Exhibit EX-99.2

NAME OF ISSUER

FOR QUARTER ENDED

DATE OF REPORT

Avino Silver & Gold Mines Ltd.

October 31, 2003

December 30, 2003

ISSUER ADDRESS:

Suite 400, 455 Granville Street

CITY

PROVINCE

POSTAL CODE

ISSUER FAX NO.

ISSUER TELEPHONE NO.

Vancouver,

B.C.

V6C 1T1

(604) 682-3600

(604) 682-3701

CONTACT PERSON

CONTACT’S POSITION

CONTACT TELEPHONE NO.

Andrea Regnier

Accountant & Secretary

(604) 682-3701

E-MAIL ADDRESS

WEB SITE ADDRESS

dawnpacific@telus.net

www.avino.com

The three schedules required to complete this Quarterly Report are attached and the disclosure contained therein has been approved by the Board of Directors. A copy of this Quarterly Report will be provided to any shareholder who requests it.

AVINO SILVER & GOLD MINES LTD.
Balance Sheet
(Unaudited — Prepared by Management)


ASSETS	October 31,			January 31,
	2003			2003
	$			$
Current assets
Cash		544,927			20,104
Accounts receivable and prepaid expenses		59,317			3,040
Due from related parties (Note 5c)		—			160,316

		604,244			183,460
Mineral property (Note 3)		204,480			204,001
Equipment		436			—
Investment in Mexican affiliate		1			1
Investment in related companies		427,084			427,084

		1,236,245			814,546

LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities		13,656			15,927
Due to related parties (Note 5b)		260,494			364,143

		274,150			380,070

SHAREHOLDERS’ EQUITY
Share capital (Note 4)		13,921,247			13,346,387
Share subscriptions received		137,160			—
Contributed surplus (Note 4)		287,867			184,967
Deficit		(13,282,310	)		(12,995,009	)

		1,063,964			536,345

Deduct: 14,180 shares held for future disposition-at costs		(101,869	)		(101,869	)

		962,095			434,476

		1,236,245			814,546

AVINO SILVER & GOLD MINES LTD.
Statement of Operations and Deficit
(Unaudited — Prepared by Management)


	3 Months						9 Months
	October 31,						October 31,
	2003			2002			2003			2002
	$			$			$			$


Expenses:
Audit and accounting fees		7,448			2,450			18,672			2,450
Auto expense		3,889			674			11,438			674
Compensation expense		102,900			22,600			102,900			22,600
Consulting		2,000			—			4,000			—
Interest expense		7,550			—			7,798			51,988
Shareholder communications and investor relations		9,365			2,492			17,695			4,745
Legal fees		1,111			471			4,423			471
Listing and filing fees		2,376			50			9,853			3,723
Management fees		7,500			7,500			22,500			22,500
Miscellaneous property investigation		—			5,680			14,560			2,840
Office and administration		15,481			22,155			31,484			23,505
Salaries and benefits		5,633			6,085			18,811			6,085
Travel and accommodation		6,561			2,278			10,881			2,278
Transfer agent		4,713			4,626			12,350			8,798

		(176,527	)		(77,061	)		(287,365	)		(152,657	)
Less: interest income		—			78			64			166

Loss for the period		(176,527	)		(76,983	)		(287,301	)		(152,491	)
Deficit, beginning of period		(13,105,783	)		(12,883,526	)		(12,995,009	)		(12,808,018	)
Deficit, end of period		(13,282,310	)		(12,960,509	)		(13,282,310	)		(12,960,509	)

Loss per share	$	(0.02	)	$	(0.01	)	$	(0.04	)	$	(0.03	)

AVINO SILVER & GOLD MINES LTD.
Statement of Cash Flows
(Unaudited — Prepared by Management)


	3 Months						9 Months
	October 31,						October 31,
	2003			2002			2003			2002
	$			$			$			$

CASH PROVIDED BY (USED IN)

Operating Activities:
Loss for the period		(176,527	)		(76,983	)		(287,301	)		(152,491	)
Items not requiring Cash:
Compensation expense		102,900			22,600			102,900			22,600
Foreign exchange		—			27,663			—			—
Interest expense on debentures payable		—			—			—			51,988

		(73,627	)		(26,720	)		(184,401	)		(77,903	)
Changes in non-cash working capital items:
Amounts receivable and prepaids		(45,943	)		586			(56,275	)		659
Accounts payable and accrued liabilities		5,873			(58,785	)		(2,273	)		(49,324	)

		(113,697	)		(84,919	)		(242,949	)		(126,568	)


Financing activities:
Issuance of share capital for cash		523,720			45,000			574,860			150,000
Share subscriptions received		(282,840	)		—			137,160			—
Related party advances		48,511			36,540			56,667			64,865
Debentures payable		—			—			—			(1,681,159	)

		289,391			81,540			768,687			(1,466,294	)


Investing Activities:
Mineral property (expenditures) disposals		(192	)		—			(479	)		1,600,000
Purchase of equipment		—			—			(436	)		—

		(192	)		—			(915	)		1,600,000

Increase (decrease) in cash		175,502			(3,379	)		524,823			7,138
Cash, beginning of period		369,425			11,834			20,104			1,317

Cash, end of period		544,927			8,455			544,927			8,455

AVINO SILVER & GOLD MINES LTD.
Notes to Financial Statements
October 31, 2003

These unaudited financial statement have been prepared in accordance with the instructions for the preparation of such financial statements contained in the CICA Handbook Section 1751. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such instructions. These unaudited Financial Statements should be read in conjunction with the Audited Financial Statements and Notes thereto for the fiscal year ended January 31, 2003.

Certain of the prior years comparative figures have been reclassified to conform to the Presentation adopted for the current year.

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

On July 31, 2002 the Company transferred its interest in the Bralorne and Loco properties and the Avino-Bralorne joint venture Bralorne-Pioneer Gold Mines Ltd. a public company with Directors and management in common, in consideration of $1 and Bralorne assuming the full amount of the debenture principal and interest payable under the terms of the debentures.


b) Issued:	2003					2002
	Number of shares		Amount			Number of shares		Amount

Balance, beginning of period		6,188,525	$	13,346,387			5,463,525	$	12,931,787

Issued during the period:
Private placement for cash		1,000,000		420,000
As Finders’ fees		36,000		15,120
Exercise of stock options		—		—			325,000		195,000
Less: consideration receivable from
a Director		—		—			—		(3,000	)
Acquisition of mineral properties		—		—			400,000		200,000
Exercise of warrants		267,000		154,860			—		—
Stock-based compensation to non-employees		—		—					22,600
Share issuance costs		—		(15,120	)		—		—

Balance, end of period		7,491,525	$	13,921,247			6,188,525	$	13,346,387

During the period, the company completed a Private Placement offering of 1,000,000 units at $0.42 each. Each warrant comprised one common share of the Company and one share purchase warrant entitling the investor to purchase an additional common share at a price of $0.52 until August 14, 2005. 500,000 of the units were tax-flow through units.

A further 36,000 units were issued as Finders’ Fees in connection with this offering.

d) During the period, 267,000 warrants were exercised at a price of $0.58 per share.

In the nine month period the Company granted 515,000 fixed share purchase options. The options entitle the holder to purchase a common share of the Company for $1.20 until October 21, 2008. The Company accounts for its grants under the fair value method. Under the fair value method, options granted to non-employees are charged against income at the time of granting while no compensation expense is recorded for options granted to employees when the exercise price of the Company’s employee stock awards is not less than the fair value of the options at the date of grant. During the period the Company charged compensation costs of $102,900 against income, which was the estimated fair value of 150,000 share purchase options granted to non-employees.

AVINO SILVER & GOLD MINES LTD.
Notes to Financial Statements, Page 3
October 31, 2003

The fair value of each option granted is estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions: risk-free interest rate of 3%, dividend yield of 0%, volatility factor of 69%, and an expected life of 5 years. Had compensation cost for the 365,000 share purchase options granted to employees been recorded, based upon the fair value of share options, additional compensation expense for the nine month period ended October 31, 2003 would have been $250,390. The pro forma loss per share, assuming this additional compensation expense, would be as follows:

The Black-Scholes valuation model was developed for use in estimating the fair value of traded options, which are fully transferable and highly traded. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company’s stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options.

Outstanding share purchase options, which were issued prior to February 1, 2002, have neither been charged to income nor included in the calculation of pro forma loss, in accordance with Section 3870 of the CICA Handbook, which is to take effect prospectively.

In the period the Company offered by way of a private placement 2,000,000 units at a price of $1.27 per unit. Each unit comprises one common share and a two-year share purchase warrant exercisable at $1.58 per share.

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

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

$57,646 to a private company with two common directors for administrative expenses. This includes $5,241 for administrative fees and $52,406 for expenses.

ii)

$7,500 to a private company controlled by a Director for management fees, as well as $6,836 for administrative expenses.

AVINO SILVER & GOLD MINES LTD.
Notes to Financial Statements, Page 4
October 31, 2003

iv)

$4,500 to a private company controlled by an Officer for administrative and accounting services.

$259,494 due to a private company controlled by two directors as disclosed in 6.a)i) above;

ii)

$1,000 to a public company with Directors in common for exploration expenditures paid on the Company’s behalf.

c) Accounts receivable and prepaid expenses includes $34,800 due from three Directors.


DIRECTOR’S SIGNATURE		DATE SIGNED

Signed:		03/12/30

“Louis Wolfin”

DIRECTOR’S SIGNATURE		DATE SIGNED

Signed:		03/12/30

“Ernest Calvert”


	October 31, 2003
	3 months			9 months

Loss for the period		426,917			537,691
Loss per share	$	(0.06	)	$	(0.08	)