NYSE-MKT: ASM
TSX-V: ASM
FSE: GV6
VANCOUVER, April 11, 2016 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX-V,
ASM: NYSE–MKT, GV6: FSE, "Avino" or "the Company") is pleased
to report its first quarter 2016 production results from its Avino
property near Durango, Mexico.
Consolidated Production Highlights for First Quarter 2016
(Compared to First Quarter 2015)
- Silver equivalent production increased by 10% to 715,933
oz*
- Silver production increased by 11% to 403,447 oz
- Gold production decreased by 14% to 1,497 oz
- Copper production increased by 55% to 1,350,912 Lbs
* For
comparison purposes, the silver equivalent ratio has been
calculated using metal prices of $14.84 oz Ag, $1,180 oz Au and
$2.12 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.
|
With a steady first quarter behind us, 2016 is shaping up to be
a solid year for Avino. Our operations team delivered another
quarter of consistent production and development at the San Gonzalo
and Avino Mines respectively,
putting us in a strong position to achieve our goals for the year.
In 2016 our objectives are to continue to focus on efficient
operations including improving recovery rates, meeting production
targets, controlling costs and transitioning the Avino Mine from
the development phase to underground mining. Underground Mining
commenced on April 1 on upper level
11.5 using the long-hole sub-level caving method, which is a
cost effective method of extraction.
David Wolfin,
President, CEO & Director, Avino
Silver & Gold Mines Ltd.
Consolidated First Quarter 2016 Production Highlights
Comparative production results from the first quarter 2016 and
the first quarter 2015 are presented below:
|
Q1
2016
|
Q1
2015
|
%
Change
|
Total Silver Produced
(oz) calculated
|
403,447
|
363,210
|
11%
|
Total Gold Produced
(oz) calculated
|
1,497
|
1,750
|
-14%
|
Total Copper Produced
(Lbs) calculated
|
1,350,912
|
872,884
|
55%
|
Total Silver Eq.
Produced (oz) calculated*
|
715,933
|
652,619
|
10%
|
|
* For
comparison purposes, the silver equivalent ratio has been
calculated using metal prices of $14.84 oz Ag, $1,180 oz Au and
$2.12 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 First Quarter 2016 Production Highlights
Comparative figures for the first quarter 2016 and the first
quarter 2015 for the Avino Mine are as follows; production figures
for the first quarter 2016 include production from Mill Circuit 2
and Mill Circuit 3:
|
Q1
2016
|
Q1
2015
|
Quarterly
Change
%
|
Notes
|
Tonnes
Mined
|
99,199
|
36,318
|
173%
|
1
|
Underground
Advancement (m)
|
1,143
|
980
|
17%
|
1
|
Mill Availability
(%)
|
97
|
96
|
1%
|
2
|
Total Mill Feed (dry
tonnes)
|
119,515
|
76,547
|
56%
|
2
|
Feed Grade Silver
(g/t)
|
68
|
64
|
6%
|
4
|
Feed Grade Gold
(g/t)
|
0.27
|
0.36
|
-26%
|
5
|
Feed Grade Copper
(%)
|
0.58
|
0.58
|
0%
|
3
|
Recovery Silver
(%)
|
87%
|
89%
|
-3%
|
4
|
Recovery Gold
(%)
|
67%
|
82%
|
-18%
|
5
|
Recovery Copper
(%)
|
89%
|
89%
|
0%
|
3
|
Copper Concentrate
(dry tonnes)
|
2,712
|
1,775
|
53%
|
3
|
Copper Concentrate
Grade Silver (kg/t)
|
2.60
|
2.46
|
5%
|
4
|
Copper Concentrate
Grade Gold (g/t)
|
7.87
|
12.61
|
-38%
|
5
|
Copper Concentrate
Grade Copper (%)
|
22.6
|
22.3
|
1%
|
3
|
Total Silver Produced
(kg)
|
7,038
|
4,371
|
61%
|
4
|
Total Gold Produced
(g)
|
21,353
|
22,391
|
-5%
|
5
|
Total Copper Produced
(Kg)
|
612,764
|
395,934
|
55%
|
3
|
Total Silver Produced
(oz) calculated
|
226,264
|
140,518
|
61%
|
4
|
Total Gold Produced
(oz) calculated
|
687
|
720
|
-5%
|
5
|
Total Copper Produced
(Lbs) calculated
|
1,350,912
|
872,884
|
55%
|
3
|
Total Silver
Equivalent Produced (oz) calculated*
|
474,206
|
319,216
|
48%
|
6
|
|
* For
comparison purposes, the silver equivalent ratio has been
calculated using metal prices of $14.84 oz Ag, $1,180 oz Au and
$2.12 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.
|
.
First Quarter 2016 Highlights
- Tonnes mined and metres advanced increased by 173% and 17%
respectively as there were more working faces available in the
first quarter of 2016 compared to 2015; also there was an
additional jumbo available in 2016.
- Tonnes processed for the quarter increased by 56% over the
first quarter of 2015. The additional tonnage was mainly from
the use of Mill Circuit 2 to process Avino material in addition to
Mill Circuit 3 . Also, the slightly higher mill availability
resulted in an increased throughput.
- Concentrate tons and copper produced increased by 53% and 55%
respectively due to the higher tonnage processed, as there was
no change to the feed grade and recovery for copper, and only
a slight change to the concentrate grade.
- Silver production increased by 61% on account of the higher
feed grade and higher tonnage processed despite lower
recoveries.
- Gold production decreased by 5%, mainly due to lower feed grade
and recovery. Mining in the first quarter occurred in an area where
the gold grades are typically low.
- All the above resulted in 48% more silver equivalent ounces
produced compared to the first quarter of 2015.
San Gonzalo Mine First Quarter 2016 Production
Highlights
Comparative figures for the first quarter 2016 and the first
quarter 2015 for the San Gonzalo mine are as follows:
|
Q1
2016
|
Q1
2015
|
Quarterly
Change
%
|
Notes
|
Tonnes
Mined
|
24,402
|
26,712
|
-9%
|
1
|
Underground
Advancement (m)
|
1,183
|
1,181
|
0%
|
1
|
Mill Availability
(%)
|
95
|
95
|
0%
|
1
|
Total Mill Feed (dry
tonnes)
|
20,601
|
18,809
|
10%
|
2
|
Feed Grade Silver
(g/t)
|
318
|
308
|
3%
|
5
|
Feed Grade Gold
(g/t)
|
1.49
|
1.54
|
-4%
|
4
|
Recovery Silver
(%)
|
84
|
84
|
0%
|
5
|
Recovery Gold
(%)
|
82
|
75
|
7%
|
4
|
Bulk Concentrate (dry
tonnes)
|
800
|
607
|
32%
|
3
|
Bulk Concentrate
Grade Silver (kg/t)
|
6.85
|
8.02
|
-15%
|
3
|
Bulk Concentrate
Grade Gold (g/t)
|
27
|
35.9
|
-25%
|
3
|
Total Silver Produced
(kg)
|
5,511
|
4,871
|
13%
|
5
|
Total Gold Produced
(g)
|
25,193
|
21,789
|
16%
|
4
|
Total Silver Produced
(oz) calculated
|
177,183
|
156,606
|
13%
|
5
|
Total Gold Produced
(oz) calculated
|
810
|
701
|
16%
|
4
|
Total Silver
Equivalent Produced (oz) calculated*
|
241,727
|
212,346
|
14%
|
6
|
|
* For
comparison purposes, the silver equivalent ratio has been
calculated using metal prices of $14.84 oz Ag, $1,180 oz Au and
$2.12 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.
|
First Quarter 2016 Highlights
- First Quarter tonnage mined was within budget even though it
was 9% lower than the same quarter last year. There was no change
in underground metres advanced and mill
availability.
- Tonnage processed also was within budget but increased by 10%
due to the ball mill being relined during the corresponding quarter
last year.
- Bulk concentrate tonnage produced increased by 32%. The
increase in tonnage was due to the lower silver and gold grades in
the concentrate which were 15% and 25% lower, respectively.
- Gold production increased by 16% due to the 7% improvement in
recovery as a result of the use of a gravity concentrator.
- Silver production increased by 13% due to higher tonnage
processed and higher feed grade; there was no change in the silver
recovery.
- All the above resulted in a 14% increase in silver equivalent
ounces produced during the quarter.
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.