Vancouver, British Columbia, October 25, 2012 - Vancouver based Avino Silver and Gold (TSXV:ASM) (NYSE-MKT:ASM) announced third quarter production results from its mine operations in Mexico.
InvestmentPitch.com has produced a "video news alert" about Avino Silver based on this information. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Avino Silver" in the search box.
The company`s property is located 80 kilometres northeast of Durango, Mexico, in the heart of the Sierra Madre Silver Belt. The company is focusing on three key areas, the San Gonzalo Mine, the Avino Mine, and the tailings pond.
During the 3rd quarter, the company milled the ET stock piles, located at the original Avino mine site, resulting in the production of 50,074 ounces of silver equivalent, from 20,015 tonnes of dry mill feed. Overall tonnes milled steadily increased over the 3 months, with silver production increasing while gold production decreased slightly due to the lower feed grade.
In February, Avino finalized a new 20 year royalty agreement allowing the company to once again mine the ET zone at the main Avino vein. The company has received the environmental permit, good for 13 years, allowing it to restart underground operations and run the 1,000 tonnes per day circuit in the mill, which is currently being re-furbished and will be brought online in 2013.
On October 1st, the company began processing high grade San Gonzalo material using the 250 tonne per day circuit at the Avino milling complex. This is the culmination of 5 years of work, from the exploration stage, through drilling and preliminary metallurgical test work, which led to a 10,000 tonne bulk sample program last year.
Feed grades for the bulk sample were 261 grams per tonne silver, 0.9 grams per tonne gold, with recoveries of76% and 59% respectively. The cost of production was US$7.62 per ounce of silver ewquivalent.
By the end of September, sufficient material to support an ongoing operation of 250 tonnes per day was stock piled at the surface. The grade at San Gonzalo is significantly higher than the ET stock piles, and the company expects that grades and recoveries will improve at lower levels, as the vein extends below the oxidized zone near the surface. The company anticipates that in the coming years, mining and milling of San Gonzalo material will be ongoing.
An independent engineering firm is currently assembling a property wide technical report, which the company anticipates will be finished by the end of 2012. This report will include new resource estimates for both San Gonzalo and ET.
Avino`s primary goal is to become a significant low cost primary silver producer. The shares currently trade at $1.45, and with approximately 27 million shares outstanding, the company is capitalized at $39 million.
For more information, please visit Avino`s website at www.avino.com, phone 604-682-3701 or email firstname.lastname@example.org.
InvestmentPitch.com, a multimedia company that provides a combined solution for creating and hosting financial video content, and distributing it across multiple platforms to investors and financial professionals, specializes in producing three minute videos based on news releases and research reports. For more information contact Barry Morgan at 604-684-5524 or email@example.com.
Barry Morgan, CFO
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here