December 28, 2018 Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; GV6: FSE; “Avino” or the “Company”) announces that it has filed a new short form base shelf prospectus dated December 21, 2018 (the “Base Shelf Prospectus”) in Canada, pursuant to which Avino may distribute common shares (the “Offered Shares”) from time to time through Cantor Fitzgerald & Co. (the “Agent”), as agent or as principal, pursuant to an amended and restated sales agreement currently in effect with the Agent for the distribution of the Offered Shares in the United States up to the aggregate sales amount of US$8.0 million (the “Maximum Amount”), in accordance with the terms of the Sales Agreement (the “Offering”). The Offering is being made in the United States under the terms of a registration statement on Form F-3 (SEC File No. 333-226963) (the “Registration Statement”) filed and effective with the United States Securities and Exchange Commission (the “SEC”), and a prospectus supplement dated December 28, 2018 (the “Prospectus Supplement”) filed in each Province of Canada, except Quebec, to the Base Shelf Prospectus; the Registration Statement, Prospectus Supplement and Base Shelf Prospectus being collectively, the “Prospectus”).
Sales of Offered Shares under the Prospectus will be made in transactions that are deemed to be “at-the-market distributions” as defined in National Instrument 44-102, Shelf Distributions (“NI 44-102”), including sales made directly on the NYSE American. The Offered Shares will be distributed at the market prices prevailing at the time of sale. As a result, prices may vary as between purchasers and during the period of distribution. The period of distribution will be until the Maximum Amount has been achieved, unless terminated earlier under the terms of the Sales Agreement.
The Company has agreed to pay the Agent a cash commission equal to 3.0% of the gross proceeds of the Offering.
The Prospectus Supplement relating to the Offering, together with the Base Shelf Prospectus and the Registration Statement (collectively, the “Offering Documents”) will be filed with the securities commissions in all of the Provinces of Canada, except Quebec, and the Registration Statement previously filed with the SEC. The Offering Documents will contain important detailed information about the securities being offered. Before you invest, you should read the Offering Documents and the other documents the Company has filed for more complete information about the Company and the Offering. Copies of the Sales Agreement and the Offering Documents will be available for free by visiting the Company’s profiles on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com or the SEC’s website at www.sec.gov, as applicable.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; GV6: FSE; “Avino” or “the Company”) is pleased to announce initial results from the drilling campaign at the Bralorne Gold Mine located near Gold Bridge, British Columbia, and an update on its 2018 - 2019 strategic exploration objectives. The drill results comprise three drill holes from a total of six, targeting the potential up-dip extension of the 27 Vein Extension Target. The Company is using the gross proceeds of CDN $6,000,000 raised from the Flow-Through share offering which closed on April 27, 2018 to fund the exploration work. The news release dated April 27, 2018 describing the offering may be viewed on the Avino website or under the Company’s profile on SEDAR (www.sedar.com) and was also filed with the SEC on Form 6-K.
“We are very pleased with the initial assay results received from the drilling of the 27 Vein Extension Target, which has confirmed the vein continuity up dip from the area of historic production, and we look forward to receiving additional assays and continued success from the drill program,” said David Wolfin, Avino’s President and CEO. “We are equally thrilled to be providing a comprehensive update on the progress of the exploration strategy.”
Drilling Campaign – 27 Vein Extension Target Initial Results
The first ten holes of the program have now been completed. Drilling commenced with the 27 Vein Extension target and six deep holes were committed from this first phase to test the up-dip extension of this vein. Five of the six holes successfully intersected the 27 Vein at predicted depths, with one hole (SB-2018-2015) being abandoned before reaching target depth due to adverse ground conditions.
Historic drifting and drill testing of the 27 vein up-dip from the productive historic stoping was extremely limited, therefore it was considered a prime target for the initial drilling of Phase One.
Results from three of the six holes into the 27 Vein are reported below, with assays still pending for the remaining holes. Drilling shown on the following links: Figure 1: 27 Vein Plan View and Figure 2: 27 Vein Section (Looking SW) intersected the vein between 180 and 420 m up dip of the historic stoping. Drill holes were spaced 100 – 200 metres apart.
Since the completion of the phase one holes into the 27 Vein target, the drill has completed an additional four holes into the Ned’s Vein target, 700 metres along strike to the south west of the Peter Vein. Assay results from these holes are still pending.
Table 1: Summary of drilling from the 27 Vein Extension Target
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