Avino Silver & Gold Mines Advances La Preciosa Project Toward Production

Avino Silver & Gold Mines is making significant progress on La Preciosa, a development-stage mineral property in Durango, Mexico, known for hosting one of the largest undeveloped primary silver resources in the country. Located adjacent to Avino's current operations, La Preciosa's addition has notably expanded the company's consolidated mineral resources to 371 million silver equivalent ounces according to National Instrument 43-101 standards.

For the year 2024, Avino has earmarked a capital investment between $3 million and $4 million (U.S.) for La Preciosa. This funding is allocated for surface works and the procurement of equipment essential for the initial phase of mine development, specifically targeting the Gloria and Abundancia Veins. The company has already secured the necessary mining equipment to kickstart operations at La Preciosa.

The process for obtaining the environmental permit is underway, with an application submitted to the appropriate regulatory bodies. Following this, Avino plans to apply for an additional permit, crucial for starting construction activities such as the portal, haulage ramp, and mining operations for the identified veins. The company anticipates the approval of these permits within 2024.

Facilities on-site, including drill core storage and office buildings, are in excellent condition and operate on solar power, underscoring Avino's commitment to maintaining a minimal environmental footprint and ensuring cost-effective operations.

Ongoing and preparatory activities at La Preciosa and the Avino mill include:

• Rehabilitation of the surface office building;
• Sampling of historical surface mineralized stockpiles;
• Transportation of these stockpiles to the Avino milling complex;
• Stabilization efforts for mine entrance and previously developed underground areas.

At the Avino mill, work is progressing on refurbishing an unused thickener tank. This is in preparation for processing the historic stockpiles in one of the 250-tonne-per-day circuits, aiming to produce a silver-gold concentrate.

David Wolfin, President and CEO of Avino, expressed enthusiasm about the recent developments, highlighting the signing of a long-term land use agreement with a local community in early January as a critical step towards bringing La Preciosa into production.

In addition to these operational updates, Avino continues to focus on corporate social responsibility initiatives, recently distributing educational resources such as Samsung tablets and TVs to local community schools. These efforts are part of a broader strategy to foster educational opportunities, cultivate a future workforce, and strengthen community relations.