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Apr 09, 2024

AVINO ANNOUNCES Q2 2023 PRODUCTION RESULTS

News provided by 20 Jul, 2023, 06:45 ET Share this article VANCOUVER, BC, July 20, 2023 /PRNewswire/ - Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6) ("Avino" or "the

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20 Jul, 2023, 06:45 ET

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VANCOUVER, BC, July 20, 2023 /PRNewswire/ - Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6) ("Avino" or "the Company") achieved production results of 587,317 silver equivalent ounces, bringing the 12-month trailing total to 2.8 million silver equivalent ounces from the Avino Mine.

Production Highlights – Q2 2023 (Compared to Q2 2022)

Avino Mine Production – Three and Six Months Ended June 30, 2023

Q2

2023

Q2

2022

Change

H1

2023

H1

2022

Change

157,371

118,224

33 %

Total Mill Feed (dry tonnes)

311,119

229,362

39 %

53

65

-19 %

Feed Grade Silver (g/t)

52

58

-10 %

0.44

0.46

-3 %

Feed Grade Gold (g/t)

0.51

0.38

36 %

0.49

0.69

-28 %

Feed Grade Copper (%)

0.48

0.63

-23 %

87 %

91 %

-5 %

Recovery Silver (%)

88 %

91 %

-4 %

68 %

78 %

-13 %

Recovery Gold (%)

73 %

77 %

-6 %

84 %

92 %

-8 %

Recovery Copper (%)

84 %

90 %

-7 %

232,417

225,537

3 %

Total Silver Produced (oz)

466,755

389,895

20 %

1,520

1,350

13 %

Total Gold Produced (oz)

3,805

2,151

77 %

1,445,552

1,644,342

-12 %

Total Copper Produced (Lbs)

2,843,189

2,861,691

-1 %

587,317

649,569

-10 %

Total Silver Equivalent Produced (oz)1

1,265,564

1,107,367

14 %

"The Avino Mine continued to provide stable production results in the second quarter of 2023, albeit impacted by mining in lower grade areas and certain mill equipment delivery delays, which are now behind us," said David Wolfin, President and CEO of Avino. "These challenges provided us with the opportunity to implement upgrades to the haulage ramp that has since allowed us to exceed original underground maximum haulage rates. With these upgrades, we expect production to catch up to our internal guidance in the second half of the year. On the exploration side, we are thrilled with the outstanding drill results from below Level 17 released earlier this month which further demonstrates that the Avino Mine continues to get better as we explore at depth. Finally, we remain focused on the execution of our 5-year growth plan."

Mill assays are performed at the Avino property's on-site lab. Check samples were submitted to SGS Labs in Durango, Mexico for verification. Gold and silver assays are performed by the fire assay method with a gravimetric finish for concentrates and AAS (Atomic Absorption Spectrometry) methods for copper, lead, zinc and silver for feed and tail grade samples. All concentrate shipments are assayed by one of the following independent third-party labs: Inspectorate in the UK, LSI in the Netherlands, and AHK.

Peter Latta, P. Eng, MBA, Avino's VP Technical Services, is a qualified person within the context of National Instrument 43-101 who has reviewed and approved the technical data in this news release.

Avino is a silver producer from its wholly owned Avino Mine near Durango, Mexico. The Company's silver, gold and copper 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 and the strategic acquisition of the La Preciosa property. Avino currently controls mineral resources, as per NI 43-101, that total 368 million silver equivalent ounces, within our district-scale land package. We are committed to managing all business activities in a safe, environmentally responsible, and cost-effective manner, while contributing to the well-being of the communities in which we operate. We encourage you to connect with us on Twitter at @Avino_ASM and on LinkedIn at Avino Silver & Gold Mines. To view the Avino Mine VRIFY tour, please click here.

ON BEHALF OF THE BOARD

"David Wolfin"David WolfinPresident & Chief Executive Officer

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 mineral resource estimate for the Company's Avino Property, including La Preciosa, located near Durango in west-central Mexico (the "Avino Property") with an effective date of November 30, 2022, prepared for the Company, and references 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 Avino Property has the amount of mineral resources indicated in their reports 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 associated with mining and mineral processing; the COVID-19 pandemic; volatility in the global financial markets; 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 the 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 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. For more detailed information regarding the Company including its risk factors, investors are directed to the Company's Annual Report on Form 20-F and other periodic reports that it files with the U.S. Securities and Exchange Commission.

References to Measured & Indicated Mineral Resources and Inferred Mineral Resources in this press release are terms that are defined under Canadian rules by National Instrument 43-101 ("NI 43-101"). On October 31, 2018, the US Securities and Exchange Commission adopted Item 1300 of Regulation S-K ("Regulation SK-1300") to modernize the property disclosure requirements for mining registrants, and related guidance, under the Securities Act of 1933 and the Securities Exchange Act of 1934. All registrants were required to comply with Regulation SK-1300 for fiscal years ending after January 1, 2021. Regulation SK-1300 uses the Committee for Mineral Reserves International Reporting Standards ("CRIRSCO") based classification scheme for mineral resources and mineral reserves, that includes definitions for inferred, indicated, and measured mineral resources. U.S. Investors are cautioned not to assume that any part of the mineral resources in these categories will ever be converted into probable or proven mineral reserves within the meaning of Regulation S-K 1300.

Footnotes:

In Q2 2023, AgEq was calculated using metals prices of $24.18 oz Ag, $1,978 oz Au and $3.85 lb Cu. In Q2 2022, AgEq was calculated using metals prices of $22.64 oz Ag, $1,873 oz Au and $4.32 lb Cu. For YTD 2023, AgEq was calculated using metals prices of $23.37 oz Ag, $1,933 oz Au and $3.95 lb Cu. For YTD 2022, AgEq was calculated using metal prices of $23.29 oz Ag, $1,873 oz Au and $4.43 lb Cu.

SOURCE Avino Silver & Gold Mines Ltd.