Avino Silver & Gold Mines Ltd. (“Avino” or “theCompany”), as reported on May 11, 2012, the Company’s publicdisclosures on mineral resource estimates regarding the Company’s Avinoproperty in Durango, Mexico, have been under review by the British ColumbiaSecurities Commission (“BCSC”). This review resulted in the Company issuing anews release on May 11, 2012 to clarify and retract certain disclosures it hasmade.
The Company has been fully co-operating with the BCSC in this matter, butunfortunately due to an oversight, a corporate presentation which reported aglobal resource estimate for the property had remained on the Company’swebsite. It has now been removed.
The Company is working with its independent engineering consultants, Tetra TechWardrop (“Tetra Tech”), and filed with the BCSC an amended technical report toattempt to address the BCSC’s disclosure concerns. The BCSC has furtherconcerns with the technical report, principally dealing with:
1. Limitations on the scope of the report, the use of legacy data for theestimation of a tailings resource, and the exclusion of data and informationthat is necessary to support the report’s conclusions for an inferred tailingsresource;
2. Issues about the assay database used in the report for the tailings resourceestimate; and
3. Unsupported statements about mining activity, economic viability andcommercial production.
The Company and Tetra Tech intend to address all of the BCSC’s disclosureissues. However, in the meanwhile, the BCSC has issued a cease trade orderagainst the Company. The cease trade order is effective in Canada, and willremain in place until the Company has addressed the disclosure concerns raisedto the BCSC’s satisfaction.
The disclosure of the technical information contained in this news release hasbeen reviewed and approved by Mr. Chris Sampson, P. Eng., and Mr. Jasman Yee,P. Eng., who are Qualified Persons as defined by NI 43-101.
ON BEHALF OF THE BOARD
“David Wolfin”
________________________________
David Wolfin
President & CEO
Safe Harbour Statement - This news release contains “forward-lookinginformation” and “forward-looking statements” (together, the “forward lookingstatements”) within the meaning of applicable securities laws and the UnitedStates Private Securities Litigation Reform Act of 1995, including our beliefas to the extent and timing of various studies including the PEA, andexploration results, the potential tonnage, grades and content of deposits, timingand establishment and extent of resources estimates. These forward-lookingstatements are made as of the date of this news release and the dates oftechnical reports, as applicable. Readers are cautioned not to place unduereliance on forward-looking statements, as there can be no assurance that thefuture circumstances, outcomes or results anticipated in or implied by suchforward-looking statements will occur or that plans, intentions or expectationsupon which the forward-looking statements are based will occur. While we havebased these forward-looking statements on our expectations about future eventsas at the date that such statements were prepared, the statements are not aguarantee that such future events will occur and are subject to risks,uncertainties, assumptions and other factors which could cause events oroutcomes to differ materially from those expressed or implied by suchforward-looking statements.
Such factors and assumptions include, among others, the effects of generaleconomic conditions, the price of gold and silver, changing foreign exchangerates and actions by government authorities, uncertainties associated withlegal proceedings and negotiations and misjudgments in the course of preparingforward-looking information. In addition, there are known and unknown riskfactors which could cause our actual results, performance or achievements todiffer materially from any future results, performance or achievementsexpressed or implied by the forward-looking statements. Known risk factorsinclude risks associated with project development; the need for additionalfinancing; operational risks associated with mining and mineral processing;fluctuations in metal prices; title matters; uncertainties and risks related tocarrying on business in foreign countries; environmental liability claims andinsurance; reliance on key personnel; the potential for conflicts of interestamong certain of our officers, directors or promoters of with certain otherprojects; the absence of dividends; currency fluctuations; competition;dilution; the volatility of the our common share price and volume; taxconsequences to U.S. investors; and other risks and uncertainties. Although wehave attempted to identify important factors that could cause actual actions,events or results to differ materially from those described in forward-lookingstatements, there may be other factors that cause actions, events or resultsnot to be as anticipated, estimated or intended. There can be no assurance thatforward-looking statements will prove to be accurate, as actual results andfuture events could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance onforward-looking statements. We are under no obligation to update or alter anyforward-looking statements except as required under applicable securities laws.
Cautionary Note to United States Investors - The information contained hereinand incorporated by reference herein has been prepared in accordance with the requirementsof Canadian securities laws, which differ from the requirements of UnitedStates securities laws. In particular, the term “resource” does not equate tothe term “reserve”. The Securities Exchange Commission’s (the “SEC”) disclosurestandards normally do not permit the inclusion of information concerning“measured mineral resources”, “indicated mineral resources” or “inferredmineral resources” or other descriptions of the amount of mineralization inmineral deposits that do not constitute “reserves” by SEC standards, unlesssuch information is required to be disclosed by the law of the Company’sjurisdiction of incorporation or of a jurisdiction in which its securities aretraded. U.S. investors should also understand that “inferred mineral resources”have a great amount of uncertainty as to their existence and great uncertaintyas to their economic and legal feasibility. Disclosure of “contained ounces” ispermitted disclosure under Canadian regulations; however, the SEC normally onlypermits issuers to report mineralization that does not constitute “reserves” bySEC standards as in place tonnage and grade without reference to unit measures.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that termis defined in the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.