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M ay 28, 2013
Avino Reports
First Quarter 2014 Financial Results
of $1,344,316; $0.05 per Share and
Cash Flow from Operations of
$1,631,349; $0.05 per Share
Avino Silver and Gold Mines Ltd. (ASM:
TSX.V, ASM: NYSE - MKT; "Avino" or
"the Company") is
pleased to report its financial
results for the quarter ended March
31, 2014. All financial information
is prepared in accordance with IFRS
and all dollar amounts are expressed
in Canadian dollars unless otherwise
specified. The information in this
news release should be read in
conjunction with the Company's
audited consolidated financial
statements for the year ended
December 31, 2013 and associated
management discussion and analysis
("MD&A") which are available on the
Company's website at www.avino.com
and
under the Company's profile on SEDAR
at www.sedar.com
.
"Avino is pleased to report another
strong quarter of financial results.
Our financial results are solid
despite declining metal prices and
the effect of new income tax reforms
in Mexico introduced earlier this
year," stated Malcolm Davidson, CFO.
"Our team has reduced costs and
negotiated favorable terms for the
sale of our concentrate which has
helped significantly to earn an
after tax profit of $1,344,316 or
$0.05 per share.
Highlights of First Quarter 2014
(Compared to First Quarter 2013)
Financial
-
Revenues reported for the
quarter were $5,774,127 compared
to $3,490,004 in 2013, an
increase of 65%
-
Income from mine operations was
$2,840,002, an increase of
$1,799,155 or 173%
-
General and administrative
expenses were $1,317,534
compared to $1,151,907 in Q1
2013
-
Earnings before income taxes was
$2,236,701 compared to $87,978
in Q1 2013
-
Earnings for the quarter were
$1,344,316 an increase of
$1,256,338 from Q1 2013
-
Earnings per share -- basic
$0.05 and diluted $0.04
-
Average realized prices per
ounce of silver and gold were
$20.15 and $1,299 respectively
-
Cash cost per AgEq ounce was
$8.62 compared to $14.77 in Q1
2013
-
Consolidated all-in sustaining
cash cost per AgEq ounce was
$12.85 compared to $20.60 in Q1
2013
Operational
-
Silver production increased 46%
to 232,401 oz*
-
Gold production increased 122%
to 1,274 oz*
-
Silver equivalent production
increased 60% to 312,000 oz**
-
Concentrate inventory available
for sale at quarter-end was
118.053 dry metric tonnes
"I am proud to report that 2014 is
shaping up to be a year of
impressive growth for Avino. With a
solid first quarter that featured
record production and significant
cost reduction now in the books, we
are excited to see this trend
continue and gain momentum as we
work towards completing our
expansion."
- David Wolfin, President, CEO &
Director, Avino Silver & Gold
Mines Ltd
Conference Call
Avino will be holding a conference
call on Thursday, May 29, 2014 at 9
am PST (12 pm EST).
To participate in the conference
call, please dial the following:
Toll Free Canada & USA:
1-800-319-4610
Outside of Canada & USA:
1-604-638-5340
No pass-code is necessary to
participate in the conference call;
participants will have the
opportunity to ask questions during
the Q&A portion of the call.
Alternatively, participants can send
questions via email to ir@avino.com
on April 28th, following the release
of the financial results
Participants should dial in 10
minutes prior to the conference.
The conference call will be recorded
and the replay will be available on
the Company's website within one
hour following the conclusion of the
call.
Outlook
Avino's mission is to create
shareholder value through profitable
organic growth at the Avino
Property. We are committed to
managing all business activities in
an environmentally responsible and
cost-effective manner while
contributing to the well-being of
the community in which we operate.
Management remains focused on the
following key objectives:
-
Maintain profitable mining
operations at San Gonzalo while
managing operating costs and
improving efficiencies;
-
Advance the Avino Mine for
mineral production, expand mill
output from 500 to 1,500 TPD;
-
mplement plans to process the
oxide tailings resource from
previous milling operations (PEA
issued in 2012);
-
Continue to explore regional
targets on the Property followed
by other properties in our
portfolio using new 3D modelling
software.
About Avino
Avino is a silver and gold producer
operating the Avino property located
in Durango, Mexico. The Company's
mission is to become the next
mid-tier silver producer through
profitable organic growth at the
Avino property. We are committed to
managing all business activities in
an environmentally responsible and
cost-effective manner while
contributing to the well-being of
the community in which we operate.
ON BEHALF OF THE BOARD
"David Wolfin"
________________________________
David Wolfin
President & CEO
Avino Silver & Gold Mines Ltd.
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 our belief as to the
extent and timing of various studies
including the PEA, and exploration
results, the potential tonnage,
grades and content of deposits,
timing and establishment and extent
of resources estimates. 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.
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;
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 of 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.
Cautionary Note to United States
Investors - The information
contained herein and incorporated by
reference herein has been prepared
in accordance with the requirements
of Canadian securities laws, which
differ from the requirements of
United States securities laws. In
particular, the term "resource" does
not equate to the term "reserve".
The Securities Exchange Commission's
(the "SEC") disclosure standards
normally do not permit the inclusion
of information concerning "measured
mineral resources", "indicated
mineral resources" or "inferred
mineral resources" or other
descriptions of the amount of
mineralization in mineral deposits
that do not constitute "reserves" by
SEC standards, unless such
information is required to be
disclosed by the law of the
Company's jurisdiction of
incorporation or of a jurisdiction
in which its securities are traded.
U.S. investors should also
understand that "inferred mineral
resources" have a great amount of
uncertainty as to their existence
and great uncertainty as to their
economic and legal feasibility.
Disclosure of "contained ounces" is
permitted disclosure under Canadian
regulations; however, the SEC
normally only permits issuers to
report mineralization that does not
constitute "reserves" by SEC
standards as in place tonnage and
grade without reference to unit
measures.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as
that term is defined in the policies
of the TSX Venture Exchange) accepts
responsibility for the adequacy or
accuracy of this release.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information contained herein has
been obtained from sources
believed to be reliable, but
there is no guarantee as to
completeness or accuracy.
Because individual investment
objectives vary, this Summary
should not be construed as
advice to meet the particular
needs of the reader. Any
opinions expressed herein are
statements of our judgment as of
this date and are subject to
change without notice. Any
action taken as a result of
reading this independent market
research is solely the
responsibility of the reader.
Silver Investor is not
and does not profess to be a
professional investment advisor,
and strongly encourages all
readers to consult with their
own personal financial advisors,
attorneys, and accountants
before making any investment
decision.
Silver Investor
and/or independent consultants
or members of their families may
have a position in the
securities mentioned. Mr. Morgan
does consult on a paid basis
both with private investors and
various companies. Investing and
speculation are inherently risky
and should not be undertaken
without professional advice. By
your act of reading this
independent market research
letter, you fully and explicitly
agree that Silver Investor will not be held liable or
responsible for any decisions
you make regarding any
information discussed herein.
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