Avino Silver & Gold Mines (TSXV:ASM) (NYSE AMEX:ASM) Finalizes New 20 Year Royalty Agreement to Reopen Avino Main Mine -- Video Summary Posted on www.InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, February 28, 2012 - Vancouver based Avino Silver &
Gold Mines (TSXV:ASM) (NYSE AMEX:ASM) through its wholly-owned Mexican
subsidiary, has entered into a new agreement with Minerales de Avino, S.A. de
C.V. (Minerales) whereby Minerales has indirectly granted the company the
exclusive right to explore and mine La Platosa property known as the "ET" zone.
InvestmentPitch.com has produced a "video news alert" which provides a summary
of this news. If this link is not enabled, please visit www.InvestmentPitch.com
and enter "Avino1211" in the search box.
Mineral rights for the 98.83 hectare La Platosa property, which covers 1,300
metres along the main Avino deposit, were held under an option agreement with a
private company.
Avino Silver operated its main mine, located 80 kilometres northeast of Durango,
Mexico, in the heart of the Sierra Madre Silver Belt, from 1974 to 2001. During
this period, the company produced approximately 5 million tons, containing 16
million ounces silver, 96,000 ounces gold, and 24 million pounds of copper,
before the mine was closed in 2001 due to low metal prices, and the closure of a
key smelter.
Under the terms of the agreement, Avino Silver will have the exclusive right to
explore and mine the property for an initial period of 15 years, with the option
to extend the agreement for another 5 years.
Avino Silver must pay US$250,000 to Minerales, settled by the issuance of
135,189 shares, as well as a royalty equal to 3.5% of net smelter returns, from
the start of commercial production. Avino Silver can purchase a 100% in the
property at any time during the term of the agreement upon payment of US$8
million. For the full terms of the agreement, please refer to the news release
issued on February 28th, 2012.
Avino's President & CEO David Wolfin stated, "I am very pleased to say that with
this key agreement in place we can now proceed with our plan to become a multi-
million ounce silver producer. This new long-term agreement marks a significant
milestone for the company; Avino can now proceed with its major expansion plans.
We have commenced work on an application that will allow us to de-water the old
Avino mine workings."
In 2012, Avino expects to enter full commercial production at 250 tonnes per day
once enough mill feed from the San Gonzalo zone is stockpiled at the surface. To
accommodate the new ore, the company is implementing a plan to make the
necessary minor modifications to the existing mill in order to bring the plant
back to its full capacity of 1,250 tonnes per day.
The company expects to produce a new 43-101 resource estimate once the infill
drilling is complete.
The shares currently trade at $2.15, and with approximately 27 million shares
outstanding, the company is capitalized at $58 million.
For more information, please visit Avino's website at www.avino.com, phone
604-682-3701 or email ir(at)avino.com.
InvestmentPitch.com is a multimedia company that provides a combined solution
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multiple platforms to investors and financial professionals. InvestmentPitch.com
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research reports.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
604-684-5524
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 29.02.2012 - 15:21 Uhr
Sprache: Deutsch
News-ID 120080
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