Avino Announces Q4 and Full Year 2019 Production Results
January 16, 2020
AVINO ANNOUNCES Q4 AND FULL YEAR 2019 PRODUCTION RESULTS
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE, “Avino” or “the Company”) announces its
fourth quarter and full year 2019 production results from its Avino property near Durango, Mexico.
Consolidated Production Highlights for Q4, 2019 (Compared to Q4, 2018)
• Silver equivalent production decreased by 15% to 608,640 oz*
• Gold production increased by 3% to 2,032 oz
• Silver production decreased by 23% to 220,804 oz
• Copper production increased by 1% to 1,389,515 lbs
Consolidated Production Highlights for 2019 (Compared to 2018)
• Silver equivalent production decreased by 16% to 2,397,042 oz*
• Gold production decreased by 15% to 6,912 oz
• Silver production decreased by 25% to 958,811 oz
• Copper production increased by 3% to 4,970,254 lbs
* In Q4, 2019, AgEq was calculated using metals prices of $ 17.31 oz Ag, $1,482 oz Au and $2.73 lb Cu. In Q4, 2018, AgEq was calculated using metals prices
of $14.55 oz Ag, $1,229 oz Au and $2.80 lb Cu. Calculated figures may not add up due to rounding.
* In 2019, AgEq was calculated using metals prices of $16.20 oz Ag, $1,393 oz Au and $2.96 lb Cu. In 2018, AgEq was calculated using metals prices of $15.71
oz Ag, $1,270 oz Au and $2.96 lb Cu.
The silver equivalent production in Q4 2019 decreased by 15% compared to Q4 2018 and directly corresponds to
the marginal amount of production San Gonzalo contributed due to the mine’s planned stoppage. However,
overall production results were higher compared to Q3 2019 due to the Avino mine performing well from a grade,
throughput and mill availability perspective. The Avino Historic Above Ground (“AHAG”) material also performed
well throughout the quarter.
In lockstep, the decrease in silver prod uction and consolidated silver grade in 2019, compared to 2018, can also
be attributed to the decreasing grade and planned shutdown at San Gonzalo.
The Mexican mining industry has not been immune to the civil unrest, labour disputes and uncertain economic
conditions that has been seen across Latin America, but Avino continues to work closely with all stakeholders and
communities surrounding the Avino mine, to avoid any disrupti ons and ensure continuous efficient operation.
Avino continues to value its employees, contractors, suppliers and managers for the professional and fair conduct.
“During Q4 2019 we achieved higher production compared to Q3 2019, due to the higher grades at the Avino
Mine achieved during the month of November as a result of a mine sequence that included a significant portion
of a geological gold lens within the Avino mine resulting in higher gold grades sent to the mill and ultimately,
recovered, said David Wolfin, President and CEO”. “In addition, some metallurgical improvements made earlier in
the year have improved gold recovery. Although Avino’s full year 2019 production results were lower compared
to 2018, they were within our internal expectations of between 2.4 million and 2.6 million silver equivalent
ounces. I’m very proud of all the work we were able to accomplish in 2019 and I want to personally thank all the
Avino personnel for their efforts. We look forward to a prosperous 2020 and a more ex pansive exploration
program across our property in and around 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
January 16, 2020 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q4 and Year End 2019 Production Results
Page 2
2020 Production
As discussed last quarter, Avino is expected to transition full production from the Avino mine as San Gonzalo is
now exhausted and only a small amount of AHAG material remains. In developing the underground connection
between the two p ortals, required for efficient underground traffic and an increased rate of material being
brought to the surface, Avino has experienced some delays due to some training shortages for certain equipment.
This connection is planned to be completed in the first quarter of 2020 so that full production from the Avino mine
can be achieved.
Consolidated Production Tables
*During the three months and year ended December 31, 2019, the Company produced 958 and 20,412 AgEq oz, respectively, of zinc by -product concentrate
which has been included in the “San Gonzalo” production category above.
* In Q4, 2019, AgEq was calculated using metals prices of $ 17.31 oz Ag, $1,482 oz Au and $2.73 lb Cu. In Q4, 2018, AgEq was calculated using metals prices
of $14.55 oz Ag, $1,229 oz Au and $2.80 lb Cu. Calculated figures may not add up due to rounding.
*In 2019, AgEq was calculated using metals prices of $16.20 oz Ag, $1,393 oz Au and $2.96 lb Cu. In 2018, AgEq was calculated using metals prices of $1 5.71
oz Ag, $1,270 oz Au and $2.96 lb Cu.
Q4 2019
Production by Mine Tonnes
Processed
Silver
Oz
Gold
Oz
Copper
Lbs AgEq
Avino 107,310 153,644 1,676 1,293,508 495,496
San Gonzalo 2,908 4,106 26 - 6,964
Historic Above Ground Stockpiles 78,218 63,054 330 96,007 106,180
Consolidated 188,436 220,804 2,032 1,389,515 608,640
YTD 2019
Production by Mine Tonnes
Processed
Silver
Oz
Gold
Oz
Copper
Lbs AgEq
Avino 427,147 510,270 4,473 4,563,195 1,656,091
San Gonzalo 56,179 153,372 580 - 215,148
Historic Above Ground Stockpiles 306,334 295,169 1,859 407,059 525,803
Consolidated 789,660 958,811 6,912 4,970,254 2,397,042
Q4 2019
Grade & Recovery by Mine Grade
Ag g/t
Grade
Au g/t
Grade
Cu %
Recovery
Ag %
Recovery
Au %
Recovery
Cu %
Avino 51 0.64 0.62 87% 76% 89%
San Gonzalo 53 0.38 - 78% 72% -
Historic Above Ground Stockpiles 51 0.25 0.18 50% 53% 31%
Consolidated 51 0.47 0.43 71% 67% 64%
YTD 2019
Grade & Recovery by Mine Grade
Ag g/t
Grade
Au g/t
Grade
Cu %
Recovery
Ag %
Recovery
Au %
Recovery
Cu %
Avino 44 0.45 0.56 85% 73% 86%
San Gonzalo 118 0.46 - 69% 66% -
Historic Above Ground Stockpiles 55 0.36 0.18 54% 53% 35%
Consolidated 54 0.41 0.40 72% 65% 64%
January 16, 2020 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q4 and Year End 2019 Production Results
Page 3
Avino Mine Production Highlights
Q4
2019
Q4**
2018
Quarterly
Change
2019
2018
Change
Total Mill Feed (dry tonnes) 107,310 101,104 6% 427,147 426,794 0%
Feed Grade Silver (g/t) 51 47 10% 44 53 -18%
Feed Grade Gold (g/t) 0.64 0.47 37% 0.45 0.49 -8%
Feed Grade Copper (%) 0.62 0.62 0% 0.56 0.55 2%
Recovery Silver (%) 87% 87% 0% 85% 84% 1%
Recovery Gold (%) 76% 71% 7% 73% 69% 6%
Recovery Copper (%) 89% 91% -2% 86% 87% -2%
Total Silver Produced (oz) 153,644 132,092 16% 510,270 614,361 7%
Total Gold Produced (oz) 1,676 1,078 55% 4,473 4,625 -3%
Total Copper Produced (Lbs) 1,293,508 1,256,347 3% 4,563,195 4,546,952 0%
Total Silver Equivalent Produced (oz)* 495,496 465,139 7% 1,656,091 1,847,303 -10%
*In Q4, 2019, AgEq was calculated using metals prices of $ 17.32 oz Ag, $1,482 oz Au and $2.67 lb Cu. In Q4, 2018, AgEq was calculated using metals prices
of $15.71 oz Ag, $1,270 oz Au and $2.96 lb Cu. Calculated figures may not add up due to rounding.
*In 2019, AgEq was calculated using metals prices of $16.20 oz Ag, $1,393 oz Au and $2.96 lb Cu. In 2018, AgEq was calculated using metals prices of $1 5.71
oz Ag, $1,270 oz Au and $2.96 lb Cu.
**The figures for Q4 2018 include San Luis processed material that was not included i n the previous ly released Q4 2018 production table however it was
reflected in the consolidated figures.
Overall, silver equivalent production at Avino increased by 7% compared to Q4, 2018, as a result of increased gold
and silver grades during the quarter as well as the increase in gold recovery. Mill feed at Avino increased by 6%,
which helped maintain the mill throughput at maximum capacity despite the drop off from San Gonzalo.
San Gonzalo Production Highlights
Q4
2019
Q4
2018
Quarterly
Change
2019
2018
Change
Total Mill Feed (dry tonnes) 2,908 19,437 -85% 56,179 79,140 -29%
Feed Grade Silver (g/t) 53 172 -69% 118 222 -47%
Feed Grade Gold (g/t) 0.38 0.89 -58% 0.46 1.03 -55%
Recovery Silver (%) 78% 76% 2% 69% 77% -10%
Recovery Gold (%) 72% 75% -3% 66% 75% -12%
Total Silver Produced (oz) 4,106 81,864 -95% 153,372 456,709 -66%
Total Gold Produced (oz) 26 414 -94% 581 2,070 -72%
Total Silver Equivalent Produced (oz)* 6,964 116,599 -95% 215,148 635,684 -66%
*In Q4, 2019, AgEq was calculated u sing metals prices of $ 17.32 oz Ag, $1,482 oz Au and $2.67 lb Cu. In Q4, 2018, AgEq was calculated using metals prices
of $15.71 oz Ag, $1,270 oz Au and $2.96 lb Cu. Calculated figures may not add up due to rounding.
*In 2019, AgEq was calculated using metals prices of $16.20 oz Ag, $1,393 oz Au and $2.96 lb Cu. In 2018, AgEq was calculated using metals prices of $1 5.71
oz Ag, $1,270 oz Au and $2.96 lb Cu.
*For the year ended December 31, 2019, the Company produced 958 and 20,412 AgEq oz, respectively, of zinc by -product concentrate which has been
included in the “San Gonzalo” production category above
As noted above, San Gonzalo reached the end of its current resources in Q4 and mining was stopped. As
mentioned previously, it will remain open for continued exploration at different underground levels.
January 16, 2020 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q4 and Year End 2019 Production Results
Page 4
Avino Historic Above Ground (AHAG) Stockpiles Production Highlights
Q4
2019
Q4
2018
Quarterly
Change
2019
2018
Change
Total Mill Feed (dry tonnes) 78,218 69,033 13% 306,334 202,830 51%
Feed Grade Silver (g/t) 51 60 -16% 55 58 -4%
Feed Grade Gold (g/t) 0.25 0.43 -42% 0.36 0.41 -12%
Feed Grade Copper (%) 0.18 0.18 0% 0.18 0.16 12%
Recovery Silver (%) 50% 56% -11% 54% 57% -5%
Recovery Gold (%) 53% 51% 5% 53% 52% 1%
Recovery Copper (%) 31% 44% -31% 35% 38% -10%
Total Silver Produced (oz) 63,054 74,824 -16% 295,169 215,312 37%
Total Gold Produced (oz) 330 481 -31% 1,859 1,397 33%
Total Copper Produced (Lbs) 96,007 119,411 -20% 407,059 272,070 50%
Total Silver Equivalent Produced (oz) calculated* 106,180 138,449 -23% 525,803 380,766 38%
*In Q4, 2019, AgEq was calculated using metals prices of $ 17.32 oz Ag, $1,482 oz Au and $2.67 lb Cu. In Q4, 2018, AgEq was calculated using metals prices
of $15.71 oz Ag, $1,270 oz Au and $2.96 lb Cu. Calculated figures may not add up due to rounding.
*In 2019, AgEq was calculated using metals prices of $16.20 oz Ag, $1,393 oz Au and $2.96 lb Cu. In 2018, AgEq was calculated using metals prices of $1 5.71
oz Ag, $1,270 oz Au and $2.96 lb Cu.
AHAG material throughput was up 13% this quarter compared to Q4 2018, helping to offset the decreased
throughput from San Gonzalo. The decreasing silver and gold grades, however, indicate that Avino is reaching the
end of this material as we transition to full production at the Avino mine.
Quality Assurance/Quality Control
Mill assays are performed at the Avino property’s on -site lab. Check samples are sent to SG S 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
employing close to 350 people. Avino produces from its wholly owned Avino Mine near Durango, Mexico . The
Company’s gold and silver producti on remains unhedged. The Company’s mission and strategy is to create
shareholder value through it s focus on profitable organic growth at the historic Avino Property near Durango,
Mexico, and the strategic acquisition of mineral exploration and mining prope rties. Avino is committed to
managing all business activities in an environmentally responsible a nd cost-effective manner, while contributing
to the well-being of the communities in which we operate.
January 16, 2020 – Avino Silver & Gold Mines Ltd. – News Release
Avino Announces Q4 and Year End 2019 Production Results
Page 5
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 an d 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, Inferre d 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 technic al 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 occ ur. 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, uncertaintie s, 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 res ources indicated in the updated report or that such mineral resources may be
economically extracted.
Such factors and assumptions include, among othe rs, 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 misju dgments in the course of
preparing forward -looking information. In addition, there are known and unknown risk factors which could c ause 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; uncertai nties and risks related to carrying on business in foreign countries; environmental liability
claims and i nsurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers, directors or prom oters 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 f actors that could cause actual actions, events or
results to differ materially from those described in for ward-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 fo rward-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.