EX-99.11 12 financials.htm FINANCIAL STATEMENTS Financial Statements

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


ASSETS
 
April 30,
2004
January 31,
2004
 
$
$
Current assets
    
Cash
3,142,496
2,832,457
Accounts receivable and prepaid expense
30,659
31,988
Due from related parties
2,883
2,884
 
1,176,038
2,867,329
Mineral property (Note 3)
279,138
224,101
Property, plant and equipment
3,731
4,033
Investment in Mexican affiliate
1
1
Investment in related companies
427,084
427,084
 
3,885,991
3,522,548
LIABILITIES
    
Current liabilities
    
Accounts payable and accrued liabilities
130,951
45,482
Due to related parties (Note 5c)
269,702
260,228
 
420,653
305,710
SHAREHOLDERS’ EQUITY
    
Capital stock (Note 3)
16,988,270
16,574,340
Contributed surplus
184,967
184,967
Treasury shares
(101,869)
(101,869)
Deficit
(13,606,030)
(13,440,600)
     
 
3,885,991
3,522,548

On Behalf of the Board


Signed:

“Louis Wolfin”
_____________________Director

“David Wolfin”
_____________________Director


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



 
April 30,
3 Months
 
2004
2003
 
$
$
     
Expenses:
    
Administration fees
2,260
-
Amortization
302
-
Audit and accounting fees
-
4,250
Auto expense
3,436
2,710
Consulting fees
3,322
2,000
Shareholder communications
and investor relations
 
4,327
 
1,612
Legal fees
5,370
-
Listing and filing fees
4,125
3,350
Management fees
15,000
7,500
Miscellaneous property investigation
-
2,943
Office and administration
14,946
4,741
Salaries and benefits
14,463
6,037
Transfer agent
3,276
1,488
Travel and accommodation
20,765
-
 
(91,591)
(37,230)
Less: interest income
12,572
64
     
Loss before other items
(79,019)
(37,166)
Due diligence of Cia Minera
(86,411)
-
Loss for the period
(165,430)
(37,166)
Deficit, beginning of period
(13,440,600)
(12,995,009)
Deficit, end of period
(13,606,030)
(13,032,175)
 
Loss per share
 
$(0.02)
 
$(0.01)



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




 
3 Months
October 31
 
2004
2003
 
$
$
CASH PROVIDED BY (USED IN)
    
 
Operating Activities:
    
Loss for the period
(165,430)
(36,486)
Items not requiring Cash:
    
Foreign exchange
-
(23,019)
Amortization
302
  
Interest expense on debentures
-
26,180
 
(165,128)
(33,325)
Changes in non-cash working capital
Items:
    
Amounts receivable and prepaid expense
1,330
1,094
Due to/from related parties
9,474
19,775
Accounts payable and accrued
Liabilities
 
105,470
 
13,745
 
(48,854)
1,289
 
Financing activities:
    
 
Issue of capital stock for cash
 
407,580
 
-
Share subscriptions
6,350
  
 
413,930
  
 
Investing Activities:
    
 
Mineral property interests
 
(55,037)
 
2,775
Purchase of computer equipment
-
  
 
(55,037)
2,775
     
 
Increase (decrease) in cash
 
310,039
 
(1,486)
 
Cash, beginning of period
 
832,457
 
1,317
 
Cash, end of period
 
1,142,496
 
(169)
     



AVINO SILVER & GOLD MINES LTD.
Notes to Financial Statements
April 30, 2004


1. Basis of Presentation

These unaudited financial statements 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, 2004.

2.  Comparative Figures

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

3. Share Capital

a) Authorized 100,000,000 common shares without par value

b)  
Issued:

 
 
Number of
shares
 
 
Amount
 
Balance, beginning of period
 
9,869,775
 
$16,574,340
Issued during the
period:
    
for cash
628,500
413,930
 
Balance, end of period
 
10,498,275
 
$16,988,270

d) During the period 137,000 options were exercised at price ranging from $0.58 to    $1.20 per share;

e) During the period 491,500 warrants were exercised at a price of $0.52 per    share.

4. Mineral Property Interest

(a)  
Mineral properties is recorded as follows:

Balance, January 31, 2004
  
$224,101
 
Expenditures in the period:
    
   
Olympic-Kelvin Property
    
     
Drilling
$37,341
  
     
Geological
17,486
  
     
Other
210
$55,037
           
Balance, April 30, 2004
  
$279,138



AVINO SILVER & GOLD MINES LTD.
Notes to Financial Statements
April 30, 2004



5  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)  
$26,818 to a private company controlled by two directors of the Company for administrative expenses;

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


AVINO SILVER & GOLD MINES LTD.
Notes to Financial Statements
April 30, 2004
Page 2

5. Related Party Transactions, continued

b) Due from related parties comprise $160,316 due from companies with common
Director’s for exploration expenses.

c) Due to related parties consist of

i)  
$257,171 due to a private company controlled by two directors as disclosed in 4.a)i) above;

ii)  
$61,029 due to a private company controlled by a Director for Management fees;

 
iii)
$52,500 due to a Director of the company for a cash loan made to the Company.