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Avino Silver & Gold Mines Reports Q3 2021 Financial Results
VANCOUVER, BC, Nov. 9, 2021 /CNW/ - Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6), "Avino" or "the Company") released today its cons
About this update from Avino Silver & Gold Mines Ltd.
[{"type":"text","content":" VANCOUVER, BC, Nov. 9, 2021 /CNW/ - Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6), \"Avino\" or \"the Company\") released today its consolidated financial results for the Company's third quarter 2021. The Financial Statements and Management's 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. \"We had a very busy third quarter. We finalized the work necessary to recommence operations at the mine, and the restart was announced on August 3rd,\" said David Wolfin, President and CEO. \"I would like to extend my appreciation to the team in Mexico for their hard work and efforts that made it possible to accomplish the restart. In addition, in early July, we announced initial drill results from Phase 1 of the campaign and completed almost 5,000 metres in the quarter. Q3 production results were achieved after a period of closure, and we continue to increase production and reach levels established prior to closure. Also in the quarter, we made the final installment in our debt to Samsung, and we are now debt free. We had revenues of $1.9 million with only one month of sales, working capital of over $28 million and cash of over $22 million. With the recent announcement of the acquisition of La Preciosa, we feel we are poised for growth with many more years of mining in our future.\" 3rd Quarter 2021 Highlights Strategic Acquisition of La Preciosa Silver Project from Coeur Mining Inc. (\"Coeur\") On October 27, 2021, and subsequent to the end of Q3 2021, the Company announced that it has entered into a definitive agreement (the \"Agreement\") with Coeur to acquire the La Preciosa silver project, which is located adjacent to the Avino Mine in the state of Durango, Mexico, for upfront consideration of $29.7 million on closing and $5 million due within 12 months of closing. Further contingent consideration including cash, royalties and a mineral reserve discovery payment. Mining Operations Resumed at Avino Mine On August 3, 2021, the Company announced that mining operations have officially restarted at the Avino Mine. During the three months ended September 30, 2021, mining activities continued to ramp up and management expects to reach previous production levels during Q4 2021 or Q1 2022. Te...