Avino Reports Q1 2017 Financial Results - 10.05.17 - News

VANCOUVER, May 10, 2017

VANCOUVER, May 10, 2017 /PRNewswire/ - Avino Silver & Gold Mines Ltd. (ASM: TSX-V, ASM: NYSE–MKT, GV6: FSE, "Avino" or "the Company") is pleased to announce the consolidated financial results for the Company's first quarter ended March 30, 2017. The financial statements and the management discussion and analysis can be viewed on the Company's web site at www.avino.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

"We are pleased to commence reporting in USD, which will better reflect the Company's business activities and will, therefore, improve investors' ability to compare the Company's financial results with other publicly traded mining companies. Our Q1 results reflect improvements in revenues, operating income, and net income. We remain focused on our objectives which include our expansion plans announced in January that are progressing very well, and we are confident that the implementation of these important plans will continue to support the company's growth efforts. We experienced lower production and development numbers in the first quarter compared to the same period last year, except gold production, which increased by 23%. While the results are lower, due to lower grade material being mined, we are confident that the company will achieve another solid year. Our team continually looks to improve efficiencies, and we are very appreciative of their support and dedication. Other key achievements for the quarter included the commencement of the work required for the expansion of Mill Circuit #4, the receipt of a positive Preliminary Economic Assessment of the Oxide Tailings at the Avino mine, and a review of possible alternatives to the Tailings Storage Facility."

- David Wolfin, President, CEO & Director, Avino Silver & Gold Mines Ltd

FIRST QUARTER 2017 HIGHLIGHTS – IN $USD

Generated revenues of $8.1 million from the sale of concentrates, a 306% increase from the first quarter of 2016 due to the commencement of production mining at the Avino mine during the second quarter of 2016
Mine operating income of $3.5 million, a 168% increase compared to the first quarter of 2016
Net income after taxes of $0.7 million or $0.01 per share
Working capital of $21.1 million
Net earnings of $1.1 million
Produced 604,643 silver equivalent ounces¹, including 320,082 ounces of silver, 1,837 ounces of gold and 1,024,853 pounds of copper
Consolidated all-in sustaining cost ("AISC")² was $9.55 per payable silver equivalent ounce, a 16% increase compared to $8.22 per ounce in the first quarter of 2016
Average realized selling prices for silver and gold were US$17.38 and US$1,218 per ounce, respectively
Cash of $7.7 million and short term investments consisting of cash of $10 million was on hand at the end of the quarter

HIGHLIGHTS

First
Quarter
2017

ARIVA.DE Börsen-Geflüster

Kurse

Avino Silver & Gold Mines

0,684 €

+3,01%

Avino Silver & Gold Mines Realtime-Chart

First
Quarter
2016

Change

Operating

Tonnes Milled

136,686

140,116

-2%

Silver Ounces Produced

320,082

403,447

-21%

Gold Ounces Produced

1,837

1,497

23%

Copper Pounds Produced

1,024,853

1,350,912

-24%

Silver Equivalent Ounces¹ Produced

604,643

715,933

-16%

Concentrate Sales and Cash Costs

Silver Equivalent Ounces Sold²

524,356

150,507

237%

Cash Cost per Silver Equivalent Ounce^2,3

$

8.01

$

4.11

95%

All-in Sustaining Cost per Silver Equivalent Ounce^2,3

$

9.55

$

8.22

16%

Average Realized Silver Price per Ounce

$

17.38

$

16.42

6%

Average Realized Gold Price per Ounce

$

1,218

$

1,194

2%

Average Realized Copper Price per Tonne

$

5,873

-

-%

Financial

Revenues

$

8,127,863

$

2,002,728

306%

Mine Operating Income

$

3,460,843

$

1,291,889

168%

Net Income (Loss)

$

721,305

$

42,246

1,607%

Cash

$

7,654,982

$

4,637,163

65%

Working Capital

$

21,133,853

$

2,900,349

629%

Shareholders

Earnings (Loss) per Share ("EPS") – Basic

$

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