Avino Announces Q4 and Full Year 2018 Production Results
January 17, 2019
AVINO ANNOUNCES Q4 AND FULL YEAR 2018 PRODUCTION RESULTS
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE, “Avino” or “the Company”) is pleased to
announce its fourth quarter and full year 2018 production results from its Avino property near Durango, Mexico.
Consolidated Production Highlights for 2018 (Compared to 2017)
Silver equivalent production increased by 6% to 2,863,753 oz*
Gold production increased by 2% to 8,092 oz
Silver production decreased by 8% to 1,286,382 oz
Copper production increased by 10% to 4,819,022 lbs
Consolidated Production Highlights for Fourth Quarter, 2018 (Compared to Fourth Quarter, 2017)
Silver equivalent production increased by 13% to720,187 oz*
Gold production increased by 34% to 1,973 oz
Silver production decreased by 10% to 288,600 oz
Copper production increased by 24% to 1,375,758 lbs
* In 2018, AgEq was calculated using metals prices of $ 15.71 oz Ag, $ 1,270 oz Au and $ 2.96 lb Cu. In 2017, AgEq was calculat ed using
metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu.
*In Q4, 2018, AgEq was calculated using metals prices of $14.55 oz Ag, $1,229 oz Au and $2.80 Cu. In Q4, 2017, AgEq was calculated
using metals prices of $16.70 oz Ag, $1,276 Au and $3.09 Cu.
“We had another year of consistent production at the Avino property , producing 2,863,753 silver equivalent ounces,
which was in line with our internal projections.” said David Wolfin, President and CEO. “The completion of Mill Circuit
4 contributed to an increase of 6% in silver equivalent ounce production over 2017, and also helped offset decreasing
grades at the San Gonzalo Mine which is nearing the end of its mine life. The underground development at San Luis
was temporarily reduced to save costs in the thi rd and fourth quarters of 2018 , therefore we are positioned to
increase the throughput and the rate of development of the San Luis area during the latter part of 2019 . We expect
2019 production to be similar to 2018. We continue to be mindful of costs Company-wide and are taking a pragmatic
approach to expanding our operations. Finally, I wish to thank the o perations team in Mexico for all their hard work
and dedication.”
Consolidated Production Tables
2018
Production by Mine Tonnes
Processed
Silver
Oz
Gold
Oz
Copper
Lbs AgEq
Avino 426,794 614,361 4,625 4,546,952 1,847,303
San Gonzalo 79,140 456,709 2,070 - 635,684
Historic Above Ground Stockpiles 202,830 215,312 1,397 272,070 380,766
Consolidated 708,764 1,286,382 8,092 4,819,022 2,863,753
2018
Grade & Recovery by Mine Tonnes
Processed
Grade
Ag g/t
Grade
Au g/t
Grade
Cu %
Recovery
Ag %
Recovery
Au %
Recovery
Cu %
Avino 426,794 53 0.49 0.55 84% 69% 87%
San Gonzalo 79,140 222 1.03 - 77% 75% -
Historic Above Ground Stockpiles 202,830 58 0.41 0.16 57% 52% 38%
Consolidated 708,764 73 0.53 0.43 76% 65% 72%
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
January 17, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q4 and Year End 2018 Production Results
Page 2
Q4 2018
Production by Mine Tonnes
Processed
Silver
Oz
Gold
Oz
Copper
Lbs AgEq
Avino 101,104 132,092 1,078 1,256,347 465,139
San Gonzalo 19,437 81,684 414 - 116,599
Historic Above Ground Stockpiles 69,033 74,824 481 119,411 138,449
Consolidated 189,574 288,600 1,973 1,375,758 720,187
Q4 2018
Grade & Recovery by Mine Tonnes
Processed
Grade
Ag g/t
Grade
Au g/t
Grade
Cu %
Recovery
Ag %
Recovery
Au %
Recovery
Cu %
Avino 101,104 47 0.47 0.62 87% 71% 91%
San Gonzalo 19,437 172 0.89 - 76% 75% -
Historic Above Ground Stockpiles 69,033 60 0.43 0.18 56% 51% 44%
Consolidated 189,574 64 0.50 0.44 75% 64% 72%
Although the focus is on our overall consolidated results , there are some noteworthy points for each of our
mines, as well as our above ground historical stockpiles, which can be determined from the tables below.
During 2018, material mined from the Avino Mine (Elena Tolosa (“ET”) area was processed using Mill Circuit 3 ,
as well as Mill Circuit 2 through mid -July. In the la tter portion of July, Mill Circuit 2 transitioned to processing
Avino Historic Above Ground (“AHAG”) Stockpiles, and on September 24th, Mill Circuit 2 began processing
mined material from the newly -developed San Luis area of the Avino Mine. Mill Circuit 4 was commissioned on
the AHAG Stockpiles and continued to process this material through all of 2018. Through 2018, Mill Circuit 1
continued to process San Gonzalo ore.
Avino Mine Production Highlights
Q4
2018
Q4
2017
Quarterly
Change
%
2018
2017
Yearly
Change
%
Total Mill Feed (dry tonnes) 101,104 109,088 -7% 426,794 460,890 -12%
Feed Grade Silver (g/t) 47 50 -7% 53 64 -16%
Feed Grade Gold (g/t) 0.47 0.322 45% 0.49 0.52 -11%
Feed Grade Copper (%) 0.62 0.52 19% 0.55 0.48 18%
Recovery Silver (%) 87% 87% 0% 84% 85% 0%
Recovery Gold (%) 71% 69% 3% 69% 69% 0%
Recovery Copper (%) 91% 88% 3% 87% 89% -1%
Total Silver Produced (kg) 4,109 4,756 -14% 19,109 24,990 -26%
Total Gold Produced (g) 33,534 24,161 39% 143,843 163,582 -21%
Total Copper Produced (Kg) 1,256,347 1,108,800 13% 4,546,952 4,373,166 2%
Total Silver Equivalent Produced (oz)* 465,139 417,182 11% 1,847,303 1,911,428 -7%
* In 2018, AgEq was calculated using metals prices of $15.71 oz Ag, $1 ,270 oz Au and $2.96 lb Cu. In 2017, AgEq was calculated using
metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu.
*In Q4, 2018, AgEq was calculated using metals prices of $14.55 oz Ag, $1,229 oz Au and $2.80 Cu. In Q4, 2017, AgEq was calculated
using metals prices of $16.70 oz Ag, $1,276 Au and $3.09 Cu.
Mill throughput was down 7% on a quarterly basis due to switching Mill Circuit 2 to San Luis material from AHAG
Stockpiles. Copper and gold grades increased 19 % and 45% , respectively, compared to Q4 2017 , with only a
slight 7% decrease in silver grade.
January 17, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q4 and Year End 2018 Production Results
Page 3
The copper feed grade increased by 18% while the silver and gold grades decreased by 16% and 11% ,
respectively. The change in grades was mainly due to the areas being mined at the ET and San Luis areas.
When examined on a yearly basis, overall mill throughput and calculated silver ounces are lower, as a result of
Mill Circuit 2 processing historic stockpile material during Q3 , 2018, as we have mentioned above and in
previous press releases. The lower tonnage processed combined with the variations in feed grades resulted in an
increase in copper production by 2% and silver and gold production decreased by 26% and 21%, respectively, for
the year compared to 2017.
Despite the lower throughput from the Avino Mine, the consolidated production numbers show an increase in
overall production as we varied our feed mix to each mill circuit throughout the year to maximize profitability.
Finally, underground development was also up 19% on a yearly basis as we continue to develop both the ET and
San Luis underground areas at the Avino Mine.
San Gonzalo Production Highlights
Q4
2018
Q4
2017
Quarterly
Change
%
2018
2017
Yearly
Change%
Total Mill Feed (dry tonnes) 19,437 20,467 -5% 79,140 81,045 -2%
Feed Grade Silver (g/t) 172 290 -41% 222 269 -17%
Feed Grade Gold (g/t) 0.89 1.36 -35% 1.03 1.32 -22%
Recovery Silver (%) 76% 87% -12% 77% 84% -8%
Recovery Gold (%) 75% 77% -3% 75% 78% -4%
Total Silver Produced (kg) 2,541 5,187 -51% 13,500 18,375 -27%
Total Gold Produced (g) 12,867 21,612 -40% 60,800 83,215 -27%
Total Silver Equivalent Produced (oz)* 116,599 219,830 -47% 592,098 789,157 -25%
* In 2018, AgEq was calculated using metals prices of $15.71 oz Ag and $1 ,270 oz Au. In 2017, AgEq was calculated using metals prices of
$17.05 oz Ag and $1,258 oz Au.
*In Q4, 2018, AgEq was calculated using metals prices of $14.55 oz Ag, $1,229 oz Au and $2.80 Cu. In Q4, 2017, AgEq was calcul ated
using metals prices of $16.70 oz Ag, $1,276 Au and $3.09 Cu.
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.
During the fourth quarter, 2018, silver and gold feed grades declined by 41% and 35% , respectively, compared
to the fourth quarter, 2017 , along with a decrease in both silver recovery , and to a much lesser extent gold
recovery. Combined with a 5% decrease in mill feed tonnes , there was a resulting 47% de crease in silver
equivalent ounces produced.
On an annual basis the silver and gold feed grades declined by 17% and 22%, respectively, compared to year end
2017. This combined together with a slight decrease in both silver and gold recovery lead to San Gonzalo
producing 25% fewer ounces on a year over year comparison basis.
These lost ounces were more than offset through the addition of Mill Circuit 4 and the processing of the AHAG
Stockpiles as discussed below.
January 17, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q4 and Year End 2018 Production Results
Page 4
Historic Above Ground Stockpiles Production Highlights
Q4
2018 2018
Total Mill Feed (dry tonnes) 69,033 202,830
Feed Grade Silver (g/t) 60 58
Feed Grade Gold (g/t) 0.43 0.41
Feed Grade Copper (%) 0.18 0.16
Recovery Silver (%) 56% 57%
Recovery Gold (%) 51% 52%
Recovery Copper (%) 44% 38%
Total Silver Produced (kg) 2,327 6,697
Total Gold Produced (g) 14,961 43,452
Total Copper Produced (Kg) 54,164 123,409
Total Silver Equivalent Produced (oz) calculated* 138,449 380,766
* In 2018, AgEq was calculated using metals prices of $15.71 oz Ag, $1 ,270 oz Au and $2.96 lb Cu. In 2017, AgEq was calculated using
metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu.
*In Q4, 2018, AgEq was calculated using metals prices of $14.55 oz Ag, $1,229 oz Au and $2.80 Cu. In Q4, 2017, AgEq was calcu lated
using metals prices of $16.70 oz Ag, $1,276 Au and $3.09 Cu.
In the fourth quarter, 2018 , Mill Circuit 4 processed 69,033 tonnes of the AHAG Stockpiles, producing 138,449
silver equivalent ounces. As per our July 18 th press release, linked here
https://www.avino.com/news/2018/avino-announces-q2-2018-production-results/. Mill Circuit 4 started
processing material in May 2018 ; therefore, the 2018 figures reflect that start -up date , including the initial
commissioning phases, where the mill was not running at its 1 ,000 tpd capacity. In keeping with the Company
cost reduction initiatives, which were announced in the third quarter 2018, Mill C ircuit 2 also processed the
AHAG Stockpiles material to allow reduced underground work at the ET area of the Avino Mine . A total of
202,830 dry tonnes of AHAG Stockpiles was processed through the mill circuits, which added a total of 380,766
silver equivalent ounces to our overall consolidated silver equivalent production.
Avino Mine Expansion (San Luis Area)
The San Luis area of the Avino Mine is accessed through a separate portal located approximately 2 km from the
main entrance of the Avino Mine (Elena Tolosa area). Current resources at San Luis were included in the most
recent resource estimate on the Avino property, which can be found in Avino’s news release dated February 21,
2018 on Avino’s website and under the company’s profile on the SEDAR system. The news release was also filed
with the SEC on Form 6-K.
San Luis material is currently being processed in Mill Circuit 2 until sufficient underground development has
been done to transition to processing this material to the larger Mill Circuit 4.
Zinc Circuit
During the fourth quarter, 2018, t he Company did not continue its testing program for recovery of precious
metals and zinc from the San Gonzalo tailings , due to lower grades. The Company will evaluate the zinc circuit
on a quarterly basis and may resume its testing program in the future.
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 third party
labs: AHK, and Inspectorate in the UK and LSI in the Netherlands.
January 17, 2019 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q4 and Year End 2018 Production Results
Page 5
Qualified Person(s)
Peter Latta, P.Eng, MBA, Senior Technical Advisor, Avino and Jasman Yee P.Eng, Avino director, both of whom
are qualified person s 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 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 organi c 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
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 Compa ny’s Avino Property located near Durango in west -central Mexico (the “Property”) with an effective date of
January 31, 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 ar e 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 ot her 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 r esources 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, uncertaint ies 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 c ountries; environmental liability
claims and insurance; reliance on key personnel; the potential for confli cts 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 the our common shar e price and volume; tax
consequences to U.S. inv estors; 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 suc h 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 Reg ulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or acc uracy
of this release.