NYSE-MKT: ASM
TSX-V: ASM
FSE: GV6
VANCOUVER, Jan. 18, 2016 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX.V,
ASM: NYSE – MKT, GV6: FSE, "Avino" or "the Company") is pleased
to report its fourth quarter 2015 and full year 2015 production
results from its Avino property near Durango, Mexico.
Consolidated Production Highlights for Fiscal 2015 (Compared
to Fiscal 2014)
- Silver equivalent production increased 116% to 3,020,348
oz*
- Silver production increased 68% to 1,625,285 oz
- Gold production increased 37% to 7,083 oz
- Copper production increased 1,453% to 4,743,691 lbs
Consolidated Production Highlights for Fourth Quarter, 2015
(Compared to Fourth Quarter, 2014)
- Silver equivalent production increased 66% to 761,767 oz*
- Silver production increased 38% to 409,216 oz
- Gold production decreased 3% to 1,588 oz
- Copper production increased 457% to 1,271,565 lbs
* 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.
"I'm happy to report that we generated strong production growth
in 2015," said David Wolfin, Avino's
President and CEO. "In fact, we achieved the highest silver
equivalent ounce output in the Company's 49-year history. I
congratulate our team of over 450 people for achieving this
milestone during challenging conditions for the mining industry
overall."
Mr. Wolfin noted that the improved output at the Avino property
resulted in part from the Company's investments in equipment and
facility upgrades, which in the past five years have totalled
approximately $25 million. He also
highlighted the partnership forged in 2015 with Samsung, one of the
world's largest companies. "This was a long-term agreement with one
of the world's largest and most recognized industrial brands that
put a very important stamp of approval on our operations," said
Wolfin. "We're thrilled to be contributing to Samsung's
manufacturing and construction capacity under their rigorous
supplier standards, and their US$10
million investment in our business helped us to continue
expansion throughout the year."
Further improvements to Avino's operations are anticipated with
Samsung's support. "They are keen to see us grow," said Mr.
Wolfin.
Finally, Mr. Wolfin attributed the Company's success in 2015 to
a team effort. "Our entire team, particularly in Mexico, has worked under a solid commitment to
continuous improvement. As a result, we're well prepared to
capitalize on our investments in people and infrastructure, when
markets improve. It has been my honor and pleasure to work with
such a fine group of people. We all look forward to continued
growth and efficiency improvement in 2016 and beyond."
- David Wolfin, President, CEO
& Director, Avino Silver &
Gold Mines Ltd.
Consolidated 2015 Production Highlights
Comparative production numbers from 2015 and 2014 are presented
below:
|
2015
|
2014
|
%
Change
|
Total Silver Produced
(oz) calculated
|
1,625,285
|
969,524
|
68%
|
Total Gold Produced
(oz) calculated
|
7,083
|
5,180
|
37%
|
Total Copper Produced
(Lbs) calculated
|
4,743,691
|
305,417
|
1,453%
|
Total Silver Eq.
Produced (oz) calculated*
|
3,020,348
|
1,399,102
|
116%
|
*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.
Consolidated Fourth Quarter 2015 Production
Highlights
Comparative production numbers from the fourth quarters of 2015
and 2014 are presented below:
|
Q4
2015
|
Q4
2014
|
%
Change
|
Total Silver Produced
(oz) calculated
|
409,216
|
296,914
|
38%
|
Total Gold Produced
(oz) calculated
|
1,588
|
1,644
|
-3%
|
Total Copper Produced
(Lbs) calculated
|
1,271,565
|
228,436
|
457%
|
Total Silver Eq.
Produced (oz) calculated*
|
761,767
|
457,908
|
66%
|
*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 Mine Production Highlights
On January 1, 2015, Avino began
processing new material from the Avino Mine primarily using Circuit
3. During the months of July, August, November and December,
Circuit 2 was also used to process new material from the Avino
Mine. Additionally, during the month of May, historic above ground
stockpiles left from past mining of the Avino vein were processed
using Circuit 2; production from Circuit 2 during the months listed
above is reflected in the production figures. The comparison
between the fourth quarter 2015 and the third quarter of 2015 is
presented below, as the data from the fourth quarter of 2014
related to testing of material and equipment and is not considered
comparable to that of 2015.
|
Q4
2015
|
Q3
2015
|
%
Change
|
2015
|
Notes
|
Tonnes
Mined
|
102,580
|
105,674
|
-3%
|
372,376
|
1
|
Underground
Development (m)
|
1,440
|
1,477
|
-3%
|
5,056
|
1
|
Mill Availability
(%)
|
94.5
|
97
|
-3%
|
96.1
|
2
|
Total Mill Feed (dry
tonnes)
|
110,201
|
106,589
|
3%
|
396,113
|
3
|
Feed Grade Silver
(g/t)
|
68
|
65
|
5%
|
65
|
4
|
Feed Grade Gold
(g/t)
|
0.29
|
0.23
|
26%
|
0.29
|
4
|
Feed Grade Copper
(%)
|
0.61
|
0.65
|
-6%
|
0.62
|
4
|
Recovery Silver
(%)
|
86%
|
88%
|
-2%
|
87%
|
5
|
Recovery Gold
(%)
|
66%
|
81%
|
-18%
|
75%
|
5
|
Recovery Copper
(%)
|
86%
|
87%
|
-1%
|
87%
|
5
|
Copper Concentrate
(dry tonnes)
|
2,556
|
2,408
|
6%
|
9,058
|
6
|
Copper Concentrate
Grade Silver (kg/t)
|
2.52
|
2.53
|
0%
|
2.47
|
-
|
Copper Concentrate
Grade Gold (g/t)
|
8.32
|
8.19
|
2%
|
9.47
|
-
|
Copper Concentrate
Grade Copper (%)
|
22.56
|
25.30
|
-11%
|
23.76
|
7
|
Total Silver Produced
(kg)
|
6,430
|
6,092
|
6%
|
22,329
|
8
|
Total Gold Produced
(g)
|
21,263
|
19,718
|
8%
|
85,737
|
8
|
Total Copper Produced
(Kg)
|
576,773
|
609,708
|
-5%
|
2,152,202
|
8
|
Total Silver Produced
(oz) calculated
|
206,743
|
195,862
|
6%
|
717,901
|
8
|
Total Gold Produced
(oz) calculated
|
684
|
634
|
8%
|
2,757
|
8
|
Total Copper Produced
(Lbs) calculated
|
1,271,565
|
1,344,174
|
-5%
|
4,743,691
|
8
|
Total Silver
Equivalent Produced (oz) calculated
|
494,295
|
493,455
|
0%
|
1,801,997
|
-
|
*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.
Avino Mine Fourth Quarter Production Highlights
|
1.
|
Tonnes mined and
underground development decreased by 3% compared to the third
quarter of 2015, due to fewer days of mining during the holiday
season.
|
|
2.
|
Mill availability was
down 3% due to the re-lining of the ball mill for Circuit
3.
|
|
3.
|
Tonnage processed
increased by 3% due to optimization work done on Circuit
3.
|
|
4.
|
Silver and gold feed
grades increased by 5% and 27% respectively while the copper grade
decreased by 6%; the variation in grades is due to variability in
the resource.
|
|
5.
|
Recoveries for
copper, silver and gold decreased by 1%, 2% and 18% respectively
due to Circuit 3 testing to reduce bismuth in the concentrate;
testing with new reagents will continue.
|
|
6.
|
Concentrate produced
increased by 6% reflecting higher throughput although at a lower
copper concentrate grade.
|
|
7.
|
Copper concentrate
grade decreased by 11% due to the lower grade material processed in
Circuit 2.
|
|
8.
|
Copper production
decreased by 5% whereas silver and gold production increased by 6%
and 8% respectively, the main reason being variability in the feed
grade processed.
|
San Gonzalo Mine Production Highlights
Comparative figures for the 2014 and 2015 fourth quarters and
years for the San Gonzalo mine are presented below. Mined material
from San Gonzalo is primarily processed using Circuit 1; however,
during the months of September and October, mill feed from San
Gonzalo was also processed using Circuit 2. Circuit 2 was also used
to process San Gonzalo marginal stockpile mill feed for five months
in the first half of 2015. This additional production from Circuit
2 is reflected in the production figures in the chart below.
|
Q4
2015
|
Q4
2014
|
%
Change
|
2015
|
2014
|
%
Change
|
Notes
|
Tonnes
Mined
|
18,272
|
25,384
|
-28%
|
93,291
|
70,525
|
32%
|
1, 7
|
Underground
Advancement (m)
|
1,128
|
1,220
|
-8%
|
4,578
|
4,404
|
4%
|
1, 7
|
Mill Availability
(%)
|
94.7
|
95.5
|
-1%
|
92.7
|
96.5
|
-4%
|
8
|
Total Mill Feed (dry
tonnes)
|
26,616
|
19,818
|
34%
|
121,774
|
79,729
|
53%
|
2, 9
|
Feed Grade Silver
(g/t)
|
285
|
329
|
-13%
|
279
|
337
|
-17%
|
3, 10
|
Feed Grade Gold
(g/t)
|
1.45
|
1.85
|
-22%
|
1.48
|
1.88
|
-21%
|
3, 10
|
Recovery Silver
(%)
|
83%
|
85%
|
-2%
|
83%
|
84%
|
-1%
|
4, 11
|
Recovery Gold
(%)
|
73%
|
79%
|
-8%
|
75%
|
78%
|
-4%
|
4, 11, 14
|
Bulk Concentrate (dry
tonnes)
|
1,023
|
664
|
54%
|
4,517
|
2,545
|
77%
|
5, 12
|
Bulk Concentrate
Grade Silver (kg/t)
|
6.15
|
8.32
|
-26%
|
6.24
|
8.86
|
-30%
|
4, 12
|
Bulk Concentrate
Grade Gold (g/t)
|
27.5
|
43.5
|
-37%
|
28.34
|
45.70
|
-38%
|
4, 12
|
Gravity Concentrate
(dry tonnes)
|
-
|
-
|
-
|
16.59
|
-
|
-
|
14
|
Gravity Concentrate
Grade Silver (kg/t)
|
-
|
-
|
-
|
2.85
|
-
|
-
|
14
|
Gravity Concentrate
Grade Gold (g/t)
|
-
|
-
|
-
|
395
|
-
|
-
|
14
|
Gravity Concentrate
Silver Content (Kg)
|
-
|
-
|
-
|
47.23
|
-
|
-
|
14
|
Gravity Concentrate
Gold Content (g)
|
-
|
-
|
-
|
6,552
|
-
|
-
|
14
|
Total Silver Produced
(kg)
|
6,298
|
5,527
|
14%
|
28,223
|
22,548
|
25%
|
6, 13
|
Total Gold Produced
(g)
|
28,128
|
28,908
|
-3%
|
134,569
|
116,338
|
16%
|
6, 13
|
Total Silver Produced
(oz) calculated
|
202,473
|
177,696
|
14%
|
907,384
|
724,931
|
25%
|
6, 13
|
Total Gold Produced
(oz) calculated
|
904
|
929
|
-3%
|
4,326
|
3,740
|
16%
|
6, 13
|
Total Silver
Equivalent Produced (oz) calculated
|
267,472
|
244,468
|
9%
|
1,218,351
|
993,744
|
23%
|
-
|
* For comparison purposes, the silver
equivalent ratio was 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.
San Gonzalo Mine Fourth Quarter Production Highlights
|
1.
|
Tonnes mined and
underground advancement decreased by 28% and 8% respectively due to
unexpected scheduling interruptions which have since been
redressed.
|
|
2.
|
Tonnes processed
increased by 34% with the addition of Circuit 2 capacity in October
as described above.
|
|
3.
|
Feed grades for
silver and gold decreased by 13% and 22% respectively due to the
processing of stockpiled material as well as lower grade material
on the eastern side of the resource.
|
|
4.
|
The lower feed grades
resulted in lower silver and gold recoveries by 2% and 8%
respectively as well as lower flotation concentrate grades by 26%
and 37% respectively.
|
|
5.
|
Concentrate tonnage
produced increased by 54% reflecting the addition of Circuit 2
capacity in October and increased throughput, although at lower
grades.
|
|
6.
|
Silver produced
increased by 14%, mainly due to increased feed throughput, and gold
produced decreased by 3% due to variability in the feed
grade.
|
San Gonzalo Mine 2015 Year-End Production Highlights
|
7.
|
Tonnes mined and
underground advancement increased by 32% and 4% respectively,
reflecting new mining equipment employed.
|
|
8.
|
Mill availability for
the year was down 4% due to maintenance in the crushing plant for
the expansion and the installation of the new cone
crusher.
|
|
9.
|
Tonnage processed
increased by 53% with the addition of Circuit 2 capacity as
described above.
|
|
10.
|
The inclusion of
lower grade material, albeit at higher throughput, resulted in
overall lower silver and gold feed grades by 17% and 21%
respectively.
|
|
11.
|
Silver and gold
recoveries were lower by 1% and 4% respectively due to the lower
feed grades.
|
|
12.
|
Concentrate grades
for silver and gold decreased by 30% and 38% respectively,
reflecting more base metals present in the processed material,
while the 77% increase in concentrate produced was a result of the
addition of Circuit 2 capacity.
|
|
13.
|
Silver and gold
production increased by 25% and 16% respectively due to higher
processed throughput.
|
|
14.
|
A gravity
concentrator was installed during 2015 and its output is reflected
in the results above. The concentrator was acquired in order to
improve the gold recovery and testing is ongoing in
2016.
|
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
production data in this news release.
Webcast Event
Join us later this morning, Monday
January 18, 2016 at 12:30 PM
(EST) for a live webcast of Avino's corporate presentation
with Avino's President and CEO, David
Wolfin, from the Noble Financial Capital Markets Twelfth
Annual Investor Conference. To access the live stream please follow
the link below or visit Avino's website at least 10 minutes prior
to the start of the presentation. The video will also be available
for viewing on Avino's homepage for several weeks following the
conference.
http://noble.mediasite.com/mediasite/Play/53c4546fc4ac485f8d8fbe389e920ca81d
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.