Avino Silver & Gold Mines Ltd.: Operational Update
29 November 2011 - 12:00AM
Marketwired
Avino Silver & Gold Mines Ltd. (the "Company" or "Avino") (TSX
VENTURE:ASM)(NYSE Amex:ASM)(FRANKFURT:GV6)(BERLIN:GV6) is pleased
to provide the following update of activities at its Avino mine
operation located near Durango, Mexico.
SAN GONZALO DEVELOPMENT
The decline from level 2 to level 3 has advanced 384 metres to
date, and a total of 45 metres remain to go until the level 3
elevation of 2,215 metres is reached. The service raise connecting
the ramp from level 3 with level 2 has been completed and
ventilation at the working face of the ramp has improved
significantly. A new 3.5 yd scoop has been purchased and put into
service. Mine productivity has improved now that the two newly
purchased scoops are in operation.
Avino expects to have all the permits in place for the
construction of the power line to San Gonzalo soon. All the
materials for this project have been ordered and are on site ready
for installation. The approval process has taken longer than
expected.
Work on stope 2-200 has been completed. The mineralized material
is being extracted from the stope and hauled to the surface
stockpile located near the crushing plant. The calculated tonnage
of this stope is 3,723 tonnes with an estimated grade of 300 g/t
and 1.2 g/t silver and gold respectively. This resource is not in
the original 43-101 resource estimate prepared by Orequest. The
continuity of this mineralized block above level 1 is currently
being evaluated.
Total stockpile tonnage to date is 8,507 tonnes and it consists
of development material and mineralized material from stopes 2-200
and 2-080.
MILLING
Milling operations have continued with the processing of the old
Avino ET stockpiles at the rate of approximately 180 tpd. The feed
grades are highly variable depending on the location of the
material. Typical silver feed grade ranges from 60 to 120 g/t and
gold from 0.6 to 1.5 g/t. Copper values are low and ranges from 0.1
to 0.2%. The concentrate produced grades about 2 kg/t silver and 30
g/t gold.
A sale of over 200 tonnes of this concentrate was made last
month and the provisional payment was received in late October
2011. The final payment of this lot will be made once the assays
have been completed.
There is still a balance of approximately 250 tonnes of
concentrate on hand. A deal for the sale of this product is being
negotiated.
Avino has approximately 10,000 to 12,000 tonnes of the old
stockpile material remaining which will take approximately two
months to complete the processing of this material.
DRILLING
The proposed drilling program on San Gonzalo to determine the
feeder systems for the San Gonzalo deposit has been completed.
Assays are pending and will be released once they become
available.
The project is under the supervision of Jasman Yee, P.Eng., who
is a qualified person within the context of National Instrument
43-101 and has prepared and approved the technical data in this
news release.
Founded in 1968, Avino's mission is to create shareholder value
through profitable organic growth at the historic Avino property
near Durango, Mexico. We are committed to managing all business
activities in an environmentally responsible and cost-effective
manner, while contributing to the well-being of the community in
which we operate.
Our primary goal is to build a multi-million ounce-per-year
silver producer. Our specific objectives are to achieve full time
commercial production as soon as possible, expand resources,
reserves and the mines output as well as to identify, explore and
develop new targets on the property.
Avino remains in a good financial position; is debt free and
well-funded to continue its development plans.
ON BEHALF OF THE BOARD
David Wolfin, President
This press release includes certain "Forward-Looking Statements"
within the meaning of section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein, including without
limitation, statements regarding potential mineralization and
reserves, exploration results and future plans and objectives of
Avino Silver & Gold Mines Ltd. are forward-looking statements
that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements.
This release contains statements that are forward-looking
statements and are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's periodic filings with
Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based
on information currently available. The Company does not assume the
obligation to update any forward-looking statement.
Neither 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.
Contacts: Avino Silver & Gold Mines Ltd. David Wolfin
President 604.682.3701 604.682.3600
(FAX)ir@avino.comwww.avino.com
Avino Silver & Gold Mines Ltd. (TSXV:ASM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Avino Silver & Gold Mines Ltd. (TSXV:ASM)
Historical Stock Chart
From Jul 2023 to Jul 2024