Avino Silver & Gold Mines Ltd.: Operational Update
October 03 2011 - 7:00AM
Marketwired
Avino Silver and Gold Mines Ltd. (TSX
VENTURE:ASM)(OTCBB:ASGMF)(NYSE Amex:ASM)(BERLIN:GV6)(FRANKFURT:GV6)
(the "Company") is pleased to provide the following update of
activities at its Avino's mine operation located near Durango,
Mexico.
SAN GONZALO DEVELOPMENT
The decline from level 2 to level 3 has advanced 275 metres to
date, and a total of 155 metres remain to go until the level 3
elevation of 2215 metres is reached. Productivity has increased
approximately 3 fold when the recently purchased 5yd scoop was put
into service. It is expected this productivity will increase
further once the Company Jumbo has been completely reconditioned
and put into use. A smaller 3yd scoop for the smaller crosscuts and
drifts has been sourced and arrangements are in the works for its
purchase. These equipment acquisitions will replace the
contractor's low availability equipment.
Avino has also leased an energy efficient generator to power our
fan with the aim of improving our underground ventilation and also
to provide power to the Jumbo. This temporary power supply is
required while the new power line is being built once the permits
have been granted.
A ventilation study was commissioned in early August and results
of the study will be available soon with the aim of purchasing the
recommended fans and ducting.
Work on stope 2-200 is almost complete and ready for drawdown.
The calculated tonnage of this stope is 3723 tonnes with an
estimated grade of 300 g/t and 1.2 g/t silver and gold
respectively. This resource is not in the original 43-101 resource
estimate prepared by Orequest. The continuity of this mineralized
block above level 1 is currently being evaluated.
Mining on stope 2-080 towards the old mine workings has slowed
as the tonnage extracted is small due to a different mining method.
The average grade of this stope is 216 g/t silver and 0.9 g/t gold.
Plans to continue mining this stope has been put on hold.
Development mineralized material from all these areas are
currently being stockpiled on surface near the coarse ore bin of
the crushing plant. The estimated tonnage of this surface stockpile
is 4550 tonnes.
MILLING
Milling operations continued throughout the quarter with the
processing of the old Avino ET stockpiles. Because of the extremely
big and hard boulders, a more robust rock breaker was leased. This
new breaker was put into service after the major crusher repairs
were made. Downtime of the crushing plant was approximately 2 weeks
to replace all of the jaw crusher bearings and to install the new
drive shaft of the cone crusher. In addition to the crusher
repairs, the mill lifter bars were also changed.
Because of the hardness of the ore, average daily tonnage
processed was about 180 tonnes per day. Typical grade of the feed
was 0.15% copper and 90 g/t silver. There is an inventory of
approximately 250 tonnes of concentrate grading 3.5% copper, 2.2k
g/t silver and 20 g/t gold on hand. A deal for the sale of this
product is being finalized and shipping to the port of Manzanillo
is expected in early October.
Avino still has approximately 10 to 12,000 tonnes of stockpiled
material remaining from level 2 stopes of San Gonzalo and will
begin processing this material once the remaining stockpiles of
historical ET Avino vein material are depleted.
DRILLING
The diamond drill has been moved to San Gonzalo and drilling has
commenced with the aim of determining the feeder systems for the
San Gonzalo deposit. Five deep holes and 1700 metres of drilling
have been proposed for this program.
The project is under the supervision of Jasman Yee, P.Eng, who
is a qualified person within the context of National Instrument
43-101 and has prepared and approved the technical data in this
news release.
Founded in 1968, Avino's mission is to create shareholder value
through profitable organic growth at the historic Avino property
near Durango, Mexico. 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.
Our primary goal is to build a multi-million ounce-per-year
silver producer. Our specific objectives are to achieve full time
commercial production as soon as possible, expand resources,
reserves and the mines output as well as to identify, explore and
develop new targets on the property.
Avino remains in a good financial position; is debt free and
well-funded to continue its development plans.
ON BEHALF OF THE BOARD
David Wolfin, President
This press release includes certain "Forward-Looking Statements"
within the meaning of section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein, including without
limitation, statements regarding potential mineralization and
reserves, exploration results and future plans and objectives of
Avino Silver & Gold Mines Ltd. are forward-looking statements
that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements.
This release contains statements that are forward-looking
statements and are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's periodic filings with
Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based
on information currently available. The Company does not assume the
obligation to update any forward-looking statement.
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.
Contacts: Avino Silver & Gold Mines Ltd. David Wolfin
President 604.682.3701 604.682.3600
(FAX)ir@avino.comwww.avino.com
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