Avino Silver & Gold Mines Ltd. (ASM: TSX, ASM: NYSE American, GV6: FSE, “Avino” or “the Company”) is pleased to announce the consolidated financial results for the Company’s first quarter ended March 31, 2018. The financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.avino.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
“We continued to deliver steady financial and operating results for the first quarter of 2018, and while our silver and copper production was slightly lower, gold production and silver equivalent production increased by 12% and 9% respectively. We are very close to the completion of Mill Circuit 4, which is a significant investment in Avino’s growth, and we look forward to the increase in our production profile” said David Wolfin, President and CEO. “We are also focused on completing the paste backfill engineering and looking towards construction of the paste backfill plant”.
FIRST QUARTER 2018 HIGHLIGHTS
•Generated revenues of $8.2 million from the sale of bulk concentrates
•Mine operating income of $1.9 million
•Net income after taxes of $0.8 million or $0.02 earnings per share
•Produced 656,699 silver equivalent ounces1, including 309,927 ounces of silver, 2,065 ounces of gold and 970,165 pounds of copper
•Total consolidated cash cost2 was $9.63 per payable silver equivalent ounce1
•Consolidated all-in sustaining cost (“AISC”)2 was $11.74 per payable silver equivalent ounce1
•Working capital of $11.6 million
•Cash of $2.3 million was on hand at the end of the quarter
•Average realized selling prices for silver and gold were US$16.73 and US$1,330 per ounce, respectively
1. In Q1 2018, AgEq was calculated using metals prices of $16.77 oz Ag, $1,330 oz Au and $3.16 lb Cu. In Q1 2017, AgEq was calculated using metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu.
2.. The Company reports non-IFRS measures which include cash cost per silver equivalent ounce, all-in sustaining cash cost per ounce, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures.
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