Avino Silver produces 2.67 Moz AgEq in 2016
Avino Silver & Gold Mines Ltd (C:ASM)
Shares Issued 52,431,001
Last Close 1/16/2017 $1.90
Tuesday January 17 2017 - News Release
Mr. David Wolfin reports
AVINO ANNOUNCES FOURTH QUARTER AND FULL YEAR 2016 PRODUCTION RESULTS FROM ITS AVINO PROPERTY
Avino Silver & Gold Mines Ltd. has released its fourth quarter 2016 and full-year 2016 production results from its Avino property near Durango, Mexico.
Consolidated production highlights for 2016 (Compared to 2015)
- Silver equivalent production decreased 11% to 2,679,334 oz*
- Silver production decreased 1% to 1,612,060 oz
- Gold production increased 1% to 7,119 oz
- Copper production decreased 11% to 4,206,585 lbs
Consolidated production highlights for fourth quarter, 2016 (Compared to Fourth Quarter, 2015)
- Silver equivalent production decreased 7% to 707,775 oz*
- Silver production increased 2% to 419,355 oz
- Gold production increased 63% to 2,581 oz
- Copper production decreased 41% to 755,645 lbs
*In 2016, AgEq was calculated using metals prices of $17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu. In 2015, AgEq was calculated using $16 oz Ag, $1,150 oz Au and $3.00 lb Cu
"I would like to thank our teams in Mexico and Canada for delivering another solid year of consistent production. Despite the challenges faced during the second quarter, our production was in line with our internal projections, and we expect similar results for 2017. The year was highlighted by the declaration of commercial production at the Avino Mine, as well as the publication of new resource estimates for our operations in Mexico and Canada. We are planning on issuing a news release in the coming days outlining our Mexico expansion plans as well as an agenda for reopening the Bralorne Mine."
- David Wolfin, President, CEO & Director, Avino Silver & Gold Mines Ltd.
Consolidated 2016 Production Highlights
Comparative production numbers from 2016 and 2015 are presented below:
2016 2015 % Change
Total Silver Produced (oz) calculated 1,612,0601,625,285-1%
Total Gold Produced (oz) calculated 7,119 7,083 1%
Total Copper Produced (Lbs) calculated 4,206,5854,743,691-11%
Total Silver Eq. Produced (oz) calculated*2,679,3343,020,348-11%
*In 2016, AgEq was calculated using metals prices of $17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu. In 2015, AgEq was calculated using $16 oz Ag, $1,150 oz Au and $3.00 lb Cu
Consolidated Fourth Quarter 2016 Production Highlights
Comparative production numbers from the fourth quarters of 2016 and 2015 are presented below:
Q4 2016Q4 2015% Change
Total Silver Produced (oz) calculated 419,355 409,216 2%
Total Gold Produced (oz) calculated 2,581 1,588 63%
Total Copper Produced (Lbs) calculated 755,645 1,271,565 -41%
Total Silver Eq. Produced (oz) calculated*707,775 761,767 -7%
*In 2016, AgEq was calculated using metals prices of $17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu. In 2015, AgEq was calculated using $16 oz Ag, $1,150 oz Au and $3.00 lb Cu
Avino Mine Production Highlights
Comparative figures for the years ended December 31, 2016, and December 31, 2015, as well as the fourth quarter 2016 and the fourth quarter of 2015 for the Avino Mine are as follows:
Q4 2016Q4 2015% Change 2016 2015 % ChangeNotes
Tonnes Mined 103,266 102,580 1% 450,281 372,376 21% 6
Underground Development (m) 756 1,440 -48% 4,005 5,056 -21% 1,6
Mill Availability (%) 95.6 94.5 1% 94.0 96.1 -2%
Total Mill Feed (dry tonnes) 101,157 110,201 -8% 429,289 396,113 8% 2,7
Feed Grade Silver (g/t) 65 68 -5% 67 65 3% 3,8,9
Feed Grade Gold (g/t) 0.69 0.29 137% 0.42 0.29 44% 3,4,8,9
Feed Grade Copper (%) 0.37 0.61 -39% 0.50 0.62 -20% 3,4,8,9
Recovery Silver (%) 85% 86% -1% 85% 87% -2%
Recovery Gold (%) 69% 66% 4% 64% 75% -15%
Recovery Copper (%) 91% 86% 6% 90% 87% 3%
Copper Concentrate (dry tonnes) 2,094 2,556 -18% 9,390 9,058 4% 4,9
Copper Concentrate Grade Silver (kg/t) 2.67 2.52 6% 2.62 2.47 6% 9
Copper Concentrate Grade Gold (g/t) 22.87 8.32 175% 12.23 9.47 29% 4,9
Copper Concentrate Grade Copper (%) 16.37 22.56 -27% 20.32 23.76 -14% 9
Total Silver Produced (kg) 5,584 6,430 -13% 24,552 22,329 10% 5,9
Total Gold Produced (g) 47,891 21,263 125% 114,812 85,737 34% 5,9
Total Copper Produced (Kg) 342,755 576,773 -41% 1,908,0772,152,202-11% 5
Total Silver Produced (oz) calculated 179,536 206,743 -13% 789,372 717,901 10% 5,9
Total Gold Produced (oz) calculated 1,540 684 125% 3,691 2,757 34% 5,9
Total Copper Produced (Lbs) calculated 755,645 1,271,565-41% 4,206,5854,743,691-11% 5,9
Total Silver Equivalent Produced (oz) calculated394,149 494,295 -20% 1,606,2721,801,997-11% 9
*In 2016, AgEq was calculated using metals prices of $17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu. In 2015, AgEq was calculated using $16 oz Ag, $1,150 oz Au and $3.00 lb Cu
Avino Mine Fourth Quarter Production Highlights
1. Underground development decreased by 48% due to the transition to production mining on levels 14 and 14.5 as well as the installation of upgraded electrical and dewatering systems for the ramp to level 17 from 15.5
2. Tonnage processed decreased by 8% due to the fact that, during November and December 2016 Mill Circuit 2 was used to process San Gonzalo material rather than Avino material
3. The gold feed grade increased by 137% whereas the copper and silver feed grades decreased by 39% and 5%, respectively; the changes in grade are due to mining activities advancing to the new higher-grade gold zone on the other side of the fault,
4. The lower copper feed grade resulted in 18% fewer tonnes of concentrate produced and a 27% drop in the concentrate grade for copper; however, the higher gold grade in the mill feed resulted in a 175% increase of the gold grade in the concentrate.
5. Silver and copper production decreased by 13% and 41%, respectively, while gold increased by 125%, which resulted in a 20% decrease in silver equivalent production compared to the comparable quarter last year
Avino Mine 2016 Year-End Production Highlights
6. The year over year change in mined tonnes and development is attributed to the transition from development to production mining, as well as the need to upgrade the electrical and dewatering systems in the lower levels of the mine
7. Tonnage processed increased by 8% due to the increased use of Mill Circuit 2 to process Avino Mine material throughout the year (except for November and December); however, the potential overall increase was offset by required maintenance on the Mill Circuit 3 ball mill during the second quarter
8. Gold and silver feed grades increased by 44% and 3%, respectively, while the copper grade decreased by 20%; the changes in grades are due to mining activities advancing to the new higher-grade gold zone on the other side of the fault
9. There was a 4% increase in concentrate production and a 14% decrease in the grade of copper in the concentrate, while gold and silver grades in the concentrate increased by 29% and 6%, respectively; the foregoing were mainly due to the changes in the feed grades being processed
10. Silver and gold production for the year increased by 10% and 34%, respectively, while copper production decreased by 11%, resulting in a decline of 11% in silver equivalent ounces of production as a result of the factors discussed above
San Gonzalo Mine Production Highlights
Comparative figures for the years ended December 31, 2016, and December 31, 2015, as well as the fourth quarter 2016 and the fourth quarter of 2015 for the San Gonzalo Mine are as follows:
Q4 2016Q4 2015% Change2016 2015 % Change Notes
Tonnes Mined 29,678 18,272 62% 108,943 93,291 17% 1
Underground Advancement (m) 1,062 1,128 -6% 4,433 4,578 -3% 2
Mill Availability (%) 94.1 94.7 -1% 94.4 92.7 2%
Total Mill Feed (dry tonnes) 33,511 26,616 26% 115,047 121,774 -6% 1,3,6,8
Feed Grade Silver (g/t) 262 285 -8% 267 279 -4% 4,7,8
Feed Grade Gold (g/t) 1.16 1.45 -20% 1.25 1.48 -16% 4,7,8
Recovery Silver (%) 85% 83% 2% 83% 83% 0% 4
Recovery Gold (%) 83% 73% 14% 74% 75% -1% 4
Bulk Concentrate (dry tonnes) 1,130 1,023 10% 4,115 4,517 -9% 3,8
Bulk Concentrate Grade Silver (kg/t) 6.60 6.15 7% 6.22 6.24 0%
Bulk Concentrate Grade Gold (g/t) 28.6 27.5 4% 25.9 28.3 -9%
Total Silver Produced (kg) 7,459 6,298 18% 25,588 28,223 -9% 5,9
Total Gold Produced (g) 32,379 28,128 15% 106,599 134,569 -21% 5,9
Total Silver Produced (oz) calculated 239,819 202,473 18% 822,689 907,384 -9% 5,9
Total Gold Produced (oz) calculated 1,041 904 15% 3,427 4,326 -21% 5,9
Total Silver Equivalent Produced (oz) calculated313,626 267,472 17% 1,073,0621,218,351-12% 3,9
*In 2016, AgEq was calculated using metals prices of $17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu. In 2015, AgEq was calculated using $16 oz Ag, $1,150 oz Au and $3.00 lb Cu
San Gonzalo Mine Fourth Quarter Production Highlights
1. Tonnage hauled increased by 62% in order to accommodate Mill Circuit 2, which during November and December transitioned to processing material from San Gonzalo; this in turn led to a 26% increase in tonnage processed
2. Underground advancement decreased by 6% as there were fewer blocks available for development work
3. The higher processed tonnage resulted in a 17% increase in silver equivalent production and a 10% increase in concentrate tonnage
4. Silver and gold feed grades decreased by 8% and 20%, respectively, and the respective recoveries decreased by 2% and 14%
5. Silver and gold production increased by 18% and 15%, respectively, as a result of the factors outlined above
San Gonzalo Mine 2016 Year-End Production Highlights
6. Tonnage processed for the year decreased by 6% as Mill Circuit 2 was primarily devoted to processing Avino Mine Material, whereas in 2015, it was more available to process San Gonzalo mill feed
7. Silver and gold feed grades decreased by 4% and 16%, respectively, as a result of mining taking place in different areas in 2016 than in 2015
8. The lower feed grades and tonnage processed resulted in 9% fewer tonnes of concentrate produced
9. Silver production decreased by 9% and 21%, respectively, resulting in an overall decrease of 12% in silver equivalent produced in 2016
Quality Assurance/Quality Control
Mill assays are performed at the Avino property's on-site lab. Recent check samples have been sent to SGS Labs, Durango, Mexico for verification. All concentrate shipments are assayed by one of the following independent third party labs: AHK, LSI, Alex Stewart and Inspectorate in the United Kingdom.
Qualified Person(s)
Avino's Mexican projects are under the supervision of Chris Sampson, P.Eng, Avino consultant, and Jasman Yee P.Eng, Avino director, who are both qualified persons within the context of National Instrument 43-101. Both have reviewed and approved the production data in this news release.
About Avino
Avino is a silver and gold producer with a diversified pipeline of gold, silver and base metals exploration properties in Mexico and Canada employing approximately 500 people. Avino produces from its wholly owned Avino and San Gonzalo Mines near Durango, Mexico, and is currently ramping up for future production at its Bralorne Gold Mine in British Columbia, Canada. Avino's silver and gold 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. We are 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.
We seek Safe Harbor.
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