Avino Silver and Gold Reported Net Earnings of $1.45 million and Cash Flow From Operations of $2.34 Million for Q2, 2013 - Video News Alert on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - September 3, 2013) - Avino Silver and Gold (TSXV: ASM) (NYSE MKT: ASM) reported net earnings of $1.45 million or $0.05 per share, and cash flow from operations of $2.34 million or $0.09 per share for the second quarter ended June 30, 2013.
These results are from the company's Avino property, located 80 kilometres northeast of Durango, Mexico, in the heart of the Sierra Madre Silver Belt
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Malcolm Davidson, CFO stated. "We are very pleased to report our earnings for Q2 2013, our third quarter of commercial production at our San Gonzalo Mine. Our financial results are particularly satisfying given the environment of declining metal prices and uncertainty in the current markets. Our team continues to control and manage operating costs which has resulted in an average cash operating cost of $11.72 per silver equivalent ounce and net earnings of $1,535,280 for six months ended June 30, 2013."
Other highlights of the second quarter include:
- Revenue of $4.95 million
- Mine operating income of $2.34 million
- 161,852 ounces of silver sold
- 751 ounces of gold sold
- Ore stockpile and concentrate inventory value at June 30, 2013 was $708 thousand
Management remains focused on the following key objectives:
- Increase profitable mining operations at San Gonzalo by decreasing operating costs and improving efficiency;
- Increase mill throughput using the new circuit that went online in April 2013;
- Develop the Avino mine for mineral production commencing in 2014;
- Continue to review and develop plans to process the oxide tailings resource from historic milling operations;
- Continue to explore regional targets on the property and consider acquisition opportunities.
The shares currently trade at $1.60, and with 27.4 million shares outstanding, the company is capitalized at $43.8 million.
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Barry Morgan, CFO