Showing posts with label Trillion Deficit. Show all posts
Showing posts with label Trillion Deficit. Show all posts

Gold in Canada: Goldstone operator drills 114 m of 7 g/t Au at Hardrock grc.to, tnr.v, ng.to, bvg.c, bva.v, amm.to, ktn.v, gbn.v, rvm.to, mgn, asm.v, sgc.v, ngq.to, btt.v, alk.ax, nem, fcx, bvn, auy, abx,

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It was worth waiting for, we have a best result to date from Hardrock property - Premier Gold drilled there 7.92 Au g/t across 114.5 m! Golstone Resources is breaking out to the upside today on volume.


"The End of Money: Gold will be go much higher from here, it will not be the straight line, but every set back will provide an investment opportunity in Gold and Silver space. We will share with our thoughts and companies we like and you will be cautioned to make your own DD as usual.
Next stage will be fight for the resources and M&A activity at all stages of investing in Gold mining cycle. With rising Gold price and inflated paper Majors will shop for juniors to buy time and gold in the ground. Jim Puplava will be a very good narrator to all our travel maps and reports about our journey. With rising gold, price price of physical gold will become even more prohibitive, we do agree with Jim that people will start to buy gold mining shares again with their easy to run discount brokerage accounts."



"Very interesting: Goldstone Resources has  found another reason to be acquired by Premier Gold - 44m of 3.17 g/t intersection at "The Key Lake property is contiguous to the Premier Gold/Goldstone Resources Hardrock project where diamond drilling by the company's partner, Premier Gold Mines Ltd., has established a significant gold resource at surface as well as high-grade intersections at depth."

StockWatch:


2010-11-04 10:18 ET - News Release

Mr. Philip Cunningham reports

HARDROCK PROJECT DRILLING: BEST RESULTS TO-DATE

Goldstone Resources Inc. operator Premier Gold Mines Ltd. has delineated significant gold mineralization in multiple horizons at the Hardrock joint-venture project in Northwestern Ontario. There are currently 11 drill rigs operational on the property, testing for extensions of previously mined zones and exploring new target areas. Goldstone holds a 30-per-cent carried interest in the Hardrock project.
Recent highlights include:
  • 7.92 grams per tonne gold across 114.5 metres including 23.56 g/t Au across 31 m in hole MM179C conducting initial resource-confirmation drilling in the F zone;
  • 18.49 g/t Au across 20.5 m in hole MM170 located approximately 500 m west of the limits of previous exploration;
  • Recent exploration drilling has intersected strong mineralization in new areas on the property, and assays are expected in the near future.
"We have ramped up our drilling due to unparalleled success in multiple areas. Expansion of historically mined zones and multiple new discoveries are expected to add materially to the current gold resource at Hardrock," stated Ewan Downie, President and CEO of Premier. "This continued success demonstrates the potential to define a multi-million ounce gold deposit".
"We continue to be gratified by results at the joint venture with Premier, while aggressively pursuing drilling programs on our 100%-owned properties in the Geraldton-Beardmore camp, including the Key Lake property, contiguous to the Hardrock Project," added Philip Cunningham, Goldstone Chairman and Interim CEO.
F Zone Resource Delineation
The F-Zone is the largest of the past-producing mine zones at Hardrock which produced more than 1.4 million ounces utilizing bulk underground methods with widths often exceeding 30 metres (100 feet). Importantly, when the mine closed in 1960's, a 600-metre plunge length of ore was left unmined. Hole MM179C is the first of several holes to confirm this mineralization and upgrade it to NI43-101 resource standards (see Figure 1 and Table 1) This intercept returned the following assays:

More.


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Gold in Canada: Bravo Gold drills 9.6 m of 5.9 g/t Au at Homestake bvg.c, bva.v, tnr.v, ng.to, grc.to, amm.to, ktn.v, gbn.v, rvm.to, mgn, asm.v, sgc.v, ngq.to, btt.v, alk.ax, nem, fcx, bvn, auy, abx,

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  So far our interaction with Bravo Gold was a total disaster, even spin out of Bravada Gold did not make this stock fly like others with higher gold prices. We have a very small position and are wondering now whether it is time to accumulate this ugly duckling in total distress? The company just recently raised more than 3 mil in flow through financing at 0.2CAD and the property is under drill now with first results coming out. Everything with discount of 15%-20% to the flow through pricing will be interesting - means that in the range of 0.17CAD - 0.16CAD this story could be entertaining again.

GoldLetter International - take this one with a grain of salt with target price of 0.4CAD, but it gives you a good overview of the company.


Bravo Gold Corp. is a well-financed Canadian based exploration company committed to increasing shareholder value with an experienced management team that has successfully demonstrated the ability to identify, explore and develop gold/silver properties within North America.


The company’s major asset, encompassing 2, 5851 hectares, is the 100% owned Homestake Ridge project in B.C., a gold-rich epithermal/VMS-related vein system hosted within Eskay Creek equivalent stratigraphy that is rapidly advancing with excellent drill results. Since initial acquisition in 2003, Bravo has moved the project from grass-roots discovery to delineation of the high-grade mineral resources to further discovery of what may evolve into a substantial gold district in north-western British Columbia.

Bravo also has a 100% option on the Silver basin Project which is located 14km southeast of the Homestake Ridge Project. The Silver Basin project consists of a single amalgamated claim of 760 hectares, Hazelton volcanic and sedimentary rocks underlie the project, which is the same package of rocks that host the bonanza-grade Eskay Creek mine farther north.
The company’s holdings, strategically located within the Battle Mountain/Eureka “Cortez” gold trend in Nevada have been spun-out to Bravada Gold Corp. in which Bravo holds 34 percent shareholding interest.

The Homestake Ridge project is being advanced as a potential high-grade underground mining operation. Since 2003, Bravo has completed over 40,800 meters in exploration and delineation drilling and in 2010 reported a NI43-101 compliant mineral resource estimate for the project of 191,000 ozs gold and 1,350,000 ozs silver plus an inferred resource of 348,000 ozs gold and 7,990,0000 ozs silver at a 3.0 g/t AuEq. cut-off in two separate deposits (1). Multiple exploration targets identified through surface exploration and a recently acquired +630 line kilometre airborne geophysical survey remain to be tested on the property and highlight the “district-scale” potential of the project.

Bravo continues to move the Homestake Project through preparatory stages to facilitate the ultimate development of the project. The company has assembled a group of exploration and mining professionals to advise and advance non-exploration related aspects of the program including data acquisition and QAQC protocols, resource modelling and preliminary engineering, economic assessment, ore metallurgy, road access and permitting.
The project is located on Nisga’a Lisims Treaty Land. Bravo has and continues to develop an integration policy that engages and incorporates local people and economic interests into the exploration and development programs.

Bravo Gold Corp. is affiliated with Manex Resource Group, a private company comprised of an exceptional multi-disciplinary team of professionals, with specific expertise in all the areas of exploration, development and public company administration.

2010-10-28 16:02 ET - News Release
Mr. Joseph Kizis Jr. reports
BRAVO EXTENDING HOMESTAKE MINERALIZATION; DRILLS 9.6 METRES OF 5.9G/T GOLD
Bravo Gold Corp. has extended mineralization above a three-gram-per-tonne-gold-equivalent cut-off in multiple horizons at the Homestake silver deposit on its 100-per-cent-owned Homestake Ridge project located in northwest British Columbia.
The company provided results on a further 10 drill holes from the 2010 exploration program, including HR10-198, which returned a 0.6-metre interval averaging 56.3 grams per tonne (g/t) gold and 48.3 g/t silver within a broader 9.6-metre interval averaging 5.9 g/t gold and six g/t silver. Drill hole HR10-198, together with holes HR10-197 and HR10-192, define coherent gold-enriched mineralized horizons in the upper volcanic stratigraphy that extend the Homestake silver deposit an additional 200 metres along strike and to the northwest of the 2009 drill-defined limits. Assays are pending for 14 holes that offset this mineralization, which could further expand the potential resources of this deposit.
Drilling in the Fox Reef and Vanguard copper zones returned thick intervals (greater than 100 metres) of strongly anomalous gold (greater than 0.1 part per million), copper and pathfinder elements such as Mo and Bi, which may indicate proximity to large intrusion-related mineral systems, which remain viable targets for future exploration on the property.
Bravo has now completed the 2010 drilling program at the Homestake Ridge project, and crews are in the process of demobilization. A total of 48 core holes have been drilled on the property for approximately 17,924 metres during this year's program. Assays from 20 of these drill holes are pending. Twenty-six drill holes totalling 11,972 metres tested the Homestake silver deposit while 22 drill holes totalling 5,952 metres were completed in six other targets on the property.
An updated long section of the 2010 drill plan and a full compilation of the 2010 assay summaries are available on
Bravo's website."

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Silver in Mexico: Sprott Asset Management takes position in Avino Silver ASM.v, RVM.to, MGN, KTN.v, TNR.v, AMM.to, KS.v, CUU.v, SLV, SLW, SSRI

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   Finally, we have a positive surprise with Avino Silver - Sprott Asset Management takes position in the company. To pass Sprott's DD means a lot in the Silver market. Erick Sprott is personally very bullish on silver and silver junior miners, you can find his interview with Jim Puplava on his website. Looks like Avino Silver finally has found its footing in this market and gets vote of confidence from Silver market insiders.


"The best store of value is Gold and Silver - the best safe is the mother earth: question is how much do they have exactly and whether management finally has waken up with these silver prices. We have history on our side here: replacement value of the recently modified Mill is more than the market cap of all this junior Silver mining company."





 
2010-10-21 17:11 ET - News Release

Mr. David Wolfin reports



AVINO ANNOUNCES $3 MILLION FINANCING



Avino Silver & Gold Mines has arranged a non-brokered private placement of up to 2.4 million units at a price of $1.25 per unit, each unit consisting of one common share and one non-transferrable share purchase warrant. Each warrant will entitle the investor to purchase one additional common share with a term of three years at an exercise price of $1.52. Sprott Asset Management LP on behalf of certain funds and managed accounts has agreed to participate in this private placement.



No commissions or fees are payable in connection with this financing. 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.



The financing is subject to approval of the TSX Venture Exchange and all regulatory authorities. The securities issued by the company in connection with this financing are subject to a four-month hold period as prescribed by the TSX Venture Exchange."


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TNR Gold: Los Azules: New benchmark for valuation: First Quantum to buy Antares Minerals for C$460 mln TNR.v, MAI.to, CUU.v, SGC.v, NGQ.v, ANT.v, FCX, RTP, BHP, RIO, BVN, AUY, TCK, BWR.to, CS.to, IMN.to, NCU.to, TKO.to, WRN.to

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"We are wholeheartedly agree with CIBC: Be Long What China's Short. M&A will drive this sector activity and we have just a few quality juniors with large copper deposits to go after. In this report, we found particularly very interesting the different valuations in the takeover scenarios, presented overall picture of Supply and Demand and qualities, which Chinese buyers are seeking in the potential partners.

Los Azules emerges in this light as a very important Copper deposit with a lot of upside in its valuation among the leaders in this particular quality, relatively high CAPEX requirements, but in the solid middle or to the higher band in a lot of different investment metrics compare to the other juniors in the analysis provided by CIBC."



It is very important that, according to CIBC report page 42, legal claims of TNR Gold are communicated properly within the industry now. Junior can fully rely on its litigation strategy, court decision or potential out-of-the-court settlement, should Minera Andes decide to clean the house before calling the real estate agents.
We will always leave it to the lawyers and court to decide - who owns what in this case in its proper time.
Copper is going up and the deposit is growing - we guess that nobody is in a hurry here. Argentina will become more fluent in Mandarin and the value of every lb of Copper in the ground will go up - to reflect fundamental picture described in the CIBC report."

The first company is gone from CIBC M&A list - who will be next? First Quantum buys Antares Minerals for 460 mil and provides a new benchmark for valuation of other copper projects. As you remember, we like from CIBC list Copper Fox Metals, NGeX resources and Los Azules project, particularly, where Minera Andes is an operator and TNR Gold is claiming its "back-in right in certain parts of the properties" according to ongoing litigation.





We will refer you to:


Minera Andes presentation


Antares Minerals presentation


and will compare valuations of Rob McEwen for Los Azules and actual buy out valuation for Haquira copper deposit in Peru - the main asset of Antares Minerals.


From Antares Minerals:


                                           Los Azules        Haquira


Cu Eq Resource (B lbs)                14              13
Mine Life (Yrs)                             24              20
Annual Cu Production (MM lbs)  375            425
Cu Grade (%)                             0.55%        0.55%
Development Capex (US$ B)       2.7             2.1
Development Capex / Ann. Prod $7.33      $4.85




Valuation by Antarex in September of Haquira was 400 mil (Cu 3.0 USD/lb - 1%) - bought out at 460 mil in October with premium of 15%
 

Valuation of Los Azules as per Antares metrix: 14 * 3.00 *1%=420 mil with premium 15% buy out should be at 483 mil.

Rob McEwen's valuation of Los Azules at 375 mil is not so stretched after all, keeping in mind the upcoming exploration season on this property.



We do not see the room in illiquid TNR Gold market for outright hostile takeover offer suggested by some blogs following the unusual pattern in the recent trading of TNR Gold, but it will be interesting to see what kind of premium any potential bid could bring if the friendly one in case of Antares was at 41%.




  Above is the Los Azules deposit map with Xstrata property above grid line 65559000, this property is subject to TNR Gold back-in right of 25% according to Statement of Defence by TNR Gold below. Below is map of Los Azules ore body presented by Minera Andes - the largest part of the mineralisation and high grade core is above grid line 6559000 on the Xstrata property, which is subject to litigation between Minera Andes and TNR Gold now.



We expect that the parties will be engaged soon in out-of-the-court settlement and cleared titled will allow Minera Andes to appreciate further reflecting its fundamental value - recent Canaccord note suggested a target price of 3.15 CAD compared even to Rob McEwem 2.83 CASD valuation at 750 mil market cap.


"We hope that fair settlement with TNR Gold will confirm Rob McEwen's "shareholder friendly" status and this deal will allow Minera Andes to enjoy the proper valuation of its assets.
It is important to note, that not a lot of people are reading documents these days: according to the Statement of Defence by TNR Gold, company claims that it has the back in right into the Northern Half of Los Azules (not all deposit) of 25%, which could represent more than 12.5% of total deposit as a "metal in the ground" - with the bigger part of high grade core on its claimed grounds. Every lawsuit has an inherited legal risks for all parties, please read Minera Andes latest MD&A and TNR Gold Statement of Defence NR legal disclaimer - but it is exactly why we think that Robert McEwen is not going to "focus his interests on the companies he runs, U.S. Gold Corporation and Minera Andes." and just sit in the courts with other companies and he will be able to resolve the situation in out-of-the-court settlement and move forward using this unique opportunity."


Please, do not forget, that we own stocks we are writing about and have position in these companies. We are not providing any investment advise on this blog and there is no solicitation to buy or sell any particular company here. Always consult with your qualified financial adviser before making any investment decisions.


Reuters: 


Mon Oct 18, 2010 1:57pm EDT

* Antares owns major undeveloped copper deposit in Peru
* First Quantum looks to cooperate with Xstrata on project

* First Quantum shrs down slightly at C$82.60

* Antares up 45.88 pct at C$6.55 (Adds details, share prices, First Quantum comment. In U.S dollars unless noted)



By Julie Crust and Julie Gordon


LONDON/TORONTO, Oct 18 (Reuters) - First Quantum Minerals (FM.TO) plans to buy Antares Minerals (ANM.V), owner of a major undeveloped copper deposit in Peru, moving into Latin America at a time when license issues have halted its operations in the Democratic Republic of Congo.

First Quantum said it agreed to buy Antares in a cash and share deal worth about C$460 million ($456 million). Both First Quantum and Antares are headquartered in Canada.

Antares' main asset is the wholly owned Haquira project in southern Peru adjacent to Xstrata's (XTA.L) Las Bambas copper-gold project. Haquira contains an estimated 3.7 million tonnes of copper on a measured and indicated basis.

The deal values each share of Antares at C$6.35, a 41 percent premium over its closing price of C$4.49 on Friday on the TSX Venture Exchange."



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Gold in Canada: Golden Band still expects gold production in Q4 GBN.v, GRC.to, TNR.v, GG, NGQ.to, SGC.v, KTN.v, AMM.to, BTT.v, BVA.v, BVG.v., MAX.to, NEM, ABX, FCX, BVN, AUY, HUI, XAU, GDX

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"Last few weeks we are hearing a lot of voices about the currency war, when all governments are trying to debase their currencies again each other. So far they are all successful in driving Gold up against all Fiat currencies.

US Dollar will have it's own destiny here: General Bernanke is winning his war against deflation. US corp. With it's total obligations above 100 Trillion dollars will have to debase it currency not only against Gold on par with other Fiat currencies, but also against other fiat currencies. We will remind you the basic math about inflation economics and the value of Debt."


 

   Another forgotten junior in Canada is coming back to life - Golden Band Resources is on track to start production from is La Ronge gold project. Share price does not reflect yet this significant transformation in this Junior's business cycle in our opinion. With recent gold price run gold in the ground with past producing mines will be reevaluated to the upside in the near future.


   Golden Band Resources Inc. (GBN:TSX-V) is Saskatchewan's Next Gold Producer. Located in the La Ronge Gold Belt of northern Saskatchewan, GBN has over 750 km2 of claims with 12 known gold deposits and 4 former producing mines. We're poised to begin gold production in the 4th quarter of 2010, beginning with our Bingo deposit, to be followed initially by our EP and Komis properties. Development of the underground infrastructure at the Bingo deposit is on schedule. Production from these deposits will feed our centrally located and 100% owned Jolu mill. We have our provincial environmental permits in place, and we have an established infrastructure including a 400 tonne-per-day mill, year-round road access, and access to grid power. Construction of the grid power line and the above ground tailings facility are underway.









2010-10-13 09:40 ET - News Release


Mr. Ronald Netolitzky reports


GOLDEN BAND RESOURCES' LA RONGE GOLD PROJECT ON TRACK FOR Q4 PRODUCTION START



Golden Band Resources Inc. has provided a progress update for the La Ronge gold project. The project remains on track for the start of gold production in the fourth quarter of 2010.



Bingo deposit exploration development



The company has received final assay data from face chip samples taken from the exploration drifts on the 1355 level and 1340 level (see news in Stockwatch on Aug. 18, 2010), and have updated the grade and tonnage estimates of the development muck stockpile.



To date, a total of 8,805 tonnes of high-grade gold mineralized material has been stockpiled from the Bingo deposit with an average grade of 15.02 grams per tonne (g/t) gold based on underground face chip sample assays. The company now estimates a high-grade stockpile gold content of 4,250 ounces (see news in Stockwatch on July 13, 2010).



A further 11,800 tonnes of low-grade material with an average grade of 4.39 g/t gold has been stockpiled. The low-grade stockpile will be transported to the Jolu mill for processing during the commissioning phase of the operations.



A continuous chip sampling method was used for each development face, using a pneumatic hammer to collect a one- to two-kilogram sample from each discreet sample intersection across the face. Upper and lower sample lines on each face, usually consisting of several one-metre-long samples, resulted in at least six assays per face. The round-by-round faces are usually three to four metres apart along the ore drift. Samples were sent to the Saskatchewan Research Council and TSL Laboratories in Saskatoon and assayed for gold content using the standard fire assay and screened metallics methods.



Composite assay data from the sampling program are shown in the tables for each ore drift, and are calculated for a minimum mining width of 2.0 metres. Where the mineralization exceeded the minimum mining width, the actual measured mineralized width was used to calculate the composite assay grade.



Face sample locations for each level can be viewed on the company website, with each plan showing the top-of-face and bottom-of-face sample lines, and the mineralized structure of the Bingo deposit.



The current phase of preproduction development is well under way with completion of the decline extension down to the 1265 level, at a depth of 120 metres below surface. Development of the 1265 level access crosscut has been completed and development of the main fresh air raise is well under way.



Surface construction is nearing completion with the installation of permanent facilities including office facilities, workshop and warehouse. A main ventilation fan and mine air heater will be installed by the end of October, 2010. Mining of the Bingo open pit is also under way, with removal of the first bench of overburden nearing completion. The subcrop of the Bingo deposit has been exposed and is being sampled and assayed prior to mining of the second bench.



Jolu mill refurbishment and construction



Progress on the Jolu mill refurbishment and construction of associated infrastructure is well advanced and remains on schedule for a fourth quarter production start.



Gary Haywood, vice-president of operations and chief operating officer, reports: "We have taken delivery of most of the major items that were either refurbished or purchased new and we have started the process of putting the plant back together for operational readiness. The very detailed assessment and engineering work we completed prior to starting refurbishment is now paying off, as the work has proceeded as planned."



Construction of the above ground tailings management facility is nearing completion, as is construction of the assay lab, offices and workshop. SaskPower has completed construction of the grid power line to site and the company is in the process of re-establishing power supply to the site transformers and associated site power distribution network. Photos of the progress of the construction and refurbishment work can be viewed on the company website.



Komis/EP mine development



The company is pleased to report that construction and site preparation of the Komis/EP site has commenced in preparation for open pit mining of the EP gold deposit late in the fourth quarter of 2010. The access road is being upgraded, brush clearing and ground levelling is under way and construction of surface water settling ponds is nearing completion. It is anticipated that by the end of October, the site will be ready for Kitsaki Procon JV to commence mobilization of the mining equipment and crews.



Golden Heart project



The company is pleased to report that it has submitted a project proposal to the Saskatchewan Ministry of Environment detailing the company's plans to develop an open pit and underground gold mine at the project site in 2013. Preliminary open pit design estimates the extraction of 162,000 tonnes of the potential minable portion of the measured and indicated resources, at an estimated grade of 4.07 g/t gold, and an overall strip-ratio of 7.33:1. Preliminary underground mine design is in progress.



It is expected that the company will be required to submit a further environmental impact study for the proposed development, so the necessary environmental baseline data collection has already been completed in anticipation of that requirement.



All of Golden Band's development-related programs and pertinent disclosure of a development nature are prepared and/or designed and carried out under the supervision of Gary Haywood, PEng, Golden Band's vice-president of operations and chief operating officer, who serves as the qualified person (QP) under the definitions of National Instrument 43-101. Golden Band's exploration programs and pertinent disclosure of a scientific nature are prepared and/or designed and carried out under the supervision of James Wong, PEng, PGeo, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.



We seek Safe Harbor."


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Silver in Mexico: Avino starts bulk sampling program at San Gonzalo ASM.v, FVI.to, EPZ.v, KTN.v, KS.v, MGN, RVM.to, TNR.v, GRC.to, GBN.v, NGQ.to, SGC.v, AMM.to, GG, BVN, SSRI, SLW, SLV

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   The best store of value is Gold and Silver - the best safe is the mother earth: question is how much do they have exactly and whether management finally has waken up with these silver prices. We have history on our side here: replacement value of the recently modified Mill is more than the market cap of all this junior Silver mining company.

  "Gold will be go much higher from here, it will not be the straight line, but every set back will provide an investment opportunity in Gold and Silver space. We will share with our thoughts and companies we like and you will be cautioned to make your own DD as usual.
  Next stage will be fight for the resources and M&A activity at all stages of investing in Gold mining cycle. With rising Gold price and inflated paper Majors will shop for juniors to buy time and gold in the ground. Jim Puplava will be a very good narrator to all our travel maps and reports about our journey. With rising gold, price price of physical gold will become even more prohibitive, we do agree with Jim that people will start to buy gold mining shares again with their easy to run discount brokerage accounts".
 
     "We know Avino Silver for years and we have only one problem with this company - their goal "Resume production as quickly as possible" is in the market for the last five years at least. So far progress was very slow at least. But it is a junior mining silver play, even with sleeping management silver will not be able to slip from the company's property. Question is how much do they actually have? In the beginning of Silver boom years ago they had some kind of a huge bogus number posted of historical resources, which have disappeared with more strict reporting. Now we think with resent silver prices everything with the word silver could fly and Avino Silver definitely has some goods. The most important is that its Mill could justify market value of the company alone. We are pleased to see, finally, good results from ongoing exploration program."

 




2010-10-13 08:13 ET - News Release

Mr. David Wolfin reports

AVINO STARTS BULK SAMPLE PROGRAM AT SAN GONZALO



Avino Silver & Gold Mines Ltd. has started its bulk sampling program at the San Gonzalo mine northeast of Durango, Mexico.



Avino's contractor DMG had been developing two raises to connect the lower level 2 (elevation, 2,260 metres) with the upper level 1 (elevation, 2,306 m). The first raise connected Oct. 6 allowing the start of stoping (cut and fill) for the bulk sample. Within four days an initial 731 tonnes had been produced from the block of ground (see map and section on Avino's website) which is estimated to contain approximately 11,000 tonnes.



The rock will be stockpiled for approximately six to eight weeks while the mill completes its present program of flotation concentration of the stockpiled ore from the ET zone of the main Avino vein. Milling operations commenced May 22, 2010, and to Sept. 30, Avino has milled approximately 18,000 tonnes of material to produce an estimated 400 tonnes of concentrate according to the daily mill reports and the on-site lab assays. Of the estimated production, 359 wet tonnes have been trucked to Manzanillo and sold to MRI Trading AG.



The mineral at San Gonzalo is silver, gold, lead and zinc; while ET on the main vein is silver, copper and gold. The rock from ET is harder than the San Gonzalo material and has numerous boulders necessitating additional breakage with a rock breaker ahead of the jaw crusher in the plant.



A planned two-week maintenance schedule has been planned prior to the switchover from stockpiled ET ore with the San Gonzalo material. Maintenance would include changes to all worn and torn conveyor belts and a complete relining of the eight-by-six ball mill.



We seek Safe Harbor."


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