Avino Silver & Gold Mines Ltd. (“Avino” or “theCompany”), as reported on May 11 and July 3, 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”).
The Company has been fully co-operating with the BCSC in this matter, and withits independent engineering consultants, Tetra Tech Wardrop (“Tetra Tech”), hasfiled with the BCSC an amended technical report to address the BCSC’sdisclosure concerns.
The Company also wants to clarify certain technical disclosures with respect tothe San Gonzalo Mine. Due to the development of a ramp, bulk sampling, limitedmining depletion and additional delineation drilling, a 2009 inferred resourceestimate prepared on the San Gonzalo vein is no longer considered a currentresource estimate and should not and cannot be relied upon as such. It shouldbe noted that there are significant risks associated with making a productiondecision on the San Gonzalo Mine without a current resource estimate.
The Company has not altered its plan to move forward with the development ofSan Gonzalo Mine and intends on processing feed mined from the San Gonzalo Minelater this year. The Company is currently in the process of engaging anindependent engineering firm to complete a comprehensive technical report thatwill include all significant areas of the Avino mine property.
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, and exploration results, thepotential tonnage, grades and content of deposits, timing and establishment andextent of resources estimates. These forward-looking statements are made as ofthe date of this news release and the dates of technical reports, asapplicable. Readers are cautioned not to place undue reliance onforward-looking statements, as there can be no assurance that the futurecircumstances, 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 therequirements of Canadian securities laws, which differ from the requirements ofUnited States securities laws. In particular, the term “resource” does notequate to the term “reserve”. The Securities Exchange Commission’s (the “SEC”)disclosure standards normally do not permit the inclusion of informationconcerning “measured mineral resources”, “indicated mineral resources” or“inferred mineral resources” or other descriptions of the amount ofmineralization in mineral deposits that do not constitute “reserves” by SEC standards,unless such 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.