Avino Silver and Gold Mines up 5 pct on monthly production increase
Avino Silver and Gold Mines (CVE:ASM) announced a 27% production increase in January 2014 over December. The total January silver equivalent produced was 105,551 ounces compared to 83,102 in December.
The company was up 5.13% to $2.05 a share as of 11 a.m. EST.
Avino's CEO attributed the production jump to better grades and more processing equipment coming on line.
"In 2014 we expect a significant increase in our overall output as we continue to encounter improved grades and experience better recoveries as we move deeper into the San Gonzalo mine; as anticipated," said David Wolfin, President, CEO & Director, Avino Silver & Gold Mines Ltd in a news release.
"We will also be processing material through both circuits 1 and 2 for the full year with the expectation of circuit 3 coming online in the 4th quarter to process material from the Avino Mine."
The Mexico-based miner said silver and gold feed grades for January increased significantly over those of December by 26% and 18% respectively.
The miner is up a full 71% since the year started.
Avino Silver and Gold Mines also also holds precious metals properties in British Columbia and Yukon Territory.