NYSE-MKT: ASM
TSX-V: ASM
FSE: GV6
VANCOUVER, Jan. 17, 2017 /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 2016 and full year 2016 production
results from its Avino property near Durango, Mexico.
Consolidated Production Highlights for 2016 (Compared to
2015)
- Silver equivalent production decreased 11% to 2,679,334
oz*
- Silver production decreased 1% to 1,612,060 oz
- Gold production increased 1% to 7,119 oz
- Copper production decreased 11% to 4,206,585 lbs
Consolidated Production Highlights for Fourth Quarter, 2016
(Compared to Fourth Quarter, 2015)
- Silver equivalent production decreased 7% to 707,775 oz*
- Silver production increased 2% to 419,355 oz
- Gold production increased 63% to 2,581 oz
- Copper production decreased 41% to 755,645 lbs
*In 2016, AgEq was calculated using metals prices of
$17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu. In 2015, AgEq was calculated using
$16 oz Ag, $1,150 oz Au and $3.00 lb Cu
"I would like to thank our teams in Mexico and Canada for delivering another solid year of
consistent production. Despite the challenges faced during the
second quarter, our production was in line with our internal
projections, and we expect similar results for 2017. The year was
highlighted by the declaration of commercial production at the
Avino Mine, as well as the publication of new resource estimates
for our operations in Mexico and
Canada. We are planning on
issuing a news release in the coming days outlining our
Mexico expansion plans as well as
an agenda for reopening the Bralorne Mine."
- David Wolfin, President, CEO
& Director, Avino Silver &
Gold Mines Ltd.
Consolidated 2016 Production Highlights
Comparative production numbers from 2016 and 2015 are presented
below:
|
2016
|
2015
|
%
Change
|
Total Silver Produced
(oz) calculated
|
1,612,060
|
1,625,285
|
-1%
|
Total Gold Produced
(oz) calculated
|
7,119
|
7,083
|
1%
|
Total Copper Produced
(Lbs) calculated
|
4,206,585
|
4,743,691
|
-11%
|
Total Silver Eq.
Produced (oz) calculated*
|
2,679,334
|
3,020,348
|
-11%
|
*In 2016, AgEq was calculated using metals prices of
$17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu. In 2015, AgEq was calculated using
$16 oz Ag, $1,150 oz Au and $3.00 lb Cu
Consolidated Fourth Quarter 2016 Production
Highlights
Comparative production numbers from the fourth quarters of 2016
and 2015 are presented below:
|
Q4
2016
|
Q4
2015
|
%
Change
|
Total Silver Produced
(oz) calculated
|
419,355
|
409,216
|
2%
|
Total Gold Produced
(oz) calculated
|
2,581
|
1,588
|
63%
|
Total Copper Produced
(Lbs) calculated
|
755,645
|
1,271,565
|
-41%
|
Total Silver Eq.
Produced (oz) calculated*
|
707,775
|
761,767
|
-7%
|
*In 2016, AgEq was calculated using metals prices of
$17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu. In 2015, AgEq was calculated using
$16 oz Ag, $1,150 oz Au and $3.00 lb Cu
Avino Mine Production Highlights
Comparative figures for the years ended December 31, 2016, and December 31, 2015, as well as the fourth quarter
2016 and the fourth quarter of 2015 for the Avino Mine are as
follows:
|
Q4
2016
|
Q4
2015
|
%
Change
|
2016
|
2015
|
%
Change
|
Notes
|
Tonnes
Mined
|
103,266
|
102,580
|
1%
|
450,281
|
372,376
|
21%
|
6
|
Underground
Development (m)
|
756
|
1,440
|
-48%
|
4,005
|
5,056
|
-21%
|
1,6
|
Mill Availability
(%)
|
95.6
|
94.5
|
1%
|
94.0
|
96.1
|
-2%
|
|
Total Mill Feed (dry
tonnes)
|
101,157
|
110,201
|
-8%
|
429,289
|
396,113
|
8%
|
2,7
|
Feed Grade Silver
(g/t)
|
65
|
68
|
-5%
|
67
|
65
|
3%
|
3,8,9
|
Feed Grade Gold
(g/t)
|
0.69
|
0.29
|
137%
|
0.42
|
0.29
|
44%
|
3,4,8,9
|
Feed Grade Copper
(%)
|
0.37
|
0.61
|
-39%
|
0.50
|
0.62
|
-20%
|
3,4,8,9
|
Recovery Silver
(%)
|
85%
|
86%
|
-1%
|
85%
|
87%
|
-2%
|
|
Recovery Gold
(%)
|
69%
|
66%
|
4%
|
64%
|
75%
|
-15%
|
|
Recovery Copper
(%)
|
91%
|
86%
|
6%
|
90%
|
87%
|
3%
|
|
Copper Concentrate
(dry tonnes)
|
2,094
|
2,556
|
-18%
|
9,390
|
9,058
|
4%
|
4,9
|
Copper Concentrate
Grade Silver (kg/t)
|
2.67
|
2.52
|
6%
|
2.62
|
2.47
|
6%
|
9
|
Copper Concentrate
Grade Gold (g/t)
|
22.87
|
8.32
|
175%
|
12.23
|
9.47
|
29%
|
4,9
|
Copper Concentrate
Grade Copper (%)
|
16.37
|
22.56
|
-27%
|
20.32
|
23.76
|
-14%
|
9
|
Total Silver Produced
(kg)
|
5,584
|
6,430
|
-13%
|
24,552
|
22,329
|
10%
|
5,9
|
Total Gold Produced
(g)
|
47,891
|
21,263
|
125%
|
114,812
|
85,737
|
34%
|
5,9
|
Total Copper Produced
(Kg)
|
342,755
|
576,773
|
-41%
|
1,908,077
|
2,152,202
|
-11%
|
5
|
Total Silver Produced
(oz) calculated
|
179,536
|
206,743
|
-13%
|
789,372
|
717,901
|
10%
|
5,9
|
Total Gold Produced
(oz) calculated
|
1,540
|
684
|
125%
|
3,691
|
2,757
|
34%
|
5,9
|
Total Copper Produced
(Lbs) calculated
|
755,645
|
1,271,565
|
-41%
|
4,206,585
|
4,743,691
|
-11%
|
5,9
|
Total Silver
Equivalent Produced (oz) calculated
|
394,149
|
494,295
|
-20%
|
1,606,272
|
1,801,997
|
-11%
|
9
|
*In 2016, AgEq was calculated using metals prices of
$17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu. In 2015, AgEq was calculated using
$16 oz Ag, $1,150 oz Au and $3.00 lb Cu
Avino Mine Fourth Quarter Production Highlights
1. Underground development decreased by 48% due to the
transition to production mining on levels 14 and 14.5 as well as
the installation of upgraded electrical and dewatering systems for
the ramp to level 17 from 15.5
2. Tonnage processed decreased by 8% due to the fact that,
during November and December 2016
Mill Circuit 2 was used to process San Gonzalo material rather than
Avino material
3. The gold feed grade increased by 137% whereas the copper and
silver feed grades decreased by 39% and 5%, respectively; the
changes in grade are due to mining activities advancing to the new
higher-grade gold zone on the other side of the fault,
4. The lower copper feed grade resulted in 18% fewer tonnes
of concentrate produced and a 27% drop in the concentrate grade for
copper; however, the higher gold grade in the mill feed resulted in
a 175% increase of the gold grade in the concentrate.
5. Silver and copper production decreased by 13% and 41%,
respectively, while gold increased by 125%, which resulted in a 20%
decrease in silver equivalent production compared to the comparable
quarter last year
Avino Mine 2016 Year-End Production Highlights
6. The year over year change in mined tonnes and development is
attributed to the transition from development to production mining,
as well as the need to upgrade the electrical and dewatering
systems in the lower levels of the mine
7. Tonnage processed increased by 8% due to the increased use of
Mill Circuit 2 to process Avino Mine material throughout the year
(except for November and December); however, the potential overall
increase was offset by required maintenance on the Mill Circuit 3
ball mill during the second quarter
8. Gold and silver feed grades increased by 44% and 3%,
respectively, while the copper grade decreased by 20%; the changes
in grades are due to mining activities advancing to the new
higher-grade gold zone on the other side of the fault
9. There was a 4% increase in concentrate production and a 14%
decrease in the grade of copper in the concentrate, while gold and
silver grades in the concentrate increased by 29% and 6%,
respectively; the foregoing were mainly due to the changes in the
feed grades being processed
10. Silver and gold production for the year increased by 10% and
34%, respectively, while copper production decreased by 11%,
resulting in a decline of 11% in silver equivalent ounces of
production as a result of the factors discussed above
San Gonzalo Mine Production Highlights
Comparative figures for the years ended December 31, 2016, and December 31, 2015, as well as the fourth quarter
2016 and the fourth quarter of 2015 for the San Gonzalo Mine are as
follows:
|
Q4
2016
|
Q4
2015
|
%
Change
|
2016
|
2015
|
%
Change
|
Notes
|
Tonnes
Mined
|
29,678
|
18,272
|
62%
|
108,943
|
93,291
|
17%
|
1
|
Underground
Advancement (m)
|
1,062
|
1,128
|
-6%
|
4,433
|
4,578
|
-3%
|
2
|
Mill Availability
(%)
|
94.1
|
94.7
|
-1%
|
94.4
|
92.7
|
2%
|
|
Total Mill Feed (dry
tonnes)
|
33,511
|
26,616
|
26%
|
115,047
|
121,774
|
-6%
|
1,3,6,8
|
Feed Grade Silver
(g/t)
|
262
|
285
|
-8%
|
267
|
279
|
-4%
|
4,7,8
|
Feed Grade Gold
(g/t)
|
1.16
|
1.45
|
-20%
|
1.25
|
1.48
|
-16%
|
4,7,8
|
Recovery Silver
(%)
|
85%
|
83%
|
2%
|
83%
|
83%
|
0%
|
4
|
Recovery Gold
(%)
|
83%
|
73%
|
14%
|
74%
|
75%
|
-1%
|
4
|
Bulk Concentrate (dry
tonnes)
|
1,130
|
1,023
|
10%
|
4,115
|
4,517
|
-9%
|
3,8
|
Bulk Concentrate
Grade Silver (kg/t)
|
6.60
|
6.15
|
7%
|
6.22
|
6.24
|
0%
|
|
Bulk Concentrate
Grade Gold (g/t)
|
28.6
|
27.5
|
4%
|
25.9
|
28.3
|
-9%
|
|
Total Silver Produced
(kg)
|
7,459
|
6,298
|
18%
|
25,588
|
28,223
|
-9%
|
5,9
|
Total Gold Produced
(g)
|
32,379
|
28,128
|
15%
|
106,599
|
134,569
|
-21%
|
5,9
|
Total Silver Produced
(oz) calculated
|
239,819
|
202,473
|
18%
|
822,689
|
907,384
|
-9%
|
5,9
|
Total Gold Produced
(oz) calculated
|
1,041
|
904
|
15%
|
3,427
|
4,326
|
-21%
|
5,9
|
Total Silver
Equivalent Produced (oz) calculated
|
313,626
|
267,472
|
17%
|
1,073,062
|
1,218,351
|
-12%
|
3,9
|
*In 2016, AgEq was calculated using metals prices of
$17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu. In 2015, AgEq was calculated using
$16 oz Ag, $1,150 oz Au and $3.00 lb Cu
San Gonzalo Mine Fourth Quarter Production Highlights
1. Tonnage hauled increased by 62% in order to accommodate Mill
Circuit 2, which during November and December transitioned to
processing material from San Gonzalo; this in turn led to a 26%
increase in tonnage processed
2. Underground advancement decreased by 6% as there were fewer
blocks available for development work
3. The higher processed tonnage resulted in a 17% increase in
silver equivalent production and a 10% increase in concentrate
tonnage
4. Silver and gold feed grades decreased by 8% and 20%,
respectively, and the respective recoveries decreased by 2% and
14%
5. Silver and gold production increased by 18% and 15%,
respectively, as a result of the factors outlined above
San Gonzalo Mine 2016 Year-End Production
Highlights
6. Tonnage processed for the year decreased by 6% as Mill
Circuit 2 was primarily devoted to processing Avino Mine Material,
whereas in 2015, it was more available to process San Gonzalo mill
feed
7. Silver and gold feed grades decreased by 4% and 16%,
respectively, as a result of mining taking place in different areas
in 2016 than in 2015
8. The lower feed grades and tonnage processed resulted in 9%
fewer tonnes of concentrate produced
9. Silver production decreased by 9% and 21%, respectively,
resulting in an overall decrease of 12% in silver equivalent
produced in 2016
Quality Assurance/Quality Control
Mill assays are performed at the Avino property's on-site lab.
Recent check samples have been sent to SGS Labs, Durango, Mexico for verification. All
concentrate shipments are assayed by one of the following
independent third party labs: AHK, LSI, Alex Stewart and Inspectorate in the
United Kingdom.
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.
About Avino
Avino is a silver and gold producer with a diversified pipeline
of gold, silver and base metals exploration 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 ramping up for future production at
its Bralorne Gold Mine in British
Columbia, Canada. Avino's silver and gold 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 & 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.