Vancouver, British Columbia–(Newsfile Corp. – July 25, 2017) – Avino Silver & Gold (TSXV: ASM) (NYSE MKT: ASM) (FSE: GV6) has released production results for the second quarter ended June 30, 2017. This production is from the company’s wholly owned Avino and San Gonzalo Mines near Durango, Mexico.
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The company reported total silver equivalent production of 698,174 ounces, an increase of 11% from the 629,780 ounces reported in the second quarter in 2016. For a full analysis of the individual production numbers from silver, gold, and copper, please refer to the company’s news release of July 24, 2017.
Avino Silver & Gold Mines, established in 1968, was one of the first foreign-owned junior mining companies to enter Mexico following the revolution that took place between 1910 – 1920.
At the Avino Mine, the tonnage processed increased by 20% due to circuits #2 and #3 being used exclusively for the processing of the Avino mine material, whereas at the San Gonzalo Mine, tonnage mined and process decreased by 14% and 41% respectively due to circuit #2 processing Avino Mine material.
David Wolfin, President & CEO, stated: “We are pleased with the 11% increase in production this quarter compared to the second quarter of last year. The results are higher this quarter compared to the same period last year mainly due to the increased mill availability experienced in the second quarter of 2017. At our current rate of production, we anticipate outputs to be similar in the second half of the year. We are also very happy with the progression of the plant and mill expansions which will further develop and maintain a solid production profile going forward.”
According to information provided on the company’s website, Avino continues to rank among the lowest cost silver producers with all in sustaining costs of US$10.34.
The company is currently planning for future production at its Bralorne Gold Mine in British Columbia. The Bralorne gold camp represents one of Canada’s most prolific mining operations. From 1928 to 1971, the Bralorne and nearby Pioneer and King mines produced 4.15 million ounces of gold from 7.9 million tons of ore.
The shares are trading at $2.12, and with 52.5 million shares outstanding, the company is capitalized at $111.2 million.
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