Avino Reports First Quarter 2014 Financial Results of $1,344,316; $0.05 Per Share & Cash Flow From Operations of $1,631,349; ...
May 28 2014 - 9:28PM
Marketwired
Avino Reports First Quarter 2014 Financial Results of $1,344,316;
$0.05 Per Share and Cash Flow From Operations of $1,631,349; $0.05
Per Share
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2014) -
Avino Silver & Gold Mines Ltd. (TSX-VENTURE:ASM)(NYSEMKT:
ASM)(FRANKFURT:GV6) ("Avino" or "the Company") is pleased to report
its financial results for the quarter ended March 31, 2014. All
financial information is prepared in accordance with IFRS and all
dollar amounts are expressed in Canadian dollars unless otherwise
specified. The information in this news release should be read in
conjunction with the Company's audited consolidated financial
statements for the year ended December 31, 2013 and associated
management discussion and analysis ("MD&A") which are available
on the Company's website at www.avino.com and under the Company's
profile on SEDAR at www.sedar.com.
"Avino is pleased to report another strong quarter of financial
results. Our financial results are solid despite declining metal
prices and the effect of new income tax reforms in Mexico
introduced earlier this year," stated Malcolm Davidson, CFO. "Our
team has reduced costs and negotiated favorable terms for the sale
of our concentrate which has helped significantly to earn an after
tax profit of $1,344,316 or $0.05 per share."
Highlights of First
Quarter 2014 (Compared to First Quarter 2013)
Financial
- Revenues reported for the quarter were $5,774,127 compared to
$3,490,004 in 2013, an increase of 65%
- Income from mine operations was $2,840,002, an increase of
$1,799,155 or 173%
- General and administrative expenses were $1,317,534 compared to
$1,151,907 in Q1 2013
- Earnings before income taxes was $2,236,701 compared to $87,978
in Q1 2013
- Earnings for the quarter were $1,344,316 an increase of
$1,256,338 from Q1 2013
- Earnings per share - basic $0.05 and diluted $0.04
- Average realized prices per ounce of silver and gold were
$20.15 and $1,299 respectively
- Cash cost per AgEq ounce was $8.62 compared to $14.77 in Q1
2013
- Consolidated all-in sustaining cash cost per AgEq ounce was
$12.85 compared to $20.60 in Q1 2013
Operational
- Silver production increased 46% to 232,401 oz*
- Gold production increased 122% to 1,274 oz*
- Silver equivalent production increased 60% to 312,000 oz**
- Concentrate inventory available for sale at quarter-end was
118.053 dry metric tonnes
* Production in both periods includes output from the San
Gonzalo Mine (Circuit 1); there was no output from the Avino Mine
stockpiles (Circuit 2) during Q1 2013 as the circuit was not
operational.
** For comparison purposes, a silver equivalent ratio of
62.5:1 for silver to gold has been used. Mill production figures
have not been reconciled and are subject to adjustment with
concentrate sales. Calculated figures may not add up due to
rounding.
"I am proud to report that 2014 is shaping up to be a year of
impressive growth for Avino. With a solid first quarter that
featured record production and significant cost reduction now in
the books, we are excited to see this trend continue and gain
momentum as we work towards completing our expansion."
- David Wolfin,
President, CEO & Director, Avino Silver & Gold Mines
Ltd.
Conference Call
Avino will be holding a conference call on Thursday, May 29,
2014 at 9 am PST (12 pm EST).
To participate in the conference call, please dial the
following:
Toll Free Canada & USA: 1-800-319-4610
Outside of Canada & USA: 1-604-638-5340
No pass-code is necessary to participate in the conference call;
participants will have the opportunity to ask questions during the
Q&A portion of the call. Alternatively, participants can send
questions via email to ir@avino.com on April 28th, following the
release of the financial results.
Participants should dial in 10 minutes prior to the
conference.
The conference call will be recorded and the replay will be
available on the Company's website within one hour following the
conclusion of the call.
Outlook
Avino's mission is to create shareholder value 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.
Management remains focused on the following key objectives:
- Maintain profitable mining operations at San Gonzalo while
managing operating costs and improving efficiencies;
- Advance the Avino Mine for mineral production, expand mill
output from 500 to 1,500 TPD;
- Implement plans to process the oxide tailings resource from
previous milling operations (PEA issued in 2012);
- Continue to explore regional targets on the Property followed
by other properties in our portfolio using new 3D modelling
software.
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.
Avino Silver & Gold Mines Ltd.David WolfinPresident &
CEO604.682.3701604.682.3600ir@avino.comwww.avino.com
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