<SEC-DOCUMENT>0001477932-15-005515.txt : 20150821
<SEC-HEADER>0001477932-15-005515.hdr.sgml : 20150821
<ACCEPTANCE-DATETIME>20150820193404
ACCESSION NUMBER:		0001477932-15-005515
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20150630
FILED AS OF DATE:		20150821
DATE AS OF CHANGE:		20150820

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVINO SILVER & GOLD MINES LTD
		CENTRAL INDEX KEY:			0000316888
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35254
		FILM NUMBER:		151067352

	BUSINESS ADDRESS:	
		STREET 1:		570 GRANVILLE STREET
		STREET 2:		SUITE 900
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 3P1
		BUSINESS PHONE:		6046823701

	MAIL ADDRESS:	
		STREET 1:		570 GRANVILLE STREET
		STREET 2:		SUITE 900
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3P1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL AVINO MINES LTD
		DATE OF NAME CHANGE:	19950607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AVINO MINES & RESOURCES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>avino_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title>avino_6k.htm </title><!--Document Created by EDGARMaster--></head><BODY style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%" scroll="yes"><font size="2">  <p style="MARGIN: 0px">&nbsp;</p>  <div style="FONT-SIZE: 1px; WIDTH: 100%; BORDER-BOTTOM: #000000 4px solid; MARGIN: 0px"></div>  <div style="FONT-SIZE: 1pt; WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 2px"></div>  <p style="MARGIN: 0px">&nbsp;</font>   <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px" align="center"><font size="3"><b>UNITED STATES</b>&nbsp;</font></p>  <p style="MARGIN: 0px" align="center"><b><font size="3">SECURITIES AND EXCHANGE COMMISSION</font></b></p>  <p style="MARGIN: 0px" align="center"><b><font size="3">Washington, D.C. 20549</font></b><font size="2"></font></p>  <p style="MARGIN: 0px" align="center">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><font size="5">FORM 6-K</font></b><font size="2"></font></p>  <p style="MARGIN: 0px" align="center">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><font size="2">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</font></b></p>  <p style="MARGIN: 0px" align="center"><b><font size="2">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></b><font size="2"></font></p>  <p style="MARGIN: 0px" align="center">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><u><font size="2"><b><u><font size="2">June, 2015</font></u></b></font></u></b></p>  <p style="MARGIN: 0px" align="center">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><font size="2">Commission File Number: <b>001-35254</b></font></p>  <p style="MARGIN: 0px" align="center">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><u><font size="5">AVINO SILVER &amp; GOLD MINES LTD.</font></u></b><font size="2"></font></p>  <p style="MARGIN: 0px" align="center">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><u><font size="2">Suite 900, 570 Granville Street, Vancouver, BC V6C 3P1</font></u></b></p>  <p style="MARGIN: 0px" align="center">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><font size="2">(Address of principal executive offices)</font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.&nbsp;</font><font size="2"><font face="Wingdings">&#254;</font></font><font size="2">&nbsp;Form 20-F&nbsp;&nbsp;&nbsp; </font><font size="2"><font face="Wingdings"><font style="FONT-FAMILY: Wingdings">&#168;</font></font></font><font size="2"> Form 40-F</font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </font><font size="2"><font face="Wingdings"><font style="FONT-FAMILY: Wingdings">&#168;</font></font></font><font size="2"></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </font><font size="2"><font face="Wingdings"><font style="FONT-FAMILY: Wingdings">&#168;</font></font></font><font size="2"></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes&nbsp;</font><font size="2"><font face="Wingdings"><font style="FONT-FAMILY: Wingdings">&#168;</font></font></font><font size="2"> No </font><font size="2"><font face="Wingdings">&#254;</font></font><font size="2"></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):   <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <div style="FONT-SIZE: 1pt; WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid; MARGIN: 0px"></div>  <p style="MARGIN: 0px">  <div style="FONT-SIZE: 1pt; WIDTH: 100%; BORDER-BOTTOM: #000000 4px solid; PAGE-BREAK-AFTER: always; MARGIN-TOP: 2px"></div>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px"></font><b><font size="2"></font></b>&nbsp;</p>  <p style="MARGIN: 0px"><b><font size="2"></font></b>&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><font size="2">SUBMITTED HEREWITH</font></b><font size="2"></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><font size="2">Exhibits:</font></b><font size="2"></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="8f2c49a1-a714-46a4-9340-da12609c437b" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr height="15" bgcolor="#cceeff">  <td width="5%">  <p style="MARGIN: 0px"><font size="2">99.1</font></p></td>  <td width="95%">  <p style="MARGIN: 0px"><font size="2">Condensed Consolidated Interim&nbsp;Financial Statements for the three months ended&nbsp;June 30, 2015 and 2014</font></p></td></tr>  <tr height="15" bgcolor="#ffffff">  <td width="5%"></td>  <td width="95%"></td></tr>  <tr height="15" bgcolor="#cceeff">  <td width="5%">  <p style="MARGIN: 0px"><font size="2">99.2</font></p></td>  <td width="95%">  <p style="MARGIN: 0px"><font size="2">Management's Discussion and Analysis</font></p></td></tr>  <tr height="15" bgcolor="#ffffff">  <td width="5%"></td>  <td width="95%"></td></tr>  <tr height="15" bgcolor="#cceeff">  <td width="5%">  <p style="MARGIN: 0px"><font size="2">99.3</font></p></td>  <td width="95%">  <p style="MARGIN: 0px"><font size="2">CEO Certification</font></p></td></tr>  <tr height="15" bgcolor="#ffffff">  <td width="5%"></td>  <td width="95%"></td></tr>  <tr height="15" bgcolor="#cceeff">  <td width="5%">  <p style="MARGIN: 0px"><font size="2">99.4</font></p></td>  <td width="95%">  <p style="MARGIN: 0px"><font size="2">CFO Certification</font></p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak4e8eb75b-2e78-4823-9fe6-10fa5473b16d" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><font size="2">SIGNATURES</font></b><font size="2"></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.&nbsp;</font>&nbsp;</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="b027bc9e-d085-49db-8ebd-5d48763997f6" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr height="15">  <td valign="top"></td>  <td valign="top" colspan="2">  <p style="MARGIN: 0px"><b><font size="2">AVINO SILVER &amp; GOLD MINES LTD.</font></b><font size="2"></font></p></td>  <td valign="top"></td></tr>  <tr height="15">  <td valign="top"></td>  <td valign="top" colspan="2">  <p style="MARGIN: 0px"><font size="2">(Registrant)</font></p></td>  <td valign="top"></td></tr>  <tr height="15">  <td valign="top"></td>  <td valign="top" colspan="2"></td>  <td valign="top"></td></tr>  <tr height="15">  <td valign="top" width="50%"><font size="2">  <p style="MARGIN: 0px"><font size="2">Date:&nbsp;August 18, 2015</font></font><p></td>  <td valign="top" width="3%">  <p style="MARGIN: 0px"><font size="2">By:</font></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="35%">  <p style="MARGIN: 0px"><i><font size="2">/s/&nbsp;Dorothy Chin</font></i><font size="2"></font></p></td>  <td valign="top" width="12%"></td></tr>  <tr height="15">  <td valign="top"></td>  <td valign="top"></td>  <td valign="bottom">  <p style="MARGIN: 0px"><font size="2">Dorothy Chin,</font></p></td>  <td valign="top"></td></tr>  <tr height="15">  <td valign="top"></td>  <td valign="top"></td>  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Corporate Secretary</font></p></td>  <td valign="top"></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="center">3</p><font size="2">  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px" align="center"></font>&nbsp;</p></BODY></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>avino_ex991.htm
<DESCRIPTION>CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
<TEXT>
<html><head><title>avino_ex991.htm </title><!--Document Created by EDGARMaster--></head><BODY style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%" scroll="yes"><p style="MARGIN: 0px" align="right"><strong>EXHIBIT 99.1</strong></p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">  </table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;<img src="img001.jpg"></p>  <p style="MARGIN: 0px" align="center"><b><font size="5">AVINO SILVER &amp; GOLD MINES LTD.</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><font size="4">Condensed Consolidated Interim Financial Statements</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><font size="4">For the six months ended June 30, 2015 and 2014</font></b></p>  <p style="MARGIN: 0px" align="center"><b><font size="4"></font></b>&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><font size="4">&nbsp;   <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreakf6795c98-5534-4806-afca-8e97e8debf36" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</font></b></p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px" align="center"><b>MANAGEMENT&#8217;S RESPONSIBILITY FOR FINANCIAL REPORTING</b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">The condensed consolidated interim financial statements of Avino Silver &amp; Gold Mines Ltd. (the &#8220;Company&#8221;) are the responsibility of the Company&#8217;s management. The condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and reflect management&#8217;s best estimates and judgements based on information currently available. </font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">Management has developed and is maintaining a system of internal controls to ensure that the Company&#8217;s assets are safeguarded, transactions are authorized and properly recorded, and financial information is reliable. </font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">The Board of Directors is responsible for ensuring that management fulfills its responsibilities. The Audit Committee reviews the results of the annual audit and reviews the condensed consolidated interim financial statements prior to their submission to the Board of Directors for approval. </font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">The condensed consolidated interim financial statements as at June 30, 2015, and for the periods ended June 30, 2015 and 2014, have not been audited by the Company&#8217;s independent auditors. </font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="e27a03f1-bf79-4229-a7b6-3e1d19fc64c7" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="35%">  <p style="MARGIN: 0px"><em>&#8220;David Wolfin&#8221; </em></p></td>  <td width="30%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="35%">  <p style="MARGIN: 0px"><em>&#8220;Malcolm Davidson&#8221;</em></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">David Wolfin </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">Malcolm Davidson, CPA, CA</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">President &amp; CEO</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">Chief Financial Officer </p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">August 18, 2015</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">August 18, 2015<font size="2"> </font></p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreakf6432c7f-64c1-4a8b-8a56-3eeb73eda8ab" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Condensed Consolidated Interim Statements of Financial Position</p>  <p style="MARGIN: 0px"><font size="2">(Expressed in Canadian dollars)(unaudited)   <p style="MARGIN: 0px">  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px"></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="b44b530b-000e-4826-af69-bf6ef18cb0bb" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="center">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b>Note</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px"><b>June 30, </b></p>  <p style="MARGIN: 0px"><b>2015</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px"><b>December 31, </b></p>  <p style="MARGIN: 0px"><b>2014</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" width="9%" align="center"></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px"><b>(unaudited)</b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="top">  <p style="MARGIN: 0px"><b>ASSETS</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="top">  <p style="MARGIN: 0px"><b>Current assets</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Cash and cash equivalents</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,256,186</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">4,249,794</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Amounts receivable</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,913,572</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,568,873</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Sales taxes recoverable</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,527,375</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,658,617</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Prepaid expenses and other assets</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,401,171</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">812,600</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Inventory</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>3</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4,105,416</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,804,141</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">14,203,720</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">13,094,025</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Exploration and Evaluation Assets</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>4</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">38,139,580</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">29,909,220</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Plant, Equipment and Mining Properties</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>6</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">21,395,300</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">18,173,513</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Investments in Related Companies</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>7</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">77,643</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">33,889</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Investments in Other Companies</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>8</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">46,000</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">60,000</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Reclamation Bonds</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">145,500</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">145,500</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">74,007,743</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">61,416,147</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>LIABILITIES</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Current liabilities </b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Accounts payable and accrued liabilities</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">5,187,950</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,968,646</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Concentrate prepayment</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>9</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">6,276,302</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Current portion of equipment loan</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>12</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">161,367</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Current portion of finance lease obligations</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>13</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,662,979</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,292,326</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Taxes payable</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,632,990</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">993,110</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Amounts due to related parties</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>10(b)</strong></p></td>  <td valign="bottom" width="1%"></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">246,343</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">222,066</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">15,167,931</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">6,476,148</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Warrant Liability</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>11</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">64,514</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">239,690</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Equipment Loan</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>12</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">320,385</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Finance Lease Obligations</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>13</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,251,628</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,007,010</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Reclamation Provision </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>14</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,091,549</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,005,881</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Deferred Income Tax Liabilities</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,250,700</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,637,027</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Total liabilities</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">25,146,707</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">16,365,756</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>EQUITY</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Share Capital </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>15</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">60,268,222</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">58,606,898</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Equity Reserves </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">10,599,534</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">10,797,709</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Treasury Shares (14,180 shares, at cost)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(101,869</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(101,869</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Accumulated Other Comprehensive Income </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,281,563</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,672,009</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Accumulated Deficit</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(25,186,414</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(25,924,356</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Total Equity</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">48,861,036</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">45,050,391</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">74,007,743</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">61,416,147</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Commitments &#8211; Note 18</p>  <p style="MARGIN: 0px">Subsequent Events &#8211; Note 21</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Approved by the Board of Directors on August 18, 2015:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="82dca7f9-0871-452a-9209-46ce617309df" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="35%">  <p style="MARGIN: 0px"><u><em>Gary Robertson</em>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>Director </p></td>  <td width="20%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="45%">  <p style="MARGIN: 0px" align="right"><i><u>David Wolfin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</u></i>Director</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><i>The accompanying notes are an integral part of the condensed consolidated interim financial statements</i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak81c05bad-1c6e-4de7-8709-0ff41e4df078" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss)&nbsp;</p>  <p style="MARGIN: 0px">For the three and six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">(Expressed in Canadian dollars) (unaudited)   <p style="MARGIN: 0px">  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px"></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="5d2f11aa-2058-49de-803b-f1c005c6058f" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" align="center"></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px"><b><font size="2">Three months ended June 30,</font></b><font size="2"></font>&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px"><b><font size="2">Six months ended June 30,</font></b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="center">  <p style="MARGIN: 0px"><b>Note</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2015 </font></b><font size="2"></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014 </font></b><font size="2"></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2015</font></b><font size="2"></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b><font size="2"></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Revenue from Mining Operations</font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>16</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">5,908,883</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">5,104,921</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">10,194,424</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">10,879,048</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Cost of Sales</font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>16</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,535,980</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,792,993</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,733,665</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,727,118</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Mine Operating Income</font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,372,903</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,311,928</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">4,460,759</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">5,151,930</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">General and administrative expenses</font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>17</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,094,459</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">931,935</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,030,385</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,240,464</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Income before other items </font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,278,444</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,379,993</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,430,374</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,911,466</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Other Items</font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Fair value adjustment on warrant liability</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">210,265</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(489,148</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">175,176</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">292,579</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Unrealized gain on investments in related companies</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>7</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">12,708</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">7,166</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">43,754</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,824</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Foreign exchange loss</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(196,370</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(432,343</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(136,377</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(503,464</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Interest expense</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(43,514</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(34,384</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(76,701</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(43,389</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Accretion of reclamation provision</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(33,677</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(67,555</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Unrealized gain (loss) on investments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>8</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(9,000</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">10,000</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(14,000</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">12,500</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Interest and other income (loss)</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(4,427</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(487</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">22,852</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4,982</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Net Income Before Income Taxes</font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,214,429</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">440,797</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,377,523</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,677,498</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Income Taxes</font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Current income tax expense</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(1,927,007</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(655,461</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(2,177,978</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(808,130</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Deferred income tax recovery (expense) </font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,074,233</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">127,567</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">538,397</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(612,149</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(852,774</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(527,894</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(1,639,581</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(1,420,279</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Net Income (Loss) </font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">361,655</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(87,097</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">737,942</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,257,219</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px" align="left"><b><font size="2">Other Comprehensive Income (Loss) - </font></b><font size="2">Items that </font><font size="2">may be reclassified subsequently to income or loss</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Currency translation differences of foreign operations</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(282,153</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(588,973</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,609,554</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(27,157</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Comprehensive Income (Loss)</font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">79,502</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(676,070</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,347,496</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,230,062</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Earnings (Loss) per Share</font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Basic</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px" align="center"><font size="2"><strong>15(e)</strong></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.01</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">(0.00</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.02</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.04</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Diluted</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px" align="center"><font size="2"><strong>15(e)</strong></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">0.01</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(0.00</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">0.02</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">0.04</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Weighted Average Number of Common Shares Outstanding </font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Basic</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">35,819,166</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">32,234,738</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">35,798,371</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">30,982,873</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Diluted</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">36,347,672</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">33,192,583</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">36,464,726</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">31,966,463</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><i>The accompanying notes are an integral part of the condensed consolidated interim financial statements</i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreakf43f4c60-5344-4568-ad1c-86bb83106a5c" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Condensed Consolidated Interim Statements of Changes in Equity&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">(Expressed in Canadian dollars) (unaudited)   <p style="MARGIN: 0px">  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px"></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="7c5b48ec-b340-42f6-9d68-080dc9d46a35" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Note</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Number of Common Shares</font></b><font size="2"></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Share Capital Amount</font></b><font size="2"></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Equity Reserves</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Treasury Shares</font></b><font size="2"></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Accumulated Other Comprehensive Income</font></b><font size="2"></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Accumulated Deficit</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Total Equity</font></b><font size="2"></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Balance, December 31, 2013</font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>27,488,834</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>42,784,832</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>10,150,849</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>(101,869</strong></td>  <td valign="bottom" width="1%"><strong>)</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>215,680</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>(28,502,464</strong></td>  <td valign="bottom" width="1%"><strong>)</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>24,547,028</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px" align="left"><font size="2">Common shares issued for cash:</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px" align="left"><font size="2">Brokered public offerings</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">4,606,826</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">10,611,380</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">10,611,380</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px" align="left"><font size="2">Less share issuance costs</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(917,701</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(917,701</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px" align="left"><font size="2">Exercise of stock options</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">146,100</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">152,572</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">152,572</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px" align="left"><font size="2">Carrying value of stock options exercised</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">192,448</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(192,448</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Share-based payments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">12,285</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">12,285</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px" align="left"><font size="2">Options and warrants cancelled or expired</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(10,300</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">10,300</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Net income for the period</font><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,257,219</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,257,219</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px" align="left"><font size="2">Currency translation differences of foreign operations</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(27,157</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(27,157</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Balance, June 30, 2014</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>32,241,760</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>52,823,531</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>9,960,386</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>(101,869</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><strong>)</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>188,523</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>(27,234,945</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><strong>)</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>35,635,626</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><strong><font size="2">Balance, December 31, 2014</font><font size="2"></font></strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>35,374,813</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>58,606,898</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>10,797,709</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>(101,869</strong></td>  <td valign="bottom" width="1%"><strong>)</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>1,672,009</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>(25,924,356</strong></td>  <td valign="bottom" width="1%"><strong>)</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" valign="bottom" width="7%" align="right"><strong>45,050,391</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px" align="left"><font size="2">Common shares issued for cash:</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px" align="left"><font size="2">Brokered public offerings</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px" align="center"><strong>15(b)(i)</strong></p></td>  <td valign="bottom" width="1%"></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">901,609</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,409,901</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,409,901</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px" align="left"><font size="2">Less share issuance costs</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px" align="center"><strong>15(b)(i)</strong></p></td>  <td valign="bottom" width="1%"></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(99,670</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(99,670</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px" align="left"><font size="2">Exercise of stock options</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px" align="center"><strong>15(d)</strong></p></td>  <td valign="bottom" width="1%"></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">151,000</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">144,570</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">144,570</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px" align="left"><font size="2">Carrying value of stock options exercised</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">206,523</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(206,523</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Share-based payments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">8,348</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">8,348</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Net income for the period</font><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">737,942</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">737,942</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px" align="left"><font size="2">Currency translation differences of foreign operations</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">1,609,554</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">1,609,554</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Balance, June 30, 2015</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><strong>36,427,422</strong></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><strong>60,268,222</strong></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><strong>10,599,534</strong></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><strong>(101,869</strong></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><strong>)</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><strong>3,281,563</strong></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><strong>(25,186,414</strong></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><strong>)</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><strong>$</strong></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><strong>48,861,036</strong></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><i>The accompanying notes are an integral part of the condensed consolidated interim financial statements</i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreakc8663695-74ab-463b-86a2-1b009832775e" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Condensed Consolidated Interim Statements of Cash Flows&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)&nbsp;</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="45579124-3571-4af9-bbd7-b1029d08ab28" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="center">  <p style="MARGIN: 0px" align="center"><b>Note</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>2015</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>2014</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="top">  <p style="MARGIN: 0px">Cash Provided By (Used In):</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="top">  <p style="MARGIN: 0px"><b>Operating Activities</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Net income</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">737,942</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,257,219</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Adjustments for non-cash items:</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Depreciation and depletion</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">582,033</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">675,849</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Foreign exchange loss</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">115,830</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">62,029</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Accretion of reclamation provision</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">67,555</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Share-based payments</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">8,348</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">12,285</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Deferred income tax expense (recovery)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(538,397</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">612,149</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Fair value adjustment on warrant liability</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(175,176</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(292,579</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Unrealized gain on investments</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(29,754</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(15,324</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">768,381</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,311,628</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Net change in non-cash working capital items</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px" align="center"><strong>19</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(33,869</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">147,941</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">734,512</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,459,569</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Financing Activities</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Shares and units issued for cash, net of issuance costs</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,454,801</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">11,141,898</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Finance lease and equipment loan payments</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(674,470</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(305,358</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">780,331</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">10,836,540</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Investing Activities</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Net change in non-cash working capital &#8211; concentrate prepayment</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">6,276,302</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Recovery of exploration costs from concentrate proceeds</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">4,946,538</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Exploration and evaluation expenditures </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(11,814,836</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(547,189</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Additions to plant, equipment and mining properties </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(1,818,738</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(2,884,170</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(2,410,734</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(3,431,359</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Change in cash and cash equivalents</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(895,891</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">9,864,750</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Effect of exchange rate changes on cash and cash equivalents</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(97,717</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(103,910</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Cash and Cash Equivalents, Beginning</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4,249,794</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,839,595</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Cash and Cash Equivalents, Ending</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">3,256,186</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">13,600,435</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Cash and Cash Equivalents Consist of:</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Bank balances</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,256,186</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">13,297,149</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Guaranteed investment certificates</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">303,286</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">3,256,186</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">13,600,435</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Supplementary Cash Flow Information (Note 19)</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><i>The accompanying notes are an integral part of the condensed consolidated interim financial statements</i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak7dc959f9-c3a6-47c8-9101-7a79e64cca06" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)&nbsp;</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px"><b>  <table id="1751ed93-3b47-4999-ab65-01c62757599a" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>1. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>NATURE OF OPERATIONS</strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr height="15">  <td valign="top"></td>  <td valign="top">  <p style="MARGIN: 0px">Avino Silver &amp; Gold Mines Ltd. (the &#8220;Company&#8221; or &#8220;Avino&#8221;) was incorporated in 1968 under the laws of the Province of British Columbia, Canada. The Company is engaged in the production and sale of silver, gold, and copper and the, exploration, advancement and acquisition of mineral properties. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company&#8217;s head office and principal place of business is Suite 900, 570 Granville Street, Vancouver, BC, Canada. The Company is a reporting issuer in Canada and the United States and trades on the TSX Venture Exchange (&#8220;TSX-V&#8221;), the NYSE MKT, and the Frankfurt and Berlin Stock Exchanges.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company owns interests in mineral properties located in Durango, Mexico as well as in British Columbia and the Yukon, Canada. On October 1, 2012, the Company commenced production of silver and gold at levels intended by management at its San Gonzalo mine in the state of Durango, Mexico. </p></td></tr></table></b>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="896b3129-6fc6-4399-9599-2890c6fe577b" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>2. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>BASIS OF PRESENTATION</strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><b>Statement of Compliance </b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">These condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard (&#8220;IAS&#8221;) 34 - Interim Financial Reporting under International Financial Reporting Standards (&#8220;IFRS&#8221;) issued by the International Accounting Standards Board (&#8220;IASB&#8221;). These condensed consolidated interim financial statements follow the same accounting policies and methods of application as the most recent annual consolidated financial statements of the Company, except for the accounting policies which have changed as a result of the adoption of new and revised standards and interpretations which are effective January 1, 2015. These condensed consolidated interim financial statements do not contain all of the information required for full annual financial statements. Accordingly, these condensed consolidated interim financial statements should be read in conjunction with the Company&#8217;s December 31, 2014 annual consolidated financial statements, which were prepared in accordance with IFRS as issued by the IASB.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>Basis of Presentation </b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">These condensed consolidated interim financial statements are expressed in Canadian dollars and have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out below have been applied consistently to all years presented in these condensed consolidated interim financial statements as if the policies have always been in effect.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>Significant Accounting Judgements and Estimates</b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company&#8217;s management makes judgements in its process of applying the Company&#8217;s accounting policies to the preparation of its condensed consolidated interim financial statements. In addition, the preparation of financial data requires that the Company&#8217;s management make assumptions and estimates of the impacts on the carrying amounts of the Company&#8217;s assets and liabilities at the end of the reporting period from uncertain future events and on the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company&#8217;s assets and liabilities are accounted for prospectively. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The critical judgments and estimates applied in the preparation of the Company&#8217;s unaudited condensed consolidated interim financial statements for the six months ended June 30, 2015, are consistent with those applied and disclosed in Note 2 to the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2014.</p></td></tr></table></b></p><b>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreakd0f9a22c-4588-42f2-a2e9-b69a1c107367" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p></b>  <p style="MARGIN: 0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)&nbsp;</p>  <hr style="COLOR: #000000" noshade="">  <b>  <p style="MARGIN: 0px">&nbsp;</b></p>  <p style="MARGIN: 0px"><font size="2"></font><b>  <table id="9ee3d50c-b5de-4087-beb8-e50ba3668fb9" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>2. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>BASIS OF PRESENTATION</strong> (continued)</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><b>Basis of Consolidation</b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The condensed consolidated interim financial statements include the accounts of the Company and its Canadian and Mexican subsidiaries as follows: </p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px" align="left">  <table id="fe20a366-3e3e-4f18-859a-6defdf66f00a" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="7" cellpadding="0" width="85%" align="center" border="0">    <tr height="15">  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="37%" =""="">  <p style="MARGIN: 0px"><strong>Subsidiary</strong></p></td>  <td width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="20%" =""="">  <p style="MARGIN: 0px" align="center"><strong>Ownership Interest</strong></p></td>  <td width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="20%" =""="">  <p style="MARGIN: 0px" align="center"><strong>Jurisdiction</strong></p></td>  <td width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="20%" =""="">  <p style="MARGIN: 0px" align="center"><strong>Nature of Operations</strong></p></td></tr>  <tr height="15" bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Oniva Silver and Gold Mines S.A. de C.V.</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top">  <p style="MARGIN: 0px" align="left">100%</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top">  <p style="MARGIN: 0px" align="left">Mexico</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top">  <p style="MARGIN: 0px" align="left">Mexican operations and administration</p></td></tr>  <tr height="15" bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Promotora Avino, S.A. de C.V. (&#8220;Promotora&#8221;)</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top">  <p style="MARGIN: 0px" align="left">79.09%</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top">  <p style="MARGIN: 0px" align="left">Mexico</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top">  <p style="MARGIN: 0px" align="left">Holding company</p></td></tr>  <tr height="15" bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Compa&#241;&#237;a Minera Mexicana de Avino, S.A. de C.V. </p>  <p style="MARGIN: 0px">(&#8220;Avino Mexico&#8221;)</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top">  <p style="MARGIN: 0px" align="left">98.39% direct </p>  <p style="MARGIN: 0px" align="left">1.27% indirect (Promotora)</p>  <p style="MARGIN: 0px" align="left">99.66% effective</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top">  <p style="MARGIN: 0px" align="left">Mexico</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top">  <p style="MARGIN: 0px" align="left">Mining and exploration </p></td></tr>  <tr height="15" bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Bralorne Gold Mines Ltd.</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" =""="">  <p style="MARGIN: 0px" align="left">100%</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" =""="">  <p style="MARGIN: 0px" align="left">Canada</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" =""="">  <p style="MARGIN: 0px" align="left">Mining and exploration</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="075f71e0-d290-4651-bc26-0ad63c3010f9" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="96%">  <p style="MARGIN: 0px">Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the condensed consolidated interim financial statements.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">On October 20, 2014, the Company acquired a 100% ownership interest in Bralorne Gold Mines Ltd. (&#8220;Bralorne&#8221;). Bralorne&#8217;s fiscal year end date prior to the acquisition was January 31.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">On June 4, 2013, the Company converted existing loans advanced to Avino Mexico into new additional shares, resulting in an increase of the Company&#8217;s ownership by 0.38% to an effective 99.66%. The intercompany loans and investments are eliminated upon consolidation of the financial statements. The Company had a pre-existing effective ownership interest of 99.28% in Avino Mexico prior to the 0.38% increase. The issuance of shares to the Company by Avino Mexico on June 4, 2013, resulted in a reduction in the non-controlling interest from 0.72% to 0.34%.</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="top"></td>  <td valign="top">  <p style="MARGIN: 0px"><strong>Financial Instruments</strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top">  <p style="MARGIN: 0px">All financial assets are initially recorded at fair value and classified into one of four categories: held to maturity, available for sale, loans and receivables, or fair value through profit or loss (&#8220;FVTPL&#8221;). All financial liabilities are initially recorded at fair value and classified as either FVTPL or other financial liabilities. Loans and receivables and other financial liabilities are subsequently measured at amortized cost. Financial instruments comprise cash and cash equivalents, amounts receivable, investments in related and other companies, reclamation bonds, accounts payable, amounts due to related parties, warrant liability, equipment loan, and finance lease obligations.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company has classified its cash and cash equivalents, investments in related and other companies, and warrant liability as FVTPL. Amounts receivable, and reclamation bonds are classified as loans and receivables. Accounts payable, amounts due to related parties, equipment loan and finance lease obligations are classified as other financial liabilities.</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak7adddca1-7f55-44e3-8524-bbb1355eec8d" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p><b>  <p style="MARGIN: 0px">  <table id="2270ea2c-a310-4b90-a7dc-a50bb6daed28" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>2. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>BASIS OF PRESENTATION</strong> (continued)</p></td></tr>  <tr height="15">  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><b>Financial Instruments</b> (continued)</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">Subsequent to initial recognition, financial assets are measured in accordance with the following: </p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p></b>  <p style="MARGIN: 0px">  <table id="ff1bfe42-b365-4a6b-84ab-20ee81b3d4fd" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(i) </td>  <td width="92%">  <p style="MARGIN: 0px">Financial assets classified as fair value through profit or loss are measured at fair value. All gains and losses resulting from changes in their fair value are included in net income (loss) in the period in which they arise.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top">(ii)</td>  <td>  <p style="MARGIN: 0px">Held-to-maturity investments and loans and receivables are initially measured at fair value and subsequently measured at amortized cost. Amortization of premiums or discounts and transaction costs are amortized into net income (loss), using the effective interest method less any impairment.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top">(iii)</td>  <td>  <p style="MARGIN: 0px">Available-for-sale financial assets are measured at fair value, with unrealized gains and losses recorded in other comprehensive income until the asset is realized, at which time they will be recorded in net income (loss). Other than temporary impairments on available-for-sale financial assets are recorded in net income (loss).</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="2ff79bb4-f506-4c78-838d-191fb37486f3" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">Subsequent to initial recognition, financial liabilities are measured in accordance with the following:</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="97e421af-b70e-43c0-82f1-78652658b8a7" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(i) </td>  <td width="92%">  <p style="MARGIN: 0px">Financial liabilities classified as other financial liabilities are initially recognized at fair value less transaction costs. After initial recognition, other financial liabilities are subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability or, where appropriate, a shorter period.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top">(ii) </td>  <td>  <p style="MARGIN: 0px">Financial liabilities classified as fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as fair value through profit or loss. Fair value changes on financial liabilities classified as fair value through profit or loss are recognized in net income (loss). At June 30, 2015, the Company classified share purchase warrants with an exercise price in U.S. dollars (see Note 11) as financial liabilities at fair value through profit or loss. As these warrants are exercised, the fair value of the recorded warrant liability on date of exercise is included in share capital along with the proceeds from the exercise. If these warrants expire, the related decrease in warrant liability is recognized in net income (loss).</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="9c100ec7-f66a-4733-a9f5-82ad611ddd50" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">The mandatory adoption of the following new and revised accounting standards and interpretations on January 1, 2015 had no significant impact on the Company&#8217;s condensed consolidated interim financial statements for the periods presented:</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><b>Annual improvements</b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">In December 2013, the IASB issued the Annual Improvements 2010-2012 and 2011-2013 cycles, effective for annual periods beginning on or after July 1, 2014.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The following accounting standards were issued but not yet effective as of June 30, 2015:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><i>IFRS 15 &#8211; Revenue from Contracts with Customers</i></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">In May 2014, the IASB issued IFRS 15 &#8211; Revenue from Contracts with Customers ("IFRS 15") which supersedes IAS 11 &#8211; Construction Contracts, IAS 18 &#8211; Revenue, IFRIC 13 &#8211; Customer Loyalty Programmes, IFRIC 15 &#8211; Agreements for the Construction of Real Estate, IFRIC 18 &#8211; Transfers of Assets from Customers, and SIC 31 &#8211; Revenue &#8211; Barter Transactions Involving Advertising Services. IFRS 15 establishes a comprehensive five-step framework for the timing and measurement of revenue recognition. The standard is effective for annual periods beginning on or after January 1, 2018. The Company is currently evaluating the impact the final standard is expected to have on its condensed consolidated interim financial statements.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak681130fa-b2e9-4f02-a947-941b57bd563f" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><i><font size="2"></font></i></b></p>  <p style="MARGIN: 0px"><b>  <table id="1493ff46-667b-4b5f-a49d-a08991f03365" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>2. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>BASIS OF PRESENTATION</strong> (continued)</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><b><i>IFRS 9 &#8211; Financial Instruments </i></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The IASB intends to replace IAS 39 &#8211; Financial Instruments: Recognition and Measurement in its entirety with IFRS 9 &#8211; Financial Instruments (&#8220;IFRS 9&#8221;) which is intended to reduce the complexity in the classification and measurement of financial instruments. In February 2014, the IASB tentatively determined that the revised effective date for IFRS 9 would be January 1, 2018. The Company is currently evaluating the impact the final standard is expected to have on its condensed consolidated interim financial statements.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><em>IFRS 7 Financial instruments: Disclosure</em></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">IFRS 7 was amended to require additional disclosures on transition from IAS 39 to IFRS 9. The standard is effective on adoption of IFRS 9, which is effective for annual periods commencing on or after January 1, 2018. The Company is currently evaluating the impact this standard is expected to have on its condensed consolidated interim financial statements.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><em>IFRS 10 Consolidated Financial Statements</em></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The amendments to IFRS 10 will require a full gain or loss to be recognized when a transaction involves a business (whether it is housed in a subsidiary or not), while a partial gain or loss would be recognized when a transaction involves assets that do not constitute a business, even if the assets are housed in a subsidiary. The amendments are effective for transactions occurring in annual periods beginning on or after January 1, 2016. The Company is currently evaluating the impact these amendments are expected to have on its condensed consolidated interim financial statements.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><em>Annual improvements</em></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">In September 2014, the IASB issued the Annual Improvements 2012-2014 cycle, effective for annual periods beginning on or after July 1, 2016. These annual improvements made necessary but non-urgent amendments to existing IFRSs. These amendments are not expected to have a significant impact on the Company's condensed consolidated interim financial statements.</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px"><b><font size="2">  <table id="abd5c539-9506-4993-afe1-d564a3a56d65" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>3. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>INVENTORY</strong></p></td></tr></table></font></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4a2e617a-a2ab-4527-9f4c-eb39e2910b94" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="9" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,</strong></p>  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>December 31,<br>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="74%">  <p style="MARGIN: 0px">Process material stockpiles</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">2,551,588</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">2,730,816</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Materials and supplies</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">998,594</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">723,698</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Concentrate</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">555,234</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">349,627</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">4,105,416</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">3,804,141</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px"><b></b>  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">  </table></p>  <p style="MARGIN: 0px">  <table id="5a7bfb68-596d-40cc-b6fc-76bc3de45a7f" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">The amount of inventory recognized as an expense for the six months ended June 30, 2015, totalled $5,733,665 (June 30, 2014 &#8211; $5,727,118), and includes production costs and depreciation and depletion directly attributable to the inventory production process.</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak6206287d-4d22-4d37-b508-970d888bfd76" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="6a4a2a04-e820-43c8-a8dd-b9e099686d72" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>4. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>EXPLORATION AND EVALUATION ASSETS</strong></p></td></tr>  <tr>  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">The Company has accumulated the following acquisition, exploration and evaluation costs which are not subject to depletion:</p></td></tr></table>&nbsp;   <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="27a22718-e460-470e-8a36-e86b3918ccb6" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="17" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Durango,<br>Mexico</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>British Columbia, Canada</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Yukon,<br>Canada</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Total</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Balance, January 1, 2014</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">15,686,172</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">3</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">1</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">15,686,176</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Acquisition</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">9,752,300</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">9,752,300</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Costs incurred during 2014:</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Mine and camp costs</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">4,099,672</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">1,323,105</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">5,422,777</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Drilling and exploration</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">870,562</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">368,081</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">1,238,643</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Depreciation of plant and equipment </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">495,847</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">495,847</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Effect of movements in exchange rates</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">407,455</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">407,455</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Assessments and taxes</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">164,127</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">678</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">164,805</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Geological and related services </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">68,328</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">85,425</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">153,753</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Assays</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">16,088</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">16,088</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Sale of concentrate</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(2,510,304</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(918,320</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(3,428,624</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Balance, December 31, 2014</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">19,281,859</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">10,627,360</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">1</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">29,909,220</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Costs incurred during 2015:</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Mine and camp costs</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">7,921,585</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">2,715,606</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">10,637,191</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Effect of movements in exchange rates</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">619,683</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">619,683</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Drilling and exploration</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">614,243</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">633,963</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">1,248,206</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Depreciation of plant and equipment </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">445,729</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">445,729</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Assessments and taxes</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">69,246</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">31,909</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">101,155</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Geological and related services </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">774</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">82,057</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">82,831</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Assays</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">42,103</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">42,103</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Sale of concentrate</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(4,200,983</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(745,555</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(4,946,538</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Balance, June 30, 2015</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">24,752,136</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">13,387,443</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">1</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">38,139,580</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="2fc9a82e-efcd-4b67-b462-7e0bf375dad2" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">Additional information on the Company&#8217;s exploration and evaluation properties by region is as follows:</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="ff2d57fc-6948-4be1-ba2e-f567b1b15342" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(a) </td>  <td width="92%">  <p style="MARGIN: 0px">Durango, Mexico</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">The Company&#8217;s subsidiary Avino Mexico owns 42 mineral claims and leases 4 mineral claims in the state of Durango, Mexico. The Company&#8217;s mineral claims in Mexico are divided into the following four groups:</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak3af3a29d-2bb8-433e-99f2-79fe65ba947e" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px"><b>  <table id="cadd8fb0-c9fe-4fff-a624-1ebba091cca0" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>4. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>EXPLORATION AND EVALUATION ASSETS</strong> (continued)</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="6c7cb9c4-0830-48d6-93f3-79597c08f6e8" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(a) </td>  <td width="92%">  <p style="MARGIN: 0px">Durango, Mexico (continued)</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="bdf3970a-585d-4dc5-b45a-3c96e547244d" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%">(i) </td>  <td width="88%">  <p style="MARGIN: 0px">Avino mine area property</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="c4a7c95d-4ca2-492e-b301-db42855ad740" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="92%">  <p style="MARGIN: 0px">The Avino mine area property is situated around the towns of Panuco de Coronado and San Jose de Avino and surrounding the historic Avino mine site. There are four exploration concessions covering 154.4 hectares, 24 exploitation concessions covering 1,284.7 hectares, and one leased exploitation concession covering 98.83 hectares. Within the Avino mine site area is the Company&#8217;s San Gonzalo mine which achieved production levels intended by management as of October 1, 2012, and on that date accumulated exploration and evaluation costs for the San Gonzalo mine were transferred to mining properties.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="39408bec-a2dd-4421-82e8-6ab92907dd76" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%">(ii) </td>  <td width="88%">  <p style="MARGIN: 0px">Gomez Palacio property</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="4ad6035f-b72f-435d-9489-fb492f1ccc7f" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"></td>  <td width="92%">  <p style="MARGIN: 0px">The Gomez Palacio property is located near the town of Gomez Palacio, and consists of nine exploration concessions covering 2,549 hectares.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="3174d77a-acd4-40fc-8056-2b2b13fe5392" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%">(iii) </td>  <td width="88%">  <p style="MARGIN: 0px">Santiago Papasquiaro property</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="2ce5cec1-a1c8-4f89-b7b4-5380eb3cbe2c" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"></td>  <td width="92%">  <p style="MARGIN: 0px">The Santiago Papasquiaro property is located near the village of Papasquiaro, and consists of four exploration concessions covering 2,552.6 hectares and one exploitation concession covering 602.9 hectares.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="5a2fa3a8-42e1-44fc-a88c-90c2f6abe926" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%">(iv) </td>  <td width="88%">  <p style="MARGIN: 0px">Unification La Platosa properties</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="2c162715-058d-4f0e-a0b9-20e1474aeaba" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"></td>  <td width="92%">  <p style="MARGIN: 0px">The Unification La Platosa properties, consisting of three leased concessions in addition to the leased concession described in Note (i) above, are situated within the Avino mine area property around the towns of Panuco de Coronado and San Jose de Avino and surrounding the formerly producing Avino mine.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">In February 2012, the Company&#8217;s wholly-owned Mexican subsidiary entered into a new agreement with Minerales de Avino, S.A. de C.V. (&#8220;Minerales&#8221;) whereby Minerales has indirectly granted to the Company the exclusive right to explore and mine the La Platosa property known as the &#8220;ET zone&#8221;. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Under the agreement, the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 years, with the option to extend the agreement for another 5 years. In consideration of the granting of these rights, the Company issued 135,189 common shares with a fair value of $250,100. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company has agreed to pay to Minerales a royalty equal to 3.5% of net smelter returns (&#8220;NSR&#8221;) at the commencement of production from the property. In addition, after the start of production, if the minimum monthly processing rate of the mine facilities is less than 15,000 tonnes, then the Company must pay to Minerales a minimum royalty equal to the applicable NSR royalty based on processing at a monthly rate of 15,000 tonnes.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Minerales has also granted to the Company the exclusive right to purchase a 100% interest in the property at any time during the term of the agreement (or any renewal thereof), upon payment of US$8 million within 15 days of the Company&#8217;s notice of election to acquire the property. The purchase would be subject to a separate purchase agreement for the legal transfer of the property. </p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak447e728c-3550-472f-80ff-35617cca4ae2" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">12</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px"><b>  <table id="02ef9933-b703-4b9d-9297-0dc859d2826f" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>4. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>EXPLORATION AND EVALUATION ASSETS</strong> (continued)</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="70400b58-40e3-4b4e-b249-5c46d4a60622" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(a) </td>  <td width="92%">  <p style="MARGIN: 0px">Durango, Mexico (continued)</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">The Company continues to assess its development activities at the ET zone with reference to guidance for development of mineral projects and eventual production from those projects should expected development activities prove successful. The Company&#8217;s annual financial statements cite a number of factors requiring management judgment that are considered in the decision of whether a mineral project is in the condition necessary for it to be capable of operating in the manner intended by management, including factors which support both technical feasibility and commercial viability of a project. In the periods before management determines technical feasibility and commercial viability have been achieved, the Company records in its statement of financial position the costs of extracting and processing mineralized material from the ET zone as exploration and evaluation costs, and records a reduction to the carrying value of those costs for any proceeds from sales of ET zone concentrate. During the six months ended June 30, 2015, the Company reduced its exploration and evaluation assets in the statement of financial position by $4,200,983 (US$3,280,100) for sales of 1,621 tonnes of ET zone copper/silver/gold concentrate.</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="d0a217a6-7c3f-4ed4-a023-538f1d7e69a7" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(b) </td>  <td width="96%">  <p style="MARGIN: 0px">British Columbia, Canada</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="49f7535a-d549-40b4-a013-7a67f255f2f8" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%">(i) </td>  <td width="88%">  <p style="MARGIN: 0px">Bralorne Mine</p></td></tr></table>&nbsp; </p>  <p style="MARGIN: 0px">  <table id="d98ff992-1b54-4010-8bb7-b646f06492d6" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%"></td>  <td valign="top" width="88%">  <p style="MARGIN: 0px">The Company owns a 100% undivided interest in certain mineral properties located in the Lillooet Mining Division. There is an underlying agreement on 12 crown grants in which the Company is required to pay 1.6385% of Net Smelter Proceeds of Production from the claims, and pay fifty cents ($0.50) per ton of ore produced from these claims if the ore grade exceeds 0.75 ounces per ton gold. Subsequent to June 30, 2015, the shares of Bralorne Gold Mines Ltd. (the 100%-owned subsidiary which holds title to the Bralorne Mine property) were registered as security for a US$10,000,000 prepayment facility (Note 21).</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="cd4ed794-0ca3-4370-8013-62020ed934cd" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%">(ii) </td>  <td width="88%">  <p style="MARGIN: 0px">The Company&#8217;s mineral claims in British Columbia encompass two additional properties, Minto and Olympic-Kelvin, each of which consists of 100% owned Crown-granted mineral claims located in the Lillooet Mining Division.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="a9dcbcc5-8bfd-4947-adff-5f35c39b09af" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%">(c) </td>  <td width="88%">  <p style="MARGIN: 0px">Yukon, Canada</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="d98ff992-1b54-4010-8bb7-b646f06492d6" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%"></td>  <td valign="top" width="88%">  <p style="MARGIN: 0px">The Company has a 100% interest in 14 quartz leases located in the Mayo Mining Division of Yukon, Canada which collectively comprise the Eagle property. In January 2012, the Company entered into an option agreement on the Eagle property, under which the optionee is required to make cash payments, incur exploration expenditures, and issue shares to the Company in order to earn a 75% interest in the property. During the six months ended June 30, 2015, the optionee withdrew from the option agreement, and the entire interest in the property reverted back to the Company.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="2d04627b-f995-425e-8c33-ed28efc448b8" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>5. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>NON-CONTROLLING INTEREST</strong></p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="11bfd6b5-a1ce-4961-af08-e6c9248c1bc1" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td width="96%">  <p style="MARGIN: 0px">At June 30, 2015, the Company had an effective 99.66% (December 31, 2014 - 99.66%) interest in its subsidiary Avino Mexico and the remaining 0.34% (December 31, 2014 - 0.34%) interest represents a non-controlling interest. The accumulated deficit and current period income attributable to the non-controlling interest are insignificant and accordingly have not been recognized in the condensed consolidated interim financial statements.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreakc4f4c943-1e46-4a4c-934e-9690e4ae04be" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">13</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp; </p>  <p style="MARGIN: 0px"><b>  <table id="2d04627b-f995-425e-8c33-ed28efc448b8" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>6. </strong></td>  <td valign="top" width="96%"><strong>PLANT, EQUIPMENT, AND MINING PROPERTIES</strong></td></tr></table></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4e671aff-2add-4bf5-9bb1-d86d730f66ce" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="29" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Mining</font></b></p>  <p style="MARGIN: 0px" align="center"><b><font size="2">properties </font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Office equipment, furniture, and fixtures</font></b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Computer equipment</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Mine machinery and transportation equipment</font></b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Mill machinery and processing equipment</font></b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Buildings</font></b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Total</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2">$</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2">$</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2">$</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2">$</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2">$</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2">$</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2">$</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">COST</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Balance at January 1, 2014</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,433,028</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">46,141</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">117,457</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">4,742,728</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,502,079</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">522,779</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">12,364,212</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Additions</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">808,713</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">15,663</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">96,138</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,346,357</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,343,270</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">970,768</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">8,580,909</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Effect of movements in exchange rates</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">276,388</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">3,715</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">9,456</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">381,830</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">281,947</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">42,088</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">995,424</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Balance at December 31, 2014</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">4,518,129</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">65,519</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">223,051</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">8,470,915</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">7,127,296</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,535,635</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">21,940,545</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Additions</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">447,250</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">4,657</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">30,438</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,845,214</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">752,761</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">7,658</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,087,978</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px" align="left"><font size="2">Effect of movements in </font><font size="2">exchange rates</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">321,851</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">4,667</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">15,889</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">599,438</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">572,470</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">48,630</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">1,562,945</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Balance at June 30, 2015</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">5,287,230</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">74,843</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">269,378</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">10,915,567</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">8,452,527</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">1,591,923</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">26,591,468</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px" align="left"><b><font size="2">ACCUMULATED DEPLETION AND DEPRECIATION</font></b><font size="2"></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Balance at January 1, 2014</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">221,779</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">13,609</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">36,181</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">916,345</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">221,385</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">390,296</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,799,595</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Additions</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">533,465</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">7,657</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">29,610</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,008,949</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">204,881</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">37,990</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,822,552</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px" align="left"><font size="2">Effect of movements in exchange rates</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">17,855</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">1,096</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">2,913</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">73,775</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">17,823</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">31,423</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">144,885</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Balance at December 31, 2014</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">773,099</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">22,362</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">68,704</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,999,069</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">444,089</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">459,709</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,767,032</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px"><font size="2">Additions</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">315,746</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">4,112</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">20,071</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">642,243</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">148,674</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">29,943</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,160,789</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px" align="left"><font size="2">Effect of movements in exchange rates</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">55,072</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">1,593</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">4,894</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">142,405</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">31,635</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">32,748</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">268,347</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Balance at June 30, 2015</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">1,143,917</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">28,067</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">93,669</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">2,783,717</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">624,398</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">522,400</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">5,196,168</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">NET BOOK VALUE </font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">At June 30, 2015</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>4,143,313</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>46,776</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>175,709</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>8,131,850</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>7,828,129</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>1,069,523</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><strong>21,395,300</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">At December 31, 2014</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">3,745,030</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">43,157</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">154,347</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">6,471,846</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">6,683,207</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">1,075,926</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">18,173,513</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="029d7b26-8534-4f8f-bd0c-026aca72da07" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">Plant, equipment, and mining properties includes $181,682 as at June 30, 2015 (December 31, 2014 - $892,172), on which no depreciation was charged in the periods then ended.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreakf4c5f6b0-e6be-471b-ae34-9e8950090e9f" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">14</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px"><b>  <table id="0928b416-c260-451f-a479-52630c131bf9" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>7. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>INVESTMENTS IN RELATED COMPANIES</strong></p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="b3f56d84-4e45-442f-ae5b-e1d6d0a50593" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">Investments in related companies comprise the following:</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="8597f239-8c0c-4746-b8c0-bdb65e4c55fc" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="17" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Accumulated Unrealized </strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Fair Value</strong></font></p>  <p style="MARGIN: 0px" align="center"><font size="2"><strong>June 30,</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Fair Value</strong></font></p>  <p style="MARGIN: 0px" align="center"><font size="2"><strong>December 31,</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Cost</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Gains</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>2014</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td width="48%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" width="10%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" width="10%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" width="10%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" width="10%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">(a) Levon Resources Ltd.</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">4,236</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">73,406</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">77,642</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">33,888</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">(b) Oniva International Services Corp.</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">1</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">1</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">1</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">4,237</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">73,406</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">77,643</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">33,889</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="bddbaf33-3dfb-45bf-83a7-ef0012158634" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">During the six months ended June 30, 2015, the Company recorded a $43,754 unrealized gain (June 30, 2014 &#8211; $2,824) on investments in related companies, representing the change in fair value during the period.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px"><i>  <table id="96a55b2d-1fc4-4925-8511-9997ae2458fb" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(a) </td>  <td width="92%">  <p style="MARGIN: 0px">Levon Resources Ltd. (&#8220;Levon&#8221;)</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top"></td>  <td>  <p style="MARGIN: 0px">The Company&#8217;s investment in Levon consists of 141,200 common shares with a quoted market value of $77,642 as at June 30, 2015 (December 31, 2014 - $33,888). Levon is a public company with common directors.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top">(b) </td>  <td>  <p style="MARGIN: 0px">Oniva International Services Corp. (&#8220;Oniva&#8221;)</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top"></td>  <td>  <p style="MARGIN: 0px">The Company and its subsidiary each hold a 1/5 indirect beneficial ownership interests in Oniva, with three other public companies holding equal 1/5 indirect beneficial ownership interest. David Wolfin and Malcolm Davidson, the Company&#8217;s CEO and CFO, serve as directors of Oniva, and certain of the Company&#8217;s directors and officers also serve in those capacities in all three of the other companies. The companies&#8217; interests in Oniva are held in trust by David Wolfin and a family member of Mr. Wolfin. See Note 10(c) for a description of transactions with Oniva and Note 18 for disclosure of the Company&#8217;s commitments with Oniva.</p></td></tr></table></i>&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="ba012f8d-5467-4e27-a9f5-a270a754ffb9" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>8. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>INVESTMENTS IN OTHER COMPANIES</strong></p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top">  <p style="MARGIN: 0px">The Company classifies its investments in other companies as a long-term investment designated at fair value through profit and loss, summarized as follows:</p></td></tr></table></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="8bba1b7b-f267-427a-b6a9-23a1bf3b001e" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="17" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Accumulated Unrealized </strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Fair Value</strong></font></p>  <p style="MARGIN: 0px" align="center"><font size="2"><strong>June 30,</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Fair Value</strong></font></p>  <p style="MARGIN: 0px" align="center"><font size="2"><strong>December 31,</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Cost</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Gains Losses</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>2014</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="48%">  <p style="MARGIN: 0px"><font size="2">(a) Avaron Mining Corp.</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">40,000</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">40,000</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">40,000</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">(b) Benz Mining Corp.</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">14,500</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(8,500</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">6,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">20,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">54,500</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(8,500</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">46,000</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">60,000</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak67ab5cd4-2925-4c00-869d-8e51c04528c0" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">15</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><font size="2"></font></b></p>  <p style="MARGIN: 0px"><b>  <table id="c960a442-8d5c-4bca-a0a5-991adb4c76be" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>8. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>INVESTMENTS IN OTHER COMPANIES</strong> (continued)</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px"><i><font size="2">  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45"><em>(a) </em></td>  <td>  <p style="MARGIN: 0px"><em>Avaron Mining Corp. (&#8220;Avaron&#8221;)</em></p></td></tr>  <tr height="15">  <td valign="top" width="45">&nbsp;</td>  <td valign="top" width="45"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td>  <p style="MARGIN: 0px">In January 2012, the Company acquired 150,000 common shares of Avaron at a cost of $15,000. In April 2013, Avino received an additional 250,000 common shares at a cost of $25,000.</p></td></tr>  <tr height="15">  <td valign="top" width="45">&nbsp;</td>  <td valign="top" width="45"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45"><em>(b) </em></td>  <td>  <p style="MARGIN: 0px"><em>Benz Mining Corp. (&#8220;Benz&#8221;)</em></p></td></tr>  <tr height="15">  <td valign="top" width="45">&nbsp;</td>  <td valign="top" width="45"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td>  <p style="MARGIN: 0px">In April 2013, the Company acquired 50,000 common shares of Benz. The value assigned to the investment is based on the market price of Benz&#8217;s common shares on the date the agreement was entered into.</p></td></tr></table></font></i>&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="b45cdefd-e43e-43eb-80f5-f15970c1a563" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>9. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>CONCENTRATE PREPAYMENT</strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">On May 8, 2015, the Company entered into a concentrate sale contract for material produced during the second quarter of 2015 from the ET zone of the Avino mine area property. Under the terms of the contract the buyer provided a US$5,000,000 prepayment which was applied against the Company&#8217;s shipment of the concentrates subsequent to June 30, 2015. The prepayment was secured by the concentrates delivered under the contract and interest accrued at LIBOR (3 month U.S. dollar) plus 3.5%. </p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px"><strong>10.</strong></p></td>  <td>  <p style="MARGIN: 0px"><b>RELATED PARTY TRANSACTIONS AND BALANCES </b></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">All related party transactions are recorded at the exchange amount which is the amount agreed to by the Company and the related party. </p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px"><b><i>  <table id="c548e4e2-f459-4ae3-b684-edcaf9663d76" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%"><em><strong>(a) </strong></em></td>  <td valign="top" width="92%">  <p style="MARGIN: 0px"><em><strong>Key management personnel</strong></em></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr height="15">  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top"></td>  <td valign="top">  <p style="MARGIN: 0px">The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel for the six months ended June 30, 2015 and 2014 were as follows:</p></td></tr></table></i></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="3fbf0bc7-6b0c-4e39-a452-2672cbfee8d5" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="17" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px" align="center"><strong>Three months ended June 30,</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px" align="center"><strong>Six months ended June 30,</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td width="48%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" width="10%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" width="10%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" width="10%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" width="10%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Salaries, benefits, and consulting fees</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">199,914</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">165,755</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">385,419</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">517,994</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><i>  <table id="ad7e8028-c47d-4a34-bb6a-d04141148d76" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"><strong><em>(b)</em></strong></td>  <td width="92%">  <p style="MARGIN: 0px"><em><strong>Amounts due to/from related parties</strong></em></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr height="15">  <td valign="top"></td>  <td valign="top"></td>  <td valign="top">  <p style="MARGIN: 0px">In the normal course of operations the Company transacts with companies related to Avino&#8217;s directors or officers. All amounts payable and receivable are non-interest bearing, unsecured and due on demand. Advances to Oniva International Services Corp. of $197,520 (December 31, 2014 - $121,639) for expenditures to be incurred on behalf of the Company are included in prepaid expenses and other assets on the consolidated statements of financial position. As at June 30, 2015, and December 31, 2014, the following amounts were due to related parties:</p></td></tr></table></i></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="9171d046-3f70-4c9b-a10e-70d69ca48158" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="9" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>June 30,<br>2015</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>December 31,</strong></font></p>  <p style="MARGIN: 0px" align="center"><font size="2"><strong>2014</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="74%">  <p style="MARGIN: 0px"><font size="2">Oniva International Services Corp.</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">219,929</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">171,650</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Directors</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">19,610</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">19,259</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Jasman Yee &amp; Associates, Inc.</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">6,804</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">4,032</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Intermark Capital Corp.</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">21,875</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Wear Wolfin Designs Ltd.</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">5,250</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">246,343</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">222,066</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreakc3e6fa39-717f-46c4-b71a-00e17b27ae67" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">16</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px"><b>  <table id="5849d728-a708-4b4c-9d6a-dc55d52b2b9b" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>10. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>RELATED PARTY TRANSACTIONS AND BALANCES</strong> (continued)</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px"><b><i>  <table id="22342798-56dd-4237-8a3d-6b2490eff703" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"><strong><em>(c) </em></strong></td>  <td width="92%">  <p style="MARGIN: 0px"><strong><em>Other related party transactions</em></strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">The Company has entered into a cost sharing agreement with Oniva International Services Corp. (&#8220;Oniva&#8221;) for office and administration services. Pursuant to the cost sharing agreement, the Company will reimburse Oniva for a percentage of overhead and corporate expenses and for out-of-pocket expenses incurred on behalf of the Company. The cost sharing agreement may be terminated with one-month notice by either party without penalty. The transactions with Oniva during the six months ended June 30, 2015 and 2014 are summarized below:</p></td></tr></table></i></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="709cd8a2-643e-4d0b-93d5-7e2b9b6e1328" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="17" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Three months ended June 30,</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Six months ended June 30,</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>2014</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>2015</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>2014</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="48%">  <p style="MARGIN: 0px"><font size="2">Office and miscellaneous</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">204,964</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">99,377</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">367,855</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">188,409</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Salaries and benefits</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">112,503</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">70,012</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">230,180</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">169,006</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">317,467</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">169,389</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">598,035</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">357,415</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="0347714d-18b9-4eb9-95aa-097b1c838d3f" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"></td>  <td width="92%">  <p style="MARGIN: 0px">Salaries and benefits above included $9,593 for key management personnel compensation that has been included in Note 10(a).</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top"></td>  <td>  <p style="MARGIN: 0px">For services provided to the Company as President and Chief Executive Officer, the Company pays Intermark Capital Corporation (&#8220;ICC&#8221;), a company controlled by David Wolfin, the Company&#8217;s president and CEO and also a director, for consulting services. For the six months ended June 30, 2015, the Company paid $125,000 (2014 - $308,333, including a one-time bonus) to ICC.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top"></td>  <td>  <p style="MARGIN: 0px">The Company pays Jasman Yee &amp; Associates, Inc. (&#8220;JYAI&#8221;), a company whose managing director is Jasman Yee, a director of the Company, for operational, managerial, metallurgical, engineering and consulting services related to the Company&#8217;s activities. For the six months ended June 30, 2015 and 2014, the Company paid $36,960 and $40,798, respectively, to JYAI.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top"></td>  <td>  <p style="MARGIN: 0px">The Company pays Wear Wolfin Designs Ltd. (&#8220;WWD&#8221;), a company whose director is the brother-in-law of David Wolfin, the Company&#8217;s president and CEO and also a director, for financial consulting services related to ongoing consultation with stakeholders and license holders. For the six months ended June 30, 2015 and 2014, the Company paid $15,000 and $15,000, respectively, to WWD.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="10e7226e-868d-4380-b097-b696a6ee0ae9" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>11. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>WARRANT LIABILITY</strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><font size="2">The Company&#8217;s warrant liability arises as a result of the issuance of warrants exercisable in U.S. dollars. As the denomination is different from the Canadian dollar functional currency of the entity issuing the underlying shares, the Company recognizes a derivative liability for these warrants and re-measures the liability at the end of each reporting period using the Black-Scholes model. </font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">A reconciliation of the changes in the warrant liability during the period is as follows:</font></p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="5ebc541b-e3f7-4b5d-9256-b6a222a61488" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="9" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30, </strong></p>  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>December 31,</strong></p>  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="74%">  <p style="MARGIN: 0px">Balance at beginning of the period</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">239,690</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Recognition upon issuance</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">1,295,647</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Fair value adjustment </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(175,176</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(1,055,957</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Balance at end of the period</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">64,514</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">239,690</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak3a9c63f5-330c-4baa-91e7-1318eb914936" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">17</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px"><b>  <table id="a43adeed-024a-4131-acbf-2d94f018009b" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>11. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>WARRANT LIABILITY</strong> (continued)</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><font size="2">Continuity of derivative warrants during the period is as follows:</font></p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="ea4b61e6-6380-4f22-b79f-384e05accfda" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="8" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Underlying </strong></p>  <p style="MARGIN: 0px" align="center"><strong>Shares</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong> <strong>Weighted Average Exercise Price</strong></p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Derivative warrants outstanding and exercisable, December 31, 2014 and June 30, 2015</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,033,059</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="2%">  <p style="MARGIN: 0px">US$</p></td>  <td style="BORDER-BOTTOM: black 3px double" width="9%">  <p style="MARGIN: 0px" align="right">2.87</p></td>  <td width="1%"></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">  <table id="b59ac967-e837-4e85-9f26-2c37c6337cdf" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">Derivative warrants outstanding and exercisable as at June 30, 2015, are as follows:</p></td></tr></table></font>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4d9b7ad0-cd12-4111-8d01-7eaf08b941a9" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="12" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" colspan="2">  <p style="MARGIN: 0px" align="center"><strong>Exercise Price</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px"><strong>Derivative Warrants Outstanding<br>and Exercisable</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="bottom">  <p style="MARGIN: 0px">Expiry Date</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2">  <p style="MARGIN: 0px" align="center"><strong>per<br>Share</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,<br>2015</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>December 31, 2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="61%">  <p style="MARGIN: 0px">February 25, 2017</p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="2%">  <p style="MARGIN: 0px">US$</p></td>  <td width="10%">  <p style="MARGIN: 0px" align="right">2.87</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="10%" align="right">1,033,059</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="10%" align="right">1,033,059</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">  <table id="79f95881-ae1f-4761-9d37-f6830623a5a4" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">As at June 30, 2015, the weighted average remaining contractual life of warrants outstanding was 1.65 years.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top">  <p style="MARGIN: 0px">Valuation of the warrant liability requires the use of highly subjective estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing warrants is based on volatility observed in historical periods. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the warrant liability was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values:</p></td></tr></table></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="1da61b0d-a712-4923-8750-dce7762115bb" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="9" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,</strong></p>  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>December 31,<br>2014</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr>  <td valign="top">  <p style="MARGIN: 0px">Weighted average assumptions:</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="74%">  <p style="MARGIN: 0px 0px 0px 30px">Risk-free interest rate</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="10%" align="right">0.49</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="10%" align="right">1.00</td>  <td valign="bottom" width="1%">%</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Expected dividend yield</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">0</td>  <td valign="bottom">%</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">0</td>  <td valign="bottom">%</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Expected option life (years)</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">1.65</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">2.14</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Expected stock price volatility</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">59.07</td>  <td valign="bottom">%</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">66.42</td>  <td valign="bottom">%</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Weighted average fair value</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">0.06</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">0.23</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p><b>  <p style="MARGIN: 0px">  <table id="94252c13-5abc-4a0a-93a2-cd0674f64ac8" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"><strong>12. </strong></td>  <td valign="top">  <p style="MARGIN: 0px"><strong>EQUIPMENT LOAN</strong></p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">The Company has entered into a loan for mining equipment expiring in June 2018 with a fixed interest rate of 4.75% per annum. The Company&#8217;s obligations under the loan are secured by the mining equipment. As at June 30, 2015, plant, equipment, and mining properties includes a net carrying amount of $519,250 (December 31, 2014 - $nil) for this mining equipment. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The contractual maturity and interest charges in respect of the Company&#8217;s obligations under this equipment loan are as follows:</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p></b>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="689156a3-6616-4b6d-a3b5-c11b35b14265" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="9" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,<br>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>December 31,<br>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="74%">  <p style="MARGIN: 0px">Not later than one year</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">179,532</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Later than one year and not later than five years</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">336,237</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Less: Future interest charges</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(34,017</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Present value of loan payments</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">481,752</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Less: Current portion</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(161,367</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Non-current portion</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">320,385</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak0e16dd46-5747-4eac-803f-84307f11d90f" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">18</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px"><b>  <table id="50441fd9-1f06-4d9c-8069-14c9e276cabb" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>13. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>FINANCE LEASE OBLIGATIONS</strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">The Company has entered into mining equipment leases expiring between 2015 and 2020 with interest rates ranging from 4.50% to 13.90% per annum. The Company has the option to purchase the mining equipment at the end of the lease term for a nominal amount. The Company&#8217;s obligations under finance leases are secured by the lessor&#8217;s title to the leased assets. As at June 30, 2015, plant and equipment includes a net carrying amount of $6,522,156 (December 31, 2014 - $5,322,510) for this leased mining equipment. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The contractual maturities and interest charges in respect of the Company&#8217;s finance lease obligations are as follows:</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="e82acf16-1457-4b64-864b-f57ab2868537" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="9" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,<br>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>December 31,<br>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="74%">  <p style="MARGIN: 0px">Not later than one year</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">1,799,434</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">1,362,766</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Later than one year and not later than five years</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">2,380,314</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">2,216,930</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Less: Future interest charges</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(265,141</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(280,360</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Present value of minimum lease payments</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">3,914,607</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">3,299,336</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Less: Current portion</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(1,662,979</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(1,292,326</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Non-current portion</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">2,251,628</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">2,007,010</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="be8c0bfa-f08a-47c8-a326-df6fa65e457a" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">The Company has a US$5,375,400 master credit facility with Caterpillar Finance that is used to acquire equipment necessary for advancing operations at the San Gonzalo Mine and for continuing exploration activity at the Avino Mine. As of June 30, 2015, the Company had US$1,959,386 in available credit remaining under this facility.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top">  <p style="MARGIN: 0px">Additionally, the Company has a US$5,000,000 credit facility with Sandvik Customer Finance LLC that is used to acquire equipment necessary for advancing operations at the San Gonzalo Mine and for continuing exploration activity at the Avino Mine and the Bralorne Mine. As of June 30, 2015, the Company had US$4,373,873 in available credit remaining under this facility.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="a382fa24-bcd8-4871-9b8f-a52f59fcf919" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>14. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>RECLAMATION PROVISION</strong></p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">  <table id="37c8a7ce-9e15-4397-96c2-6c52b050e2ec" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">Management&#8217;s estimate of the reclamation provision at June 30, 2015, is $2,091,549 (December 31, 2014 - $2,005,881). The present value of the obligation was calculated using a risk-free interest rate of 7% (December 31, 2014 &#8211; 7%) and an inflation rate of 4.25% (December 31, 2014 &#8211; 4.25%). Reclamation activities are estimated to begin in 2019 for San Gonzalo and in 2023 for the Avino Mine. The undiscounted value of the obligation is $2,293,196 (December 31, 2014 - $2,269,534).</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top">  <p style="MARGIN: 0px">A reconciliation of the changes in the reclamation provision during the periods is as follows:</p></td></tr></table></font></p>  <p style="MARGIN: 0px" align="center">&nbsp;</p>  <p style="MARGIN: 0px" align="center"><strong></strong>  <p style="MARGIN: 0px">  <table id="94cdcacb-264b-400a-bec2-37e7ecf33478" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="9" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,</strong></p>  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>December 31,</strong></p>  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="74%">  <p style="MARGIN: 0px">Balance at beginning of the period</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">2,005,881</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">1,833,938</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Unwinding of discount</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">67,555</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">131,787</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Effect of movements in exchange rates</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">18,113</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">(57,844</td>  <td valign="bottom">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Provision recognized on acquisition of Bralorne Gold Mines Ltd.</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">98,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Balance at end of the period</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">2,091,549</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">2,005,881</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak59849a15-f18b-4a95-a6ac-5f12a3439da9" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">19</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><font size="2"></font></b></p>  <p style="MARGIN: 0px"><b>  <table id="215e03e9-f74e-4c7e-8a7c-ceac343ed2d5" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>15. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>SHARE CAPITAL</strong></p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="1b321ee9-c7a9-4567-9030-b2a102d1d3c2" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(a) </td>  <td width="92%">  <p style="MARGIN: 0px">Authorized: Unlimited common shares without par value.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top">(b) </td>  <td>  <p style="MARGIN: 0px">Issued:</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="e8c0af8d-4bb0-44e7-b790-5019114ebecb" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(i) </td>  <td width="88%">  <p style="MARGIN: 0px">During the six months ended June 30, 2015, the Company continued to issue shares in an at-the-market offering under prospectus supplements, the latest of which was filed on May 27, 2015 for up to US$6,000,000. The Company sold an aggregate of 901,609 common shares at an average price of $1.56 (US$1.28) per common share for gross proceeds of $1,409,901 (US$1,152,814) during six months ended June 30, 2015.</p></td></tr>  <tr height="15">  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td valign="top"></td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top"></td>  <td valign="top"></td>  <td>  <p style="MARGIN: 0px">The Company paid a 3% cash commission on the gross proceeds in the amount of $42,297 (US$34,584) and incurred additional accounting, legal and regulatory costs of $57,373.</p></td></tr>  <tr height="15">  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td valign="top"></td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top"></td>  <td valign="top">(ii) </td>  <td>  <p style="MARGIN: 0px">During the six months ended June 30, 2015, the Company issued 151,000 common shares upon the exercise of stock options for gross proceeds of $144,570.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="960585b0-70fa-4310-8e3b-31566d365893" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%">(c) </td>  <td valign="top" width="92%">  <p style="MARGIN: 0px">Warrants:</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="b937cb36-11e7-4ce3-be04-2712891fe5ca" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"></td>  <td width="92%">  <p style="MARGIN: 0px">During the six months ended June 30, 2015, and the year ended December 31, 2014 there were no warrants issued or exercised. There were 1,033,059 warrants issued during the year ended December 31, 2014 as summarized in Note 11.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="76ee6961-c4c5-4228-aa06-c859b778bb6e" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(d) </td>  <td width="92%">  <p style="MARGIN: 0px">Stock options:</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">The Company has a stock option plan to purchase the Company&#8217;s common shares, under which it may grant stock options of up to 10% of the Company&#8217;s total number of shares issued and outstanding on a non-diluted basis. The stock option plan provides for the granting of stock options to directors, officers, and employees (up to a limit of 5%), and to persons providing investor relations or consulting services (up to a limit of 2%), the limits being based on the Company&#8217;s total number of issued and outstanding shares per year. The stock options vest on the date of grant, except for those issued to persons providing investor relations services, which vest over a period of one year. The option price must be greater than or equal to the discounted market price on the grant date, and the option term cannot exceed five years from the grant date.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Continuity of stock options for the six months ended June 30, 2015 and the year ended December 31, 2014 is as follows:</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="0d5ccb87-0863-470a-82d5-31d7cd4da7c2" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="9" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Underlying </strong></p>  <p style="MARGIN: 0px" align="center"><strong>Shares</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Weighted Average<br>Exercise Price</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Stock options outstanding and exercisable, December 31, 2013</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,642,957</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">1.16</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Granted</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">1,035,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">1.90</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Forfeited</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">(50,000</td>  <td valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">1.15</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Exercised</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(266,457</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">1.16</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Stock options outstanding and exercisable, December 31, 2014</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">3,361,500</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">1.39</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Exercised</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(151,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">0.96</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Stock options outstanding and exercisable, June 30, 2015</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">3,210,500</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">1.41</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="a20ae4bb-7e81-4344-b90c-6111509bf574" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%"></td>  <td valign="top" width="92%">  <p style="MARGIN: 0px">As at June 30, 2015, the weighted average remaining contractual life of stock options outstanding was 2.05 years.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak758d6a71-f130-4bae-a7d1-da3fa81e07ba" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">20</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px"><b>  <table id="c6837ac7-ff63-4f38-96ed-6cc795c453a1" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>15. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>SHARE CAPITAL</strong> (continued)</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="7b3ae567-443f-4a3d-a11a-29d3645e821a" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(d) </td>  <td width="92%">  <p style="MARGIN: 0px">Stock options (continued):</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">Details of stock options outstanding and exercisable are as follows:</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="e20df85f-a3b9-43ca-b2be-9481f720bd2d" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="13" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center"></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px"><strong><strong>Stock Options Outstanding</strong></strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr>  <td valign="bottom">  <p style="MARGIN: 0px" align="left"><strong>Expiry Date</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Exercise<br>Price</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,<br>2015</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>December 31, 2014</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="61%">  <p style="MARGIN: 0px">January 14, 2015</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">0.81</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="10%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="10%" align="right">45,000</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">September 10, 2015</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">1.05</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">225,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">225,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">January 18, 2016</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">1.02</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">745,500</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">806,500</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">September 30, 2016</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">1.02</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">650,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">695,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">February 18, 2018</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">1.60</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">195,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">195,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">September 9, 2018</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">1.62</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">360,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">360,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">September 19, 2019</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">1.90</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">855,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">855,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">December 22, 2019</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">1.90</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">180,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">180,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">3,210,500</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">3,361,500</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b></b>  <table id="7df604b1-b34e-4eeb-9cec-cbeab01c6620" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%">(e) </td>  <td width="92%">  <p style="MARGIN: 0px">Earnings per share:</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">The calculations for earnings per share and diluted earnings per share for the three and six months ended June 30, 2015 and 2014 are as follows:</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="357eddce-9497-4e3a-8c7c-93bf5cc54aa5" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="17" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px" align="center"><strong>Three months ended June 30,</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px" align="center"><strong>Six months ended June 30,</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="48%">  <p style="MARGIN: 0px">Net income (loss) for the period </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="10%" align="right">361,655</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="10%" align="right">(87,097</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="10%" align="right">737,942</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="10%" align="right">1,257,219</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Basic weighted average number of shares outstanding </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">35,819,166</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">32,234,738</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">35,798,371</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">30,982,873</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Effect of dilutive share options </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">528,506</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">700,667</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">666,355</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">983,592</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Diluted weighted average number of shares outstanding </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">36,347,672</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">33,192,583</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">36,464,726</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">31,966,463</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Basic earnings per share</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">0.01</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">(0.00</td>  <td valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">0.02</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">$</td>  <td id="ffcell" valign="bottom" align="right">0.04</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Diluted earnings per share</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">0.01</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(0.00</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">0.02</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">0.04</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="941d7816-877c-4964-b8b7-4df713bfb56e" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>16. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>REVENUE AND COST OF SALES</strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">Revenue and the related cost of sales reflect the sale of silver and gold concentrate from the San Gonzalo mine during the six months ended June 30, 2015, and from the San Gonzalo mine and the historic Avino stockpiles for the six months ended June 30, 2014.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Cost of sales consists of changes in inventories, direct costs including personnel costs, general and administrative costs, energy costs (principally diesel fuel and electricity), maintenance and repair costs, operating supplies, external services, third party transport fees, depreciation and depletion and other expenses for the periods. Direct costs include the costs of extracting co-products. Cost of sales is based on the weighted average cost of contained or recoverable ounces sold for the periods and consists of the following:</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="688508e2-2a0a-4ed8-8694-ef6b5a4bb752" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="17" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px" align="center"><strong>Three months ended June 30,</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px" align="center"><strong>Six months ended June 30,</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="48%">  <p style="MARGIN: 0px">Direct costs</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">2,993,476</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">2,452,371</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">5,170,156</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">5,083,031</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Depreciation and depletion </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">542,504</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">340,622</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">563,509</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">644,087</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">3,535,980</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">2,792,993</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">5,733,665</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">5,727,118</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak2db4081f-8d39-4655-86b1-fd9ef19b15f3" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">21</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px"><b>  <table id="908ffb7e-4706-42b5-9d64-998a451e13ac" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>17. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>GENERAL AND ADMINISTRATIVE EXPENSES</strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">General and administrative expenses on the condensed consolidated interim statements of operations consist of the following:</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="366f0999-316d-4484-af46-b51412495725" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="17" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px"><strong>Three months ended June 30,</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px"><strong>Six months ended June 30,</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="48%">  <p style="MARGIN: 0px">Salaries and benefits</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">393,467</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">255,057</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">737,252</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">794,320</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Professional fees</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">202,687</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">110,622</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">315,812</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">231,300</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Office and miscellaneous</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">165,142</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">251,786</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">310,996</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">480,884</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Management and consulting fees</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">161,403</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">104,393</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">318,664</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">365,285</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Travel and promotion</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">92,872</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">49,589</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">164,645</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">93,733</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Investor relations </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">58,406</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">89,135</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">114,768</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">135,055</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Directors fees </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">20,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">20,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">40,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">40,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Depreciation</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">9,330</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">16,441</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">18,524</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">31,762</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Regulatory and compliance fees</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(8,848</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">34,912</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">9,724</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">68,125</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">1,094,459</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">931,935</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">2,030,385</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">2,240,464</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="cd8c81af-4a8f-4e5b-bd38-34a2ca2def27" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>18. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>COMMITMENTS</strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">The Company has a cost sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on Oniva&#8217;s total overhead and corporate expenses. The agreement may be terminated with one-month notice by either party. Transactions and balances with Oniva are disclosed in Note 10.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company and its subsidiaries have various operating lease agreements for their office premises, use of land, and equipment. Commitments in respect of these lease agreements are as follows:&nbsp;</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="ed67f6c4-e228-4a72-8d76-c618a5e15446" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="9" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,<br>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>December 31,<br>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="74%">  <p style="MARGIN: 0px">Not later than one year</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">343,224</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">301,121</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Later than one year and not later than five years</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">47,641</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">134,291</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Later than five years</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">48,672</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">56,235</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">439,537</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">491,647</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="589e0718-8420-480f-9449-78d9b00b6c26" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px">Office lease payments recognized as an expense during the six months ended June 30, 2015, totalled $106,324 (2014 - $42,289).</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="b034fb84-ec76-4c32-bd1f-b9ac0483e9a1" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>19. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>SUPPLEMENTARY CASH FLOW INFORMATION</strong></p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="b3b09126-632c-4a41-841d-d5d1513682f3" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="9" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,<br>2015</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,<br>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="top">  <p style="MARGIN: 0px">Net change in non-cash working capital items:</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Accounts payable and accrued liabilities</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,219,304</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">268,802</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Taxes payable</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">639,880</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">959,872</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Amounts due to related parties</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">24,277</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">26,368</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Sales taxes recoverable</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(868,758</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(430,019</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Prepaid expenses and other assets</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(588,571</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(325,329</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Amounts receivable </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(344,699</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(114,961</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Inventory</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(115,302</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(242,164</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td>  <p style="MARGIN: 0px">Interest receivable</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid">  <p style="MARGIN: 0px" align="right">-</p></td>  <td style="PADDING-BOTTOM: 1px">  <p style="MARGIN: 0px" align="right">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px" align="right">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid">  <p style="MARGIN: 0px" align="right">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid">  <p style="MARGIN: 0px" align="right">5,372</p></td>  <td style="PADDING-BOTTOM: 1px">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(33,869</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">147,941</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="0ae7a062-3e03-4167-b7cc-429da1786212" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="9" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,</strong></p>  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,<br>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Taxes paid</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,739,175</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Interest paid</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">64,396</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">43,389</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak4babe9fd-f02b-4713-b755-86b5114f3967" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">22</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px"><b><font size="2"></font></b></p>  <p style="MARGIN: 0px"><b>&nbsp;   <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="50f95d0d-f5a4-47a3-9d4d-4c7a0872209e" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>20. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>FINANCIAL INSTRUMENTS</strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr height="15">  <td valign="top"></td>  <td valign="top">  <p style="MARGIN: 0px">The fair values of the Company&#8217;s cash and cash equivalents, amounts receivable, amounts due to related parties, and accounts payable approximate their carrying values because of the short-term nature of these instruments. The fair values of investments in related and other companies are based on quoted market prices. The carrying values of the equipment loan and of the finance lease obligations approximate their fair values based on current market rates for similar debt. The warrant liability is recorded at fair value.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company&#8217;s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk.</p></td></tr></table></p>  <p style="MARGIN: 0px"></b>&nbsp;</p><b><i>  <p style="MARGIN: 0px">  <table id="436cfe14-c177-4f8e-8414-a7c07c329705" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"><strong><em>(a)</em></strong></td>  <td width="92%">  <p style="MARGIN: 0px"><em><strong>Credit Risk</strong></em></p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other parties by failing to discharge an obligation. The Company has exposure to credit risk through its cash and cash equivalents and amounts receivable. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company manages credit risk, in respect of cash and cash equivalents, by maintaining the majority of cash at highly rated financial institutions.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company is exposed to a significant concentration of credit risk with respect to its trade accounts receivable balance because all of its concentrate sales are with two counterparties. However, the Company has not recorded any allowance against its trade receivables because to-date all balances owed have been settled in full when due (typically within 60 days of submission) and because of the nature of the counterparties.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company&#8217;s maximum exposure to credit risk at the end of any period is equal to the carrying amount of these financial assets as recorded in the consolidated statement of financial position. At June 30, 2015, no amounts were held as collateral.</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><em>(b)</em></strong>&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><em>Liquidity Risk</em></strong></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by its operating, investing and financing activities. The Company had cash and cash equivalents at June 30, 2015, in the amount of $3,256,186 (December 31, 2014 - $4,249,794) in order to meet short-term business requirements. At June 30, 2015, the Company had current liabilities of $15,167,931 (December 31, 2014 - $6,476,148). Accounts payable have contractual maturities of approximately 30 to 90 days, or are due on demand and are subject to normal trade terms. The current portions of finance lease obligations and equipment loan are due within 12 months of the consolidated statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment. The concentrate prepayment is settled upon delivery of concentrate, with any shortfall remedied in cash or in concentrate at the buyer&#8217;s determination.</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><b><i>(c)</i></b></p></td>  <td>  <p style="MARGIN: 0px"><b><i>Market Risk</i></b></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below.</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><i>Interest Rate Risk   <p style="MARGIN: 0px"></i></p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">Interest rate risk consists of two components:</p></td></tr></table></p>  <p style="MARGIN: 0px"></i></b>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="c3294b76-5931-44fd-a83f-9fd20d28d2ff" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%">(i) </td>  <td width="88%">  <p style="MARGIN: 0px">To the extent that payments made or received on the Company&#8217;s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk.</p></td></tr></table><i>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreake19054b0-7733-466e-930a-96d78817b50a" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">23</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p></i>  <p style="MARGIN: 0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">  <i>  <p style="MARGIN: 0px">&nbsp;</p></i>  <p style="MARGIN: 0px">  <table id="7d275a93-6f7c-4d2b-972e-3f1aeb8f4292" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>20. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>FINANCIAL INSTRUMENTS</strong> (continued)</p></td></tr></table><b></b>&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="a8eb7fdb-ee6c-4af1-8178-d9d63e15854f" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"><strong><em>(c) </em></strong></td>  <td width="92%">  <p style="MARGIN: 0px"><em><strong>Market Risk </strong>(continued)</em></p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="98ba7607-5bb5-40e7-be64-71cc48bacc2d" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%">(ii) </td>  <td width="88%">  <p style="MARGIN: 0px">To the extent that changes in prevailing market rates differ from the interest rates on the Company&#8217;s monetary assets and liabilities, the Company is exposed to interest rate price risk.</p></td></tr></table>&nbsp;<em><strong>   <p style="MARGIN: 0px"></strong></em><strong><em></em></strong>  <p style="MARGIN: 0px">  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"></td>  <td width="92%">  <p style="MARGIN: 0px">In management&#8217;s opinion, the Company is not exposed to significant interest rate cash flow risk as the Company&#8217;s finance lease obligations and equipment loan bear interest at fixed rates.</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p><em><strong>  <p style="MARGIN: 0px">  <table id="72de8d45-4399-497e-958c-c9ef5d187cac" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%"><strong><em>&nbsp;</em></strong></td>  <td valign="top" width="92%">  <p style="MARGIN: 0px"><em>Foreign Currency Risk</em></p></td></tr></table></p>  <p style="MARGIN: 0px"></strong></em>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="6062fbe4-8347-4220-9094-33bc82e436c7" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"></td>  <td valign="top" width="92%">  <p style="MARGIN: 0px">Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that the following monetary assets and liabilities are denominated in Mexican pesos and US dollars: </p></td></tr></table>&nbsp;   <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="ee4762f9-009f-4180-b91b-57a68727d8ea" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="17" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>June 30, 2015</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>December 31, 2014</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>MXN</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>USD</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>MXN</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>USD</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top" width="48%">  <p style="MARGIN: 0px"><font size="2">Cash and cash equivalents</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">2,180,631</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">2,281,637</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">2,532,442</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="10%" align="right">3,382,302</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Amounts receivable</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">2,287,531</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">1,350,874</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Accounts payable and accrued liabilities</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">(18,299,463</td>  <td valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">(1,461,439</td>  <td valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">(10,805,057</td>  <td valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">(786,490</td>  <td valign="bottom">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Finance lease obligations</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">(346,786</td>  <td valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">(2,909,585</td>  <td valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">(908,005</td>  <td valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">(2,788,356</td>  <td valign="bottom">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Equipment loan</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">(389,567</td>  <td valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Warrant liability</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(51,653</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(206,611</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Net exposure</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(16,465,618</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(243,076</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(9,180,620</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">951,719</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Canadian dollar equivalent</font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(1,307,968</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(303,601</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(722,056</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">1,104,088</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="27d818bb-e37a-47dd-9c52-d6ed0235c192" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"></td>  <td width="92%">  <p style="MARGIN: 0px">Based on the net Canadian dollar denominated asset and liability exposures as at June 30, 2015, a 10% fluctuation in the Canadian/Mexican and Canadian/US exchange rates would impact the Company&#8217;s earnings for the six months ended June 30, 2015, by approximately $305,035 (December 31, 2014 - $45,188). The Company has not entered into any foreign currency contracts to mitigate this risk.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top"></td>  <td>  <p style="MARGIN: 0px"><em>Price Risk</em></p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top"></td>  <td>  <p style="MARGIN: 0px">Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top"></td>  <td>  <p style="MARGIN: 0px">The Company is exposed to price risk with respect to its accounts receivable, as certain trade accounts receivable are recorded based on provisional terms that are subsequently adjusted according to quoted metal prices at the date of final settlement. Quoted metal prices are affected by numerous factors beyond the Company&#8217;s control and are subject to volatility, and the Company does not employ hedging strategies to limit its exposure to price risk. At June 30, 2015, based on outstanding accounts receivable that were subject to pricing adjustments, a 10% change in the market price of silver would have an impact on net earnings of approximately $452,388 (December 31, 2014 - $489,808), and a 10% change in the market price of gold would have an impact on net earnings of approximately $145,001 (December 31, 2014 - $210,058).</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top"></td>  <td valign="top"></td>  <td>  <p style="MARGIN: 0px">The Company is exposed to price risk with respect to its investments in related companies and its investments in other companies as certain of these investments are carried at fair value based on quoted market prices. Changes in market prices result in gains or losses being recognized in net income (loss). At June 30, 2015, a 10% change in market prices would have an impact on net earnings of approximately $8,366 (December 31, 2014 - $5,389).</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">  <table id="bed44344-a812-4a68-823b-da7d98113357" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="4%"></td>  <td width="92%">  <p style="MARGIN: 0px">The Company&#8217;s profitability and ability to raise capital to fund mineral resource exploration is subject to risks associated with fluctuations in mineral prices. Management closely monitors commodity prices, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreaka4ad122e-a9fe-43f2-b1b0-fcf63fb94d31" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">24</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p>  <p style="MARGIN: 0px">Notes to the condensed consolidated interim financial statements&nbsp;</p>  <p style="MARGIN: 0px">For the six months ended June 30, 2015 and 2014&nbsp;</p>  <p style="MARGIN: 0px">(Expressed in Canadian dollars) (unaudited)</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px"><b>  <table id="b4a07dec-a9dc-4500-9ef5-6b8b239a3a2a" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>20. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>FINANCIAL INSTRUMENTS </strong>(continued)</p></td></tr></table></b>&nbsp;&nbsp; </p>  <p style="MARGIN: 0px"><b><i>  <table id="1a420a5a-9b3a-4fd5-a941-995aa9f49d0e" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"></td>  <td valign="top" width="4%"><strong><em>(d) </em></strong></td>  <td width="92%">  <p style="MARGIN: 0px"><strong><em>Classification of Financial Instruments</em></strong></p></td></tr></table></i></b>&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">IFRS 7 Financial Instruments: Disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows:</p>  <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">Level 1 &#8211; quoted prices (unadjusted) in active markets for identical assets or liabilities;&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">Level 2 &#8211; inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">Level 3 &#8211; inputs for the asset or liability that are not based on observable market data (unobservable inputs).</p>  <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">The following table sets forth the Company&#8217;s financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at June 30, 2015:</p><b>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="7c772f2c-5e23-422a-ad4b-0507598c9b51" style="WIDTH: 85%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="17" cellpadding="0" width="85%" align="center" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Level 1</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Level 2</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Level 3</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Total</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="top">  <p style="MARGIN: 0px"><b>Financial Assets</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Cash and cash equivalents</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,256,186</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,256,186</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Investments in related companies</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">77,643</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">77,643</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Investments in other companies </p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">46,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">-</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">46,000</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Financial Liabilities</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Warrant liability</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(64,514</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(64,514</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">3,379,829</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">-</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">(64,514</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">)</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">3,315,315</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table id="7e3bc49d-7e82-40fe-bb41-e3f174f912ed" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%"><strong>21. </strong></td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong>SUBSEQUENT EVENTS</strong></p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><b>Prepayment Agreement&nbsp;</b>&nbsp;&#8211; On July 8, 2015, the Company entered into a concentrates prepayment agreement with Samsung C&amp;T U.K. Limited (&#8220;Samsung&#8221;). Pursuant to the agreement, Avino will sell concentrates produced from the ET zone of the Avino mine area property on an exclusive basis to Samsung for a period of 24 months, and Samsung agreed to make a prepayment of US$10,000,000 for the concentrates. Samsung will pay for the concentrates at the prevailing metal prices for their silver, copper, and gold content at or about the time of delivery, less treatment, refining, shipping and insurance charges. Interest will be charged on the prepayment at a rate of LIBOR (3 month) plus 4.75%, and the prepayment will be repaid in 15 consecutive equal monthly instalments starting in June 2016. The prepayment is secured by the concentrates produced under the agreement and by the common shares of Bralorne Gold Mines Ltd. The US$10,000,000 prepayment was received from Samsung on August 14, 2015. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>Share issuances and stock option cancellation</b> &#8211; Subsequent to the six months ended June 30, 2015, the Company issued 10,400 common shares under the prospectus supplement for net proceeds of $13,164 (US$10,100) and issued 5,000 common shares upon the exercise of stock options for gross proceeds of $5,100. Subsequent to the six months ended June 30, 2015, the Company also cancelled 50,000 stock options exercisable at $1.90 with an expiry date of December 22, 2019.&nbsp;</p></td></tr></table></b>&nbsp;</p>  <p style="MARGIN: 0px">&nbsp;</p></b>  <p style="MARGIN: 0px" align="center">25</p><b>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p></b></BODY></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>avino_ex992.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION AND ANALYSIS
<TEXT>
<html><head><title>avino_ex992.htm </title><!--Document Created by EDGARMaster--></head><BODY style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%" scroll="yes"><p style="MARGIN: 0px" align="right"><strong>EXHIBIT 99.2</strong></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The following discussion and analysis of the operations, results, and financial position of Avino Silver &amp; Gold Mines Ltd. (the &#8220;Company&#8221; or &#8220;Avino&#8221;) should be read in conjunction with the Company&#8217;s condensed consolidated interim financial statements for the six months ended June 30, 2015, and the audited consolidated financial statements for the year ended December 31, 2014, and the notes thereto. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">This Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) is dated August 18, 2015, and discloses specified information up to that date. Avino is classified as a &#8220;venture issuer&#8221; for the purposes of National Instrument 51-102. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). Unless otherwise cited, references to dollar amounts are in Canadian dollars. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Throughout this report we refer to &#8220;Avino&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221; or &#8220;its&#8221;. All these terms are used in respect of Avino Silver &amp; Gold Mines Ltd. <b><i>We recommend that readers consult the &#8220;Cautionary Statement&#8221; on the last page of this report.</i></b> Additional information relating to the Company is available on SEDAR at <u>www.sedar.com</u> and on the Company&#8217;s website at <u>www.avino.com</u>. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u><font size="2">Business Description</font></u></b> </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Founded in 1968, the Company is engaged in the production and sale of silver, gold, and copper and the exploration, evaluation, and acquisition of mineral properties. The Company holds mineral claims and leases in Durango, Mexico and in British Columbia and the Yukon Territory, Canada. Avino is a reporting issuer in British Columbia and Alberta and a foreign issuer with the Securities and Exchange Commission in the United States. The Company&#8217;s shares trade on the TSX Venture Exchange, Tier 1, under the symbol &#8220;ASM&#8221;, on the NYSE MKT under the symbol &#8220;ASM&#8221;, and on the Berlin and Frankfurt Stock Exchanges under the symbol &#8220;GV6&#8221;. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Overall Performance and Highlights</u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">During the six months ended June 30, 2015, the Company produced 2,700 tonnes of bulk silver/gold concentrate from its San Gonzalo mine, and recognized revenues of $10,194,424 on the sale of 2,566 tonnes of bulk silver/gold concentrate for a gross profit of $4,460,759. Metal prices for revenues recognized during the six months ended June 30, 2015, averaged US$16.20 per ounce of silver and US$1,187 per ounce of gold.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Cash cost per silver equivalent (&#8220;AgEq&#8221;) ounce for the six months ended June 30, 2015, was $8.64 while all-in sustaining cash cost per AgEq ounce was $11.99. The Company re-allocated capacity to processing additional material from San Gonzalo and therefore didn&#8217;t generate revenue from the Avino stockpiles.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">During the six months ended June 30, 2015, the Company also produced 3,994 dry tonnes of bulk silver/gold/copper concentrate from the recently re-opened Avino Mine. During the three months ended June 30, 2015, the Company received US$5,000,000 as a prepayment for the Avino Mine concentrate that was delivered in July 2015.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company&#8217;s cash and cash equivalents at June 30, 2015, totaled $3,256,186 compared to $4,249,794 at December 31, 2014, while the working capital deficit totaled $964,211 at June 30, 2015, compared to working capital of $6,617,877 at December 31, 2014.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">On July 8, 2015, the Company entered into a concentrates prepayment agreement with Samsung C&amp;T U.K. Limited (&#8220;Samsung&#8221;). Pursuant to the agreement, Avino will sell concentrates produced from the ET zone of the Avino mine area property on an exclusive basis to Samsung for a period of 24 months, and Samsung agreed to make a prepayment of US$10,000,000 for the concentrates. Samsung will pay for the concentrates at the prevailing metal prices for their silver, copper, and gold content at or about the time of delivery, less treatment, refining, shipping and insurance charges. Interest will be charged on the prepayment at a rate of LIBOR (3 month) plus 4.75%, and the prepayment will be repaid in 15 consecutive equal monthly instalments starting in June 2016. The prepayment is secured by the concentrates produced under the agreement and by the common shares of Bralorne Gold Mines Ltd. The US$10,000,000 prepayment was received from Samsung on August 14, 2015. The agreement relates to sale of concentrates produced from the ET zone of the Avino mine area property only, and does not include concentrates produced from the San Gonzalo mine. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak4d3a007f-1ef1-4fd6-9d1e-894e56b454ed" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid">  <p style="MARGIN: 0px" align="right">1 <font color="black">|</font> Page</p></td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Discussion of Operations</u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company&#8217;s production, exploration, and evaluation activities during the six months ended June 30, 2015, have been conducted on its Avino Property and its Bralorne Mine property. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company holds a 99.66% effective interest in Compa&#241;&#237;a Minera Mexicana de Avino, S.A. de C.V. (&#8220;Avino Mexico&#8221;), a Mexican corporation which owns the Avino Property. The Avino Property covers approximately 1,104 hectares (excluding La Potosina), and is located approximately 80 km north-east of the city of Durango. The Avino Property is equipped with a processing facility which presently processes all output from the San Gonzalo and Avino Mines located on the property. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company also holds a 100% interest in the Bralorne Mine property through its ownership of Bralorne Gold Mines Ltd. The Bralorne Mine property consists of a comprehensive package of mineral claims, land parcels, and equipment and infrastructure assembled during historic mining operations in the Bridge River mining camp of southwest British Columbia. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>Consolidated Second Quarter 2015 Production Highlights</b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Comparative production totals for the second quarters of 2015 and 2014 are presented below:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="b97365eb-d50d-489e-8618-6ca57b49cae8" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Q2</font></b></p>  <p style="MARGIN: 0px" align="center"><b><font size="2">2015</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Q2 </font></b></p>  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">%<br>Change</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Total Silver Produced (oz) <i>calculated</i></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">451,505</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">223,183</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">102</td>  <td valign="bottom" width="1%">%</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Total Gold Produced (oz) <i>calculated</i></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,891</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,157</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">63</td>  <td valign="bottom" width="1%">%</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Total Copper Produced (lbs) <i>calculated</i></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,236,622</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td colspan="2">  <p style="MARGIN: 0px" align="right"><font size="2">N/A</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td colspan="2">  <p style="MARGIN: 0px" align="right"><font size="2">N/A</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Total Silver Eq. Produced (oz) <i>calculated*</i></font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">819,299</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">306,342</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">167</td>  <td valign="bottom" width="1%">%</td></tr></table></p>  <p style="MARGIN: 0px">________________&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px"><font size="2">*<i>For comparison purposes, the silver equivalent ratio has been calculated using metal prices of $16 oz Ag, $1,150 oz Au and $3.00 Lb Cu. </i><i>Mill production figures have not been reconciled and are subject to adjustment with concentrate sales. Calculated figures may not add up due to rounding.</i></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><i><font size="2">Under National Instrument 43-101, the Company is required to disclose that it has not based its production decisions on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically projects without such reports have increased uncertainty and risk of economic viability. The Company's decision to place a mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations is largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company. The results of this work are evident in the Company's discovery of the San Gonzalo resource and the re-opening of the Avino Mine, and in the Company's record of mineral production and financial returns since operations at levels intended by management commenced at the San Gonzalo Mine in 2012.   <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreakb42090b1-2800-4667-a9a4-ba516b33a2be" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid">  <p style="MARGIN: 0px" align="right">2&nbsp;<font color="black">|</font> Page</p></td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</font></i></p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>Avino Mine Second Quarter 2015 Production Highlights</b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">On January 1, 2015, Avino&#8217;s recently refurbished Mill Circuit 3 transitioned to processing new material taken from underground at the Avino Mine. Since the circuit was not in operation during the second quarter of 2014, the comparative data below presents the second quarter of 2015 and the first quarter of 2015. At the time of this MD&amp;A, advancement had been completed on level 11.5 and work has commenced on levels 12 and 12.5. There is a difference in elevation of 14 metres between these two levels.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Comparative figures for the second quarter of 2015 and the first quarter of 2015 for the Avino Mine are as follows:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="119b1996-1a3f-4057-bc57-75b63b765143" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>Q2</b></p>  <p style="MARGIN: 0px" align="center"><b>2015</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>Q1</b></p>  <p style="MARGIN: 0px" align="center"><b>2015</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>Quarterly</b></p>  <p style="MARGIN: 0px" align="center"><b>Change %</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>2015</b></p>  <p style="MARGIN: 0px" align="center"><b>YTD Totals</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>Notes</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Tonnes Mined</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">94,323</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">78,652</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">20</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">172,975</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Underground Advancement (m)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,161</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">980</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">18</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,140</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Mill Availability (%)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">97</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">96</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">97</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Total Mill Feed (dry tonnes)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">95,494</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">76,547</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">25</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">172,041</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,5</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Feed Grade Silver (g/t)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">61</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">64</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-5</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">%</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">62</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,6</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Feed Grade Gold (g/t)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.27</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.36</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-25</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">%</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.31</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,6</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Feed Grade Copper (%)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.67</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.58</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">15</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.67</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,5</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Recovery Silver (%)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">87</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">89</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-2</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">%</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">88</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Recovery Gold (%)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">76</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">82</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-7</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">79</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">4</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Recovery Copper (%)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">88</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">89</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-1</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">89</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Copper Concentrate (dry tonnes)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,219</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,775</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">25</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,994</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">5</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Copper Concentrate Grade Silver (Kg/t)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2.27</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2.46</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-8</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2.36</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">6</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Copper Concentrate Grade Gold (g/t)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">8.74</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">12.61</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-31</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">10.46</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">6</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Copper Concentrate Grade Copper (%)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">25</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">22</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">13</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">24</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">6</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Total Silver Produced (kg)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">5,044</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">4,371</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">15</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">9,414</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">7</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Total Gold Produced (g)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">19,388</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">22,391</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-13</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">41,778</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">7</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Total Copper Produced (Kg)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">560,923</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">395,934</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">42</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">956,857</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">7</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Total Silver Produced (oz) <i>calculated</i></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">162,159</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">140,518</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">15</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">302,677</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">7</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Total Gold Produced (oz) <i>calculated</i></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">623</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">720</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-13</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,343</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">7</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Total Copper Produced (Lbs) <i>calculated</i></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,236,622</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">872,884</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">42</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,109,506</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">7</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Total Silver Equivalent Produced (oz) <i>calculated*</i></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">438,823</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">355,924</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">23</td>  <td valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">794,747</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">7</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">_______________</p>  <p style="MARGIN: 0px">*<i>The silver equivalent ratio was calculated using metal prices of $16 oz Ag, $1,150 oz Au and $3.00 Lb Cu.</i><i> Mill production figures have not been reconciled and are subject to adjustment with concentrate sales. Calculated figures may not add up due to rounding.   <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak7b2856b0-08c6-4f37-94e5-70b87da9bc0f" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">3 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</i>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>Second Quarter 2015 Highlights</b><i></i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">1. </td>  <td>  <p style="MARGIN: 0px">Overall tonnes mined and underground advancement metres were up 20% and 18%, respectively, over the first quarter of 2015. The increases were helped by the deployment of additional new mining equipment which included a new Caterpillar 1600 scoop tram and a Sandvik development jumbo.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">2. </td>  <td>  <p style="MARGIN: 0px">Mill throughput increased by 25% over the first quarter of 2015 as optimization during the start-up phase continued.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">3. </td>  <td>  <p style="MARGIN: 0px">As a result of feed variability in the deposit, copper grade increased by 15%, while silver and gold grades decreased by 5% and 25%, respectively.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">4. </td>  <td>  <p style="MARGIN: 0px">Recovery of gold was down by 7% as a result of the lower feed grade.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">5. </td>  <td>  <p style="MARGIN: 0px">Higher throughput and copper feed grade resulted in 25% more tonnes of concentrate produced.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">6. </td>  <td>  <p style="MARGIN: 0px">Silver and gold grades in the concentrate were lower by 8% and 31%, respectively, as a result of the lower feed grades, while the copper grade increased by 13% as a result of the higher feed grade.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">7. </td>  <td>  <p style="MARGIN: 0px">Copper production increased by 42% and gold production decreased by 13%. Despite the lower grades and lower recovery, silver production increased by 15% due to higher tonnage processed. The higher copper production for the quarter is the primary reason for the 23% increase in silver equivalent production.</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><i><font size="2">Under National Instrument 43-101, the Company is required to disclose that it has not based its production decisions on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically projects without such reports have increased uncertainty and risk of economic viability. The Company's decision to place a mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations is largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company. The results of this work are evident in the Company's discovery of the San Gonzalo resource and the re-opening of the Avino Mine, and in the Company's record of mineral production and financial returns since operations at levels intended by management commenced at the San Gonzalo Mine in 2012.</font></i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>San Gonzalo Mine Second Quarter 2015 Production Highlights</b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">During the second quarter of 2015, San Gonzalo mill feed came primarily from stopes on levels 5 and 6 as well as the drift mineralized mined material to the east from levels 3, 4, 5 and 6. The ramp advance was deferred (at 70 metres below level 7) in favor of using the mining equipment to advance levels 5, 6 and 6.5 laterally along the San Gonzalo structure. As such, a new drift on the level 6.5 at elevation (2,061 metres above sea level) has commenced to the east and west. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreaka9620b5b-36d1-45f2-816f-c395bd7c5273" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">4 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Comparative figures for the second quarters of 2015 and 2014 for the San Gonzalo Mine are as follows:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="5c89a08d-bb8a-499e-8565-d03767eae09f" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>Q2 </b></p>  <p style="MARGIN: 0px" align="center"><b>2015</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>Q2</b></p>  <p style="MARGIN: 0px" align="center"><b>2014</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>Quarterly </b></p>  <p style="MARGIN: 0px" align="center"><b>Change </b><b>%</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>2015 YTD</b></p>  <p style="MARGIN: 0px" align="center"><b>Totals</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>Notes</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Tonnes Mined</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">24,425</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">14,497</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">68</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">51,137</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Underground Advancement (m)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,105</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,144</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-3</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,287</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Mill Availability (%)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">97</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">95</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">96</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Total Mill Feed (dry tonnes)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">20,026</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">20,400</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-2</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">38,834</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Feed Grade Silver (g/t)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">363</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">334</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">9</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">336</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,5</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Feed Grade Gold (g/t)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1.75</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1.86</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-6</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1.65</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,5</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Recovery Silver (%)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">83</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">84</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-1</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">83</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Recovery Gold (%)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">72</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">77</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-7</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">73</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,5</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Bulk Concentrate (dry tonnes)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">728</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">545</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">34</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,336</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">4</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Bulk Concentrate Grade Silver (kg/t)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">8.27</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">10.44</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-21</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">8.16</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">4</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Bulk Concentrate Grade Gold (g/t)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">34.37</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">53.65</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-36</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">35.05</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">4</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Total Silver Produced (kg)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">6,025</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">5,688</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">6</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">10,896</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">5</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Total Gold Produced (g)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">25,036</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">29,221</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-14</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">46,825</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">5</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Total Silver Produced (oz) <i>calculated</i></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">193,716</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">182,884</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">6</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">350,321</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">5</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Total Gold Produced (oz) <i>calculated</i></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">805</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">939</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-14</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">%&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,505</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">5</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Total Silver Equivalent Produced (oz) <i>calculated*</i></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">251,571</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">250,375</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">0</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">%</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">458,526</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">5</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">______________&nbsp;</p>  <p style="MARGIN: 0px"><em>* </em><i>For comparison purposes, the silver equivalent ratio has been calculated using metal prices of $16 oz Ag and $1,150 oz Au. </i><em>Mill production figures have not been reconciled and are subject to adjustment with concentrate sales. Calculated figures may not add up due to rounding.</em></p>  <p style="MARGIN: 0px"><em></em>&nbsp;</p><em></em><b>  <p style="MARGIN: 0px"><b>Second Quarter 2015 Highlights</b></p>  <p style="MARGIN: 0px">&nbsp;</p></b>  <p style="MARGIN: 0px">  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">1. </td>  <td>  <p style="MARGIN: 0px">Tonnes mined increased by 68% during the quarter as a result of more headings.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">2. </td>  <td>  <p style="MARGIN: 0px">Silver feed grade in the second quarter of 2015 was 9% higher than in the comparable period of 2014, while gold feed grade was 6% lower. The source of the mill feed during the second quarter of 2015 was mostly from level 6 (and these grades are consistent with expected results for material from level 6), whereas in the second quarter of 2014 the majority of the feed came from level 5.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">3. </td>  <td>  <p style="MARGIN: 0px">Gold recovery was lower by 7% due to the lower feed grade and change in mineralogy that included higher lead and zinc contents in the mill feed. This mineralogy was expected in the level 6 material.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">4. </td>  <td>  <p style="MARGIN: 0px">The higher base metals content resulted in a 34% increase in tonnage of concentrate produced, and a decrease in silver and gold grades in the concentrate of 21% and 36%, respectively.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">5. </td>  <td>  <p style="MARGIN: 0px">Silver production increased by 6% as a result of the higher feed grade, gold production decreased by 14% due to lower feed grade and recovery; overall, silver equivalent production increased marginally.</p></td></tr></table></p><b>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreakd5c0f98b-405e-4844-90a6-a1e434e2a831" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">5 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p></b>  <p style="MARGIN: 0px">On July 20, 2015, Avino issued a press release outlining further sampling results from levels 3 through 7 at the San Gonzalo Mine. The release, as well as maps outlining the results from the sampling program, are available for download at <u>www.avino.com</u>&nbsp;and at <u>www.sedar.com</u> under the Company&#8217;s profile.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><i><font size="2">Under National Instrument 43-101, the Company is required to disclose that it has not based its project exploration and evaluation decisions on NI 43-101-compliant resource or reserve estimates, preliminary economic assessments, or feasibility studies, and historically projects without such reports have increased uncertainty and risk of economic viability. The Company's decision to place a mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations is largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company. The results of this work are evident in the Company's discovery of the San Gonzalo resource and the re-opening of the Avino Mine, and in the Company's record of mineral production and financial returns since operations at levels intended by management commenced at the San Gonzalo Mine in 2012.</font></i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>Mill Circuit 2 Second Quarter 2015 Production Highlights</b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Based on the consideration of feed grades, recovery rates, and other factors, for the three months ended June 30, 2015, Mill Circuit 2 was primarily used to process accumulated mill feed sourced from the San Gonzalo Mine stockpile, and was also briefly used to process historic above ground stockpiled material left from past mining of the Avino Vein. The San Gonzalo Mine stockpile was comprised of material accumulated during the advancement of the San Gonzalo vein system that would have been dilutive to the feed grade being processed using Mill Circuit 1. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Material from San Gonzalo was processed during April and June and the historic stockpiles were processed in May. Combined output from Mill Circuit 2 for the quarter was 95,630 oz Ag and 463 oz Au, or 128,905 oz AgEq*. The Company will continue to assess the optimal feed material for Mill Circuit 2 based on metals prices, feed grades, recovery rates, concentrate grades and other factors. During the third quarter of 2015, the Company&nbsp;plants to&nbsp;use Mill Circuit 2 to process mill feed from the main Avino Mine based on consideration of the above factors.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><em><font size="2">* </font></em><i>The silver equivalent ratio was calculated using metal prices of $16 oz Ag and $1,150 oz Au. </i><em><font size="2">Mill production figures have not been reconciled and are subject to adjustment with concentrate sales. Calculated figures may not add up due to rounding.</font></em><i><font size="2"></font></i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><i><font size="2">Under National Instrument 43-101, the Company is required to disclose that it has not based its production and project exploration and evaluation decisions on NI 43-101-compliant resource or reserve estimates, preliminary economic assessments, or feasibility studies, and historically projects without such reports have increased uncertainty and risk of economic viability. The Company's decision to place a mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations is largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company. The results of this work are evident in the Company's discovery of the San Gonzalo resource and the re-opening of the Avino Mine, and in the Company's record of mineral production and financial returns since operations at levels intended by management commenced at the San Gonzalo Mine in 2012.</font></i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Exploration</u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">In the news release dated June 5, 2014, Avino provided details of its 2014-2015 drill program. In 2014, Avino completed 3,632 metres of drilling through 15 holes both above and below surface in the area around the San Gonzalo Mine. In 2015, a further 1,114 metres through 15 holes have been drilled. Results will be released once the program is complete.<b><u></u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Bralorne Mine</u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Bralorne Mine, located 240 km north of Vancouver, British Columbia, is in the exploration and evaluation stage. Proceeds from gold flotation concentrate, gold dor&#233; bars and silver contained within the gold dor&#233; bars produced during the exploration and evaluation stage are recorded as a component of exploration and evaluation assets. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreakd287dd97-8f07-48f8-8f72-b493e1102ff9" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">6 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;&nbsp;</p>  <p style="MARGIN: 0px">As a result of unseasonably high temperatures and rainfall in December 2014, management decided to suspend processing at the Bralorne mill facility until completion of a raise to the embankment dam for the tailings storage facility. During the quarter, the necessary permits to commence construction of the project were received from British Columbia&#8217;s Ministry of Energy &amp; Mines and Ministry of Environment. At the time of this MD&amp;A, preparations for preliminary construction work were underway, which will include excavation of the borrow pit to provide material for the raise. The embankment raise is expected to be completed during the third quarter of 2015. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">During the second quarter, the Company completed the first phase of its ongoing exploration drill program. Surface diamond drilling was carried out from December 2014 through April 2015; 32 holes were completed during this period, totaling 7,793 metres. The program commenced in December 2014, stopped for the holiday season, and was put on hold in April 2015 to allow assay compilation to be completed which will be used to support a plan for follow-up drilling. Results for the drill program were published in a press release dated June 22, 2015, which is available on the Company&#8217;s website at <u>www.avino.com</u> and at <u>www.sedar.com</u> under the Company&#8217;s profile.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Also, during the quarter, ongoing maintenance and improvements continued at the mill. Additionally, two new scoop trams were received from Sandvik, and the search is underway for additional new heavy equipment. Strategic planning alternatives, including new mining methods tailored to the attributes of the Bralorne resource, are being evaluated. The Company is maintaining open lines of communication with First Nations communities, and management continues its efforts to build meaningful progressive relationships with its stakeholders. Should exploration drilling lead to potential new resources, Avino will consider expanding the existing mine and processing facility infrastructure.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Quality Assurance/Quality Control</u></b><u></u></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">At the Avino property, mill assays are performed at the on-site lab. Check samples are sent to Inspectorate Labs in Reno, Nevada for verification.&nbsp;All concentrate shipments are assayed by independent third party labs including AHK, LSI, Alex Stewart and SGS.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">At the Bralorne Mine, gold production is reconciled to gold contained in flotation and gravity concentrates. Flotation concentrate assays are performed at the ALS Laboratories in North Vancouver, British Columbia or Met-Solve Laboratories Inc. in Langley, British Columbia, both ISO certified independent laboratories. Check samples on composite samples collected are performed by AH Knight in South Carolina, USA, and umpire assays are performed by ALS Inspection UK Ltd. in Knowsley, England. Gold produced in gravity concentrate is reconciled from settlement assays received from the refiner. Check assays are performed on duplicate samples of gold dor&#233; by ALS Laboratories in North Vancouver.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Qualified Person(s)</u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Avino's Mexican projects are under the supervision of Mr. Chris Sampson, P.Eng, BSc, Avino consultant and Mr. Jasman Yee, P.Eng, Avino director; Avino&#8217;s Bralorne Mine project is under the supervision of Fred Sveinson, B.A., BSc, P.Eng, Avino Senior Mining Advisor. These individuals are qualified persons (&#8220;QP&#8221;) within the context of National Instrument 43-101. The respective QP&#8217;s have reviewed and approved all the applicable technical data in this MD&amp;A.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Objectives</u></b><u></u></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Avino's mission is to create shareholder value through profitable organic growth at the Avino Property and the strategic acquisition and advancement of mineral exploration and mining properties. We are committed to managing all business activities in an environmentally responsible and cost-effective manner while contributing to the well-being of the communities in which we operate.&nbsp;</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak2d7f531c-e8a8-4894-b009-bfa632019b03" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">7 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2"></font></p>  <p style="MARGIN: 0px">Management remains focused on the following key objectives:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">1. </td>  <td>  <p style="MARGIN: 0px">Maintain profitable mining operations while managing operating costs and improving efficiencies;</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">2. </td>  <td>  <p style="MARGIN: 0px">Integrate Bralorne Gold Mine&#8217;s operations into Avino&#8217;s corporate structure;</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">3. </td>  <td>  <p style="MARGIN: 0px">Continue to explore regional targets on the Avino Property followed by other properties in our portfolio; and</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">4. </td>  <td>  <p style="MARGIN: 0px">Assess the potential for processing the oxide tailings resource from previous milling operations (PEA issued in 2012).</p></td></tr></table></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Avino Mine Concentrate Sales </u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Since re-opening the Avino mine in the second half of 2014, the Company has been continuing its efforts to develop the mine, including the extension of the haulage ramp to access and extract the mineralized material included in the July 19, 2013, resource estimate prepared by Tetra Tech. During this development period, the Company has arranged for sales of mineralized material produced from the Avino mine which are processed into concentrate at Mill Circuit 3. The Company continues to assess its development activities at the Avino mine with reference to guidance for development of mineral projects and eventual production from those projects should expected development activities prove successful. The Company&#8217;s financial statements cite a number of factors requiring management judgment that are considered in the decision of whether a mineral project is in the condition necessary for it to be capable of operating in the manner intended by management, including factors which support both technical feasibility and commercial viability of a project. In the periods before management determines technical feasibility and commercial viability have been achieved, the Company records in its statement of financial position the costs of extracting and processing mineralized material from the Avino mine as exploration and evaluation costs, and records a reduction to the carrying value of those costs for any proceeds from sales of Avino mine concentrate. During the six months ended June 30, 2015, the Company reduced its exploration and evaluation assets in the statement of financial position by $4,200,983 for proceeds of concentrate sales from the Avino mine. The Company anticipates that once management determines technical feasibility and commercial viability of the Avino mine has been achieved and the production decision has been approved, extracting and processing activities at the Avino mine will be reported in the statement of operations and comprehensive income as mine operating income.<b><u></u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Non &#8211; IFRS Measures </u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><u>Cash cost per ounce, all-in sustaining cash cost per ounce, and cash flow per share</u></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Cash cost per ounce, all-in sustaining cash cost per ounce, and cash flow per share are measures developed by mining companies in an effort to provide a comparable standard. However, there can be no assurance that our reporting of these non-IFRS measures is similar to that reported by other mining companies. Total cash cost per ounce, all-in sustaining cash cost per ounce, and cash flow per share are measures used by the Company to manage and evaluate operating performance of the Company&#8217;s mining operations, and are widely reported in the silver and gold mining industry as benchmarks for performance, but do not have standardized meanings prescribed by IFRS, and are disclosed in addition to IFRS measures. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Management of the Company believes that the Company&#8217;s ability to control the cash cost per silver equivalent ounce is one of its key performance drivers impacting both the Company&#8217;s financial condition and results of operations. Achieving a low silver equivalent production cost base allows the Company to remain profitable even during times of low commodity prices, and provides more flexibility in responding to changing market conditions. In addition, a profitable operation results in the generation of positive cash flows, which then improves the Company&#8217;s financial condition. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak5bc1e58b-b706-460d-ab10-451c5753536f" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">8 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;&nbsp;</p>  <p style="MARGIN: 0px">The Company has adopted the reporting of &#8220;all-in sustaining cash cost per silver equivalent ounce&#8221;. This measure has no standardized meaning throughout the industry. However, it is intended to provide additional information. Avino presents all-in sustaining cash cost because it believes that it more fully defines the total current cost associated with producing a silver equivalent ounce. Further, the Company believes that this measure allows investors of the Company to better understand its cost of producing silver equivalent ounces, and better assess the Company&#8217;s ability to generate cash flow from operations. Although the measure seeks to reflect the full cost per silver equivalent ounce of production from current operations, it does not include capital expenditures attributable to mine expansions, exploration and evaluation costs attributable to growth projects, income tax payments, and financing costs. In addition, the calculation of all-in sustaining cash costs does not include depreciation and depletion expense as it does not reflect the impact of expenditures incurred in prior periods. The Company&#8217;s calculation of all-in sustaining cash costs includes sustaining capital expenditures of $nil for the six months ended June 30, 2015, and the six months ended June 30, 2014, as substantially all of the mining equipment used at San Gonzalo and at the Avino stockpiles has been newly purchased or refurbished. The Company has planned for sustaining capital expenditures in future periods in accordance with mine operating plans and expected equipment utilization levels. Although this measure is not representative of all of the Company&#8217;s cash expenditures, management believes that it is a useful measure in allowing it to analyze the efficiency of its mining operations.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company also presents cash flow per share as it believes it assists investors and other stakeholders in evaluating the Company's overall performance and its ability to generate cash flow from current operations. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">To facilitate a better understanding of these measures as calculated by the Company, detailed reconciliations between the non-IFRS measures and the Company&#8217;s consolidated financial statements are provided below. The measures presented are intended to provide additional information, and should not be considered in isolation nor should they be considered substitutes for IFRS measures.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Cash Cost per Silver Equivalent Ounce</u></b><u></u></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The following tables provide a reconciliation of cost of sales from the consolidated financial statements to cash cost per silver equivalent ounce sold. In each table, &#8220;silver equivalent ounces sold&#8221; consists of the number of ounces of silver sold plus the number of ounces of gold sold multiplied by the ratio of the average spot gold price to the average spot silver price for the corresponding period.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="bb59e55c-aa43-4af4-b1f6-3bc663164705" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="top">  <p style="MARGIN: 0px"><b>San Gonzalo</b></p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><b><font size="2"></font></b>&nbsp; <b><font size="2"></font></b>&nbsp; <font size="2"><b><font size="2">2015</font></b></font></p></td>  <td></td>  <td></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="18">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b></p></td>  <td></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px"><font size="2"><strong>Q2</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Year</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q4</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q3</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q2</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cost of sales</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,535,980</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,197,685</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">9,458,184</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,672,150</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,205,694</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,278,459</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,301,881</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Share-based payments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(59,400</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(59,400</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Depletion and depreciation</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(542,504</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(21,005</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(1,153,809</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(289,503</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(303,674</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(297,776</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(262,856</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash production cost</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,993,476</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,176,680</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">8,244,975</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,382,647</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,842,620</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,980,683</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,039,025</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Silver equivalent ounces sold</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">345,300</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">253,194</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">913,275</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">244,956</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">196,433</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">235,308</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">236,578</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash cost per silver equivalent ounce</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">8.67</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">8.60</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">9.03</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">9.73</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">9.38</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">8.42</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">8.62</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreakd2213e9f-f729-4ad8-8a82-bb3b4158d51b" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">9 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p>  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">During the second quarter of 2015, the cash cost per silver equivalent ounce at San Gonzalo was consistent with the cash cost of the first quarter and for the same quarter last year, as the Company continues to focus on maintaining and decreasing costs.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="5f3ced9f-fdb0-4878-92e1-e397f9acb781" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="top">  <p style="MARGIN: 0px"><b>Avino Stockpiles</b></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b><font size="2"></font></b>&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><b><font size="2">2015</font></b></p></td>  <td></td>  <td></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="18">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b></p></td>  <td></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q2</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Year</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q4</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q3</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q2</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cost of sales</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,935,219</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">788,441</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">514,534</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">632,244</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Share-based payments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Depletion and depreciation</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(105,585</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(22,130</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(42,846</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(40,609</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash production cost</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,829,634</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">766,311</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">471,688</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">591,635</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Silver equivalent ounces sold</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">171,754</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">55,321</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">47,500</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">68,933</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash cost per silver equivalent ounce</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">10.65</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">13.85</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">9.93</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">8.58</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">During the first two quarters of 2015 the Company did not sell material from the Avino stockpile, as Mill Circuit 2 was primarily used to process San Gonzalo Mine stockpile material. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="cb5b806e-b1a6-40b3-95e0-129773e6a4d5" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="top">  <p style="MARGIN: 0px"><b>Consolidated</b></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b><font size="2"></font></b>&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><b><font size="2">2015</font></b></p></td>  <td></td>  <td></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="18">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b></p></td>  <td></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q2</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Year</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q4</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q3</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q2</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cost of sales</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,535,980</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,197,685</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">11,393,404</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,672,151</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,994,135</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,792,993</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,934,125</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Share-based payments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(59,400</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(59,400</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Depletion and depreciation</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(542,504</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(21,005</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(1,259,394</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(289,503</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(325,804</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(340,622</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(303,465</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash production cost</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,993,476</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,176,680</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">10,074,610</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,382,648</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,608,931</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,452,371</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,630,660</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Silver equivalent ounces sold</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">345,300</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">253,194</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">1,085,029</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">244,956</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">251,754</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">282,808</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">305,511</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash cost per silver equivalent ounce</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">8.67</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">8.60</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">9.29</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">9.73</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">10.36</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">8.67</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">8.61</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>All-in Sustaining Cash Cost per Silver Equivalent Ounce</u></b><u></u></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The following tables provide a reconciliation of cost of sales from the consolidated financial statements to all-in sustaining cash cost per silver equivalent ounce sold. In each table, &#8220;silver equivalent ounces sold&#8221; consists of the number of ounces of silver sold plus the number of ounces of gold sold multiplied by the ratio of the average spot gold price to the average spot silver price for the corresponding period.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="d306ed12-ebb2-4074-a6ac-fe9fa02d2bcc" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="top">  <p style="MARGIN: 0px"><b>San Gonzalo</b></p></td>  <td></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><b><font size="2">2015</font></b></p></td>  <td></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="18">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b></p></td>  <td></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q2</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Year</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong><font size="2">Q4</font><font size="2"></font></strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q3</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q2</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cost of sales</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,535,980</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,197,685</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">9,458,184</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,672,150</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,205,694</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,278,459</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,301,881</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Share-based payments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(59,400</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(59,400</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Depletion and depreciation</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(542,504</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(21,005</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(1,153,809</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(289,503</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(303,674</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(297,776</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(262,856</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash production cost</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,993,476</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,176,680</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">8,244,975</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,382,647</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,842,620</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,980,683</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,039,025</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Operating and administrative expenses</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,051,942</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">959,919</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,491,377</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">394,970</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,275,149</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">776,533</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,044,725</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Share-based payments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">38</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(8,386</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(809,427</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(98,410</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(701,102</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(3,163</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(6,752</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash operating cost</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">4,045,456</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,128,213</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">10,926,925</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,679,207</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,416,667</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,754,053</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,076,998</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Silver equivalent ounces sold</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">345,300</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">253,194</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">913,275</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">244,956</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">196,433</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">235,308</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">236,578</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">All-in sustaining cash cost per silver equivalent ounce</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">11.72</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">12.36</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">11.96</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">10.94</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">12.30</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">11.70</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">13.01</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">During the second quarter of 2015, all-in sustaining cash cost per silver equivalent ounce at San Gonzalo decreased by $0.64 compared to the first quarter as a result of more silver equivalent ounces sold.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreaka70bdcaa-22c1-4817-879b-ad9776de0338" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">10 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px"><font size="2"></font>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="e0f52751-bf4d-4f16-adeb-7c4b17f75081" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="top">  <p style="MARGIN: 0px"><b>Avino Stockpiles</b></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b><font size="2"></font></b>&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><b><font size="2">2015</font></b></p></td>  <td></td>  <td></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="18">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b></p></td>  <td></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q2</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Year</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q4</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q3</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q2</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cost of sales</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,935,219</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">788,441</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">514,534</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">632,244</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Share-based payments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Depletion and depreciation</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(105,585</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(22,130</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(42,846</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(40,609</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash production cost</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,829,634</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">766,311</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">471,688</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">591,635</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Operating and administrative expenses</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">633,781</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">202,948</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">173,345</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">257,488</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Share-based payments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(113,955</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(111,585</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(706</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(1,664</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash operating cost</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,349,460</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">857,674</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">644,327</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">847,459</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Silver equivalent ounces sold</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">171,754</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">55,321</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">47,500</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">68,933</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">All-in sustaining cash cost per silver equivalent ounce</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">13.68</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">15.50</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">13.56</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">12.29</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">During the first two quarters of 2015 the Company did not sell material from the Avino stockpile, as Mill Circuit 2 was primarily used to process San Gonzalo Mine stockpile material.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="72af56c3-85c9-4829-bd59-b7d27c1cd863" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="top">  <p style="MARGIN: 0px"><b>Consolidated</b></p></td>  <td id="ffcell" valign="bottom" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><b><font size="2">2015</font></b></p></td>  <td></td>  <td></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="18">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b></p></td>  <td></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q2</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Year</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q4</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q3</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q2</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>Q1</strong></font></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cost of sales</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,535,980</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,197,685</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">11,393,404</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,672,151</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,994,135</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,792,993</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,934,125</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Share-based payments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(59,400</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(59,400</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Depletion and depreciation</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(542,504</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(21,005</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(1,259,394</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(289,503</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(325,804</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(340,622</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(303,465</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash production cost</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,993,476</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,176,680</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">10,074,610</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,382,648</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,608,931</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,452,371</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,630,660</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Operating and administrative expenses</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,051,942</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">959,919</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">4,125,158</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">394,970</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,478,097</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">949,878</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,302,213</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Share-based payments</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">38</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(8,386</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(923,382</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(98,410</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(812,687</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(3,869</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(8,416</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash operating cost</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">4,045,456</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,128,213</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">13,276,386</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">2,679,208</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,274,341</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,398,380</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,924,457</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Silver equivalent ounces sold</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">345,300</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">253,194</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">1,085,029</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">244,956</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">251,754</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">282,808</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">305,511</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">All-in sustaining cash cost per silver equivalent ounce</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">11.72</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">12.36</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">12.24</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">10.94</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">13.01</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">12.02</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">12.85</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">The Company continues to review its expenditures, and is maintaining cost reduction programs in key areas to achieve lower costs. </font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u><font size="2">Cash Flow per Share </font></u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">Cash flow per share is determined based on operating cash flows before movements in working capital, as illustrated in the consolidated statements of cash flows, divided by the basic and diluted weighted average shares outstanding during the period. </font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="3c489bd9-c22d-45df-ad72-23766c9fd573" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td>&nbsp;</td>  <td>  <p style="MARGIN: 0px" align="center"><b></b><b></b>&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><b>Six Months Ended June 30,</b></p></td>  <td></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>2015</b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>2014</b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Operating cash flows before movements in working capital </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">768,381</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,311,628</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Weighted average number of shares outstanding</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Basic</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">35,798,371</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">30,982,873</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Diluted</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">36,464,726</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">31,966,463</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Cash Flow per Share &#8211; basic and diluted</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">0.02</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">0.07</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak2c1a252e-b578-4f4c-946d-498997f1d918" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">11 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px"><b><u><font size="2"></font></u></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u><font size="2">Working Capital </font></u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="c26f3fbb-ce7d-40b5-bb54-b88f5428a895" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>June 30, </b></p>  <p style="MARGIN: 0px" align="center"><b>2015</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>December 31,</b></p>  <p style="MARGIN: 0px" align="center"><b>2014 </b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Current assets </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">14,203,720</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">13,094,025</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Current liabilities </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(15,167,931</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(6,476,148</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Working capital (deficit) </b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(964,211</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6,617,877</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Results of Operations</u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><font size="2">Summary of Quarterly Results</font></b> </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="ae77c47e-942d-48c4-8baf-14394c693d9b" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2015</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2015</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2014</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2013</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" valign="bottom" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">2013</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px"><b><font size="2">Period ended</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Jun 30<br>Q2</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Mar 31<br>Q1</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Dec 31<br>Q4</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Sep 30<br>Q3</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Jun 30<br></font></b><b><font size="2">Q2</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Mar 31<br>Q1</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Dec 31</font></b></p>  <p style="MARGIN: 0px" align="center"><b><font size="2">Q4</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Sep 30<br>Q3</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Revenue</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">5,908,883</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">4,285,541</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,714,692</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">4,704,213</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">5,104,921</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">5,774,127</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,831,123</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="7%" align="right">3,821,622</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Earnings (Loss) for the period</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">361,655</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">376,287</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">469,145</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">787,805</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(87,097</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">1,344,316</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(1,625,762</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">938,694</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Earnings (Loss) per </font></b><b><font size="2">share - basic</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">0.01</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">0.01</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">0.01</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">0.02</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(0.00</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">0.05</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">(0.06</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="7%" align="right">0.03</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px" align="left"><b><font size="2">Earnings (Loss) per </font></b><b><font size="2">share - diluted</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">0.01</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">0.01</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">0.01</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">0.02</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(0.00</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">0.04</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(0.06</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">0.03</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Total </font></b><b><font size="2">Assets</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">74,007,743</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">70,197,816</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">61,416,147</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">53,291,603</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">49,773,734</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">48,358,440</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">34,552,245</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">30,848,797</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="5dfbb796-a135-4f45-8d67-a5649b716517" style="FONT: 10pt times new roman" width="100%" border="0">    <tr>  <td valign="top" width="45">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="45">  <p style="MARGIN: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td>  <td>  <p style="MARGIN: 0px" align="justify">Revenue in the second quarter of 2015 was higher than that of the comparable quarter of 2014 as a result of a higher number of silver equivalent ounces sold. In the previous year, revenue in the first quarter of 2014 was higher than any of the previous quarters due to higher grades and better recoveries.</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="top" width="45">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top" width="45">  <p style="MARGIN: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;</font></p></td>  <td>  <p style="MARGIN: 0px" align="justify">Earnings in the second quarter of 2015 were lower than in preceding quarters mainly due to higher tax expenses. Earnings in the second quarter of 2014 were impacted by a significant foreign exchange loss and a substantial unrealized loss related to the increase in the estimated fair value of the Company&#8217;s warrant liability. In the fourth quarter of 2014, these effects were largely reversed due to favourable movements in exchange rates and in market variables used to value the warrant liability.</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Quarterly results will fluctuate with changes in revenues, cost of sales, general and administrative expenses, including non-cash items such as share-based payments, and other items including foreign exchange, fair value adjustments to the warrant liability, and deferred income taxes. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak52bcba4e-bd76-4566-bfde-61c93ef67545" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">12 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px"><font size="2"></font>&nbsp;</p>  <p style="MARGIN: 0px"><b>Three months ended June 30, 2015, compared to the three months ended June 30, 2014: </b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="9590ce0a-dd9f-4efb-ac5f-2335c14180ae" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px"><b>2015 </b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px"><b>2014 </b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px"><b>Note</b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Revenue from Mining Operations</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">5,908,883</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">5,104,921</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right"><strong>1</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Cost of Sales</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,535,980</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,792,993</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><strong>2</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Mine Operating Income</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,372,903</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,311,928</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>General and administrative expenses</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,094,459</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">931,935</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><strong>3</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Income before other items </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,278,444</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,379,993</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Other Items</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Fair value adjustment on warrant liability</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">210,265</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(489,148</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right"><strong>4</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Unrealized gain on investments in related companies</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">12,708</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">7,166</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Foreign exchange loss<b></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(196,370</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(432,343</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right"><strong>5</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Interest expense</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(43,514</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(34,384</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Accretion of reclamation provision</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(33,677</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Unrealized gain (loss) on investments</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(9,000</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">10,000</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Other expenses</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(4,427</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(487</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Net Income Before Income Taxes</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,214,429</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">440,797</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Income Taxes</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Current income tax expense</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(1,927,007</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(655,461</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right"><strong>6</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Deferred income tax recovery </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,074,233</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">127,567</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><strong>6</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(852,774</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(527,894</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Net Income (Loss) </b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">361,655</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(87,097</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><strong>7</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td></td>  <td></td>  <td></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td></td>  <td></td>  <td></td>  <td></td>  <td></td>  <td></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Earnings (Loss) per share</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Basic</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.01</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">(0.00</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right"><strong>7</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Diluted</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">0.01</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(0.00</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><strong>7</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="8b9e057d-1c8d-4611-9da1-4ae2ab15a919" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">1. </td>  <td>  <p style="MARGIN: 0px">Revenues for the three months ended June 30, 2015, were $5,908,883 compared to $5,104,921 for the three months ended June 30, 2014. The increase of $803,962 is mainly due to an increase of silver equivalent ounces sold from 282,808 for the three months ended June 30, 2014 to 345,300 for the current quarter.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">2. </td>  <td>  <p style="MARGIN: 0px">Total cost of sales for the three months ended June 30, 2015 was $3,535,980 compared to $2,792,993 in the comparative quarter. The increase of $742,987 is due to the costs associated with the higher volume of broken tonnes during the current quarter, and higher depreciation and depletion as a result of the Company&#8217;s continued investment in mining equipment and infrastructure.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">3. </td>  <td>  <p style="MARGIN: 0px">General and administrative expenses include management, consulting, and director fees, salaries, office expenses, investor relations, travel, and promotion, and share-based compensation. For the three months ended June 30, 2015, general and administrative expenses were $1,094,459 compared to $931,935 for the three months ended June 30, 2014. The increase of $162,524 is the result of higher salaries and benefits, professional fees, and management and consulting fees.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">4. </td>  <td>  <p style="MARGIN: 0px">The fair value adjustment on the Company&#8217;s warrant liability relates to the issuance of U.S. dollar denominated warrants which are re-valued each reporting period, and the value fluctuates with changes in the US-Canadian dollar exchange rate and in the variables used in the valuation model, such as share price and expected share price volatility.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">5. </td>  <td>  <p style="MARGIN: 0px">Foreign exchange gains or losses result from transactions in currencies other than the Canadian dollar. During the three months ended June 30, 2015, the US dollar became weaker compared to the Canadian dollar. At the same time, the US dollar strengthened compared to the Mexican peso, causing a smaller loss in the current quarter, compared to the same quarter last year.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">6. </td>  <td>  <p style="MARGIN: 0px">Current income tax of $1,927,007 in the three months ended June 30, 2015, compared to $655,461 in the three months ended June 30, 2014. The increase of $1,271,546 reflects the liability for Mexican tax on current income as a result of utilizing all available tax loss carry forwards in 2014.</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">Deferred income tax recovery was $1,074,233 for the three months ended June 30, 2015, compared to $127,567 in the comparative quarter. Deferred income tax&nbsp;fluctuates due to movements in taxable and deductible temporary differences related to the special mining duty in Mexico and to changes in inventory, plant, equipment and mining properties, and exploration and evaluation assets, amongst other factors. </p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp; </p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top">  <p style="MARGIN: 0px">7.</p></td>  <td>  <p style="MARGIN: 0px">As a result of the foregoing, net income for the three months ended June 30, 2015, was $361,655, an increase of $448,752 compared to the three months ended June 30, 2014. The increase in net income has increased basic and diluted earnings per share from losses of $0.00 for the three months ended June 30, 2014, to earnings of $0.01 for the three months ended June 30, 2015.</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreake50dfeff-d043-48bf-ad79-92d1c83bbe94" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">13 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px"><font size="2"></font>&nbsp; </p>  <p style="MARGIN: 0px"><b>Six months ended June 30, 2015, compared to the six months ended June 30, 2014: </b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="20204c5d-e23b-4109-991d-94f7963836c4" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px"><b>2015 </b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px"><b>2014 </b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px"><b>Note</b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Revenue from Mining Operations</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">10,194,424</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">10,879,048</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right"><strong>1</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Cost of Sales</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,733,665</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,727,118</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Mine Operating Income</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">4,460,759</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">5,151,930</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>General and administrative expenses</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,030,385</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,240,464</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Income before other items </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,430,374</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,911,466</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Other Items</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Fair value adjustment on warrant liability</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">175,176</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">292,579</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right"><strong>2</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Unrealized gain on investments in related companies</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">43,754</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,824</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right"><strong>3</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Interest and other income</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">22,852</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">4,982</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Foreign exchange loss<b></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(136,377</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(503,464</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Interest expense</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(76,701</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(43,389</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Accretion of reclamation provision</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(67,555</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Unrealized gain (loss) on investments</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(14,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">12,500</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><strong>4</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Net Income Before Income Taxes</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,377,523</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,677,498</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Income Taxes</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Current income tax expense</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(2,177,978</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(808,130</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right"><strong>5</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Deferred income tax recovery (expense)</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">538,397</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(612,149</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><strong>5</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(1,639,581</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(1,420,279</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Net Income </b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">737,942</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,257,219</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><strong>6</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td></td>  <td></td>  <td></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td></td>  <td></td>  <td></td>  <td></td>  <td></td>  <td></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Earnings per share</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Basic</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.02</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">0.04</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right"><strong>6</strong></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px 0px 0px 30px">Diluted</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">0.02</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">0.04</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><strong>6</strong></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">1. </td>  <td>  <p style="MARGIN: 0px">Revenues for the six months ended June 30, 2015, were $10,194,424 compared to $10,879,048 for the six months ended June 30, 2014. The decrease of $684,624 reflects lower average silver and gold prices during the period. For the six months ended June 30, 2015, the average realized price of silver was US$16.20/oz (six months ended June 30, 2014: US$19.59/oz), and the average realized price for gold was US$1,187/oz (six months ended June 30, 2014: US$1,283/oz).</p></td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">2. </td>  <td>  <p style="MARGIN: 0px">The fair value adjustment on the Company&#8217;s warrant liability relates to the issuance of U.S. dollar denominated warrants which are re-valued each reporting period, and the value fluctuates with changes in the US-Canadian dollar exchange rate and in the variables used in the valuation model, such as share price and expected share price volatility.</p></td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">3. </td>  <td>  <p style="MARGIN: 0px">Unrealized gains on investments in other companies result from varying market values of the traded securities. During the six months ended June 30, 2015, the fair market value of securities held by the company decreased, while it increased during the six months ended June 30, 2014.</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak49e00e88-f842-47e3-8c5e-5ec7d7c6e6bd" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">14 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px"><font size="2"></font>&nbsp; </p>  <p style="MARGIN: 0px">  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">4. </td>  <td>  <p style="MARGIN: 0px">Unrealized gains on investments in related companies result from varying market values of the traded securities. During the six months ended June 30, 2015, the fair market value of securities held by the company increased more significantly than in the comparative period.</p></td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">5. </td>  <td>  <p style="MARGIN: 0px">Current income tax of $2,177,978 in the six months ended June 30, 2015, compared to $808,130 in the six months ended June 30, 2014. The increase reflects the liability for Mexican tax on current income as a result of utilizing all available tax loss carry forwards in 2014.</p></td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top">&nbsp;</td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">Deferred income tax recovery was $538,397 for the six months ended June 30, 2015, compared to an expense of $612,149 in the comparative period. Deferred income tax fluctuates due to movements in taxable and deductible temporary differences related to the special mining duty in Mexico and to changes in inventory, plant, equipment and mining properties, and exploration and evaluation assets, amongst other factors. </p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="top">  <p style="MARGIN: 0px">6.</p></td>  <td>  <p style="MARGIN: 0px">As a result of the foregoing, net income for the six months ended June 30, 2015, was $737,942, a decrease of $519,277 compared to the six months ended June 30, 2014. The decrease in net income has decreased basic and diluted earnings per share from earnings of $0.04 for the six months ended June 30, 2014, to earnings of $0.02 for the six months ended June 30, 2015.</p></td></tr></table>&nbsp;   <p style="MARGIN: 0px"><b>Liquidity and Capital Resources</b><i></i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company&#8217;s ability to generate sufficient amounts of cash and cash equivalents, in both the short term and the long term, to maintain existing capacity and to fund ongoing exploration is dependent upon the discovery of economically recoverable reserves or resources and the ability of the Company to obtain the financing necessary to complete advancement and sustain profitable operations.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Management expects that the Company&#8217;s ongoing liquidity requirements will be funded from current cash and cash equivalents and from further financing as required in order to fund ongoing exploration activities and meet its objectives, including ongoing advancement&nbsp;at the Avino Mine. The Company continues to evaluate financing opportunities to advance its projects. The Company&#8217;s ability to secure adequate financing is in part dependent on overall market conditions, the prices of silver, gold, and copper, and other factors outside the Company&#8217;s control, and there is no guarantee the Company will be able to secure any or all necessary financing in the future. The Company&#8217;s recent financing activities are summarized in the table below.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak3d5a833d-014b-4c8c-ac2b-65d56efae3cd" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">15 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="0aa6e83f-494b-4369-bac1-659b864b59fe" style="BORDER-RIGHT: black 1px solid; WIDTH: 100%; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="2" cellpadding="4" width="100%" align="center" border="0">    <tr height="15">  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="50%">  <p style="MARGIN: 0px"><b>Intended Use of Proceeds</b></p></td>  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="50%">  <p style="MARGIN: 0px"><b>Actual Use of Proceeds</b></p></td></tr>  <tr height="15">  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top">  <p style="MARGIN: 0px">In July 2015, the Company entered into a concentrate prepayment agreement with Samsung C&amp;T U.K. Limited for US$10,000,000. The prepayment will be used for mining equipment, to optimize the advancement of the Company&#8217;s projects for increased productivity, for improvements to its tailings impoundment facilities, and for general working capital requirements.</p></td>  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" =""="">  <p style="MARGIN: 0px">The funds were received on August 14, 2015. As of the date of this MD&amp;A, the Company had used, and was continuing to use, the prepayment funds as intended.</p></td></tr>  <tr height="15">  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top">  <p style="MARGIN: 0px">In May 2015, the Company entered into a master credit facility with Sandvik Customer Finance LLC&nbsp;for US$5,000,000. The facility is being used to acquire equipment necessary for advancing operations at the San Gonzalo Mine and for continuing exploration activities at the Avino Mine and Bralorne Mine.</p></td>  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" =""="">  <p style="MARGIN: 0px">As of the date of this MD&amp;A, the Company had used, and was continuing to use, the facility as intended, and there was US$4,373,873 in available credit remaining under the facility. There has been no impact on the ability of the Company to achieve its business objectives and milestones.</p></td></tr>  <tr height="15">  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top">  <p style="MARGIN: 0px">Since July 2014, the Company received gross proceeds of US$1,946,343 in connection with a brokered at-the-market offering issued under prospectus supplements. The Company intends to use the proceeds to advance the exploration of the Bralorne Mine property and the Avino property, and for working capital.</p></td>  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" =""="">  <p style="MARGIN: 0px">As of the date of this MD&amp;A, the Company had used, and was continuing to use, the funds as intended. There has been no impact on the ability of the Company to achieve its business objectives and milestones. </p></td></tr>  <tr height="15">  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top">  <p style="MARGIN: 0px">In February 2014, the Company closed a brokered private placement for gross proceeds of US$5 million and an at-the-market brokered public offering for gross proceeds of US$5,741,668. The Company plans to use the funds for advancing the Avino Mine and for the Company&#8217;s mining operations in Mexico, as well as for general working capital requirements.</p>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" =""="">  <p style="MARGIN: 0px">As of the date of this MD&amp;A, the Company had used, and was continuing to use, the funds as intended. There has been no impact on the ability of the Company to achieve its business objectives and milestones. In advancing the Avino Mine, and in supporting mining operations in Mexico, the Company incurred exploration expenditures of $8,605,848 (excluding depreciation of $445,729 and foreign exchange of $619,683) and acquired property and equipment of $3,087,978 during the six months ended June 30, 2015. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">In advancing the Bralorne Mine, the Company incurred exploration expenditures of $3,505,638. The Company intends to continue to explore its properties, subject to market conditions and the ability to continue to obtain suitable financing.</p></td></tr>  <tr height="15">  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top">  <p style="MARGIN: 0px">In December 2014, the Company&#8217;s master credit facility with Caterpillar Finance was renewed for US$5,375,400. The facility is being used to acquire equipment necessary for advancing operations at the San Gonzalo Mine and for continuing exploration activities at the Avino Mine.</p></td>  <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" =""="">  <p style="MARGIN: 0px">As of the date of this MD&amp;A, the Company had used, and was continuing to use, the facility as intended, and there was US$1,959,386 in available credit remaining under the facility. There has been no impact on the ability of the Company to achieve its business objectives and milestones.</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak95f52378-7094-4645-a384-eb01d144a8ab" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">16 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Discussion and analysis relating to the Company&#8217;s liquidity as at June 30, 2015, and December 31, 2014, is as follows:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="2db897ab-ebaf-4ed6-8e0e-5ad4bb8015ba" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px"><b>Statement of Financial Position</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>June 30,</b></p>  <p style="MARGIN: 0px" align="center"><b>2015</b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>December 31,<br>2014</b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Cash and Cash Equivalents </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,256,186</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">4,249,794</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Working capital (deficit) </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(964,211</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6,617,877</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Accumulated Deficit </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(25,186,414</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(25,924,356</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Cash Flow </u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="0928de3a-a780-493c-8fef-1a601c4bd20e" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>June 30, </b></p>  <p style="MARGIN: 0px" align="center"><b>2015</b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b>June 30, </b></p>  <p style="MARGIN: 0px" align="center"><b>2014 </b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Cash generated by operating activities</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">734,512</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,459,569</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Cash generated by financing activities</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">780,331</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">10,836,540</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Cash used in investing activities</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(2,410,734</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(3,431,359</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Change in cash and cash equivalents</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(895,891</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">9,864,750</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Effect of exchange rate changes on cash and cash equivalents</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(97,717</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(103,910</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Cash and cash equivalents, beginning of period</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4,249,794</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,839,595</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><b>Cash and cash equivalents, end of period</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">3,256,186</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">13,600,435</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>Operating Activities:</b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Cash generated by operating activities for the period ended June 30, 2015, was $734,512 compared to cash generated by operating activities of $2,459,569 for the period ended June 30, 2014. Cash generated by operating activities can fluctuate with changes in net income, non-cash items, such as foreign exchange and deferred income tax expenses, and working capital.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>Financing Activities:</b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Cash generated by financing activities was $780,331 for the period ended June 30, 2015, compared to $10,836,540 in the period ended June 30, 2014, a decrease of $10,056,209. Cash provided by financing activities for the period ended June 30, 2015 relates to the issuance of common shares and units in a brokered at-the-market offering issued under prospectus supplements and upon the exercise of stock options. During the period ended June 30, 2015, the Company issued common shares and units in brokered at-the-market offerings generating net cash flows of $1,310,231 (2014 &#8211; $9,693,679), and employees, consultants, and directors exercised stock options generating cash flows of $144,570 (2014 &#8211; $152,572). During the period ended June 30, 2015, the Company also made finance lease and equipment loan&nbsp;payments of $674,470 (2014 - $305,358).</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>Investing Activities:</b> </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Cash used in investing activities for the six months ended June 30, 2015, was $2,410,734 compared to $3,431,359 for the period ended June 30, 2014. Cash used in investing activities during the quarter ended June 30, 2015, includes cash expenditures of $1,818,738 (2014 - $2,884,170) on the acquisition of property and equipment. Equipment purchases included new mining, milling and processing, and transportation equipment for the Company&#8217;s San Gonzalo Mine and exploration equipment for the Avino Mine and Bralorne Mine properties. During the quarter ended June 30, 2015, the Company also incurred cash expenditures of $11,814,836 (2014 - $547,189) on exploration and evaluation activities, of which $8,605,848 relate to the exploration and advancement of the Avino Mine and $3,208,988 relate to the exploration of the Bralorne Mine. During the six months ended June 30, 2015, the Company also received a concentrate prepayment of $6,276,302 for concentrate that was delivered in July 2015.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreakeaea555b-2989-4ca1-aa92-db9d110c9a71" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">17 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px"><b><font size="2">&nbsp;</font></b></p>  <p style="MARGIN: 0px"><b><font size="2">Off-Balance Sheet Arrangements</font></b> </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company has no off-balance sheet arrangements.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Transactions with Related Parties</u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"><strong>(a)</strong> </td>  <td valign="top">  <p style="MARGIN: 0px">The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel for the six months ended June 30, 2015 and 2014, are as follows:</p></td></tr></table></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4356cef1-58d7-4b58-affd-7be1dca2ad02" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td>&nbsp;</td>  <td>  <p style="MARGIN: 0px" align="right">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><strong>Three months ended<br>June 30,</strong></p></td>  <td></td>  <td></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><strong>Six months ended<br>June 30,</strong></p></td>  <td></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Salaries, benefits, and consulting fees</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">199,914</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">165,755</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">385,419</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">517,994</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"><strong>(b)</strong> </td>  <td valign="top">  <p style="MARGIN: 0px">In the normal course of operations the Company transacts with companies related to Avino&#8217;s directors or officers. At June 30, 2015, the Company had made advances to Oniva International Services Corp. of $197,520 (December 31, 2014 - $121,639). At June 30, 2015, and December 31, 2014 the following amounts were due to related parties:</p></td></tr></table></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="47603ae7-3b58-4364-8686-fbd5aa0453c6" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,<br>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>December 31,<br>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Oniva International Services Corp.</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">219,929</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">171,650</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Directors</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">19,610</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">19,259</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Jasman Yee &amp; Associates, Inc.</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">6,804</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">4,032</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Intermark Capital Corp.</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">21,875</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Wear Wolfin Designs Ltd.</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5,250</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">246,343</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">222,066</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"><strong>(c)</strong> </td>  <td valign="top">  <p style="MARGIN: 0px"><strong>Other related party transactions</strong></p></td></tr></table></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">The Company has entered into a cost sharing agreement with Oniva International Services Corp. (&#8220;Oniva&#8221;) for office and administration services. Pursuant to the cost sharing agreement, the Company will reimburse Oniva for a percentage of overhead and corporate expenses and for out-of-pocket expenses incurred on behalf of the Company. The Company and its subsidiary each hold a 1/5 indirect beneficial ownership interest in Oniva, with three other public companies holding equal 1/5 indirect beneficial ownership interests. David Wolfin and Malcolm Davidson, the Company&#8217;s CEO and CFO, serve as directors of Oniva, and certain of the Company&#8217;s directors and officers also serve in those capacities in all five of the other companies. The companies&#8217; interests in Oniva are held in trust by David Wolfin and a family member of Mr. Wolfin. The cost sharing agreement may be terminated with one-month notice by either party without penalty. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak3e5cce60-456c-4598-817a-737f71e4be37" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">18 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px"><font size="2"></font>&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">The transactions with Oniva during the period are summarized below:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="14e4eff1-ca29-4444-886a-7cf3d4ea3452" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td>&nbsp;</td>  <td>  <p style="MARGIN: 0px" align="right">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><strong>Three months ended<br>June 30,</strong></p></td>  <td><strong></strong></td>  <td><strong></strong></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><strong>Six months ended<br>June 30,</strong></p></td>  <td></td></tr>  <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Office and miscellaneous</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">204,964</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">99,377</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">367,855</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">188,409</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Salaries and benefits</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">112,503</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">70,012</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">230,180</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">169,006</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">317,467</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">169,389</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">598,035</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">357,415</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">Salaries and benefits above included $9,593 for key management personnel compensation that has been included in (a) above.</p>  <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">For services provided to the Company as President and Chief Executive Officer, the Company pays Intermark Capital Corporation (&#8220;ICC&#8221;), a company controlled by David Wolfin, the Company&#8217;s president and CEO and also a director, for consulting services. For the six months ended June 30, 2015, the Company paid $125,000 (2014 - $308,333, including a one-time bonus) to ICC.</p>  <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">The Company pays Jasman Yee &amp; Associates, Inc. (&#8220;JYAI&#8221;), a company whose managing director is Jasman Yee, a director of the Company, for operational, managerial, metallurgical, engineering and consulting services related to the Company&#8217;s activities. For the six months ended June 30, 2015 and 2014, the Company paid $36,960 and $40,798, respectively, to JYAI.</p>  <p style="MARGIN: 0px 0px 0px 45px">&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 45px">The Company pays Wear Wolfin Designs Ltd. (&#8220;WWD&#8221;), a company whose director is the brother-in-law of David Wolfin, the Company&#8217;s president and CEO and also a director, for financial consulting services related to ongoing consultation with stakeholders and license holders. For the six months ended June 30, 2015 and 2014, the Company paid $15,000 and $15,000, respectively, to WWD.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Financial Instruments and Risks</u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The fair values of the Company&#8217;s cash and cash equivalents, amounts receivable, amounts due to related party, and accounts payable approximate their carrying values because of the short-term nature of these instruments. The fair values of investments in related and other companies are based on quoted market prices. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company&#8217;s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><i>  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"><strong><em>(a)</em></strong></td>  <td valign="top">  <p style="MARGIN: 0px"><strong><em>Credit Risk</em></strong></p></td></tr></table></i></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company has exposure to credit risk through its cash and cash equivalents and accounts receivable. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company manages credit risk, in respect of cash and cash equivalents, by maintaining the majority of cash at highly rated financial institutions.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company is exposed to a significant concentration of credit risk with respect to its trade accounts receivable balance because all of its concentrate sales are with three counterparties. However, the Company has not recorded any allowance against its trade receivables because to-date all balances owed have been settled in full when due (typically within 60 days of submission) and because of the nature of the counterparties.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company&#8217;s maximum exposure to credit risk at the end of any period is equal to the carrying amount of these financial assets as recorded in the consolidated statement of financial position. At June 30, 2015, no amounts were held as collateral.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreake1246cf5-2447-4772-ae76-913ef4334b9b" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">19 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"><strong><em>(b) </em></strong></td>  <td valign="top">  <p style="MARGIN: 0px"><strong><em>Liquidity Risk</em></strong></p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by its operating, investing and financing activities. The Company had cash and cash equivalents at June 30, 2015, in the amount of $3,256,186 (December 31, 2014 - $4,249,794) in order to meet short-term business requirements. At June 30, 2015, the Company had current liabilities of $15,167,931 (December 31, 2014 - $6,476,148). Accounts payable have contractual maturities of approximately 30 to 90 days, or are due on demand and are subject to normal trade terms. The current portion of finance lease obligations is due within 12 months of the consolidated statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment. The concentrate prepayment is settled upon delivery of concentrate, with any shortfall remedied in cash or in concentrate at the buyer&#8217;s determination. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"><strong><em>(c) </em></strong></td>  <td valign="top">  <p style="MARGIN: 0px"><strong><em>Market Risk</em></strong></p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px">Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><i>Interest Rate Risk</i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Interest rate risk consists of two components:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 30px">(i) To the extent that payments made or received on the Company&#8217;s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk.</p>  <p style="MARGIN: 0px 0px 0px 30px">&nbsp;</p>  <p style="MARGIN: 0px 0px 0px 30px">(ii) To the extent that changes in prevailing market rates differ from the interest rate in the Company&#8217;s monetary assets and liabilities, the Company is exposed to interest rate price risk.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">In management&#8217;s opinion, the Company is not exposed to significant interest rate cash flow risk as the Company&#8217;s finance lease obligations bear interest at fixed rates. </p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreak055471b6-7007-4d00-a60c-a1cb0aabed7b" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">20 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px"><i></i>&nbsp;</p>  <p style="MARGIN: 0px"><i>Foreign Currency Risk</i></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that the following monetary assets and liabilities are denominated in Mexican Pesos and US dollars:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">  </table></p>  <p style="MARGIN: 0px">  <table id="a525936a-fab8-477f-bcba-a73663e00131" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>June 30, 2015</strong></font></p></td>  <td id="hdcell">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td>  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td style="BORDER-BOTTOM: black 1px solid" colspan="6">  <p style="MARGIN: 0px" align="center"><strong>December 31, 2014</strong></p></td>  <td>  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td></tr>  <tr>  <td valign="bottom"><strong>&nbsp;</strong></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>MXN</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>USD</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>MXN</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><font size="2"><strong>USD</strong></font></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Cash and cash equivalents</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,180,631</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,281,637</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,532,442</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,382,302</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Amounts receivable</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">2,287,531</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,350,874</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Accounts payable and accrued liabilities</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(18,299,463</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(1,461,439</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(10,805,057</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(786,490</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Finance lease obligations</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(346,786</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(2,909,585</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(908,005</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(2,788,356</td>  <td valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Equipment loan</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">(389,567</td>  <td valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Warrant liability</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(51,653</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(206,611</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Net exposure</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(16,465,618</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(243,076</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(9,180,620</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">951,719</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><font size="2">Canadian dollar equivalent</font></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(1,307,968</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(303,601</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(722,056</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,104,088</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table>&nbsp;   <p style="MARGIN: 0px" align="justify">Based on the net Canadian dollar denominated asset and liability exposures as at June 30, 2015, a 10% fluctuation in the Canadian/Mexican and Canadian/US exchange rates would impact the Company&#8217;s earnings for the six months ended June 30, 2015, by approximately $305,035 (December 31, 2014 - $45,188). The Company has not entered into any foreign currency contracts to mitigate this risk.</p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px" align="justify"><i>Price Risk</i></p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. </p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">The Company is exposed to price risk with respect to its accounts receivable, as certain trade accounts receivable are recorded based on provisional terms that are subsequently adjusted according to quoted metal prices at the date of final settlement. Quoted metal prices are affected by numerous factors beyond the Company&#8217;s control and are subject to volatility, and the Company does not employ hedging strategies to limit its exposure to price risk. At June 30, 2015, based on outstanding accounts receivable that were subject to pricing adjustments, a 10% change in the market price of silver would have an impact on net earnings of approximately $452,388 (December 31, 2014 - $489,808), and a 10% change in the market price of gold would have an impact on net earnings of approximately $145,001 (December 31, 2014 - $210,058).</p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">The Company is exposed to price risk with respect to its investments in related companies and its investments in other companies as certain of these investments are carried at fair value based on quoted market prices. Changes in market prices result in gains or losses being recognized in net income (loss). At June 30, 2015, a 10% change in market prices would have an impact on net earnings of approximately $8,366 (December 31, 2014 - $5,389).</p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">The Company&#8217;s ability to raise capital to fund mineral resource exploration is subject to risks associated with fluctuations in mineral prices. Management closely monitors commodity prices, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreakcbe13c8b-f4ce-44f9-9a1b-2e7defaa9504" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">21 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px"><b><i>&nbsp;   <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"><strong><em>(a) </em></strong></td>  <td valign="top">  <p style="MARGIN: 0px"><strong><em>Classification of Financial instruments</em></strong></p></td></tr></table></p>  <p style="MARGIN: 0px"></i></b>&nbsp;</p>  <p style="MARGIN: 0px">IFRS 7 <i>Financial Instruments: Disclosures </i>establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The following table sets forth the Company&#8217;s financial assets and financial liabilities measured at fair value by level within the fair value hierarchy as at June 30, 2015:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="b133bcc6-dc29-4c86-9223-15c52601c3ff" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Level 1</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Level 2</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Level 3</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Total</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td valign="top">  <p style="MARGIN: 0px"><b>Financial Assets</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Cash and cash equivalents</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,256,186</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">3,256,186</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Investments in related companies</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">77,643</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">77,643</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Investments in other companies </p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">46,000</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">46,000</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Financial Liabilities</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Warrant liability</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(64,514</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(64,514</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">3,379,829</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">-</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(64,514</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">3,315,315</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u><font size="2">Commitments</font></u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company has a cost sharing agreement with Oniva that may be terminated with one-month notice by either party.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company and its subsidiaries have various lease agreements for their office premises, use of land, and equipment. The Company has commitments in respect of these lease agreements as follows:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="24a2c719-9f4e-4f22-9476-9032ebb44340" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>June 30,<br>2015</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px" align="center"><strong>&nbsp;</strong></p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>December 31,<br>2014</strong></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Not later than one year</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">343,224</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">301,121</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Later than one year and not later than five years</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">47,641</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">134,291</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Later than five years</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">48,672</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">56,235</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">439,537</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">491,647</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u>Changes in Accounting Standards</u></b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The mandatory adoption of the following new and revised accounting standards and interpretations on January 1, 2015, had no significant impact on the Company&#8217;s consolidated financial statements for the periods presented:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b>Annual improvements</b></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">In December 2013, the IASB issued the Annual Improvements 2010-2012 and 2011-2013 cycles, effective for annual periods beginning on or after July 1, 2014.</p><font size="2"><b>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreaka3cb7208-b361-48cf-8f51-cbae8b4744d0" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">22 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p></b></font>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The following accounting standards were issued but not yet effective as of June 30, 2015:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><strong>IFRS 15 &#8211; Revenue from Contracts with Customers</strong></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">In May 2014, the IASB issued IFRS 15 &#8211; Revenue from Contracts with Customers ("IFRS 15") which supersedes IAS 11 &#8211; Construction Contracts, IAS 18 &#8211; Revenue, IFRIC 13 &#8211; Customer Loyalty Programmes, IFRIC 15 &#8211; Agreements for the Construction of Real Estate, IFRIC 18 &#8211; Transfers of Assets from Customers, and SIC 31 &#8211; Revenue &#8211; Barter Transactions Involving Advertising Services. IFRS 15 establishes a comprehensive five-step framework for the timing and measurement of revenue recognition. The standard is effective for annual periods beginning on or after January 1, 2018. The Company is currently evaluating the impact the final standard is expected to have on its consolidated financial statements.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><strong>IFRS 9 &#8211; Financial Instruments </strong></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">The IASB intends to replace IAS 39 &#8211; Financial Instruments: Recognition and Measurement in its entirety with IFRS 9 &#8211; Financial Instruments (&#8220;IFRS 9&#8221;) which is intended to reduce the complexity in the classification and measurement of financial instruments. In February 2014, the IASB tentatively determined that the revised effective date for IFRS 9 would be January 1, 2018. The Company is currently evaluating the impact the final standard is expected to have on its consolidated financial statements. </p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px"><strong>IFRS 7 Financial instruments: Disclosure</strong></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">IFRS 7 was amended to require additional disclosures on transition from IAS 39 to IFRS 9. The standard is effective on adoption of IFRS 9, which is effective for annual periods commencing on or after January 1, 2018. The Company is currently evaluating the impact this standard is expected to have on its consolidated financial statements.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><strong>IFRS 10 Consolidated Financial Statements</strong></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">The amendments to IFRS 10 will require a full gain or loss to be recognized when a transaction involves a business (whether it is housed in a subsidiary or not), while a partial gain or loss would be recognized when a transaction involves assets that do not constitute a business, even if the assets are housed in a subsidiary. The amendments are effective for transactions occurring in annual periods beginning on or after January 1, 2016. The Company is currently evaluating the impact these amendments are expected to have on its consolidated financial statements.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><strong>Annual improvements</strong></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">In September 2014, the IASB issued the Annual Improvements 2012-2014 cycle, effective for annual periods beginning on or after July 1, 2016. These annual improvements made necessary but non-urgent amendments to existing IFRSs. These amendments are not expected to have a significant impact on the Company's consolidated financial statements.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="pagebreak06b87a8f-a448-428a-a661-cf509c57e7bd" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">23 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table></p>  <p style="MARGIN: 0px"><b><u><font size="2"></font></u></b>&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b><u><font size="2">Outstanding Share Data</font></u></b> </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The Company&#8217;s authorized share capital consists of an unlimited number of common shares without par value.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">As at August 18, 2015, the following common shares, warrants, and stock options were outstanding:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="61c305ba-7486-43c2-b802-353bbaf7bec2" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="bottom">&nbsp;</td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Number of<br>shares</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Exercise<br>price</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><strong>Remaining life (years)</strong></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>&nbsp;</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Share capital</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">36,442,822</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">-</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Warrants</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1,033,059</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td colspan="2">  <p style="MARGIN: 0px" align="right">US$2.87</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">1.78</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">Stock options</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,205,500</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid">$</td>  <td style="BORDER-BOTTOM: black 1px solid">  <p style="MARGIN: 0px" align="right">1.02 - $1.90</p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid"></td>  <td style="BORDER-BOTTOM: black 1px solid">  <p style="MARGIN: 0px" align="right">0.33 &#8211; 4.62</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">Fully diluted</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">40,681,381</td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The following are details of outstanding stock options as at June 30, 2015, and August 18, 2015:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="6af8a0f1-1913-4413-8e5a-3e38bff787d2" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px" align="left"><b><font size="2">Expiry Date</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Exercise Price<br>Per Share </font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Number of Shares Remaining Subject to Options</font></b></p>  <p style="MARGIN: 0px" align="center"><b><font size="2">(June 30/15)</font><font size="2"></font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Number of Shares Remaining Subject to Options (August 18/15)</font><font size="2"></font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">September 10, 2015</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">1.05</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">225,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">225,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">January 18, 2016</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">1.02</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">745,500</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">745,500</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">September 30, 2016</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">1.02</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">650,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">645,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">February 18, 2018</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">1.60</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">195,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">195,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">September 9, 2018</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">1.62</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">360,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">360,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px">September 19, 2019</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">$</td>  <td id="ffcell" valign="bottom" width="9%" align="right">1.90</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">855,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" valign="bottom" width="9%" align="right">855,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">December 22, 2019</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1.90</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">180,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">180,000</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b><font size="2">Total:</font></b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" colspan="2">  <p style="MARGIN: 0px" align="right"><b>3,210,500</b><b></b><b></b></p></td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><strong>3,205,500</strong></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The following are details of outstanding warrants as at June 30, 2015, and August 18, 2015:</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="abcd3ed3-b8a1-4a6e-9792-b1838c9be87c" style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">  <p style="MARGIN: 0px" align="left"><b><font size="2">Expiry Date</font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Exercise Price Per Share </font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Number of Underlying Shares </font></b></p>  <p style="MARGIN: 0px" align="center"><b><font size="2">(June 30/15)</font><font size="2"></font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center">  <p style="MARGIN: 0px" align="center"><b><font size="2">Number of Underlying Shares (August 18/15)</font><font size="2"></font></b></p></td>  <td valign="bottom">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#cceeff">  <td valign="top">  <p style="MARGIN: 0px">February 25, 2017</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid">  <p style="MARGIN: 0px" align="center">US$2.87</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,033,059</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,033,059</td>  <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr bgcolor="#ffffff">  <td valign="top">  <p style="MARGIN: 0px"><b>Total:</b></p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,033,059</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,033,059</td>  <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><b></b><b><u><font size="2">Disclosure Controls and Procedures</font></u><u><font size="2"> and Internal Controls over Financial Reporting</font></u></b></p>  <p style="MARGIN: 0px">&nbsp; </p>  <p style="MARGIN: 0px">Under Canadian securities legislation, venture issuers are not required to certify the design and evaluation of their disclosure controls and procedures (&#8220;DC&amp;P&#8221;) and internal controls over financial reporting (&#8220;ICFR&#8221;). Accordingly, the Company has not completed such an evaluation. Inherent limitations on the ability of the CEO and CFO to design and implement on a cost-effective basis DC&amp;P and ICFR for the Company may result in additional risks to the quality, reliability, transparency, and timeliness of interim and annual filings and other reports provided under securities legislation.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">The CEO and CFO are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in the Company&#8217;s quarterly and annual venture issuer basic certificates.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <table id="pagebreakbb4fb0e2-a716-4b37-912b-093ccb5d844b" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0">    <tr>  <td class="hpbhr">&nbsp;</td></tr>  <tr>  <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">24 | Page</td></tr>  <tr></tr>  <tr>  <td>  <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr>  <tr>  <td>&nbsp;</td></tr></table>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <table id="4ca3afaa-a650-4d8d-8d8e-2f0635f62648" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0">    <tr>  <td width="3%">  <p style="MARGIN: 0px"><img src="img001.jpg"></p></td>  <td width="1%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">AVINO&nbsp;SILVER &amp;</font></strong></p>  <p style="MARGIN: 0px"><strong><font size="5" face="Arial">GOLD MINES LTD.</font></strong></p></td>  <td>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b></b>&nbsp;</p>  <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p>  <p style="MARGIN: 0px" align="right">&nbsp;<b><font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2015</font></b></p></td></tr></table></p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">If the CEO and the CFO were to complete an evaluation of the Company&#8217;s DC&amp;P and ICFR as at June 30, 2015, as required for certificates issued by non-venture issuers under National Instrument 52-109 <i>Certification of Disclosure in Issuers&#8217; Annual and Interim Filings</i> (NI 52-109), the CEO and the CFO would likely conclude that the Company&#8217;s ICFR and DC&amp;P were ineffective as at June 30, 2015.</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">Based on their knowledge of the Company&#8217;s ICFR, the CEO and the CFO noted the following material weaknesses: </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">a) </td>  <td>  <p style="MARGIN: 0px"><strong>Lack of segregation of duties:</strong> Due to limited staff resources, the Company believes there are instances where a lack of segregation of duties exists, which may limit controls that are otherwise effective; and</p></td></tr>  <tr height="15">  <td valign="top" width="45"></td>  <td valign="top" width="45"></td>  <td valign="top"></td></tr>  <tr>  <td valign="top" width="45"></td>  <td valign="top" width="45">b)</td>  <td>  <p style="MARGIN: 0px" align="justify"><strong>Limited in-house technical accounting and tax expertise:</strong> Due to limited staff resources, the Company may not have the necessary in-house knowledge to address complex accounting and tax issues that may arise.</p></td></tr></table>&nbsp;</p>  <p style="MARGIN: 0px" align="justify">As such, there is a reasonable possibility that the Company&#8217;s ICFR will fail to prevent or detect a material misstatement in the financial statements on a timely basis. These material weaknesses and related risks are not uncommon for a company the size of Avino because of limitations in resources, including the number of staff. To mitigate these risks, the Company hired additional financial reporting personnel, engaged external technical accounting and tax advisors and experts, increased the frequency of on-site visits to and inspections of the accounting records in Mexico, and enhanced the involvement of the Audit Committee and Board of Directors in reviews and consultations where necessary. </p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">Other than the mitigating steps taken to reduce the risks posed by the material weaknesses as indicated above, there have been no other changes in the Company&#8217;s DC&amp;P and ICFR that occurred during the six months ended June 30, 2015, that have materially affected, or are reasonably likely to materially affect, the Company&#8217;s DC&amp;P and/or ICFR.<b><u></u></b></p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px" align="justify"><b><u>Approval </u></b></p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px" align="justify">The Board of Directors of the Company has approved the disclosure contained in this MD&amp;A.</p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px" align="justify"><b><font size="2">Cautionary Statement</font></b></p>  <p style="MARGIN: 0px" align="justify">&nbsp;</p>  <p style="MARGIN: 0px" align="justify"><font size="2">This MD&amp;A is based on a review of the Company&#8217;s operations, financial position and plans for the future based on facts and circumstances as of August 18, 2015. Except for historical information or statements of fact relating to the Company, this document contains &#8220;forward-looking statements&#8221; within the meaning of applicable Canadian securities regulations. Forward-looking statements in this document include, but are not limited to, those regarding the economic outlook for the mining industry, expectations regarding metals prices, expectations regarding production output, production costs, cash costs and other operating results, expectations regarding growth prospects and the outlook for the Company&#8217;s operations, and statements regarding the Company&#8217;s liquidity, capital resources, and capital expenditures. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company&#8217;s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change, except as required by applicable securities regulations. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company&#8217;s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.</font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px" align="right">25 | Page</p>  <hr style="COLOR: #000000" noshade="">    <p style="MARGIN: 0px">  <p style="MARGIN: 0px">  <p style="MARGIN: 0px">&nbsp;</p></BODY></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>avino_ex993.htm
<DESCRIPTION>CEO CERTIFICATION
<TEXT>
<html><head><title>avino_ex993.htm </title><!--Document Created by EDGARMaster--></head><BODY style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%" scroll="yes"><p style="MARGIN: 0px" align="right"><b><font size="2">EXHIBIT 99.3</font></b></p>  <p style="MARGIN: 0px"><b><font size="2"></font></b>&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><font size="2">Form 52-109FV2<br></font></b><b><font size="2">Certification of interim filings - venture issuer basic certificate</font></b></p>  <p style="MARGIN: 0px" align="center">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">I, <b>David Wolfin, Chief Executive Officer, of Avino Silver &amp; Gold Mines Ltd.</b>, certify the following:</font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">  <table id="d9744697-650b-4921-b642-f6d1e5e92633" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%">1. </td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong><em>Review</em>:</strong> I have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of <strong><em>Avino Silver &amp; Gold Mines Ltd.</em></strong> (the &#8220;issuer&#8221;) for the interim period ended<strong><em> June 30, 2015.</em></strong></p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td valign="top">2. </td>  <td valign="top">  <p style="MARGIN: 0px"><strong><em>No misrepresentations:</em></strong> Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td valign="top">3. </td>  <td valign="top">  <p style="MARGIN: 0px"><strong><em>Fair presentation:</em></strong> Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</p></td></tr></table></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">Date: <b><i>August 18, 2015</i></b></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><i><font size="2">&#8220;David Wolfin&#8221;</font></i></p>  <p style="MARGIN: 0px"><font size="2">_______________________</font>&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">David Wolfin</font>&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">Chief Executive Officer</font><font size="2">&nbsp;</font>&nbsp;</p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="fa5cf402-4fdf-45f1-8c01-a0e8dac53acd" style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; WIDTH: 100%; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; BORDER-LEFT: black 1px solid; MARGIN: auto" cellspacing="0" cols="2" cellpadding="2" width="100%" align="center" border="0">    <tr>  <td colspan="2">  <p style="MARGIN: 0px" align="center">&nbsp;<strong><u>NOTE TO READER</u></strong> &nbsp;</p></td></tr>  <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="96%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td colspan="2">  <p style="MARGIN: 0px"><font size="2">In contrast to the certificate required for non-venture issuers under National Instrument 52-109 <i>Certification of Disclosure in Issuers&#8217; Annual and Interim Filings</i> (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of</font> &nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;i)</p></td>  <td>  <p style="MARGIN: 0px">controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">ii)</p></td>  <td>  <p style="MARGIN: 0px">a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td colspan="2">  <p style="MARGIN: 0px">The issuer&#8217;s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&amp;P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. &nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p></BODY></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>avino_ex994.htm
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
<html><head><title>avino_ex994.htm </title><!--Document Created by EDGARMaster--></head><BODY style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%" scroll="yes"><p style="MARGIN: 0px" align="right"><b><font size="2">EXHIBIT 99.4</font></b></p>  <p style="MARGIN: 0px"><b><font size="2"></font></b>&nbsp;</p>  <p style="MARGIN: 0px" align="center"><b><font size="2">Form 52-109FV2<br></font></b><b><font size="2">Certification of interim filings - venture issuer basic certificate</font></b> </p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">I, <b>Malcolm Davidson, Chief Financial Officer, of Avino Silver &amp; Gold Mines Ltd.</b>, certify the following:</font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">  <table id="d17b0574-5722-476e-9800-52b5a9cd61d5" style="TEXT-ALIGN: justify; FONT: 10pt times new roman" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr>  <td valign="top" width="4%">1. </td>  <td valign="top" width="96%">  <p style="MARGIN: 0px"><strong><em>Review:&nbsp;</em></strong>I have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of <strong><em>Avino Silver &amp; Gold Mines Ltd.</em></strong> (the &#8220;issuer&#8221;) for the interim period ended <strong><em>June 30, 2015.</em></strong></p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td valign="top">2. </td>  <td valign="top">  <p style="MARGIN: 0px"><strong><em>No misrepresentations: </em></strong>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</p></td></tr>  <tr height="15">  <td valign="top">&nbsp;</td>  <td valign="top"></td></tr>  <tr>  <td valign="top">3. </td>  <td valign="top">  <p style="MARGIN: 0px"><strong><em>Fair presentation:</em></strong> Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</p></td></tr></table></font>&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">Date: <b><i>August 18, 2015</i></b></font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px"><i><font size="2">&#8220;Malcolm Davidson&#8221;</font></i>&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">_______________________</font></p>  <p style="MARGIN: 0px"><font size="2">Malcolm Davidson</font>&nbsp;</p>  <p style="MARGIN: 0px"><font size="2">Chief Financial Officer</font><font size="2">&nbsp;</font></p>  <p style="MARGIN: 0px">&nbsp;</p>  <p style="MARGIN: 0px">  <table id="bad49831-96ff-4abc-87f0-a1527e766a36" style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; WIDTH: 100%; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; BORDER-LEFT: black 1px solid; MARGIN: auto" cellspacing="0" cols="2" cellpadding="2" width="100%" align="center" border="0">    <tr>  <td colspan="2">  <p style="MARGIN: 0px" align="center"><b><u><font size="2">NOTE TO READER</font></u></b></p></td></tr>  <tr>  <td width="4%">  <p style="MARGIN: 0px">&nbsp;</p></td>  <td width="96%">  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td colspan="2">  <p style="MARGIN: 0px"><font size="2">In contrast to the certificate required for non-venture issuers under National Instrument 52-109 <i>Certification of Disclosure in Issuers&#8217; Annual and Interim Filings</i> (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of</font> &nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">i)</p></td>  <td>  <p style="MARGIN: 0px">controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">ii)</p></td>  <td>  <p style="MARGIN: 0px">a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</p></td></tr>  <tr>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td>  <td>  <p style="MARGIN: 0px">&nbsp;</p></td></tr>  <tr>  <td colspan="2">  <p style="MARGIN: 0px"><font size="2">The issuer&#8217;s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&amp;P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. </font>&nbsp;</p></td></tr></table></p>  <p style="MARGIN: 0px">&nbsp;</p></BODY></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>img001.jpg
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
