NYSE-MKT: ASM
TSX-V: ASM
FSE:
GV6
VANCOUVER, Aug. 10, 2016 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX-V,
ASM: NYSE-MKT; "Avino" or "the Company") is pleased to
announce the commencement of construction of the new Tailings
Storage Facility ("TSF") at its Avino property located in
Durango, Mexico.
Following the receipt of all necessary permits and the
completion of an independent engineering study, ground has been
broken on the new Tailings Storage Facility.
The new TSF is being constructed by Desarrollos ROD, S.A. de
C.V. who are recognized as one of the premier contractors in
Mexico for tailings related
projects. The new TSF will cover 21 hectares and will be able to
store 7.5 million tons of wet tailings. The TSF will be built in 4
stages; the first 2 stages, which are expected to take
approximately 6 months to complete, have an estimated cost of
US$2.2 million and will provide
enough capacity for 6 operating years. Stages 3 and 4, which can be
built at any time in the future, will cost US$624,000 and would provide enough storage for
an additional 8 years of operations. Environmental permits are
valid for 14 years of operations and an additional 11 years post
production. The new TSF is being constructed on land owned by
Avino.
A new tailings storage facility is necessary to allow the
existing TSF to be decommissioned, which will enable Avino to begin
assessing the upper sulphide bench as well as the lower oxide bench
in areas that are currently being used to store tailings from our
active operations.
The assessment work is part of the recommendations contained in
the 2013 Tetra Tech Preliminary Economic Assessment ("A
Technical Report on the Avino Property") intended to advance
the Tailings Resource towards a production decision for an
agglomerated heap leach Merrill-Crowe precipitation operation. The
2013 Preliminary Economic Assessment suggests that the operation
could have an IRR and NPV of 54% and $38.6
million, respectively, using US$20.38 per ounce for silver and US$1,256 per ounce for gold; and could add an
additional 1.4 million ounces of silver equivalent to Avino's
consolidated annual production for a period of 5 years.
Once the new TSF is completed, Avino will decommission the
current TSF, then begin installing wells which will be used to pump
out the retained water in the dam. This will speed up the sonic
drilling program planned for the upper benches, provide samples for
the metallurgical program, and increase confidence in the oxide
resource located below the sulphide tailings.
A preliminary economic assessment should not be considered to
be a prefeasibility or feasibility study, as the economics and
technical viability of the Project have not been demonstrated at
this time. The preliminary economic assessment is preliminary in
nature and includes inferred mineral resources that are considered
too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves. Furthermore, there is no certainty that the preliminary
economic assessment will be realized. Mineral resources that are
not mineral reserves do not have demonstrated economic
viability
Data disclosed in the 2013 technical report by Tetra Tech: A
Technical Report on the Avino Property. Michael O'Brian, M.Sc.,Pr.Sci.Nat, FGSSA,
FAusIIM, FSAIIM, Hassan Ghaffari,
P.Eng., JacquesOuellet, P.Eng., Ph.D., Monica Danon-Schaffer, Ph.D, P.Eng., Sabry Abdel
Hafex, Ph.D., P.Eng and Wayne
Stoyko, P.Eng., are the Qualified Persons, as defined under
National Instrument 43-101, who supervised and are responsible for
the Technical Report on the Avino Property
About Avino
Avino is a top-tier, low-cost junior producer. Avino's mission
is to create shareholder value through profitable organic growth at
the historic Avino property near Durango,
Mexico, and the Bralorne property in southwestern
British Columbia, Canada. We are
committed to managing all business activities in an environmentally
responsible and cost-effective manner while contributing to the
well-being of the communities in which we operate.
For more information, please visit Avino's website at
www.avino.com
On Behalf of the Board
"David Wolfin"
________________________________
David Wolfin
President & CEO
Avino Silver & Gold Mines
Ltd.
Safe Harbor Statement - This news release contains
"forward-looking information" and "forward-looking statements"
(together, the "forward looking statements") within the meaning of
applicable securities laws and the United States Private Securities
Litigation Reform Act of 1995, including our belief as to the
extent and timing of various studies including the PEA, and
exploration results, the potential tonnage, grades and content of
deposits, and timing, establishment, and extent of resource
estimates. These forward-looking statements are made as of the date
of this news release and the dates of technical reports, as
applicable. Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
future circumstances, outcomes or results anticipated in or implied
by such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur. While we have based these
forward-looking statements on our expectations about future events
as at the date that such statements were prepared, the statements
are not a guarantee that such future events will occur and are
subject to risks, uncertainties, assumptions and other factors
which could cause events or outcomes to differ materially from
those expressed or implied by such forward-looking
statements.
Such factors and assumptions include, among others, the
effects of general economic conditions, the price of gold, silver
and copper, changing foreign exchange rates and actions by
government authorities, uncertainties associated with legal
proceedings and negotiations and misjudgments in the course of
preparing forward-looking information. In addition, there are known
and unknown risk factors which could cause our actual results,
performance or achievements to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Known risk factors include risks
associated with project development; the need for additional
financing; operational risks associated with mining and mineral
processing; fluctuations in metal prices; title matters;
uncertainties and risks related to carrying on business in foreign
countries; environmental liability claims and insurance; reliance
on key personnel; the potential for conflicts of interest among
certain of our officers, directors or promoters with certain other
projects; the absence of dividends; currency fluctuations;
competition; dilution; the volatility of our common share price and
volume; tax consequences to U.S. investors; and other risks and
uncertainties. Although we have attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. We are under no obligation to update or alter any
forward-looking statements except as required under applicable
securities laws.
Cautionary Note to United States Investors - The information
contained herein and incorporated by reference herein has been
prepared in accordance with the requirements of Canadian securities
laws, which differ from the requirements of United States securities laws. In particular,
the term "resource" does not equate to the term "reserve". The
Securities Exchange Commission's (the "SEC") disclosure standards
normally do not permit the inclusion of information concerning
"measured mineral resources", "indicated mineral resources" or
"inferred mineral resources" or other descriptions of the amount of
mineralization in mineral deposits that do not constitute
"reserves" by SEC standards, unless such information is required to
be disclosed by the law of the Company's jurisdiction of
incorporation or of a jurisdiction in which its securities are
traded. U.S. investors should also understand that "inferred
mineral resources" have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal
feasibility. Disclosure of "contained ounces" is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Avino Silver & Gold
Mines Ltd.