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Avino Silver doubles silver equivalent output in Q1

Avino Silver doubles silver equivalent output in Q1

Avino Silver & Gold Mines (CVE:ASM), a junior natural resource company, reported higher quarterly production from its from its Avino property near Durango, Mexico.

Silver equivalent production increased 101 percent to 652,620 ounces in the January-to-March quarter, compared to 323,898 ounces in the year-earlier period, the Vancouver, British Columbia-based company said in a statement today.

Silver production increased 56 percent to 363,210 ounces in the first quarter from 232,401 ounces a year earlier, while gold production increased 37 percent to 1,750 ounces.

Avino said that its copper production continued from start-up phase in late 2014 and 872,884 pounds were processed.

"Avino is pleased to report record quarterly production as a result of the successful reopening of the historic Avino mine and commissioning of the new 1,000 TPD Mill Circuit 3; operating performance during the quarter was in-line with management's expectations,” chief executive officer David Wolfin said in the statement.

"Our current focus is to optimize the performance of Mill Circuit 3 and add to our growing underground mining fleet. A new jumbo and grader are expected in the second half of this year, and further improvements in efficiency are anticipated," he added.

On January 1, 2015, Avino's recently completed Mill Circuit 3 transitioned to processing new material taken from underground at the Avino Mine.

Shares closed down 1.2 percent to C$1.69 in Toronto on Friday, leaving the company with a market value of C$60.1 million.

 

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