Avino Silver and Gold (ASM.V, NYSEMKT:ASM) has announced it produced in excess of 650,000 silver-equivalent ounces in the first quarter of 2014, effectively doubling its production rate compared to the same quarter last year. The main driver of this excellent performance obviously was the Avino mine in Mexico that was restarted last year, as without this mine, the silver-equivalent production would have been a tad lower as the average grade at San Gonzalo dropped by a double digit percentage..
Everything seems to be going well at Avino and the mine produced just over 140,000 ounces of silver, 720 ounces of gold and 850,000 pounds of copper. This means that at the current commodity prices, copper seems to be the main metal at the Avino mine and the exposure to this base metal could be a very welcome diversification for Avino.
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Disclosure: The author holds a long position in Avino Silver and Gold. Please see our disclaimer for current positions.
