2. Cautionary Disclaimer:
Forward-Looking Statements
Safe Harbour Statement - This presentation contains "forward-looking information" and "forward-looking statements" (together, the "forward looking statements") within the
meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including our belief as to the extent and timing of various studies
including the PEA, and exploration results, the potential tonnage, grades and content of deposits, timing and establishment and extent of resources estimates. These forward-
looking statements are made as of the date of this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-
looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or
that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our
expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to
risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking
statements.
Such factors and assumptions include, among others, the effects of general economic conditions, the price of gold and silver, changing foreign exchange rates and actions by
government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition,
there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or
achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with project development; the need for additional financing;
operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign
countries; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers, directors or promoters of
with certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of the our common share price and volume; tax consequences to
U.S. investors; and other risks and uncertainties. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as
required under applicable securities laws.
Cautionary Note to United States Investors - The information contained herein and incorporated by reference herein has been prepared in accordance with the requirements of
Canadian securities laws, which differ from the requirements of United States securities laws. In particular, the term "resource" does not equate to the term "reserve". The
Securities Exchange Commission's (the "SEC") disclosure standards normally do not permit the inclusion of information concerning "measured mineral resources", "indicated
mineral resources" or "inferred mineral resources" or other descriptions of the amount of mineralization 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's jurisdiction of incorporation or of a jurisdiction in which its securities are traded. U.S. investors
should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility.
Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Mr. Chris Sampson, P. Eng (Consulting Geologist) and Mr. Jasman Yee P.Eng (Avino Director)are the Qualified Persons for the Company as required by NI 43-101. These
qualified persons have reviewed the technical information concerning the properties contained in this power point presentation for accuracy and have authorized its
disclosure. The Company expressly disclaims any obligation to update any forward-looking statements.
2
3. Mexico – The world’s largest silver producer
Near Durango (pop 630,000)
Located in Sierra Madre silver/gold belt
Excellent infrastructure
Access to highly-skilled labor
Geopolitically secure
Long-term surface agreements on claims
Year-round access
3
4. The Avino Mine was founded
by Spaniards in 1558 and was one of the
first Spanish mines in Mexico
4
The Avino deposit first was discovered by Spanish nobleman, Juan de
Tolosa and later developed by Captain Francisco Ibarra of Cortez’s
army.
5. By the end of the 18th Century Avino hosted the largest open cut mine in
the world. The mine was owned by a British company listed on the
London Stock Exchange. At that time the company was organized with a
capital of £1,000,000 in shares of £1 each
5
6. Avino acquired the project in 1974 and produced silver,
gold, copper and lead for 27 years.
16 M oz of silver
96,000 oz of gold
24Million lbs of copper
Proven Track Record
The vein was never mined out, production ceased
in 2001 due to low metals prices and the closure of
a key smelter6
7. 5. Continue to explore regional targets on the property and
consider acquisition opportunities.
San Gonzalo Vein
Exploration
Avino’s Plan
Tailings
Avino Vein
1. Increase profitable mining operations at San Gonzalo by decreasing
operating costs and improving efficiency;
4. Continue to review and develop plans to process the oxide tailings
resource left from historic milling operations;
3. Develop the Avino mine for commercial production commencing in
2014;
7
Surface Stockpiles
2. Increase mill throughput using the new circuit (“Circuit 2”) that went
online in April 2013;
9. 9
Resources
Resource
Category
Deposit
Cut-off Ag
Eq*
Tonnes
Contained Metal Grade
Ag_Eq Ag Au Cu Ag_Eq Ag Au Cu
(oz) (oz) (oz) (t) (g/t) (g/t) (g/t) (%)
Measured
San
Gonzalo
System
150 71,416 914,791 759,801 3,288 N/A 398 331 1.432 N/A
Total Measured - All
Deposits
71,416 914,791 759,801 3,288 N/A
Indicated
Avino
System
100 4,253,968 23,838,629 10,835,338 72,207 30,914 174.3 79.2 0.528 0.727
Indicated
San
Gonzalo
System
150 222,407 2,763,069 2,043,514 15,263 N/A 386 286 2.134 N/A
Total Indicated - All
Deposits
4,476,375 26,601,698 12,878,852 87,470 30,914
Total Measured &
Indicated – All Deposits
4,547,791 27,516,489 13,638,653 90,758 30,914
Inferred
Avino
System
100 3,220,896 16,262,944 7,068,831 75,858 17,719 157 68.3 0.733 0.55
Inferred
San
Gonzalo
System
150 1,085,276 10,494,843 8,158,834 49,549 N/A 300.8 233.8 1.42 N/A
Inferred
Oxide
Tailings
50* 2,340,000 N/A 6,660,000 39,530 N/A N/A 91.3 0.54 N/A
Total Inferred - All
Deposits
6,646,172 26,757,787 21,887,665 164,937 17,719
Note: Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be
materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of
reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as
an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to the Indicated or Measured mineral
resource category
The effective dates of the resource estimates are June 10, 2013 for San Gonzalo and Avino Mines, while the effective date forthe Oxide Tailings is July 24, 2012, but it is still considered
current. T he base case scenario used in the estimation assumes a silver price of $US20 which translates into a cut-off grade of 150 g/t silver equivalent at San Gonzalo and 150 g/t at
the Avino Mine.To calculate the above silver equivalent grades, Avino has assumed a price of silver of US $20 per oz., a price of copper of US $3.66 per lb. with a recovery rate of 85%
for copper, and a price of gold of US $1,507 per oz., with 75% recovery rate for gold at the Avino Mine and 70% recovery rate for gold at the San Gonzalo Mine. The Avino and San
Gonzalo mineral resource estimates were prepared by Robert Morrison, Ph.D., P.Geo., while the oxide tailings resource was prepared by Mike O'Brien, M.Sc., P.Geo. Dr. Morrison and
Mr. O'Brien are both employees of Tetra Tech, and independent of the Company, as defined by Section 1.5 of NI 43-101.
10. In 2006, management completed the
acquisition of the remaining 51% interest in the
Avino property.
Hired technical personnel from
previous operation
Conducted 33,200 meters of
drilling between 2006 and 2012
Re-furbished the facilities
Raised $13 million between
2003 and 2006 (non brokered)
Numerous veins and prospective
surface showings identified
80 Km of IP Geophysics
1,500 soil samples and
Satellite imagery done
Modern software (Gemcom)
9.
11. 1. San Gonzalo Drilling Highlights
Hole # FROM TO Width * Au (g/t) Ag (g/t) Ag (oz/t)
Hole – 4 20.85 21.90 1.05 0.29 989 28.7
Hole – 6 280.65 280.90 0.25 0.47 2,119 61.5
Hole – 10 154.30 154.65 0.35 5.143 992 28.8
Hole – 10 156.80 157.55 0.75 4.183 926 26.9
Hole – 12 165.65 166.40 0.75 22.902 1,609 46.7
Hole – 16 48.60 49.05 0.45 6.171 1,189 34.5
Hole – 23 296.10 297.60 1.50 15.771 1,511 43.8
Hole – 24 115.80 116.60 0.80 16.320 2,804 81.3
Hole - 24 116.60 117.25 0.65 10.491 5,265 152.7
Hole - 27 233.65 234.10 0.45 10.630 1,117 32.4
Independently verified preliminary metallurgical test work on core
samples of mineralized intercepts from deeper in the mine (sulphides)
provided recoveries of 93% for silver and 90% for gold.
*Down hole intersection lengths are reported, true widths are unknown
Grade is King!
11
12. Modernized Mill & Infrastructure (2008 – 2010)
Decision to rebuild mill made in 2008 (During global financial crisis)
Total rebuild completed in August 2010 for a 250 tpd mill operation
Mill and surface infrastructure valued at US $40 million*
Built 2 new core storage facilities
Hired key personnel
Full grid power restored in 2010
Commenced milling late August 2010
12
* Independently verified by H.C. Osborne and Associates in a 2006 report titled ”Technical Review of The Avino Silver and
Gold Mines LTD Avino Mine”
13. 1. San Gonzalo Mine
The best place to find a mine is where mining has occurred before!
12
14. 14
1. San Gonzalo Production (Oct 2012 - May 2013)
Oct
2012
Nov
2012
Dec
2012
Jan
2013
Feb
2013
Mar
2013
Apr
2013
May
2013
Average Daily Throughput
(TPD)
214 218 235 228 229 230 223 232
Days of Operation 31 30 27 28 28 30 29 30
Feed Grade Silver (g/t) 233 256 287 315 306 307 274 279
Feed Grade Gold (g/t) 0.93 0.99 1.19 1.275 1.19 1.4 1.36 1.13
Recovery Silver (%) 82 78 78 81 80 83 81 82
Recovery Gold (%) 72 69 68 70 66 73 73 72
Total Silver Produced (oz’s)
calculated
40,671 41,870 46,066 52,779 50,315 56,513 45,899 50,923
Total Gold Produced (oz’s)
calculated
144 144 167 184 162 229 206 183
Total Silver Equivalent
Produced (oz’s)
47,888 49,083 54,401 62,781 59,228 69,098 57,235 60,999
Silver Equivalent Ounces
*Silver equivalent for January was calculated using a 55:1 ratio for silver to gold. For the months of October, November and December, a 50:1 ratio
was used in the calculation. (The ratio was changed to reflect the more current gold and silver prices.) Mill production figures have not been
reconciled and are subject to adjustment with concentrate sales. Year-to-date and calculated figures may not add up due to rounding.
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
47,888 49,083
54,401
62,781 59,228
69,098
57,235 60,999
15. 15
1. San Gonzalo Financials
Avino commenced commercial production starting on October 1st
2012, select financial and operational highlights from Q4 2012 and
Q1 2013 are outlined below:
Q4 2012 Q1 2013
Revenues reported for the quarter $2,255,376 $3,490,004
Mine operating income $820,807 $1,040,847
General and admin expenses $889,152 $1,151,904
Earnings before income taxes $443,981 $87,978
Earnings for the period $173,660 $87,978
Earnings per share (Q4) $0.01 $0.00
Processed ore for Q4 2012 19,539 tonnes 19,723 tonnes
Silver ounces sold for Q4 2012 107,850 123,166
Gold ounces sold for Q4 2012 413 475
Cash cost per equivalent silver ounce $14.22 $14.74
16. 16
2. Second 250 tpd Circuit (Historic Avino Mine (ET) Surface Stockpiles)
• In April 2013, Avino opened a second 250 tpd mill circuit to accommodate mill feed
remaining from existing historic stockpiled material taken from the main Avino mine prior
to shut down in 2001. (Estimated 7 months of production @ 250 tpd)
• Once the historic stockpiled material is depleted, the circuit will be used to expand
through-put at the San Gonzalo or the Main Avino mine if needed.
**During the first 3 quarters of 2012, Avino processed the historic surface stockpiled
material using the existing 250 tpd circuit. The feed material graded approximately 70 g/t
Ag and 1 g/t Au generating the following results:
0
10,000
20,000
30,000
40,000
50,000
60,000
Q1 Q2 Q3
28,875
23,129
50,074
Calculated Silver Equivalent Ounces (Q1 – Q3 2012)
*Silver equivalent ounces in 2012 were
calculated using prices of US$1,700
per oz and US$34.00 per oz for gold
and silver respectively and applied to
the recovered metal content of the
concentrates that was produced from
the historic ET stockpiles
**In Quarters 1 through 3 the Company
produced and sold all of the bulk
concentrate generated from processing old
ET stockpiles. During the first 3 quarters of
2012, the Company was considered an
exploration stage company, therefore the
proceeds from the sale of this concentrate
was charged as a reduction of mineral
properties and exploration costs.
17. 17
Silver Equivalent Production Totals Since Jul 2012 (oz)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
14,914
17,439 17,721
47,888 49,083
54,401
62,781
59,228
69,098
66,719
75,022
• July through Sept 2012 – Historic surface stockpiles are processed using circuit 1
• Oct 2012 through March 2013 – Circuit 1 is used to process San Gonzalo material
• April 2013 – Circuit 2 comes online to process historic surface stockpiles
18. Mill capacity is 1,500 tpd on three separate circuits
250 tpd circuit is online – San Gonzalo (circuit 1)
250 tpd circuit – ET surface stockpiles (circuit 2)
1,000 tpd circuit is being re-furbished, online 2014 (circuit 3)
Most pieces already in place for expansion
New mill components for expansion are being assembled
US$5 million credit facility in place with Caterpillar for new
equipment
16
19. 3. Re-opening the Avino Mine
New 20 year royalty agreement (3.5% NSR) on 3 concessions covering 80% of
the Avino Vein
Mine de-watering is estimated to be complete by Q4 2013
19
Water table (down
to level 9 as of
June 24, 2013)
20. 20
3. Avino Mine Production Prior to Shut Down in 2001
700,000
800,000
900,000
1,000,000
1998 1999 2000 2001
876,621
987,760
912,726
853,183
0
5,000
10,000
1998 1999 2000 2001
8,710
7,631 7,953
5,080
0
1,000,000
2,000,000
3,000,000
4,000,000
1998 1999 2000 2001
2,824,291 3,055,711 3,410,966 3,655,961
1,400,000
1,500,000
1,600,000
1,700,000
1,800,000
1998 1999 2000 2001
1,675,343
1,751,479
1,733,565
1,539,988
Silver (oz’s) Gold (oz’s)
Copper (lbs) Silver Equivalent (oz’s)*
• The Avino mine shut down due to low metals prices and the closure of a key
smelter part way through 2001.
• When operations resume in 2014, Avino will be processing Avino Vein material at
the same rate as is in 2001
*Silver equivalent calculated using current metal prices ($1,681 Au /oz, $30 Ag /oz, $3.60 Cu /lb)
Re-opening 2014
21. 4. Oxide Tailings Resource (does not include sulphide tailings)*
** Base Case
Silver: $20.38
Gold: $1,256
Spot Prices Case
Silver: $28.36
Gold: $1,622
Total Metal Value
2.34 Mt Oxide Tailings with 91.3 g/t
silver, 0.54 g/t gold US $131 million US $179 million
Capex
Capital Cost for 500,000 tonne per
annum agglomeration/heap leach
operation US $29.1 million US 29.1 million
Opex
(US$/t Treated)
Estimated operating cost per tonne
of tailings treated (stripping costs
not included) US $14.25 US $14.25
NPV $38.6 million $74.1 million
IRR 54% 92%
21
*Data disclosed in July 25th, 2012
technical report by Tetra Tech: A
Technical Report on the Avino
Property. Michael O'Brian, M.Sc.,
Pr.Sci.Nat, FGSSA, FAusIIM, FSAIIM,
Hassan Ghaffari, P.Eng., Jacques
Ouellet, P.Eng., Ph.D., Monica
Danon-Schaffer, Ph.D, P.Eng., Sabry
Abdel Hafex, Ph.D., P.Eng and
Wayne Stoyko, P.Eng., are the
Qualified Persons, as defined under
National Instrument 43-101, who
supervised and are responsible for
the Techncial Report on the Avino
Property ** A preliminary economic assessment should not be considered to be a prefeasibility or feasibility study, as the economics and technical
viability of the Project have not been demonstrated at this time. The preliminary economic assessment is preliminary in nature and includes
inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves. Furthermore, there is no certainty that the preliminary economic assessment will be
realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
22. 22
4. Oxide Tailings Resource – Projected Metal Production
** A preliminary economic assessment should not be considered to be a prefeasibility or feasibility study, as the economics and technical viability of the Project
have not been demonstrated at this time. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are
considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.
Furthermore, there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
Total Resource (Ag Eq.) 9,103,162
Total Tonnes to Mill 2,340,000
Annual Tonnes to Mill 500,000
Mine Life 5 years
Average Grade Ag (g/t) 91.3
Average Grade Au (g/t) 0.54
Average Annual Production Ag (oz) 1,028,860
Average Annual Production Au (oz) 6,580
Average Annual Production Silver Equivalent (oz)* 1,390,760
**Silver equivalent was calculated
using a 55:1 ratio for silver to gold
Silver Equivalent Ounces - Calculated
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
Y1 Y2 Y3 Y4 Y5
1,390,760 1,390,760 1,390,760 1,390,760 1,390,760
23. Production Totals 2010 – 2012*
23
* Silver and gold ounces were calculated and are approximate, 2010 and 2012 figures include output from San
Gonzalo as well as historic above ground Avino Mine stockpiles
** Silver equivalent calculated using a gold silver ratio of 50:1 for 2010 – 2012, 2013 estimates are based on a ratio of
55:1 due to changing metals prices
Silver Oz’s - Calculated Gold Oz’s - Calculated
0
200,000
400,000
600,000
800,000
2010 2011 2012 2013
25,966
133,064
191,635
0
1,000
2,000
3,000
4,000
2010 2011 2012 2013
184
686
1,236
0
200,000
400,000
600,000
800,000
1,000,000
2010 2011 2012 2013
35,166
167,364
253,451
Silver Equivalent – Calculated**
25. David Wolfin, President, CEO & Director
Over 26 years’ experience in mining and finance. Has helped raise over C$60 million for the Oniva
Mining Group.
Carlos Rodriguez, COO
25 years experience, specialized in ore quality control and regional exploration for LuisMin, Hecla Mining
Company, Luzon Minerals Ltd, Kings Minerals and has been with Avino since 2001. Mr. Rodgiruez
received a Professional Degree in Mineral Exploration from the Colorado School of Mines
Malcolm Davidson, CFO
Financial Accountant with over 8 years of experience in public practice specializing in Assurance,
Corporate taxation and business advisory engagements
Jasman Yee, P.Eng, Director, Project Manager and Metallurgist
43 years’ experience as practical mineral processing engineer. Chemical Engineering graduate of the
University of British Columbia.
Gary Robertson, Director (Independent)
Certified Financial Planner who has worked in the financial industry for the past 30 years. Presently
serves on the board of several private companies as well as six Canadian junior gold mining companies
and is a top producing financial planner at Dundee Wealth Management who is frequently in the
Chairman's club for top performers
Chris Sampson, Consulting Geologist P.Eng, BSc, ARSM
Professional geologist and graduate of the London School of Mines with more than 35 years’ industry
experience on hundreds of mineral projects worldwide. (Rio Algom, Rio Tinto, Noranda, Brinco)
Andrew Kaplan, Director (Independent)
24 years involved in deal structure, mergers and acquisitions, trading and IR as well as manages the A
to B Capital Special Situations Fund, LP.
Key Personnel – 200 years combined experience
25
26. Silver
Avino
Silver
26
Avino’s share price vs. the price of silver (% basis) since 2009
Courtesy of Yahoo Finance1. Avino’s mill re-commissioned
2. First Sprott Financing
3. Second Sprott Financing
4. COMEX raises margin requirements for silver
5. Avino announces positive results from SG bulk sample
6. Euro debt crises sets in
7. Tax loss selling
8. New Avino Mine (ET zone) royalty agreement signed
9. New tailings resource PEA published
10. Avino begins full time production at San Gonzalo Mine
1.
2.
3.
4.
5.
6.
7.
8.
9. 10.
27. With a market cap of only $23 million, Avino
is undervalued compared to its peers.
Company
Shares
Outstanding
Share
Price
Market
Cap
2012
Approximate
Annual
Production
Silver Eq.
Endeavour Silver 99,741,010 $3.74 $373 m 6.4 mil
Aurcana 58,409,564 $1.52 $88 m 2.5 mil
Great Panther 138,095,052 $0.82 $113 m 2.4 mil
Scorpio 198,388,913 $0.31 $61 m 2.3 mil
Silvercrest 108,593,205 $1.70 $184 m 2.3 mil
Alexco 62,573,898 $1.19 $74 m 2.2 mil
Avino 27,433,934 $0.86 $ 23 m 253,451
27
As at June 21st, 2013
28. Info
Financials
Issued and Outstanding - 27,433,934
Warrants - 5,211,000
Options - 2,348,482
Fully Diluted - 34,908,416
Current Cash $3.6 million
Fully diluted cash $18.3 million
52 week high/low $1.90/0.85
Largest Shareholders
Sprott Asset Management
Sprott Private Wealth
Contact
604.682.3701
ir@avino.com
www.avino.com
Exchanges
TSX Venture: ASM
NYSE – MKT : ASM
FSE: GV6
28
*financial figures taken from Q1 2013 interim financial statement
Shares outstanding taken on June 21, 2013
29. Why Own Avino?
29
• PROVEN TRACK RECORD: 27 years of continuous production; 40+ years in
business; rebuilt and re-opened Avino and San Gonzalo Mines.
• PROVEN MANAGEMENT TEAM: 200 Combined years experience in
Mining Industry.
• SHARE STRUCTURE: Only 27 Million issued.
• LOCATION: Abundant local labor surrounding mine; 1 hour drive to city of
Durango.
• LOW SECURITY RISK: Due to close proximity to Durango.
• EXISTING INFRASTRUCTURE: Paved road to the mine, water rights, grid
power.
• ORGANIC GROWTH PIPELPINE: No luck required, everything is in place,
good explorationdevelopment prospects.
• EXCELLENT EXPLORATION POTENTIAL – Majority of the property is
unexplored.