Fundamental Research Updates Buy Recommendation for Avino Silver and Gold (TSXV:ASM) (NYSE MKT:ASM) - Video Research Alert on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, July 18, 2013 - Fundamental Research has updated
coverage on Avino Silver and Gold (TSXV:ASM) (NYSE MKT:ASM). Following a new
property-wide resource estimate for the Avino property, which included resources
for the San Gonzalo mine, the Avino mine and the oxide tailings, analyst
Siddharth Rajeev gives the company a speculative buy recommendation and a 12
month target of $3.01, a premium of 238% to the $0.89 price the day the report
was issued.
InvestmentPitch.com has produced a "video research alert" about Avino Silver
based on this report. If this link is not enabled, please visit
www.InvestmentPitch.com and enter "Avino" in the search box.
The Avino property, located 80 kilometres northeast of Durango, Mexico, is in
the heart of the Sierra Madre Silver Belt. Current resources for the Avino
property are 914,791 silver equivalent ounces in the Measured category, with
another 26.6 million ounces of silver equivalent in the Indicated and 26.8
million ounces of silver equivalent in the Inferred categories.
A Preliminary Economic Assessment for reprocessing the historic oxide tailings
gives a pre-tax net present value, based on 8%, of US$38.6 million with a pre-
tax internal rate of return of 54.5%. The company maintains a healthy balance
sheet, having sold approximately 149 thousand silver equivalent ounces for
revenues of $3.49 million, in the quarter ending March 2013.
The company is continuing to move forward with increasing capacity at the
milling complex. There are currently two 250 tonne per day circuits running, and
by 2014 the company plans to refurbish the 1,000 tonne per day circuit,
previously used to process material from the past producing Avino mine, which
was shut down in 2001.
Analyst Siddharth Rajeev stated, "We believe that upcoming catalysts include;
increasing milling capacity to 1,500 tonnes per day, and re-starting of
production from the historical Avino mine."
David Wolfin, President and CEO stated, "We are pleased with the progress being
made on the ground in Mexico and remain confident in our ability to achieve our
goals on time. Management is reviewing and developing opportunities for cost
reduction so we can remain profitable and continue our self-funded expansion
into 2014. Since its inception in 1968, Avino has managed to survive multiple
metal market contractions by nursing our balance sheet and conducting a lean
operation both in Mexico and Canada; in 2013 that model continues to set us
apart."
Avino shares currently trade at $0.90, well below the $3.01 target price, and
with 27.4 million shares outstanding, the company is capitalized at $24.7
million.
For more information, please visit Avino's website at www.avino.com, phone
604-682-3701 or email ir(at)avino.com.
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 19.07.2013 - 01:12 Uhr
Sprache: Deutsch
News-ID 279961
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