Business
Avino Silver & Gold Mines Ltd. Reports Q1 2019 Financial Results
VANCOUVER, May 8, 2019 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; FSE:GV6, "Avino" or "the Company") released today its consolidated financ
About this update from Avino Silver & Gold Mines Ltd.
[{"type":"text","content":" VANCOUVER, May 8, 2019 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; FSE:GV6, \"Avino\" or \"the Company\") released today its consolidated financial results for the Company's first quarter ended March 31, 2019. The Financial Statements and Management Discussion and Analysis (MD&A) can be viewed on the Company's web site at www.avino.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. FIRST QUARTER 2019 HIGHLIGHTS Generated revenues of $6.7 million from the sale of concentrates Mine operating income of $56 thousand Net loss after taxes of $0.6 million or ($0.01) loss per share Silver equivalent production of 615,019 ounces1, including 268,399 ounces of silver, 1,813 ounces of gold and 1,062,702 pounds of copper Total consolidated cash cost2 was $11.44 per silver equivalent payable ounce1 Consolidated all-in sustaining cost (\"AISC\")2 was $13.81 per silver payable equivalent ounce1 Working capital of $10.5 million Earnings before interest, taxes, depreciation and amortization (\"EBITDA\") was $49 thousand Cash of $2.5 million was on hand at the end of the quarter 1. In Q1 2019, AgEq was calculated using metals prices of $15.57 oz Ag, $1,304 oz Au and $2.82 lb Cu. In Q1 2018, AgEq was calculated using metals prices of $16.77 oz Ag, $1,330 oz Au and $3.16 lb Cu 2.. The Company reports non-IFRS measures which include cash cost per silver equivalent ounce, all-in sustaining cash cost per ounce, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures \"As a result of the ongoing depressed metals market environment together with the planned 7 day upgrade to the crushing circuit in which all mill circuits were offline, earnings during the first quarter of 2019 were affected\" said David Wolfin, President and CEO. \"On a positive note, the installation of a tailings thickener commenced which should be completed on schedule and ready for startup in May, 2019. In addition, engineering work is ongoing for a new tailings storage facility in the historic open pit which is already permitted. Furthermore, we are confident that our decision to pursue the mill expansion in 2018 was the r...