Day: March 16, 2022

“2021 was highlighted by many positive achievements for Avino, with our fourth quarter results showcasing the progress made in the restart of operations with meaningful earnings and free cash flow generation. It was a pivotal year in many respects as we restarted mining operations after an extended closure period, repaid our $10 million term facility to Samsung C&T UK, and announced the proposed acquisition of La Preciosa,” said David Wolfin, President and CEO.

“Our projects portfolio is the result of years of effort and invested intellectual capital. We have a track record of discoveries, and we feel the varied and exciting projects in our portfolio have the potential to add to that record.”

Major growth projects at the Yauricocha Mine include the expansion of the tailings dam and sinking of the Yauricocha shaft. At the Bolivar mine, growth will be focused around the expansion of plant capacity and the integration tunnel which will link the mine to the mill, creating efficiencies and cost reduction by eliminating truck haulage of ore to the mill. Both projects are planned for completion by the end of Q4 2022.

“The ELG Underground continues to impress, with Proven & Probable Reserves up 20% in 2021 following a 15% increase in 2020. The net increase in underground Reserves primarily reflects the extensive infill drill campaign carried out in 2021, with the intent on upgrading Inferred Resources to the Measured and Indicated categories.”