Avino Hits 2-1/2 Month High on Increased Silver Production in Mexico

Shares of Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM) had a solid day of trading on Wednesday on the back of the release of their production results from the first quarter.

The Vancouver-based company posted an increase in consolidated silver equivalent ounces thanks to an increase in gold production while copper and silver production decreased at its eponymous property outside Durango, Mexico.

Gold production rose by 12% to 2,065 ounces. Gold production at the Avino mine was 1,544 ounce and 521 ounces at the San Gonzalo mine. Silver production slipped by 3% to 309,927 ounces, with 178,848 ounces coming from Avino and 135,079 coming from San Gonzalo. Total copper production edged down 5% to 970,165 pounds, all of which came from Avino.

Using a calculation of silver priced at $16.77 per ounce, gold priced at $1,330 per ounce and copper at $3.16 per pound, total silver equivalent ounces increased by 9% to 656,699 ounces.

Saying he was pleased with the results from the first quarter, Avino president and CEO David Wolfin added that he anticipates the ongoing expansion at the Avino mine will be completed early this quarter with "enhanced production by the end of the year."

Toronto-listed shares of Avino gained 12.7% on the day to close at $1.95.

That was the highest level for the stock since January 25. U.S.-listed shares performed similarly, rising 12.4% to wrap the day at $1.54.