Vancouver, British Columbia--(Newsfile Corp. - May 13, 2015) - Avino Silver & Gold (TSXV: ASM) (NYSE MKT: ASM) reported financial results for the quarter ended March 31, 2015. Avino, located in the Durango region of North Central Mexico, is one of the industry's purest silver producers.
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Silver equivalent production for the first quarter of 2015 was 653,000 ounces, an increase of 102% compared to 323,000 ounces in the first quarter of 2014, with the company reporting increases in both silver and gold production. This production growth was due to the refurbishment of the 1,000 tonne per day Mill Circuit 3 used to process new underground material from the Avino Mine.
The company also reported recovering 873,000 lbs of copper, from operations that started in late 2014.
Net income was $376,000 or $0.01 per share during the first quarter of 2015, down from $1.3 million, which was $0.05 per share basic or $0.04 per share diluted for the comparable period in 2014. Avino generated revenues of $4.3 million during the quarter, a 26% decrease compared to the $5.8 million reported for the quarter in 2014.
Malcolm Davidson, CFO stated: "Although average realized metal prices were lower than those of the same quarter last year we reported solid operating income from mining operations. With the expansion of our mine behind us, we can now focus on advancing the Avino Mine to further increase and improve our mining operation."
David Wolfin, President & CEO added: "Our quarterly consolidated all-in sustaining cash cost per silver equivalent ounce of $12.36 improved by $0.49 and remains competitive amongst our peers. We anticipate further cost improvements in the second half of this year as the Avino mine expansion contributes to higher output and economies of scale."
Expansion and advancement at the British Columbia-based Bralorne Mine, which was acquired during 2014, continued throughout the first quarter, with a comprehensive report expected in the coming months. The company is continuing to explore regional targets on the Avino Property as well as other properties in the portfolio.
Avino had a conference call on May 12th, which is now archived on the website.
The shares are trading at $1.40 and with 35.7 million shares outstanding, the company is capitalized at $50.0 million.
For more information please visit the company's website www.avino.com, or contact David Wolfin, President & CEO, at 604-682-3701 or email ir@avino.com.
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