NYSE-MKT: ASM
TSX-V: ASM
FSE: GV6
VANCOUVER, Oct. 13, 2015 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX-V,
ASM: NYSE–MKT, GV6: FSE, "Avino" or "the Company") is pleased
to report its third quarter 2015 production results from its Avino
property near Durango, Mexico.
Consolidated Production Highlights for Third Quarter 2015
(Compared to Third Quarter 2014)
- Silver equivalent production increased by 148% to 770,004
oz*
- Silver production increased by 84% to 399,836 oz
- Gold production increased by 49% to 1,644 oz
- Copper production continued and 1,344,174 Lbs were
produced
* For comparison purposes, the silver equivalent ratio
has been calculated using metal prices of $16 oz Ag, $1,150
oz Au and $3.00 Lb Cu. Mill
production figures have not been reconciled and are subject to
adjustment with concentrate sales. Calculated figures may not add
up due to rounding.
Avino's excellent third quarter results underscore the growing
strength and quality of our mining operation. We delivered
strong operating results and are well positioned to meet
management's production expectations going forward.
Refinements in the mill are underway to reduce deleterious minerals
and improve payables, exploration drilling has commenced at the San
Gonzalo mine and deliveries to Samsung are underway. We have
positioned the Company for great success for the remainder of the
year and years to come.
David Wolfin, President, CEO &
Director, Avino Silver & Gold
Mines Ltd.
Consolidated Third Quarter 2015 Production Highlights
Comparative production results from the third quarter 2015 and
the third quarter 2014 are presented below:
|
Q3
2015
|
Q3
2014
|
%
Change
|
Total Silver Produced
(oz) calculated
|
399,836
|
217,024
|
84%
|
Total Gold Produced
(oz) calculated
|
1,644
|
1,105
|
49%
|
Total Copper Produced
(Lbs) calculated
|
1,344,174
|
76,983
|
1,646%
|
Total Silver Eq.
Produced (oz) calculated*
|
770,004
|
310,880
|
148%
|
*For comparison purposes, the silver equivalent ratio has
been calculated using metal prices of $16 oz Ag, $1,150
oz Au and $3.00 Lb Cu. Mill
production figures have not been reconciled and are subject to
adjustment with concentrate sales. Calculated figures may not add
up due to rounding.
Although Avino is relatively small, it is quickly becoming
recognized as one of the best performing mining operations in
Mexico. Our success has come as a
result of teamwork; I would like to thank our field workers,
miners, office staff, and contractors for their dedication and our
families for their support. We are also very thankful for the
vision and passion of our leadership in Vancouver whose enthusiasm inspires our entire
organization.
Carlos Rodriguez,
COO, Avino Silver & Gold Mines
Ltd.
Avino Mine Third Quarter 2015 Production Highlights
On January 1, 2015, Avino began
processing new material from the Avino Mine using primarily Mill
Circuit 3. The comparison below is for all production from the
Avino Mine between the third quarter 2015 and the second quarter
2015 since no comparative data exists from the third quarter of
2014 when Circuit 3 was not yet operational
|
Q3
2015
|
Q2
2015
|
Quarterly
Change
%
|
2015
YTD
Totals
|
Notes
|
Tonnes
Mined
|
105,674
|
94,323
|
12%
|
269,796
|
1
|
Underground
Advancement (m)
|
1,477
|
1,161
|
27%
|
3,617
|
1
|
Mill Availability
(%)
|
97
|
97
|
0%
|
97
|
|
Total Mill Feed (dry
tonnes)
|
106,589
|
95,494
|
12%
|
278,989
|
2,3
|
Feed Grade Silver
(g/t)
|
65
|
61
|
6%
|
63
|
4
|
Feed Grade Gold
(g/t)
|
0.23
|
0.27
|
-15%
|
0.28
|
4
|
Feed Grade Copper
(%)
|
0.65
|
0.67
|
-3%
|
0.64
|
4
|
Recovery Silver
(%)
|
88%
|
87%
|
1%
|
88%
|
5
|
Recovery Gold
(%)
|
81%
|
76%
|
6%
|
80%
|
5
|
Recovery Copper
(%)
|
87%
|
88%
|
-1%
|
88%
|
5
|
Copper Concentrate
(dry tonnes)
|
2,408
|
2,219
|
9%
|
6,402
|
3
|
Copper Concentrate
Grade Silver (kg/t)
|
2.53
|
2.27
|
11%
|
2.42
|
6
|
Copper Concentrate
Grade Gold (g/t)
|
8.19
|
8.74
|
-6%
|
9.61
|
6
|
Copper Concentrate
Grade Copper (%)
|
25.3
|
25
|
1%
|
24.5
|
6
|
Total Silver Produced
(kg)
|
6,092
|
5,044
|
21%
|
15,506
|
3
|
Total Gold Produced
(g)
|
19,718
|
19,388
|
2%
|
61,495
|
3
|
Total Copper Produced
(Kg)
|
609,708
|
560,923
|
9%
|
1,566,564
|
3
|
Total Silver Produced
(oz) calculated
|
195,862
|
162,159
|
21%
|
498,538
|
3
|
Total Gold Produced
(oz) calculated
|
634
|
623
|
2%
|
1,977
|
3
|
Total Copper Produced
(Lbs) calculated
|
1,344,174
|
1,236,622
|
9%
|
3,453,678
|
3
|
Total Silver
Equivalent Produced (oz) calculated
|
493,455
|
438,823
|
12%
|
1,288,203
|
|
*For Comparison purposes, the silver equivalent ratio
was calculated using metal prices of $16 oz Ag, $1,150
oz Au and $3.00 Lb Cu. Mill
production figures have not been reconciled and are subject to
adjustment with concentrate sales. Calculated figures may not add
up due to rounding.
Third Quarter 2015 Highlights
- There was a 12% increase in tonnes mined during the quarter, as
well as a 27% increase in underground development metres. The
improvements can be attributed to additional mining equipment
acquired during 2015, including 3 new jumbos and 12 new 20 tonne
capacity haulage trucks.
- Tonnage processed during the quarter increased by 12%. The
increase resulted from the use of Circuit 2 to process Avino
material in addition to Circuit 3 during July and August.
- The increased throughput resulted in 9% more concentrate
produced, and accounted for an additional 21% silver, 9% copper and
2% gold being produced.
- Silver feed grade increased by 6% whereas the copper and gold
grades decreased by 2% and 15%, respectively, as a result of
variability in the deposit.
- Copper and silver recoveries were stable with little or no
change, whereas there was a 6% improvement in the gold recovery due
to variability in the feed material.
- Silver grade in the concentrate increased by 11% due to the
higher silver feed grade, while gold in the concentrate decreased
by 6% on account of the lower feed grade. Copper in the concentrate
was consistent with the previous quarter.
San Gonzalo Mine Third Quarter 2015 Production
Highlights
Comparative figures for the third quarter 2015 and the third
quarter 2014 for the San Gonzalo mine are as follows; production
figures for the third quarter 2015 include production from Mill
Circuit 2 from September:
|
Q2
2015
|
Q2
2014
|
Quarterly
Change
%
|
2015
YTD
Totals
|
Notes
|
Tonnes
Mined
|
23,882
|
19,841
|
20%
|
75,019
|
1
|
Underground
Advancement (m)
|
1,164
|
1,146
|
2%
|
3,450
|
|
Mill Availability
(%)
|
84
|
97
|
-13%
|
92%
|
7
|
Total Mill Feed (dry
tonnes)
|
23,901
|
19,726
|
21%
|
95,157
|
2,3,4
|
Feed Grade Silver
(g/t)
|
323
|
330
|
-2%
|
278
|
5
|
Feed Grade Gold
(g/t)
|
1.81
|
1.78
|
2%
|
1.42
|
5
|
Recovery Silver
(%)
|
82%
|
84%
|
-2%
|
83%
|
6
|
Recovery Gold
(%)
|
73%
|
79%
|
-8%
|
74%
|
6
|
Bulk Concentrate (dry
tonnes)
|
899
|
685
|
31%
|
3,494
|
3
|
Bulk Concentrate
Grade Silver (kg/t)
|
7.06
|
7.96
|
-11%
|
6.26
|
3
|
Bulk Concentrate
Grade Gold (g/t)
|
34.95
|
40.54
|
-14%
|
28.59
|
3
|
Total Silver Produced
(kg)
|
6,344
|
5,450
|
16%
|
21,878
|
4
|
Total Gold Produced
(g)
|
31,407
|
27,768
|
13%
|
99,889
|
4
|
Total Silver Produced
(oz) calculated
|
203,974
|
175,211
|
16%
|
703,392
|
4
|
Total Gold Produced
(oz) calculated
|
1,010
|
893
|
13%
|
3,212
|
4
|
Total Silver
Equivalent Produced (oz) calculated*
|
276,549
|
239,395
|
16%
|
934,219
|
|
* For comparison purposes, the silver equivalent ratio
has been calculated using metal prices of $16 oz Ag and $1,150 oz Au. Mill production figures have not
been reconciled and are subject to adjustment with concentrate
sales. Calculated figures may not add up due to rounding.
Second Quarter 2015 Highlights
- Tonnes mined increased by 20% due to the availability of more
open faces for mining. The additional faces are the current working
faces of levels 4, 5 and 6 to the East and 5 and 6 to the
West.
- Tonnage processed increased by 21%, due to Circuit 2 to process
San Gonzalo material in addition to Circuit 1 during
September.
- The higher tonnage throughput resulted in 31% more concentrate
produced. However, the grade of the concentrate in silver and gold
decreased by 11 and 14% respectively. The lower grade concentrate
was due to circuit #2 having one fewer cleaning stages and was used
to process advancement material.
- The higher tonnage throughput also resulted in 16% more silver
and 13% more gold produced during the quarter.
- Silver and gold feed grades were consistent with management
expectations.
- Gold recovery decreased from 79% to 73%. The lower recovery can
be attributed to the composition of the material from the new
blocks to the East where more lead and zinc have been encountered;
testing is now underway to improve the gold recovery.
- Plant availability for Circuit 1 was down 13% during the
quarter as there were issues with the cone crusher in July; this
problem has now been resolved.
Mill Circuit 2
Based on improved mining production results from Avino and San
Gonzalo, and the consideration of feed grades, recovery rates, and
smelter returns of the historic surface stockpile materials, during
the three months ended September 30,
2015, Mill Circuit 2 was used to process mill feed from both
the Avino and San Gonzalo Mines. The material from Avino was
processed during July and August, and material from San Gonzalo was
processed in September with the corresponding production reflected
in the above tables for each mine.
Quality Assurance/Quality Control
Mill assays are performed at the Avino property's on-site lab.
Check samples are sent to Inspectorate Labs in Reno, Nevada for verification. All
concentrate shipments are assayed by one of the following
independent third party labs: AHK, LSI, Alex Stewart and SGS.
Qualified Person(s)
Avino's Mexican 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's mission is to create shareholder value through
profitable organic growth at the historic Avino property near
Durango, Mexico, and the Bralorne
property in southwestern British
Columbia, Canada. We are 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 & 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, exploration
results, the potential tonnage, grades and content of deposits, and
timing, establishment and extent of resource 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 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.
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 the 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.
SOURCE Avino Silver & Gold
Mines Ltd.