SOURCE: InvestmentPitch

December 24, 2010 20:19 ET

Avino Silver & Gold Mines (ASM - TSX.V) Closes $5,130,000 Private Placement - Video News Alert Posted on InvestmentPitch.com

Vancouver, BC--(Marketwire - December 24, 2010) -


Vancouver, British Columbia, December 24, 2010 - Avino Silver & Gold Mines (ASM - TSX.V) has closed a non-brokered private placement with aggregate gross proceeds of $5,130,000 from the sale of 2,700,000 units at a price of $1.90 per unit.

Each unit is comprised of one common share and one non-transferrable share purchase warrant. Each warrant entitles the investor to purchase one additional common share at an exercise price of $2.50 with a term of three years until December 22, 2013. The common shares issued, and any common shares issued pursuant to the exercise of Warrant prior to April 23, 2011 will be restricted from trading until April 23, 2011.

To view the InvestmentPitch.com video news alert about Avino Silver and Gold, click here. If the link is unavailable, please visit www.investmentpitch.com and enter "Avino" in the search bar.

The Company is pleased to have Sprott Private Wealth LP ("Sprott") facilitate the participation of its clients in the private placement and also to have Sprott Asset Management LP, on behalf of certain funds and managed accounts invest in the Company through the acquisition of Units. The Sprott Group has been instrumental in the development of countless successful mining ventures and Sprott Asset Management is a leading independent asset manager dedicated to achieving superior returns for its clients over the long term. Sprott manages several billion dollars through multiple funds and has been the winner of numerous prestigious distinctions that are awarded to funds providing superior returns.

The net proceeds of this Offering will be used to advance the Company's San Gonzalo silver, gold, lead and zinc project at Durango, Mexico and general working capital requirements.

Avino has quite a history in Mexico, having operated there continuously since 1968. Avino acquired this project in 1974 and produced gold, silver and copper until 2001 when they closed it because of a loss of a key smelter combined with $4.00 silver.

The company completed a three year program of modernization of the mill, including a new 250 t/p/d circuit to process high grade ore. Avino is well financed and expects to bring the San Gonzalo Zone into full time production in 2011. They are also planning a significant drill program to both increase their resources and explore new targets.

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Source: InvestmentPitch via Thomson Reuters ONE

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Contact Information

  • CONTACT:
    Avino Silver and Gold Mines
    Bill Bowker, Investor Relations
    604-682-3701
    Email Contact

    InvestmentPitch.com
    Barry Morgan, CFO
    604-684-5524
    Email Contact