Avino completes acquisition of La Preciosa silver project from Coeur
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(Kitco News) - Avino Silver & Gold Mines (TSX: ASM) announced Monday that it has closed the acquisition of the La Preciosa silver project in Mexico from Coeur Mining.
In its press-release, the company said that La Preciosa hosts of one of the largest undeveloped primary silver resources in Mexico and is located adjacent to Avino's existing operations at the Avino Property.
Avino added it believes that the transaction has a "strong" rationale given the close proximity of La Preciosa to Avino's existing mine and infrastructure which could yield numerous financial and operational synergies, including reducing the environmental footprint associated with the development of a stand-alone La Preciosa operation.
The company also said that a current NI 43-101 mineral resource on La Preciosa prepared for Avino highlighted 113 million silver equivalent ozs of indicated mineral resources as well as 24 million silver equivalent ozs of inferred mineral resources.
President and CEO David Wolfin commented, "The closing of the acquisition of La Preciosa represents a major milestone for Avino as we advance our growth strategy to augment Avino to an intermediate silver producer with a large silver resource base."
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He added the company expects that a large portion of the La Preciosa resource can be mined via an underground operation "to potentially improve Avino's organic production growth profile."
Avino is primarily a silver producer from its wholly owned Avino mine near Durango, Mexico.
Coeur Mining is a U.S.-based precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota.