Avino Announces Q2 2019 Production Results
July 17, 2019
AVINO ANNOUNCES Q2 2019 PRODUCTION RESULTS
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE, “Avino” or “the Company”) is pleased to
announce its second quarter 2019 production results from its Avino property near Durango, Mexico.
Consolidated Production Highlights for Q2, 2019 (Compared to Q2, 2018)
• Silver equivalent production decreased by 19% to 599,593 oz*
• Gold production decreased by 7% to 1,609 oz
• Silver production decreased by 24% to 246,129 oz
• Copper production decreased by 21% to 1,136,113 lbs
*In Q2, 2019, AgEq was calculated using metals prices of $1 4.88 oz Ag, $1,309 oz Au and $2. 77 lb Cu. In Q 2, 2018, AgEq was calculated
using metals prices of $16.53 oz Ag, $1,307 oz Au and $3.12 lb Cu. Calculated figures may not add up due to rounding.
The silver equivalent production in Q2 , 2019 decreased by 19% compared to Q2, 2018. The decrease was due to the
following reasons:
• Unplanned downtime of 5 days due to labour negotiations with respect to the closure of the San Gonzalo Mine.
• Expected decline in feed grade at San Gonzalo as the mine approaches the end of its current economic life.
• Change of product feed mix to maximize profitable production ounces.
Due to the upcoming closure of the San Gonzalo mine, Avino had previously announced that there would be a transition
of some workers from San Gonzalo to the San Luis area of the Avino Mine. The depleting mine material and grades at
San Gonzalo have occurred at a time where silver prices remain low, which in turn affects the entire Company and its
contractors.
“We have been committed to Avino for over 50 years and treat our workers fairly an d in accordance with Mexican
labour laws. The Company had to make some difficult decisions with respect to our underground labour force given
the upcoming closure at San Gonzalo. The Company remains committed to maintaining a dialogue in good- faith with
the unionized workers and we are pleased that agreements were reached, and that no further interruptions have
occurred. In addition, we are continuing our focus on cost reduction measures to reduce corporate overhead, as well
as a focus on optimizing our i nternal mine plan to maximize profitability. We are still on track to meet our internal
production guidance for 2019 and are proud of our dedicated and loyal workforce who are integral to the ongoing
success of the Company.”
- David Wolfin, President & CEO, Avino Silver & Gold Mines Ltd.
NEWS RELEASE
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 www.avino.com
July 17, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q2 2019 Production Results
Consolidated Production Tables
Q2 2019
Production by Mine Tonnes
Processed
Silver
Oz
Gold
Oz
Copper
Lbs AgEq
Avino 96,707 104,893 800 1,003,995 362,445
San Gonzalo 17,570 47,387 164 - 61,905
Historic Above Ground Stockpiles 86,596 93,849 645 132,118 175,143
Consolidated 200,873 246,129 1,609 1,136,113 599,493
YTD 2019
Production by Mine Tonnes
Processed
Silver
Oz
Gold
Oz
Copper
Lbs AgEq
Avino 197,629 217,207 1,897 1,962,066 742,243
San Gonzalo 35,471 118,146 351 - 148,311
Historic Above Ground Stockpiles 165,460 179,174 1,174 236,750 323,958
Consolidated 398,560 514,527 3,422 2,198,816 1,214,512
Q2 2019
Grade & Recovery by Mine Grade
Ag g/t
Grade
Au g/t
Grade
Cu %
Recovery
Ag %
Recovery
Au %
Recovery
Cu %
Avino 41 0.38 0.56 81% 69% 84%
San Gonzalo 122 0.46 - 69% 63% -
Historic Above Ground Stockpiles 61 0.44 0.17 55% 52% 40%
Consolidated 57 0.41 0.38 69% 61% 63%
YTD 2019
Grade & Recovery by Mine Grade
Ag g/t
Grade
Au g/t
Grade
Cu %
Recovery
Ag %
Recovery
Au %
Recovery
Cu %
Avino 41 0.43 0.52 83% 70% 86%
San Gonzalo 155 0.49 - 67% 62% -
Historic Above Ground Stockpiles 61 0.42 0.19 55% 52% 35%
Consolidated 60 0.43 0.37 70% 62% 63%
July 17, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q2 2019 Production Results
Avino Mine Production Highlights
Q2
2019
Q2
2018
Quarterly
Change
YTD
2019
Total Mill Feed (dry tonnes) 96,707 119,839 -19% 197,629
Feed Grade Silver (g/t) 41 53 -23% 41
Feed Grade Gold (g/t) 0.38 0.36 6% 0.43
Feed Grade Copper (%) 0.56 0.61 -8% 0.52
Recovery Silver (%) 81% 86% -5% 83%
Recovery Gold (%) 69% 73% -6% 70%
Recovery Copper (%) 84% 90% -6% 86%
Total Silver Produced (oz) 104,893 177,101 -41% 217,207
Total Gold Produced (oz) 800 1,020 -22% 1,897
Total Copper Produced (Lbs) 1,003,995 1,441,012 -30% 1,962,066
Total Silver Equivalent Produced (oz)* 362,445 529,247 -32% 742,243
*In Q2, 2019, AgEq was calculated using metals prices of $14.88 oz Ag, $1,309 oz Au and $2.77 lb Cu. In Q2, 2018, AgEq was cal culated
using metals prices of $16.53 oz Ag, $1,307 oz Au and $3.12 lb Cu. Calculated figures may not add up due to rounding.
Gold grades increased by 6%, compared to Q 2, 2018, and silver and copper grades decreased 23 % and 8%
respectively. The change in grades is due to variability in the deposit.
San Gonzalo Production Highlights
Q2
2019
Q2
2018
Quarterly
Change
YTD
2019
Total Mill Feed (dry tonnes) 17,570 19,824 -11% 35,471
Feed Grade Silver (g/t) 122 224 -45% 155
Feed Grade Gold (g/t) 0.46 1.01 -54% 0.49
Recovery Silver (%) 69% 74% -8% 67%
Recovery Gold (%) 63% 73% -14% 62%
Total Silver Produced (oz) 47,387 105,970 -55% 118,146
Total Gold Produced (oz) 164 471 -65% 351
Total Silver Equivalent Produced (oz)* 61,905 143,124 -57% 148,311
*In Q2, 2019, AgEq was calculated using metals prices of $14.88 oz Ag, $1,309 oz Au and $2.77 lb Cu. In Q2, 2018, AgEq was cal culated
using metals prices of $16.53 oz Ag, $1,307 oz Au and $3.12 lb Cu. Calculated figures may not add up due to rounding.
At San Gonzalo, the mine is approaching its end of life and the grades, recoveries and production have started to
tail off. This is in line with our internal expectations.
July 17, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q2 2019 Production Results
Historic Above Ground Stockpiles Production Highlights
Q2
2019
YTD
2019
Total Mill Feed (dry tonnes) 86,596 165,460
Feed Grade Silver (g/t) 61 61
Feed Grade Gold (g/t) 0.44 0.42
Feed Grade Copper (%) 0.17 0.19
Recovery Silver (%) 55% 55%
Recovery Gold (%) 52% 52%
Recovery Copper (%) 40% 35%
Total Silver Produced (oz) 93,849 179,174
Total Gold Produced (oz) 645 1,174
Total Copper Produced (Lbs) 132,118 236,750
Total Silver Equivalent Produced (oz) calculated* 175,143 323,958
*In Q2, 2019, AgEq was calculated using metals prices of $14.88 oz Ag, $1,309 oz Au and $2.77 lb Cu. In Q2, 2018, AgEq was cal culated
using metals prices of $16.53 oz Ag, $1,307 oz Au and $3.12 lb Cu. Calculated figures may not add up due to rounding.
Although recovery numbers look less favorable ; due to the negligible cost of mining, the profit margin on this
material is quite positive. We will continue to evaluate our feed and product mix to maximize profitability during
the current metal price environment.
Quality Assurance/Quality Control
Mill assays are performed at the Avino property’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 thi rd party
labs: AHK, and Inspectorate in the UK and LSI in the Netherlands.
Qualified Person(s)
Peter Latta, P.Eng, MBA, Senior Technical Advisor, Avino and Jasman Yee P.Eng, Avino director, both of whom are
qualified persons within the context of National Instrument 43 -101 have 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 close to 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 p roduction 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 minin g properties. Avino is
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
July 17, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q2 2019 Production Results
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 the updated
mineral resource estimate for the Company’s Avino Property located near Durango in west-central Mexico (the “Property”) with an effective date of February
21, 2018, and amended on December 19, 2018 , prepared for the Company, and reference to Measured, Indicated, Inferred Resources referred to in this
press release. 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. No assurance can be given
that the Company’s Property does not have the amount of the mineral resources indicated in the updated report or that such mineral resources may be
economically extracted.
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 associat ed 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 impor tant 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.
Neither the 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 release.