EX-99.1 2 exhibit1.htm EX-99.1 Exhibit  EX-99.1

AVINO SILVER & GOLD MINES LTD.
CONSOLIDATED INTERIM BALANCE SHEET
July 31, 2000

(Unaudited – Prepared by Management)

                 
ASSETS
    2000   1999
Current assets
               
Cash
  $ 9,556     $ 27,939  
Accounts receivable
    8,878       6,908  
Due from related parties (Note 6)
    15,932       386,864  
 
               
 
    34,366       421,711  
Mining properties (Note 2)
    3,228,258       3,417,657  
Investments (Note 3)
    2,367,413       2,284,994  
Other assets (Note 4)
    101,226       213,001  
 
    5,731,263       6,337,363  
LIABILITIES
               
Current liabilities
               
Accounts payable and accrued liabilities
    319,183       235,739  
Debenture payable
    1,365,175       1,322,213  
 
    1684,358       1,557,952  
SHAREHOLERS’ EQUITY
               
 
    12,595,199       12,780,959  
Share Capital (Note 5)
    184,967          
Contributed Surplus
    (8,631,392 )        
Deficit
            (7,899,679 )
 
               
 
    4,148,774       4,881,280  
Deduct: 14,180 shares held for future disposition, at cost
    (101,869 )     (101,869 )
 
    4,046,905       4,779,411  
 
    5,731,263       6,337,363  
 
               

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AVINO SILVER & GOLD MINES LTD.
CONSOLIDATED INTERIM STATEMENT OF OPERATIONS AND DEFICIT
For the Six Months Ended July 31, 2000

(Unaudited – Prepared by Management)

                 
    2000   1999
Revenue
               
Equity in (loss) earning of affiliate
  $ (99,291 )   $ (6,999 )
Interest and other income
    443       1,755  
 
    (98,848 )     (5,244 )
Expenses
               
Accounting and audit
    5,040       34,030  
Amortization of deferred financing costs
    16,175       16,715  
Consulting fees
    15,000       17,714  
Legal fees
    1,994       7,529  
Office services & supplies
    12,151       16,503  
Investor relations & communications
    6,841       14,193  
Transfer agent
    2,100       7,778  
Salaries & benefits
    15,189       22,198  
Travel & accommodation
    4,958       3,644  
Filing & listing fees
    1,305       2,018  
Interest expense
    52,346       50,000  
Foreign exchange (gain)
            (2,517 )
Insurance & taxes
    500       (9,976 )
 
    (133,599 )     (179,289 )
Net (loss) income for period
    (232,447 )     (184,533 )
Deficit, beginning of year
    (8,398,945 )     (7,715,146 )
Deficit, end of year
    (8,631,392 )     (7,899,679 )
 
               

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AVINO SILVER & GOLD MINES LTD.
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN FINANCIAL POSITION
For the Six Months Ended July 31, 2000

(Unaudited – Prepared by Management)

                 
    2000   1999
Operating Activities
               
Gain (loss) for the period
  $ (232,447 )   $ (184,533 )
 
               
Items not involving cash:
               
Amortization
    16,175       16,175  
Share of loss (income) from affiliated company
    99,291       6,999  
 
               
 
    (116,981 )     (116,981 )
Changes in non-cash working capital
    536,877       21,843  
 
    419,896       139,516  
 
               
Investing Activities
               
Debentures
            (23,184 )
Resource properties
    (18,092 )     38,382  
Marketable securities
    (397,848 )      
 
               
 
    (415,940 )     (15,198 )
 
               
Financing Activities
               
Debenture payable
            (17,350 )
Issuance of shares
            35,063  
 
               
 
            17,533  
Increase (decrease) in cash and equivalents
    3,956       (106,785 )
Cash, beginning of period
    5,600       134,724  
Cash, end of period
    9,556       27,939  
 
               

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AVINO SILVER & GOLD MINES LTD.
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENT
July 31, 2000

1. Summary of significant accounting policies

Joint Venture

Investments in joint ventures are accounted for by the proportionate consolidation method. At the balance sheet date the Company had a 50% interest in a joint venture with Bralorne-Pioneer Gold Mines Ltd. The accompanying financial statements include the Company’s proportionate share of the assets, liabilities and expenses of the joint venture.

2. Mineral Properties

Exploration and development expenditures incurred during the period are as follows:

                 
Balance beginning of period:
          $ 3,210,166  
Bralorne Property {r}
               
Mining supplies
    32          
Meals, accommodation & transportation
    200          
Taxes, assessment & licenses
    2,701          
Mine power
    3,657          
Mine office
    2,247          
Insurance
    9,255       18,092  
Balance end of period
            3,228,258  
 
               

3. Investments

         
 
       
Investments consist of:
       
 
       
Investment accounted for using the equity method:
       
Cia Minera Mexicana de Avino S.A. de C.V. (“Cia Minera”)
  $ 1,930,445  
 
       
Investments carried at cost:
       
Bralorne-Pioneer Gold Mines Ltd.
    422,848  
Levon Resources Ltd.
    14,120  
 
       
 
    2,367,413  
 
       

4. Other Assets

(a) Other assets consist of:

         
Deferred financing charges related to establishing debenture payable
  $ 281,317  
Accumulated amortization
    (256,354 )
 
       
 
    24,963  
Deferred foreign exchange loss on debenture payable
    33,584  
 
       
 
    58,547  
Term deposits
    42,679  
 
       
 
  $ 101,226  
 
       

  (b)   During the period the Company received 1,591,392 common shares of Bralorne-Pioneer Gold Mintes Ltd., a public company with common directors, in settlement of $640,632 of debt.

5. Share Capital

Authorized: 25,000,000 common shares without par value issued:

                 
    Shares   Amount
Balance, beginning of period
    4,577,686     $ 12,595,199  
 
               
Balance, end of period
    4,577,686     $ 12,595,199  
 
               

6. Related Party Transactions

Related party transactions not disclosed elsewhere in these statements are as follows:

  (a)   During the period the company paid, or made provision for the future payment of the following amounts to related parties:

  (i)   $56,362 to a company with two common directors for reimbursement of costs incurred on behalf of the company for administrative and exploration costs

  (ii)   $15,000 to a private company controlled by a Director for consulting fees.

  (b)   Included in the accounts receivable is an amount of $15,932 due from a public company with common directors.

  (c)   Included in the accounts payable is an amount of $45,442 due to a private company controlled by two directors as disclosed in 6(a)(i) above.

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