Avino Announces Fourth Quarter and Full Year 2017 Production Results from Its Avino Property
ASM: TSX/NYSE American
Avino Silver & Gold Mines Ltd. T (604 682 3701
Suite 900-570 Granville Street F (604) 682 3600
Vancouver, BC V6C 3P1 avino.com
January 16, 2018
AVINO ANNOUNCES FOURTH QUARTER AND FULL YEAR 2017 PRODUCTION
RESULTS FROM ITS AVINO PROPERTY
Avino Silver & Gold Mines Ltd. (ASM: TSX /NYSE American, GV6: FSE, “Avino” or “the Company”) is
pleased to report its fourth quarter 2017 and full year 2017 production results from its Avino property
near Durango, Mexico.
Consolidated Production Highlights for 2017 (Compared to 2016)
Silver equivalent production increased 1% to 2,700,585 oz*
Silver production decreased 14% to 1,394,203 oz
Gold production increased 11% to 7,935 oz
Copper production increased 4% to 4,373,166 lbs
Consolidated Production Highlights for Fourth Quarter, 2017 (Compared to Fourth Quarter, 2016)
Silver equivalent production decreased 10% to 637,012 oz*
Silver production decreased 24% to 319,678 oz
Gold production decreased 43% to 1,472 oz
Copper production increased 47% to 1,108,800 lbs
* In 2017, AgEq was calculated using metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu. In 2016, AgEq was calculated
using $17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu
“We are very pleased to have achieved another year of consistent production which was in line with our
2017 internal projections. Although ther e were a few challenges throughout the year, our operations
teams were successful in resolving issues that arose. At the Avino Mine, the expansion is now 90%
complete and we are looking forward to increasing throughput capacity within months. 2018 will be a
busy year for Avino, which is also our 50th Anniversary, and within the coming weeks we expect to release
drill results, 2017 in review, outlook for 2018, and an updated NI 43-101 mineral resource from the Avino
Mine. I would like to thank the teams in Mexico and Canada for their dedicated efforts.”
- David Wolfin, President, CEO & Director, Avino Silver & Gold Mines Ltd.
Avino Silver & Gold Mines Ltd. - News Release – January 16, 2018
Avino Announces Fourth Quarter and Fully Year 2017 Production Results from its Avino Property
Page 2
Consolidated 2017 Production Highlights
Comparative production numbers from 2017 and 2016 are presented below:
2017 2016 % Change
Total Silver Produced (oz) calculated 1,394,203 1,612,060 -14%
Total Gold Produced (oz) calculated 7,935 7,119 11%
Total Copper Produced (lbs) calculated 4,373,166 4,206,585 4%
Total Silver Eq. Produced (oz) calculated* 2,700,585 2,679,334 1%
* In 2017, AgEq was calculated using metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu. In 2016, AgEq was calculated using $17.10 oz
Ag, $1,248 oz Au and $2.21 lb Cu
Consolidated Fourth Quarter 2017 Production Highlights
Comparative production numbers from the fourth quarters of 2017 and 2016 are presented below:
Q4
2017
Q4
2016 % Change
Total Silver Produced (oz) calculated 319,678 419,355 -24%
Total Gold Produced (oz) calculated 1,472 2,581 -43%
Total Copper Produced (lbs) calculated 1,108,800 755,645 47%
Total Silver Eq. Produced (oz) calculated* 637,012 707,775 -10%
* In 2017, AgEq was calculated using metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu. In 2016, AgEq was calculated using $17.10 oz
Ag, $1,248 oz Au and $2.21 lb Cu
Avino Silver & Gold Mines Ltd. - News Release – January 16, 2018
Avino Announces Fourth Quarter and Fully Year 2017 Production Results from its Avino Property
Page 3
Avino Mine Production Highlights
Comparative figures for the years ended December 31, 2017, and December 31, 2016, as well as the fourth quarter
2017 and the fourth quarter of 2016 for the Avino Mine are as follows:
Q4
2017
Q4
2016
%
Change
2017 2016
%
Change Notes
Tonnes Mined 111,040 103,266 8% 462,279 450,281 3% 1,7
Underground Development (m) 648 756 -14% 2,898 4,005 -28% 1,7
Mill Availability (%) 90.3 95.6 -6% 95.5 94.0 2% 2
Total Mill Feed (dry tonnes) 109,088 101,157 8% 460,890 429,289 7% 3,8
Feed Grade Silver (g/t) 50 65 -23% 64 67 -4% 4,9
Feed Grade Gold (g/t) 0.322 0.69 -53% 0.516 0.42 23% 4,9
Feed Grade Copper (%) 0.523 0.37 41% 0.484 0.50 -3% 4,9
Recovery Silver (%) 87% 85% 2% 85% 85% 0% 5
Recovery Gold (%) 69% 69% 0% 69% 64% 8% 5
Recovery Copper (%) 88% 91% -3% 89% 90% -1% 5
Copper Concentrate (dry tonnes) 2,281 2,094 9% 9,782 9,390 4% 6,10
Copper Concentrate Grade Silver (kg/t) 2.09 2.67 -22% 2.56 2.62 -2% 6,10
Copper Concentrate Grade Gold (g/t) 10.59 22.87 -54% 16.72 12.23 37% 6,10
Copper Concentrate Grade Copper (%) 22.05 16.37 35% 20.28 20.32 0% 6,11
Total Silver Produced (kg) 4,756 5,584 -15% 24,990 24,552 2% 6,11
Total Gold Produced (g) 24,161 47,891 -50% 163,582 114,812 42% 6,11
Total Copper Produced (Kg) 502,944 342,755 47% 1,983,637 1,908,077 4% 6,11
Total Silver Produced (oz) calculated 152,908 179,536 -15% 803,438 789,372 2% 6,11
Total Gold Produced (oz) calculated 777 1,540 -50% 5,259 3,691 42% 6,11
Total Copper Produced (Lbs) calculated 1,108,800 755,645 47% 4,373,166 4,206,585 4% 6,11
Total Silver Equivalent Produced (oz)
calculated 417,182 394,149 6% 1,911,428 1,606,272 19% 6,11
* In 2017, AgEq was calculated using metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu. In 2016, AgEq was calculated using $17.10 oz
Ag, $1,248 oz Au and $2.21 lb Cu
Avino Silver & Gold Mines Ltd. - News Release – January 16, 2018
Avino Announces Fourth Quarter and Fully Year 2017 Production Results from its Avino Property
Page 4
Avino Mine Fourth Quarter 2017 Production Highlights
1. Tonnage mined increased by 8%, whereas the underground development decreased by 14%
as we transition to production mining on the levels that have already been developed to
provide mill feed on a sustained basis.
2. Mill availability was down 6% for the quarter due to the d owntime associated with the
commissioning of the new HP5 crusher in October. There was insufficient crushed mill feed
for the Avino circuit. This has been rectified with the technical assistance from Metso, who
are the suppliers of the crusher.
3. Tonnage processed increased by 8% as Circuit 2 was dedicated to processing Avino material
rather than the San Gonzalo for the entire quarter.
4. Feed material for the quarter primarily came from the main Avino vein , resulting in higher
copper, and lower gold and silver, and therefore reflective of the changes of 41%, -53%, and
-23% respectively.
5. With the change in feed and minerology, copper recovery was down 3%, no change in gold
recovery and silver recovery increased by 2%.
6. The changes in the quality of the mill feed resulted in 9% more concentrate produced and
the grade of copper increased by 35%, whereas the gold and silver grades decreased by 54%
and 22% respectively. In addition, copper production increased by 4 7%, gold decreased by
50% and silver decreased by 15% resulting in an increase of 6% in silver equivalent ounces
for the quarter.
Avino Mine 2017 Year-End Production Highlights
7. The year over year change in mined tonnes and development is attributed primarily to the
transition from development to production mining.
8. Tonnage processed increased by 7% as Circuit 2 was used exclusively to process Avino
material.
9. Gold feed grade increased by 23% whereas copper and silver decreased by 3% and 4%
respectively; the changes in grades are due to the mineralisation in the areas being mined.
10. Concentrate production increased by 4% with little to no change in the copper and silver
grades but the gold increased by 37% due to the higher mill feed.
11. Gold production increased by 4 2%, copper by 4% and silver by 2% resulting in 19% more
silver equivalent ounces of production.
Avino Silver & Gold Mines Ltd. - News Release – January 16, 2018
Avino Announces Fourth Quarter and Fully Year 2017 Production Results from its Avino Property
Page 5
San Gonzalo Mine Production Highlights
Comparative figures for the years ended December 31, 2017, and December 31, 2016, as well as the fourth quarter
2017 and the fourth quarter of 2016 for the San Gonzalo Mine are as follows:
Q4
2017
Q4
2016
%
Change 2017 2016
%
Change
Notes
Tonnes Mined 17,640 29,678 -41% 80,587 108,943 -26% 1
Underground Advancement (m) 712 1,062 -33% 3,379 4,433 -24% 1
Mill Availability (%) 95.3 94.1 1% 95.4 94.4 1%
Total Mill Feed (dry tonnes) 20,467 33,511 -39% 81,045 115,047 -30% 2,6
Feed Grade Silver (g/t) 290 262 11% 269 267 1% 4,7
Feed Grade Gold (g/t) 1.36 1.16 17% 1.32 1.25 6% 4,7
Recovery Silver (%) 87% 85% 3% 84% 83% 1% 4
Recovery Gold (%) 77% 83% -7% 78% 74% 5% 4
Bulk Concentrate (dry tonnes) 891 1,130 -21% 3,167 4,115 -23% 3,8
Bulk Concentrate Grade Silver (kg/t) 5.82 6.60 -12% 5.80 6.22 -7% 3
Bulk Concentrate Grade Gold (g/t) 24.26 28.6 -15% 26.27 25.90 1% 3
Total Silver Produced (kg) 5,187 7,459 -30% 18,375 25,588 -28% 5,9
Total Gold Produced (g) 21,612 32,379 -33% 83,215 106,599 -22% 5,9
Total Silver Produced (oz) calculated 166,770 239,819 -30% 590,765 822,689 -28% 5,9
Total Gold Produced (oz) calculated 695 1,041 -33% 2,675 3,427 -22% 5,9
Total Silver Equivalent Produced (oz)
calculated 219,830 313,626 -30% 789,157 1,073,062 -26% 3,9
* In 2017, AgEq was calculated using metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu. In 2016, AgEq was calculated using $17.10 oz
Ag, $1,248 oz Au and $2.21 lb Cu
Avino Silver & Gold Mines Ltd. - News Release – January 16, 2018
Avino Announces Fourth Quarter and Fully Year 2017 Production Results from its Avino Property
Page 6
San Gonzalo Mine Fourth Quarter 2017 Production Highlights
1. Tonnage mined and underground advancement decreased by 41% and 33% respectively as
there were fewer blocks available for mining and development work.
2. Tonnage processed decreased by 39% as Circuit 2 was used entirely for Avino material.
3. The lower tonnage throughput resulted in 30% fewer silver equivalent ounces produced and
21% less concentrate tonnage.
4. Silver and gold feed grades increased by 18% and 11 % respectively and the recovery for silver
was up 3% whereas gold decreased by 7%.
5. As a result of the above factors the silver and gold production decreased by 30% and 33%
respectively.
San Gonzalo Mine 2017 Year-End Production Highlights
6. Tonnage processed for the year decreased by 30% as Circuit 2 was used for processing Avino
Mine Material, whereas in 201 6, there were some months when this circuit was used for San
Gonzalo material.
7. Silver and gold feed grades increased slightly by 1% and 6%, respectively, as less marginal
material was processed.
8. The lower tonnage throughput resulted in 23% lower concentrate tonnage.
9. Silver and gold production decreased by 28% and 2 2% respectively, resulting in an overall
decrease of 26% in silver equivalent ounces produced in 2017.
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 production
data in this news release.
Avino Silver & Gold Mines Ltd. - News Release – January 16, 2018
Avino Announces Fourth Quarter and Fully Year 2017 Production Results from its Avino Property
Page 7
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, incl uding our belief as to the extent and
timing of various studies including the PEA, exp loration 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 applic able. 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, in tentions 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 c ould 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, ch anging foreign exchange
rates and actions by government authorities, uncertainties associated with legal proceedings and negotiatio ns 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, direc tors 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 h ave attempted to identify important factors that could cause actual actions, events or results to differ materially from thos e described in forward -
looking statements, there may be other factors that cause actions, events or results not to be as anticipate d, 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 anticipa ted in such statements.
Accordingly, readers should not place undu e 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 i ncorporated 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 c oncerning
"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 o f 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 disclos ure under
Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reser ves" by SEC standards as in place
tonnage and grade without reference to unit measures.
“Neither the Toronto Stock Excha nge (“TSX”) nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the
adequacy or accuracy of this presentation