Avino Silver & Gold (TSXV:ASM) Reports Sales of Concentrate from Durango, Mexico Mine Site - Video Summary Posted on www.investmentpitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, July 12, 2011 - Avino Silver and Gold (TSXV:ASM)
reports results from the recent sale of concentrate from the bulk sample program
completed during the first quarter of 2011.
InvestmentPitch.com has produced a "video news alert" about Avino Silver & Gold.
If this link in not enabled, please visit www.investmentpitch.com and enter
"Avino948" in the search box.
With the completion of the bulk sample, Avino has achieved a major milestone in
its goal to continue as a low cost silver producer.
The 10,000 tonne bulk sample came from the company's San Gonzalo deposit in
Durango, Mexico. Avino acquired this project, once the largest open-cut mine in
the world, in 1974 and produced gold, silver and copper until 2001.
The overall bulk sample feed grade was 261 grams per tonne silver and .9 grams
per tonne gold. The silver and gold recoveries were 76% and 59% respectively,
which produced 232 dry tonnes of flotation concentrate. 188 tonnes were sold for
net revenues of US$1.83 million, resulting in a profit $1.2 million or $120 per
tonne produced. The company is in discussions to sell the balance of 44 tonnes
of concentrate that remains in inventory. Operating costs relating to the bulk
sample program were US$567,000 or $7.62 per ounce silver equivalent. Included in
these costs are development mining costs for the raises and stopes.
Avino' management were pleased with these positive results, which demonstrated
the viability of the San Gonzalo Project.
The company is now proceeding with its mine plan to develop the 3(rd), 4(th) and
5(th) levels and to provide mill feed at the rate of 250 tonnes per day on a
sustained basis. On the basis of previous drill results and metallurigical
testing, the company anticipates that recovery rates and metal grades will be
higher than at the surface where the bulk sample material was more oxidized.
The company is looking into other available opportunities to further optimize
the project, such as increasing the daily throughput, improving recoveries, and
reducing operating costs. The company continues to acquire and refurbish its
mining equipment which is resulting in an efficient mining process. Significant
recent mining equipment acquisitions and refurbishments include a loader, dozer,
and a 5 yard scoop and the refurbishing of a single boom jumbo respectively. The
company is also in the process of acquiring an underground air compressor
diamond drill and constructing a 2 kilometre power line to provide for efficient
grid power to the San Gonzalo Mine.
The silver produced represents 90% of the total precious metal recovered, making
Avino one of the purest silver producers in the industry.
For more information, please visit Avino's website at www.avino.com, phone
604-682-3701 or email ir(at)avino.com
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Unternehmensinformation / Kurzprofil:
Datum: 12.07.2011 - 17:05 Uhr
Sprache: Deutsch
News-ID 56344
Anzahl Zeichen: 3770
contact information:
Kategorie:
Business News
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