Vancouver, British Columbia, January 19, 2012 - Vancouver based Avino Silver & Gold Mines (TSXV:ASM) (NYSE AMEX:ASM) has released results from the latest six holes drilled in October and November at the company`s San Gonzalo zone property north-east of Durango, Mexico.
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Of these holes at the San Gonzalo zone, two intersections from hole SG #11-12 stand out, that being 2.05 metres of 6.21 grams per tonne gold and 996 grams per tonne silver, and another 0.45 metres of 1.04 grams per tonne gold and 2,441 grams per tonne silver.
These holes explored areas of the San Gonzalo vein between intersections from previous holes drilled in 2007 and 2008. These earlier 47 holes resulted in the first NI 43-101 resource estimate being completed in 2008, based on drilling from only a small portion of the property`s 3,215 acres.
Mine development is continuing, with the 3rd level cross cut intersecting the San Gonzalo vein on January 7th. The crew is currently drilling to the west along the San Gonzalo vein to connect with the old stopes. This will add ventilation, provide additional exit ways from the third level and enable stope development. Meanwhile the decline is continuing towards the 4th level.
The company is purchasing an underground electric drill, to be used for close spaced drilling of the vein in order to upgrade the resource to reserves category and enable detailed stope planning.
The company maintains its objectives to achieve full time commercial production as soon as possible, expand both resources and reserves, increase the mines output as well as identify, explore and develop new targets on the property.
Last year the company sold the balance of the copper concentrate produced in 2011 from stockpiles of material left from previous mining of the Avino Vein. The company also sold the remaining concentrate from the bulk sample at the San Gonzalo zone, resulting in a profit of $1.2 million or $120 per tonne produced.
Avino remains in good financial position; is debt free and well-funded to continue its development plans. The shares currently trade at $1.75, and with approximately 27 million shares outstanding, the company is capitalized at $47 million.
For more information, please visit Avino`s website at www.avino.com, phone 604-682-3701 or email firstname.lastname@example.org.
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