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TSX Venture: ASM OTCBB: ASGMF Frankfurt/Berlin: GV8 /WKN 862191
52-week range $0.18 - $1.78 Shares Outstanding 20,584,727
Investor Relations: 604.682.3701 | |
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MEGA SILVER OPTIONS EAGLE VEIN PROPERTY KENO HILL, YUKON
Avino Silver & Gold Mines Ltd. (the ?Company?) is pleased to announce that it has entered into an option agreement with Mega Silver Inc. (?Mega Silver?), whereby Mega Silver can earn the exclusive right and option to acquire a 100% title and interest in the Eagle Property located in the historic Keno Hill silver district that has produced over 200 million ounces of silver, Yukon Territory. The property area is located roughly 38 kilometres northeast of Mayo and 350 kilometres due north of the capital of Whitehorse.
The Eagle Property is comprised of 14 Quartz Mining Leases within the Mayo Mining District, Yukon Territory. The property totals 209.8 hectares in three adjacent blocks that extend across roughly 4 kilometres on Galena Hill along the projected strike of the Eagle Vein.
The Eagle Property includes historic surface trenches that expose a section of the Eagle Vein, a strong transverse vein-fault hosted in Keno Hill Quartzite. The Eagle Vein varies from 0.6 to 4.9 metres wide with mineralized lenses of galena, tetrahedrite and sphalerite. Yukon Government files report that a total of 33 holes totalling 3,075.5 metres have been drilled along 300 metres of vein strike on the property in two programs (1964 and 1978/79). The best intercepts are reported in the following table.
EAGLE VEIN ? HISTORIC REPORTED DRILLING (YTG MinFile 105M 021)
Year |
Operator |
Reported Structure
|
Reported Intercept
|
Silver
|
Lead |
Zinc
|
1964 |
Jersey Yukon Mines Ltd.
|
Branch Vein
|
2.1 |
1,885.7 |
12.8 |
4.2 |
|
|
Main Vein (parallel intercepts)
|
0.15 |
7,624.9 |
1.2 |
|
|
|
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0.4 |
682.3 |
11.6 |
|
1978/79 |
Tech Corporation
|
Main Vein (DDH JB3)
|
1.5 |
366.6 |
5.4 |
6.8 |
Soil sampling conducted in 1971 by United Keno Hill Mines Ltd. outlined a strong 300 metre long Pb-Ag anomaly across the southern boundary of Mega Silver?s adjoining Man claim that apparently represents the untested northeast extension of the Eagle Vein. The core of the soil anomaly measures roughly 200 by 100 metres and contains peak values of 2,280 ppm lead and 10.8 ppm silver (UKHM 1973. Assessment Report #060116).
Terms of the Eagle Property Option Agreement
To earn a 75% interest in the Eagle Property, Mega Silver must:
? Incur Exploration Costs totalling $7.1 million over five years. ? Make total cash payments of $400,000 over five years to Avino. ? Issue 500,000 common shares of Mega Silver in Years 4 and 5 to Avino.
After earning a 75% interest, Mega Silver may either elect to form a Joint Venture with Avino, or earn an additional 25% interest, whereby Mega Silver must:
? Take the property into production within 3 years, subject to a 2.5% Net Smelter Return and minimum $200,000 annual advance royalty payments payable for 5 years or until production begins.
The transaction is subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
?David Wolfin? ________________________________ David Wolfin President
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the accuracy or adequacy of this release.
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results. | |
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Avino Silver and Gold Mines
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PRODUCTEUR |
CODE : ASM.V |
ISIN : CA0539061030 |
CUSIP : 460374 10 1 |
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Avino Silver est une société de production minière d'argent et d'or basée au Canada. Avino Silver détient divers projets d'exploration au Canada. Son principal projet en production est AVINO MINE au Mexique et ses principaux projets en exploration sont MINTO, OLYMPIC-KELVIN, EAGLE et AUMAX au Canada. Avino Silver est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 96,5 millions CA$ (77,7 millions US$, 64,6 millions €). La valeur de son action a atteint son plus haut niveau récent le 07 mars 1997 à 4,50 CA$, et son plus bas niveau récent le 24 octobre 2008 à 0,18 CA$. Avino Silver possède 52 440 000 actions en circulation. |