexico".
- David Wolfin, President, CEO & Director, Avino Silver & Gold Mines Ltd.
Consolidated 1st Quarter 2014 Production Highlights
Comparative production numbers from Q1 2014 and Q1 2013 are presented below:
---------------------------------------------
Q1 2014 Q1 2013 % Change
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Total Silver Produced (oz)
calculated 232,401 159,582 46
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Total Gold Produced (oz)
calculated 1,273 574 122
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Total Silver Eq. Produced (oz)
calculated 312,000 195,457 60
----------------------------------------------------------------------------
For the sake of comparison, a silver equivalent of 62.5 has been used. 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.
Q1 San Gonzalo Production Highlights
Comparative figures for Q1 2014 and Q1 2013 are presented below as well as 2014
yearly totals.
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Q1 Q1 Quarterly 2014
2014 2013 Change % Totals
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Total Mill Feed (dry tonnes) 19,784 19,723 0 19,784
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Average Daily Throughput (tpd) 230 229 0 230
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Days of Operation 86 86 0 86
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Feed Grade Silver (g/t) 355 309 15 355
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Feed Grade Gold (g/t) 2.02 1.29 57 2.02
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Bulk Concentrate (dry tonnes) 652 568 15 652
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Bulk Concentrate Grade Silver
(kg/t) 9.02 8.72 3 9.02
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Bulk Concentrate Grade Gold
(g/t) 46.7 31.4 49 46.7
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Recovery Silver (%) 84 81 4 84
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Recovery Gold (%) 76 70 9 76
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Mill Availability (%) 98 95.5 3 98
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Total Silver Produced (kg) 5,883 4,960 19 5,883
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Total Gold Produced (g) 30,441 17,875 70 30,441
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Total Silver Produced (oz)
calculated 189,138 159,582 19 189,138
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Total Gold Produced (oz)
calculated 979 574 70 978
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Total Silver Equivalent
Produced (oz) calculated 250,308 195,457 28 250,308
----------------------------------------------------------------------------
For the sake of comparison, a silver equivalent of 62.5 has been used. 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.
Q1 2014 Highlights
-- Gold and silver production in Q1 2014 increased by 70% and 19%
respectively compared with Q1 2013
-- The increased production was due to higher feed grades and better
recoveries from levels 4 and 5.
-- Concentrate grades were also higher due to the higher feed grades
processed.
Q1 Avino Mine Stockpile (Circuit 2) Highlights(i)
Comparative Production numbers from Q1 2014 and Q4 2013 at Circuit 2, as well as
2014 annual totals are reported as follows:
----------------------------------------------
Q1 Q4 2014
2014 2013 % Change Totals
----------------------------------------------------------------------------
Total mill feed - (dry tonnes) 19,783 19,576 1 19,783
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Days of Operation 86 86 0 86
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Feed grade Silver - g/t 100 92 9 100
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Feed grade Gold - g/t 0.74 0.94 (21) 0.74
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Bulk concentrate - (dry
tonnes) 198 226 (12) 198
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Bulk Concentrate Grade Silver
(kg/t) 6.78 5.13 32 6.78
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Bulk Concentrate Grade Gold
(g/t) 46.23 43.8 6 46.23
----------------------------------------------------------------------------
Recovery Silver (%) 68 64 6 68
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Recovery Gold (%) 63 54 17 63
----------------------------------------------------------------------------
Mill availability (%) 96.4 93.3 3 96.4
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Total Silver Produced (oz)
calculated 43,263 37,244 16 43,263
----------------------------------------------------------------------------
Total Gold Produced (oz)
calculated 295 318 (7) 295
----------------------------------------------------------------------------
Total Silver Eq. Produced (oz)
calculated 61,692 57,119 8 61,692
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For the sake of comparison, a silver equivalent of 62.5 has been used. 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 Q1 2013 no comparative data is
available. For analytical purposes comparative data from Q4 2013 has been
provided.
Q1 2014 Highlights
-- Silver production increased in Q1 2014 compared to Q4 2013 by 16%. The
increased production was due to a 9% higher feed grade and a 6%
improvement in recoveries.
-- Gold production decreased by 7% due to lower feed grades despite the 17%
improvement in recoveries.
-- The grade of concentrate was better in Q1 and resulted in fewer tonnes
produced.
Quarterly Reporting
Having achieved a full year of production, Avino now has comparable quarterly
reports with which to gauge our progress. Going forward Avino plans to report
production quarterly rather than monthly to adhere to industry norms.
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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