Avino Silver & Gold trades higher on production jump
Avino Silver & Gold Mines was up 2.05% to $1.49 after announcing a 148% production jump in its third quarter due to new mining equipment.
Silver, gold and copper production were all up. Silver production increased by 84% to 399,836 oz. Gold production increased by 49% to 1,644 oz.
Avino said there was a 12% increase in tonnes mined during the quarter, as well as a 27% increase in underground development metres. The improvements can be attributed to additional mining equipment acquired during 2015, including 3 new jumbos and 12 new 20 tonne capacity haulage trucks.
David Wolfin, president and CEO, said more equipments refinements are planned.
"We delivered strong operating results and are well positioned to meet management’s production expectations going forward," said Wolfin.
"Refinements in the mill are underway to reduce deleterious minerals and improve payables, exploration drilling has commenced at the San Gonzalo mine and deliveries to Samsung are underway."
Avino has operations in Durango, Mexico and Brarlorne, British Columbia.
Full news release is embedded below.