NYSE-MKT: ASM
TSX-V: ASM
FSE: GV6
VANCOUVER, Oct. 16, 2017 /CNW/ - Avino Silver & Gold Mines Ltd.
(NYSE-American: ASM; TSX.V: ASM; "Avino" or the "Company")
announces third quarter 2017 production results from its Avino
property near Durango, Mexico.
Consolidated Production Highlights for Third Quarter 2017
(Compared to Third Quarter 2016)
- Silver equivalent production increased by 17% to 760,756
oz*
- Gold production increased by 47% to 2,673 oz
- Silver production decreased by 10% to 368,456 oz
- Copper production increased by 6% to 1,106,305
lbs
* For comparison purposes, the silver equivalent ratio has
been calculated using metal prices of $17.45 oz Ag, $1,316 oz Au and $2.99 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.
"We are pleased to report a strong quarter and that we are on
pace to reach our budgeted production targets for 2017.
Our expansion is on schedule and I'd like to thank our
hard-working staff, both in Mexico
and Canada, for their
efforts."
David Wolfin,
President, CEO & Director, Avino
Silver & Gold Mines Ltd.
Consolidated Third Quarter 2017 Production Highlights
Comparative production results from the third quarter 2017 and
the third quarter 2016 are presented below:
|
Q3
2017
|
Q3
2016
|
%
Change
|
Total Silver Eq.
Produced (oz) calculated*
|
760,756
|
649,831
|
17%
|
Total Gold Produced
(oz) calculated
|
2,673
|
1,813
|
47%
|
Total Silver Produced
(oz) calculated
|
368,456
|
410,908
|
-10%
|
Total Copper Produced
(Lbs) calculated
|
1,106,305
|
1,045,091
|
6%
|
* For comparison purposes, the silver equivalent ratio for Q3
2017 has been calculated using metal prices of $17.45 oz Ag, $1,316 oz Au and $2.99 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 Third Quarter 2017 Production Results
Comparative figures for the third quarter 2017 and the third
quarter 2016 for the Avino Mine are as follows; production figures
for the third quarter 2017 include production from Mill Circuit 2
and Mill Circuit 3:
|
Q3
2017
|
Q3
2016
|
Quarterly
Change
%
|
2017
YTD
|
Notes
|
Tonnes
Mined
|
119,317
|
116,154
|
3%
|
351,239
|
1
|
Underground
Advancement (m)
|
832
|
866
|
-4%
|
2,250
|
1
|
Mill Availability
(%)
|
98
|
96
|
2%
|
97
|
|
Total Mill Feed (dry
tonnes)
|
117,862
|
111,042
|
6%
|
351,802
|
2
|
Feed Grade Silver
(g/t)
|
66
|
71
|
-6%
|
68
|
4
|
Feed Grade Gold
(g/t)
|
0.70
|
0.47
|
49%
|
0.58
|
4,5,6
|
Feed Grade Copper
(%)
|
0.48
|
0.48
|
0%
|
0.47
|
4
|
Recovery Silver
(%)
|
85%
|
85%
|
0%
|
85%
|
5
|
Recovery Gold
(%)
|
70%
|
58%
|
21%
|
69%
|
5,6
|
Recovery Copper
(%)
|
88%
|
89%
|
-1%
|
89%
|
5
|
Copper Concentrate
(dry tonnes)
|
2,491
|
2,362
|
5%
|
7,501
|
|
Copper Concentrate
Grade Silver (kg/t)
|
2.66
|
2.83
|
-6%
|
2.70
|
6
|
Copper Concentrate
Grade Gold (g/t)
|
23.07
|
12.81
|
80%
|
18.59
|
6
|
Copper Concentrate
Grade Copper (%)
|
20.15
|
20.07
|
0%
|
19.74
|
6
|
Total Silver Produced
(kg)
|
6,634
|
6,681
|
-1%
|
20,234
|
3
|
Total Gold Produced
(g)
|
57,448
|
30,250
|
90%
|
139,421
|
3
|
Total Copper Produced
(Kg)
|
501,812
|
474,046
|
6%
|
1,480,692
|
3
|
Total Silver Produced
(oz) calculated
|
213,282
|
214,785
|
-1%
|
650,530
|
3
|
Total Gold Produced
(oz) calculated
|
1,847
|
973
|
90%
|
4,482
|
3
|
Total Copper Produced
(Lbs) calculated
|
1,106,305
|
1,045,091
|
6%
|
3,264,363
|
3
|
Total Silver
Equivalent Produced (oz) calculated*
|
542,846
|
396,397
|
37%
|
1,494,245
|
3
|
*For comparison purposes, the silver equivalent ratio for Q3
2017 has been calculated using metal prices of $17.45 oz Ag, $1,316 oz Au and $2.99 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 2017 Highlights
- Tonnage mined increased by 3% whereas underground development
metres decreased by 4%. The increase in mined tonnage was due
to a switch to slashing on the mineralized zones on levels 12 to 14
in favour of more development metres to facilitate easier access to
mill feed.
- Processed tonnage increased as Circuit #2 was used exclusively
for treating Avino material during Q3 2017, which resulted in
tonnage processed increasing by 6%.
- Gold and copper production increased by 90% and 6%
respectively, while silver production decreased slightly by 1%. The
net result was an increase of 37% in silver equivalent
production.
- There was no change in the copper feed grade while the gold
feed grade increased by 49% and the silver feed grade decreased by
6%.
- Gold recovery increased by 21% due to higher gold feed grade.
There was no change to the silver recovery and copper recovery
decreased slightly by 1%.
- The higher gold feed grade and higher recovery resulted in an
increase of 80% in the gold grade of the copper concentrate. There
was no change to the copper grade, while the silver grade decreased
by 6%.
San Gonzalo Mine Third Quarter 2017 Production
Highlights
Comparative figures for the third quarter 2017 and the third
quarter 2016 for the San Gonzalo mine are as follows:
|
Q3 2017
|
Q3
2016
|
Quarterly
Change
%
|
YTD
2017
|
Notes
|
Tonnes
Mined
|
18,450
|
30,050
|
-39%
|
62,947
|
1
|
Underground
Advancement (m)
|
747
|
1,089
|
-31%
|
2,667
|
1
|
Mill Availability
(%)
|
97
|
94
|
3%
|
95
|
|
Total Mill Feed (dry
tonnes)
|
20,338
|
26,989
|
-25%
|
60,579
|
2,4,5
|
Feed Grade Silver
(g/t)
|
281
|
272
|
3%
|
262
|
3,4
|
Feed Grade Gold
(g/t)
|
1.55
|
1.30
|
19%
|
1.31
|
3,4
|
Recovery Silver
(%)
|
85%
|
83%
|
2%
|
83%
|
3
|
Recovery Gold
(%)
|
82%
|
75%
|
9%
|
78%
|
3
|
Bulk Concentrate (dry
tonnes)
|
851
|
923
|
-8%
|
2,276
|
5
|
Bulk Concentrate
Grade Silver (kg/t)
|
5.67
|
6.61
|
-14%
|
5.79
|
5
|
Bulk Concentrate
Grade Gold (g/t)
|
30.21
|
28.34
|
7%
|
27.06
|
5
|
Total Silver Produced
(kg)
|
4,826
|
6,100
|
-21%
|
13,188
|
4
|
Total Gold Produced
(g)
|
25,698
|
26,152
|
-2%
|
61,603
|
4
|
Total Silver Produced
(oz) calculated
|
155,174
|
196,123
|
-21%
|
423,996
|
4
|
Total Gold Produced
(oz) calculated
|
826
|
841
|
-2%
|
1,981
|
4
|
Total Silver
Equivalent Produced (oz) calculated*
|
217,910
|
253,434
|
-14%
|
569,328
|
4
|
*For comparison purposes, the silver equivalent ratio for Q3
2017 has been calculated using metal prices of $17.45 oz Ag, $1,316 oz Au and $2.99 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 2017 Highlights
- Tonnage mined and underground advancement decreased by 39% and
31% respectively, compared with the corresponding quarter of the
previous year. This was due to fewer targets for mine development
and limited ramp access due to the ongoing exploration drilling
program.
- Tonnage processed decreased by 25% as Circuit #2 was used
exclusively for the treatment of Avino mine material.
- Silver and gold feed grades increased by 3% and 19%
respectively, while the silver recovery improved by 2% and gold
recovery by 9%.
- Silver and gold production decreased by 21% and2% respectively,
resulting in 14% fewer silver equivalent ounces produced for the
quarter. Higher feed grades and recoveries were not large enough to
offset the impact of the lower tonnage processed.
- The lower tonnage processed also resulted in 8% fewer tons of
concentrate. The silver grade in the concentrate decreased by 14%
while the gold increased by 7%.
Zinc Circuit
Testing of this circuit continued during the quarter, and
approximately 150 tonnes of low quality zinc concentrate was
produced. The grade of this material was approximately 21% zinc,
1700g/t silver and 8.5g/t gold. Some of this product has been sold
and, as long as there is a buyer, testing of this circuit will
continue. The zinc circuit results are not included in the above
production table for San Gonzalo.
Quality Assurance/Quality Control
Mill assays are performed at the Avino's on-site lab. Check
samples are sent to SGS Labs in Durango,
Mexico for verification. All concentrate shipments are
assayed by one of the following independent third party labs:
AHK, Inspectorate in the UK, and LSI in the Netherlands.
Qualified Person(s)
Avino's Mexican projects are under the supervision Jasman Yee, P.Eng, Avino director, who is a
qualified person within the context of National Instrument 43-101.
He has reviewed and approved the technical data in this news
release.
About Avino
Avino is a silver and gold producer with a diversified pipeline
of gold, silver and base metals properties in Mexico and Canada employing approximately 500
people. Avino produces from its wholly owned Avino and San
Gonzalo Mines near Durango,
Mexico, and is currently planning for future production at
the Bralorne Gold Mine in British
Columbia, Canada. The Company's gold and silver production
remains unhedged. The Company's mission and strategy is to create
shareholder value through its focus on profitable organic growth at
the historic Avino Property near Durango,
Mexico, and the strategic acquisition of mineral exploration
and mining properties. 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 & Chief Executive
Officer
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, 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.