NYSE-MKT: ASM
TSX-V: ASM
FSE: GV6
VANCOUVER, July 19, 2016 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX-V,
ASM: NYSE–MKT, GV6: FSE, "Avino" or "the Company") is pleased
to report its second quarter 2016 production results from its Avino
property near Durango, Mexico.
"Avino is pleased to report another solid quarter of production
results. During the quarter we produced 629,780 silver equivalent
ounces. In the same quarter last year, we produced 819,300 silver
equivalent ounces, however, during the current quarter we replaced
the bearings in the ball mill in Mill Circuit 3 which contributed
to lower milling rates. Up to this quarter, Avino had
delivered 11 consecutive quarters of comparative growth; with these
repairs complete we're excited about our ability to maintain smooth
and consistent operations with the transition to commercial
production at the Avino Mine now complete.
Overall, we experienced another exciting quarter. Not only did
we transition to commercial production but we also received the
remaining key permits to construct the new tailings storage
facility which we plan to start before the end of the year. By
achieving our milestones, and with the help of stronger metal
prices, we continue to meet our objective of being a top-tier
junior silver producer."
David Wolfin,
President, CEO & Director, Avino
Silver & Gold Mines Ltd.
Consolidated Second Quarter 2016 Production Highlights
(Compared to Second Quarter 2015)
Comparative production results from the second quarter 2016 and
the second quarter 2015 are presented below:
|
Q2
2016
|
Q2
2015
|
%
Change
|
Total Silver Produced (oz)
calculated
|
380,620
|
451,505
|
-16%
|
Total Gold Produced (oz)
calculated
|
1,509
|
1,891
|
-20%
|
Total Copper Produced (Lbs)
calculated
|
1,054,935
|
1,256,164
|
-16%
|
Total Silver Eq. Produced
(oz)
calculated*
|
629,780
|
819,299
|
-23%
|
* Metal Production is expressed in terms of silver equivalent
ounces, (oz Ag Eq.), the formula for which depends on the gold and
silver metal prices used in each year and hence are only
indicative.
- Silver equivalent production decreased by 23% to 629,780
oz*
- Silver production decreased by 16% to 380,620 oz
- Gold production decreased by 20% to 1,509 oz
- Copper production decreased by 16% to 1,054,935 Lbs
Avino Mine Second Quarter 2016 Production Highlights
Comparative figures for the second quarter 2016 and the second
quarter 2015 for the Avino Mine are as follows; production figures
for the second quarter 2016 include production from Mill Circuit 3
as well as Mill Circuit 2 during June:
|
Q2
2016
|
Q2
2015
|
Quarterly
Change
%
|
2016
YTD
Totals
|
Tonnes
Mined
|
101,400
|
94,323
|
8%
|
200,599
|
Underground Advancement
(m)
|
1,242
|
1,161
|
7%
|
2,385
|
Mill Availability
(%)
|
87
|
97
|
-10%
|
92
|
Total Mill Feed (dry
tonnes)
|
97,666
|
102,416
|
-5%
|
217,181
|
Feed Grade Silver
(g/t)
|
64
|
63
|
2%
|
66
|
Feed Grade Gold
(g/t)
|
0.26
|
0.30
|
-12%
|
0.26
|
Feed Grade Copper
(%)
|
0.55
|
0.63
|
-14%
|
0.56
|
Recovery Silver
(%)
|
85%
|
85%
|
0%
|
86%
|
Recovery Gold
(%)
|
60%
|
73%
|
-19%
|
64%
|
Recovery Copper
(%)
|
90%
|
88%
|
2%
|
89%
|
Copper Concentrate (dry
tonnes)
|
2,222
|
2,319
|
-4%
|
4,934
|
Copper Concentrate Grade
Silver (kg/t)
|
2.36
|
2.34
|
1%
|
2.49
|
Copper Concentrate Grade
Gold (g/t)
|
6.90
|
9.65
|
-29%
|
7.43
|
Copper Concentrate Grade
Copper (%)
|
21.54
|
24.57
|
-12%
|
22.12
|
Total Silver Produced
(kg)
|
5,250
|
5,436
|
-3%
|
12,287
|
Total Gold Produced
(g)
|
15,317
|
22,365
|
-32%
|
36,671
|
Total Copper Produced
(Kg)
|
478,511
|
569,787
|
-16%
|
1,091,276
|
Total Silver Produced (oz)
calculated
|
168,787
|
174,779
|
-3%
|
395,051
|
Total Gold Produced (oz)
calculated
|
492
|
719
|
-32%
|
1,179
|
Total Copper Produced (Lbs)
calculated
|
1,054,935
|
1,256,164
|
-16%
|
2,405,849
|
Total Silver Equivalent
Produced (oz)
calculated*
|
341,521
|
458,324
|
-25%
|
815,726
|
* Metal Production is expressed in terms of silver equivalent
ounces, (oz Ag Eq.), the formula for which depends on the gold and
silver metal prices used in each year and hence are only
indicative.
Second Quarter 2016 Highlights
- Mill availability was down 10% due to required maintenance on
the Mill Circuit 3 ball mill
- Lower copper and gold feed grades of 14% and 12% respectively
were a result of variability in the resource block; the lower feed
grades caused a decrease in the concentrate grades of 12% and 29%
for gold and copper respectively, as well as a 19% decrease for the
recovery of gold.
- As a result of the above, copper, gold and silver production
decreased by 16%, 32% and 3% respectively compared to the
corresponding quarter in 2015, resulting in a 25% decrease in
silver equivalent production
San Gonzalo Mine Second Quarter 2016 Production
Highlights
Comparative figures for the second quarter 2016 and the second
quarter 2015 for the San Gonzalo mine are as follows; production
figures for the second quarter 2016 include production from Mill
Circuit 1 as well as Mill Circuit 2 during April and May.
|
Q2
2016
|
Q2
2015
|
Quarterly
Change
%
|
2016
YTD
Totals
|
Tonnes
Mined
|
24,813
|
27,780
|
-11%
|
49,215
|
Underground Advancement
(m)
|
1,098
|
1,105
|
-1%
|
2,282
|
Mill Availability
(%)
|
94
|
97
|
-3%
|
95
|
Total Mill Feed (dry
tonnes)
|
33,946
|
33,351
|
2%
|
54,548
|
Feed Grade Silver
(g/t)
|
237
|
312
|
-24%
|
269
|
Feed Grade Gold
(g/t)
|
1.310
|
1.498
|
-13%
|
1.56
|
Recovery Silver
(%)
|
82%
|
83%
|
-1%
|
83%
|
Recovery Gold
(%)
|
71%
|
73%
|
-3%
|
74%
|
Bulk Concentrate (dry
tonnes)
|
1,261.78
|
1,298
|
-3%
|
2,062
|
Bulk Concentrate Grade
Silver (kg/t)
|
5.187
|
6.630
|
-22%
|
5.834
|
Bulk Concentrate Grade Gold
(g/t)
|
20.97
|
28.08
|
-25%
|
23.31
|
Total Silver Produced
(kg)
|
6,589
|
8,607
|
-23%
|
12,147
|
Total Gold Produced
(g)
|
31,645
|
36,458
|
-13%
|
63,389
|
Total Silver Produced (oz)
calculated
|
211,833
|
276,726
|
-23%
|
390,535
|
Total Gold Produced (oz)
calculated
|
1,017
|
1,172
|
-13%
|
2,038
|
Total Silver Equivalent
Produced (oz)
calculated*
|
288,259
|
360,975
|
-20%
|
529,986
|
* Metal Production is expressed in terms of silver equivalent
ounces, (oz Ag Eq.), the formula for which depends on the gold and
silver metal prices used in each year and hence are only
indicative.
Second Quarter 2016 Highlights
- Feed grades for silver and gold decreased by 24% and 13%
respectively due to lower grade material from the San Gonzalo
stockpile being processed using Mill Circuit 2, accordingly, the
silver and gold grades in the concentrate also decreased by 22% and
25% respectively resulting in a 23% decrease for the production of
silver and a 13% decrease for the production of gold or a 20%
decrease in the production of silver equivalent ounces
- Mill availability decreased by 3% over the same period last
year due routine planned maintenance on Mill Circuit 1
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.
Under National Instrument 43-101, the Company is required to
disclose that it has not based its production decisions on NI
43-101-compliant reserve estimates, preliminary economic
assessments, or feasibility studies, and historically production
decisions made without such reports have increased uncertainty and
higher technical and economic risks of failure. These risks
include, among others, areas that are analyzed in more detail in a
feasibility study or preliminary economic assessment, such as the
application of economic analysis to mineral resources, more
detailed metallurgical and other specialized studies in areas such
as mining and recovery methods, market analysis, and environmental,
social, and community impacts. The Company's decision to place a
mine into operation at levels intended by management, expand a
mine, make other production-related decisions, or otherwise carry
out mining and processing operations is largely based on internal
non-public Company data, and on reports based on exploration and
mining work by the Company and by geologists and engineers engaged
by the Company. The results of this work are evident in the
Company's discovery of the San Gonzalo resource, and in the
Company's record of mineral production and financial returns since
operations at levels intended by management commenced at the San
Gonzalo Mine in 2012. This approach was applied for the advancement
of the Avino Mine project, for which similar risks and
uncertainties were identified.
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.