Avino Silver & Gold Mines Ltd. announced the consolidated financial results for the company’s first quarter ended March 31, 2018.
Avino Silver & Gold Mines Ltd. (TSX:ASM) announced the consolidated financial results for the company’s first quarter ended March 31, 2018.
Highlights are as follows:
FIRST QUARTER 2018 HIGHLIGHTS
- Generated revenues of US$8.2 million from the sale of bulk concentrates
- Mine operating income of US$1.9 million
- Net income after taxes of US$0.8 million or US$0.02 earnings per share
- Produced 656,699 silver equivalent ounces, including 309,927 ounces of silver, 2,065 ounces of gold and 970,165 pounds of copper
- Total consolidated cash cost was US$9.63 per payable silver equivalent ounce
- Consolidated all-in sustaining cost (“AISC”) was US$11.74 per payable silver equivalent ounce
- Working capital of US$11.6 million
- Cash of US$2.3 million was on hand at the end of the quarter
- Average realized selling prices for silver and gold were US$16.73 and US$1,330 per ounce, respectively
David Wolfin, president and CEO, commented:
We continued to deliver steady financial and operating results for the first quarter of 2018, and while our silver and copper production was slightly lower, gold production and silver equivalent production increased by 12 percent and 9 percent respectively. We are very close to the completion of Mill Circuit 4, which is a significant investment in Avino’s growth, and we look forward to the increase in our production profile.
We are also focused on completing the paste backfill engineering and looking towards construction of the paste backfill plant.