Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; FSE:GV6, “Avino” or “the Company”) is pleased to announce the consolidated financial results for the Company’s fourth quarter and year ended December 31, 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.
Effective January 1, 2017, the Company changed its presentation currency to US dollars from Canadian dollars. As a result, all dollar amounts in this news release are expressed in US dollars, unless otherwise noted.
FOURTH QUARTER 2017 HIGHLIGHTS
Generated revenues of $8.9 million from the sale of San Gonzalo and Avino concentrates
Mine operating income amounted to $3.4 million an increase of 25% over the same period of 2016
Net income after taxes amounted to $1.5 million or a Basic EPS of $0.03
Produced 637,012 silver equivalent ounces2, including 319,678 ounces of silver, 1,472 ounces of gold and 1,108,800 pounds of copper
Total consolidated cash cost1 was $7.90 per payable silver equivalent ounce2
Consolidated all-in sustaining cost1 (“AISC”) was $9.23 per payable silver equivalent ounce2, an 8% decrease compared to $10.01 per ounce in the fourth quarter of 2016
Average realized selling prices for silver and gold were $16.65 and $1,278 per ounce, respectively; and the average realized copper price per tonne was $6,784
Cash of $3.4 million and short term investments consisting of cash of $1.0 million were on hand at the end of the quarter
Generated revenues of $33.4 million from sales of San Gonzalo and Avino concentrates, an increase of 11% compared to 2016
Mine operating income was $11.4 million, an increase of 4% compared to 2016
Net income after taxes amounted to $2.7 million or a Basic EPS of $0.05
Operating cash flow before movements in working capital was $7.1 million or $0.13 per share – Basic
Produced 2,700,585 silver equivalent ounces,2 including 1,394,203 million ounces of silver, 7,935 ounces of gold and 4,373,166 pounds of copper
Total cash cost1 was $8.65 per silver equivalent ounce2
All-in sustaining cost1 (“AISC”) was $10.11 per payable silver equivalent ounce2, a 2% decrease compared to $10.34 per ounce in 2016
Average realized selling prices for silver and gold were $17.05 and $1,268 per ounce respectively; and the average realized copper price per tonne was $6,251
Cash of $3.4 million and short term investments consisting of cash of $1.0 million were on hand at December 31, 2017
Invested $12.2 million in capital expenditures at the Avino and Bralorne mines
1 The Company reports non-IFRS measures which include cash cost per silver equivalent ounce, all-in sustaining cash cost per ounce, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures.
2 In 2017, AgEq was calculated using metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu. In 2016, AgEq was calculated using $17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu.
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