Avino Announces Q3 2019 Production Results
October 16, 2019
AVINO ANNOUNCES Q3 2019 PRODUCTION RESULTS
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE, “Avino” or “the Company”) announces its
third quarter 2019 production results from its Avino property near Durango, Mexico.
Consolidated Production Highlights for Q3, 2019 (Compared to Q3, 2018)
• Silver equivalent production decreased by 19% to 570,220 oz*
• Gold production decreased by 34% to 1,448 oz
• Silver production decreased by 34% to 221,928 oz
• Copper production increased by 39% to 1,381,924 lbs
*In Q3, 2019, AgEq was calculated using metals prices of $16.98 oz Ag, $1,472 oz Au and $2.63 lb Cu. In Q3, 2018, AgEq was calculated using metals prices
of $15.00 oz Ag, $1,213 oz Au and $2.77 lb Cu. Calculated figures may not add up due to rounding.
The silver equivalent production in Q3, 2019 decreased by 19% compared to Q3, 2018. The decrease was due to
the following reasons:
• Decreasing consolidated silver and gold feed grades that were offset slightly by higher mill throughput,
copper feed grades at Avino, and increased consolidated recoveries
• Minor production interruptions as a result of delays due to heavy seasonal rain
• Processing continued using the remaining stockpiles from past production and development activities at
San Gonzalo, which is lower grade.
The expectations are for higher production in Q4 2019 as we change our feed mix to focus more on the Elena
Tolosa area of the Avino Mine.
“Our Q3 2019 production results, while lower compared to the same period in 2018, were in line with our internal
expectations and output remained similar to the first two quarters of 2019. This quarter’s increase in throughput
and recoveries are very encouraging and are attributed to the hard work and efforts by our team in Mexico,” said
David Wolfin, Avino’s President and CEO. “In addition, we are pleased with the progression of the Open Pit tailings
storage work, specifically the installation of the geome mbrane, which is almost complete. The newly
commissioned tailings thickener has transitioned to full operation and has reduced the water content sent to the
tailings facility while similarly increasing the amount of water recycled back to the processing p lant. During the
4th quarter and into 2020, we are looking forward to advancing our processing plant optimization initiatives and
transitioning to full mining production in the Elena Tolosa area of the Avino Mine.”
N E W S R E L E A S E
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
October 16, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q3 2019 Production Results
Consolidated Production Tables
*During the three and nine months ended September 30, 2019, the Company produced 15,784 and 19,454 AgEq oz, respectively, of zinc by -product
concentrate which has been included in the “San Gonzalo” production category above.
Q3 2019
Production by Mine Tonnes
Processed
Silver
Oz
Gold
Oz
Copper
Lbs AgEq
Avino 122,208 139,419 900 1,307,622 418,352
San Gonzalo 17,800 29,568 194 - 56,203
Historic Above Ground Stockpiles 62,656 52,941 354 74,302 95,665
Consolidated 202,664 221,928 1,448 1,381,924 570,220
YTD 2019
Production by Mine Tonnes
Processed
Silver
Oz
Gold
Oz
Copper
Lbs AgEq
Avino 319,837 356,626 2,797 3,269,687 1,160,595
San Gonzalo 53,271 149,265 555 - 208,184
Historic Above Ground Stockpiles 228,116 232,116 1,528 311,052 419,623
Consolidated 601,224 738,007 4,880 3,580,739 1,788,402
Q3 2019
Grade & Recovery by Mine Grade
Ag g/t
Grade
Au g/t
Grade
Cu %
Recovery
Ag %
Recovery
Au %
Recovery
Cu %
Avino 41 0.31 0.58 86% 73% 83%
San Gonzalo 56 0.41 - 80% 73% -
Historic Above Ground Stockpiles 47 0.33 0.14 56% 54% 39%
Consolidated 44 0.33 0.33 76% 67% 68%
YTD 2019
Grade & Recovery by Mine Grade
Ag g/t
Grade
Au g/t
Grade
Cu %
Recovery
Ag %
Recovery
Au %
Recovery
Cu %
Avino 41 0.38 0.55 84% 71% 85%
San Gonzalo 122 0.46 - 69% 65% -
Historic Above Ground Stockpiles 57 0.40 0.17 55% 53% 36%
Consolidated 54 0.40 0.39 72% 64% 64%
October 16, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q3 2019 Production Results
Avino Mine Production Highlights
Q3
2019
Q3**
2018
Quarterly
Change
YTD
2019
Total Mill Feed (dry tonnes) 122,208 85,221 43% 319,837
Feed Grade Silver (g/t) 41 57 -28% 41
Feed Grade Gold (g/t) 0.31 0.54 -42% 0.38
Feed Grade Copper (%) 0.58 0.53 10% 0.55
Recovery Silver (%) 86% 83% 3% 84%
Recovery Gold (%) 73% 66% 10% 71%
Recovery Copper (%) 83% 88% -6% 85%
Total Silver Produced (oz) 139,419 130,320 7% 356,626
Total Gold Produced (oz) 900 982 -8% 2,797
Total Copper Produced (Lbs) 1,307,622 879,430 49% 3,269,687
Total Silver Equivalent Produced (oz)* 418,352 372,601 12% 1,160,595
*In Q3, 2019, AgEq was calculated using metals prices of $16.98 oz Ag, $1,472 oz Au and $2.63 lb Cu. In Q3, 2018, AgEq was calculated using metals prices
of $15.00 oz Ag, $1,213 oz Au and $2.77 lb Cu. Calculated figures may not add up due to rounding.
**The figures for Q3 2018 include San Luis processed material that was not included in the previously released Q3 2018 production table however it was
reflected in the consolidated figures.
Overall, silver equivalent production at Avino increased by 12% compared to Q3, 2018, as a result of increased
copper and silver production during the quarter. Mill feed at Avino increased by 43%, which offset lower silver
and gold grades of 28% and 42%, respectively. Copper grades increased by 10% compared to Q3, 2018. Silver and
gold recoveries increased by 3% and 10% respectively.
San Gonzalo Production Highlights
Q3
2019
Q3
2018
Quarterly
Change
YTD
2019
Total Mill Feed (dry tonnes) 17,800 19,691 -10% 53,271
Feed Grade Silver (g/t) 56 226 -75% 122
Feed Grade Gold (g/t) 0.41 1.15 -65% 0.46
Recovery Silver (%) 80% 78% 2% 69%
Recovery Gold (%) 73% 75% -3% 65%
Total Silver Produced (oz) 29,568 111,287 -73% 149,265
Total Gold Produced (oz) 194 549 -65% 555
Total Silver Equivalent Produced (oz)* 56,203 155,990 -64% 208,184
*In Q3, 2019, AgEq was calculated using metals prices of $16.98 oz Ag, $1,472 oz Au and $2.63 lb Cu. In Q3, 2018, AgEq was calculated using meta ls prices
of $15.00 oz Ag, $1,213 oz Au and $2.77 lb Cu. Calculated figures may not add up due to rounding.
*During the three and nine months ended September 30, 2019, the Company produced 15,784 and 19,454 AgEq oz, respectively, of zinc by -product
concentrate which has been included above.
At San Gonzalo, the Company continues to process stockpiles, which have exceeded our expectations, albeit with
declining silver and gold grades, which is inline with internal expectations.
October 16, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q3 2019 Production Results
Historic Above Ground Stockpiles Production Highlights
Q3
2019
Q3
2018
Quarterly
Change
YTD
2019
Total Mill Feed (dry tonnes) 62,656 88,733 -29% 228,116
Feed Grade Silver (g/t) 47 62 -25% 57
Feed Grade Gold (g/t) 0.33 0.45 -28% 0.40
Feed Grade Copper (%) 0.14 0.15 -9% 0.17
Recovery Silver (%) 56% 57% -1% 55%
Recovery Gold (%) 54% 52% 3% 53%
Recovery Copper (%) 39% 37% 5% 36%
Total Silver Produced (oz) 52,941 100,544 -47% 232,116
Total Gold Produced (oz) 354 673 -47% 1,528
Total Copper Produced (Lbs) 74,302 112,841 -34% 311,052
Total Silver Equivalent Produced (oz) calculated* 95,665 175,837 -46% 419,623
*In Q3, 2019, AgEq was calculated using metals prices of $16.98 oz Ag, $1,472 oz Au and $2.63 lb Cu. In Q3, 2018, AgEq was cal culated using metals prices
of $15.00 oz Ag, $1,213 oz Au and $2.77 lb Cu. Calculated figures may not add up due to rounding.
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.
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. Gold and silver assays are performed by the fire assay method with the gravimetric finish
for the concentrates and the AAS methods for copper, lead, zinc and silver for the feed grade samples. All
concentrate shipments are assayed by one of the following independent third 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 350 people. Avino produces from its wholly owned Avino and San Gonzalo Mines
near Durango, Mexico, and is cur rently planning for future production at the Bralorne Gold Mine in British
Columbia, Canada. The Company’s gold and silver 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. 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
October 16, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q3 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 resou rces 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 addi tion, 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 busines s 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 have attempted to identify important factors that could cau se 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.