<SEC-DOCUMENT>0001477932-16-010455.txt : 20160517
<SEC-HEADER>0001477932-16-010455.hdr.sgml : 20160517
<ACCEPTANCE-DATETIME>20160517172845
ACCESSION NUMBER:		0001477932-16-010455
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160516
FILED AS OF DATE:		20160517
DATE AS OF CHANGE:		20160517

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:		161658632

	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"><p style="MARGIN: 0px">&nbsp;</p><div style="FONT-SIZE: 1px; WIDTH: 100%; BORDER-BOTTOM: rgb(0,0,0) 4px solid; MARGIN: 0px"></div><div style="FONT-SIZE: 1pt; WIDTH: 100%; BORDER-BOTTOM: rgb(0,0,0) 1px solid; MARGIN-TOP: 2px"></div><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><b><font size="3">UNITED STATES</font></b></p><p style="MARGIN: 0px" align="center"><b><font size="3">SECURITIES AND EXCHANGE COMMISSION</font></b></p><p style="MARGIN: 0px" align="center"><font size="3"><b>Washington, D.C. 20549</b></font></p><p style="MARGIN: 0px" align="center">&nbsp;</p><p style="MARGIN: 0px" align="center"><b><font size="6">FORM 6-K</font></b></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"><strong><u>May, 2016</u></strong></p><p style="MARGIN: 0px" align="center"><font size="2"></font>&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"><table id="e0d5d2ee-25ae-4942-bb62-d0d65acfe4b9" style="WIDTH: 75%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto; font-size-adjust: none; font-stretch: normal" cellspacing="0" cols="1" cellpadding="0" width="75%" align="center" border="0">    <tr><td style="BORDER-BOTTOM: black 1px solid"><p style="MARGIN: 0px" align="center"><b><font size="6">AVINO SILVER &amp; GOLD MINES LTD.</font></b><font size="2"></font></p></td></tr></table></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"><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;&nbsp;&nbsp;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">x</font></font><font size="2">&nbsp;Form 20-F&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">&nbsp;&nbsp; No <font style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">x</font></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): </font></p><p style="MARGIN: 0px">&nbsp;</p><div style="FONT-SIZE: 1pt; WIDTH: 100%; BORDER-BOTTOM: rgb(0,0,0) 1px solid; MARGIN: 0px"></div><div style="FONT-SIZE: 1pt; WIDTH: 100%; BORDER-BOTTOM: rgb(0,0,0) 4px solid; PAGE-BREAK-AFTER: always; MARGIN-TOP: 2px"></div><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">&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></p><font size="2">&nbsp; </font><table id="59785165-9680-4c40-bf92-a05c564e35bf" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr bgcolor="#cceeff"><td width="6%"><p style="MARGIN: 0px"><font size="2">99.1</font></p></td><td><p style="MARGIN: 0px" align="left">News Release dated May 16, 2016</p></td></tr></table><p style="MARGIN: 0px"><font size="2">&nbsp;</font></p><p style="MARGIN: 0px"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%" border="0"></table></p><p style="MARGIN: 0px"><table id="pagebreakaf7982e8-ad23-4b6a-9082-08cd817d0b0c" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN; font-size-adjust: none; font-stretch: normal" 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><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.</font>&nbsp;&nbsp;</p><p style="MARGIN: 0px">&nbsp;</p><table id="38dd7bda-68c1-45b4-b5ad-ab7ba17462a6" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr height="15"><td valign="top" width="50%"></td><td valign="top" width="38%" 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" width="12%"></td></tr><tr height="15"><td valign="top" width="50%"></td><td valign="top" width="38%" colspan="2"><p style="MARGIN: 0px"><font size="2">(Registrant)</font></p></td><td valign="top" width="12%"></td></tr><tr height="15"><td valign="top" width="50%"></td><td valign="top" width="38%" colspan="2"></td><td valign="top" width="12%"></td></tr><tr height="15"><td valign="top" width="50%"><p style="MARGIN: 0px"><font size="2">Date:&nbsp;May 17, 2016</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" width="50%"></td><td valign="top" width="3%"></td><td valign="bottom" width="35%"><p style="MARGIN: 0px"><font size="2">Dorothy Chin</font></p></td><td valign="top" width="12%"></td></tr><tr height="15"><td valign="top" width="50%"></td><td valign="top" width="3%"></td><td valign="top" width="35%"><p style="MARGIN: 0px"><font size="2">Corporate Secretary</font></p></td><td></td></tr></table><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2"></font>&nbsp;&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">3</font></p><hr style="COLOR: rgb(0,0,0)" noshade=""></BODY></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>avino_ex991.htm
<DESCRIPTION>NEWS RELEASE
<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" align="right">&nbsp; </p><p style="MARGIN: 0px"><table id="11155076-d202-43b7-8dc1-a8e6929c893a" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0">    <tr height="15"><td width="10%"><img src="img001.jpg"></td><td valign="bottom" width="50%"><p style="MARGIN: 0px"><b><font size="5">AVINO SILVER &amp;</font></b></p><p style="MARGIN: 0px"><b><font size="5">GOLD MINES LTD.</font></b></p></td><td width="40%"><p style="MARGIN: 0px"><b><font size="2"></font></b>&nbsp;</p><p style="MARGIN: 0px"><b><font size="2"></font></b>&nbsp;</p><p style="MARGIN: 0px"><b><font color="#0080ff" size="2">T</font></b><font size="2"> 604.682.3701 Suite 900, 570 Granville Street ir@avino.com</font></p><p style="MARGIN: 0px"><b><font color="#0080ff" size="2">F</font></b><font size="2"> 604.682.3600 Vancouver, BC V6C 3P1 www.avino.com</font></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; MARGIN: auto" cellspacing="0" cols="2" cellpadding="0" width="100%" align="center" border="0">    <tr><td valign="bottom"><p style="MARGIN: 0px">May 16, 2016</p></td><td><p style="MARGIN: 0px" align="right">NYSE - MKT: <strong>ASM</strong></p><p style="MARGIN: 0px" align="right">TSX-V: <strong>ASM</strong></p><p style="MARGIN: 0px" align="right">FSE: <b>GV6</b></p></td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><b><font size="2">Avino Reports Q1 2016 Financial Results</font></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><font size="2">Avino Silver &amp; Gold Mines Ltd. (ASM: TSX-V, ASM: NYSE&#8211;MKT, GV6: FSE, "Avino" or "the Company")</font></b><font size="2"></font><font size="2">is pleased to announce the consolidated financial results for the Company's first quarter ended March 31, 2016. The financial statements and the management discussion and analysis can be viewed on the Company's web site at </font><font size="2">www.avino.com,</font><font size="2"></font><font size="2">on SEDAR at </font><font size="2">www.sedar.com </font><font size="2">and on EDGAR at </font><font size="2">www.sec.gov</font><font size="2">.</font><font size="2"></font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><font size="2">FIRST QUARTER 2016 HIGHLIGHTS</font></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2"><font face="Symbol"><table style="FONT: 10pt times new roman" cellspacing="0" cellpadding="0" 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">Generated revenues of $2,751,949 from the sale of San Gonzalo concentrates</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">Mine operating income amounted to $1,775,185</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">Net income after taxes amounted to $58,046</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">Produced 715,933 silver equivalent ounces, including 403,447 ounces of silver, 1,497 ounces of gold and 1,350,912 pounds of copper</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">Consolidated all-in sustaining cost ("AISC")<sup>1</sup> was $11.29 (US$8.22) per payable silver equivalent ounce, a 9% decrease compared to $12.36 or (US$10.09) per ounce in the first quarter of 2015</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">Total consolidated cash<sup>1</sup> cost was $5.64 per payable silver ounce</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">Average realized selling prices for silver and gold were US$16.42 and US$1,194 per ounce respectively</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">Cash and cash equivalents of $6,022,283 were on hand at the end of the quarter</p></td></tr></table></font></font>&nbsp;</p><p style="MARGIN: 0px"><font size="2">"We are pleased to have delivered another quarter of positive operating and financial results. Our revenues from the San Gonzalo Mine were lower than expected due to a new sales arrangement which resulted in only two months of sales. Going forward, each quarter will reflect three months of sales and related production costs. Our teams in Mexico and Canada have done an excellent job of monitoring and reducing costs, with stronger metal prices we anticipate improved profitability in future periods. During the quarter we achieved a </font><font size="2">consolidated all-in sustaining cash cost of $11.29 (US$8.22) compared to $12.36 (US$10.09) per silver equivalent ounce in the first quarter of 2015. In April 2016, the Company commenced underground mining using the long-hole caving method at the Avino Mine. Management is currently analyzing the economics of the new mining method and is optimistic that the results will lead to a commercial production decision in the coming months.</font><font size="2">" </font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="right"><font size="2">- David Wolfin, President, CEO &amp; Director</font></p><p style="MARGIN: 0px" align="left">__________&nbsp;</p><font size="2"><p style="MARGIN: 0px"><i><sup><font size="2">1 </font></sup></i><i><font size="2"></font></i><i><font size="2">The Company reports non-IFRS measures which include </font></i><i><font size="2">cash cost per silver equivalent ounce,</font></i><i><font size="2"> all-in sustaining cash cost per ounce, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures.</font></i><i><font size="2"></font></i></p><p style="MARGIN: 0px">&nbsp;</p><table id="pagebreak75e3c754-494b-4a07-b784-f0706a17a923" 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 style="MARGIN: 0px"><strong>OVERALL PERFORMANCE AND HIGHLIGHTS</strong></font><i><font size="2"><p style="MARGIN: 0px"><p style="MARGIN: 0px"><table id="59cde345-6e44-4334-b342-c4d9683e7fc4" 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"><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"><b><font size="2">First<br>Quarter</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"><b><font size="2">First<br>Quarter</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">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td></tr><tr><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"><strong>2016</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" colspan="2" align="center"><p style="MARGIN: 0px"><strong>2015</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" colspan="2" align="center"><p style="MARGIN: 0px" align="center"><b><font size="2">Change</font><font size="2"></font></b></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><font size="2">Operating &#8211; Avino and San Gonzalo Mines</font><font size="2"></font></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 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="ffcell" valign="bottom" colspan="2" align="right"><p style="MARGIN: 0px">&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="ffcell" valign="bottom" colspan="2" align="right"><p style="MARGIN: 0px">&nbsp;</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">Tonnes Milled</font><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="9%" align="right">140,116</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" width="9%" align="right">114,453</td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom" width="1%"><p style="MARGIN: 0px">&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%">%</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Silver Ounces Produced</font><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="ffcell" valign="bottom" align="right">403,447</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">363,210</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">11</td><td valign="bottom">%</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Gold Ounces Produced</font><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="ffcell" valign="bottom" align="right">1,497</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">1,750</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">-14</td><td valign="bottom"><p style="MARGIN: 0px">%</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Copper Pounds Produced</font><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="ffcell" valign="bottom" align="right">1,350,912</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">872,884</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">55</td><td valign="bottom">%</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Silver Equivalent Ounces<sup>1</sup> Produced</font><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="ffcell" valign="bottom" align="right">715,933</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">627,058</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">14</td><td style="PADDING-BOTTOM: 1px" valign="bottom">%</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">San Gonzalo Mine</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="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"><font size="2">Silver Equivalent Ounces Sold<sup>2</sup></font><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="ffcell" valign="bottom" align="right">155,507</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">253,194</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">-39</td><td valign="bottom"><p style="MARGIN: 0px">%</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Cash Cost per Silver Equivalent Ounce<sup>2,3</sup></font><font size="2"></font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">5.64</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" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">8.60</td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" align="right">-34</td><td valign="bottom"><p style="MARGIN: 0px">%</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">All-in Sustaining Cost per Silver Equivalent Ounce<sup>2,3</sup></font><font size="2"></font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">11.29</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" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">12.36</td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" align="right">-9</td><td valign="bottom"><p style="MARGIN: 0px">%</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Average Realized Silver Price per Ounce ($US) </font><font size="2"></font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px" align="right"><font size="2">US$</font></p></td><td><p style="MARGIN: 0px" align="right">16.42</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px" align="right"><font size="2">US$ </font></p></td><td><p style="MARGIN: 0px" align="right">16.22</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">1</td><td valign="bottom">%</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Average Realized Gold Price per Ounce ($US) </font><font size="2"></font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px" align="right"><font size="2">US$</font></p></td><td><p style="MARGIN: 0px" align="right">1,194</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td><p style="MARGIN: 0px" align="right"><font size="2">US$ </font></p></td><td><p style="MARGIN: 0px" align="right">1,188</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">1</td><td style="PADDING-BOTTOM: 1px" valign="bottom">%</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Financial</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="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"><font size="2">Revenues &#8211; San Gonzalo</font><font size="2"></font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">2,751,949</td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">4,285,541</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">-36</td><td valign="bottom"><p style="MARGIN: 0px">%</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Mine Operating Income &#8211; San Gonzalo </font><font size="2"></font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">1,775,185</td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">2,087,856</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">-15</td><td valign="bottom"><p style="MARGIN: 0px">%</p></td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Net Income</font><font size="2"></font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">58,046</td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">376,287</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</td><td valign="bottom"><p style="MARGIN: 0px">%</p></td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Cash </font><font size="2"></font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">6,022,283</td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">4,894,659</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">23</td><td valign="bottom">%</td></tr><tr bgcolor="#cceeff"><td valign="top"><p style="MARGIN: 0px"><font size="2">Working Capital</font><font size="2"></font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">3,766,684</td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">2,352,345</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">60</td><td style="PADDING-BOTTOM: 1px" valign="bottom">%</td></tr><tr bgcolor="#ffffff"><td valign="top"><p style="MARGIN: 0px"><b><font size="2">Shareholders</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="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" align="right">&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"><font size="2">Earnings per Share ("EPS") &#8211; Basic</font><font size="2"></font></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">0.00</td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></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"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" align="right">-100</td><td valign="bottom"><p style="MARGIN: 0px">%</p></td></tr><tr bgcolor="#ffffff"><td><p style="MARGIN: 0px">Cash&nbsp;Flow per share<sup>3</sup></p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></td><td id="ffcell" valign="bottom" align="right">0.01</td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px">&nbsp;</p></td><td valign="bottom"><p style="MARGIN: 0px" align="right">$</p></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"><p style="MARGIN: 0px">&nbsp;</p></td><td id="ffcell" valign="bottom" align="right">0</td><td style="PADDING-BOTTOM: 1px" valign="bottom">%</td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p></font></i><b><font size="2">Financial Results</font></b><font size="2"></font><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">The Company generated revenues of $2,751,949 during the first quarter of 2016; a 36% decrease compared to the first quarter of 2015. The decrease was due to a new sales agreement for sale of San Gonzalo Mine concentrate. The new sales agreement has slightly different shipping which resulted in the sale of March's production being deferred to April 2016. Accordingly, the first quarter financial figures represent only operations during January and February. This deferral will only occur once and subsequent quarters will reflect three months of revenues and related production costs. </font></p><p style="MARGIN: 0px"><i><font size="2"></font></i>&nbsp;</p><p style="MARGIN: 0px">Mine operating income was $1,775,185&nbsp;during the first quarter of 2016, a decrease of $312,761 or 15% from $2,087,856 in 2015. During the first quarter of 2016, net income decreased by $318,241 to $58,046 or $0.00 per share, compared to net income of $376,287 or $0.01 basic and diluted per share during the corresponding period of 2015. </p><p style="MARGIN: 0px">___________</p><p style="MARGIN: 0px"><i><font size="2">1.&nbsp;</font></i><font size="2"><i>For comparison purposes, the silver equivalent ratio has been calculated using metal prices of $14.84 oz Ag, $1,180 oz Au and $2.12 Lb Cu. 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><i><font size="2"><p style="MARGIN: 0px"><i><font size="2">2.</font></i><i><font size="2"></font></i><i><font size="2">"Silver equivalent ounces sold" for the purposes of cash costs and all-in sustaining costs 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.</font></i></p><p style="MARGIN: 0px"><i><font size="2">3. "The Company reports non-IFRS measures which include cash cost per silver equivalent ounce, all-in sustaining cash cost per ounce, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures.</font></i>&nbsp;</font></i><p><p><table id="pagebreak8da6f265-7b29-4961-8f11-cbc3776690b4" 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;&nbsp;</p><p style="MARGIN: 0px"><b><font size="2">Operational Results</font></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">Silver equivalent production for the first quarter of</font><font size="2"> 2016</font><font size="2"> increased 14% to 715,933 oz<sup>1</sup> compared to 627,058 oz in the first quarter of 2015. Silver production for</font><font size="2"> the first quarter</font><font size="2"></font><font size="2">of 2016 increased 11% to 403,447 oz compared the first quarter of 2015. Gold production for</font><font size="2"> the first quarter of 2016</font><font size="2"></font><font size="2">decreased by 14% to 1,497 oz compared to 1,750 oz in the corresponding period of 2015. Copper production increased by 55% to 1,350,912 lbs compared to 872,884 lbs in the first quarter of 2015. </font><font size="2">Total mill feed processed during the first quarter of 2016 was 140,116 dry tonnes compared to 114,453 dry tonnes during the first quarter of 2015, an increase of 22%. </font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">At the Avino Mine, silver equivalent ounces<sup>1</sup> produced during the first quarter totalled 474,206 compared to 319,216 during the first quarter of 2015, an increase of 48%. The production increase can be attributed to the use of both Mill Circuit 2 and Mill Circuit 3 to process mill feed from the Avino Mine whereas in the corresponding quarter last year, only Mill Circuit 3 was used. </font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">At the San Gonzalo Mine, silver equivalent ounces<sup>1</sup> produced during the first quarter of 2016 totalled 241,727 representing an increase of 14% compared to the first quarter of 2015. All-in sustaining cash costs during the first quarter of 2016 were $11.29 per AgEq ounce<sup>2</sup> compared to $12.36 during the first quarter of 2015, a decrease of 9%. </font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><font size="2">Costs and Capital Expenditures</font></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">Consolidated all-in sustaining cash costs per AgEq ounce<sup>2</sup> during the first quarter of 2016 were $11.29 compared to $12.36 during the corresponding period of 2015, a decrease of 9%. </font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">Capital expenditures during the first quarter of 2016, net of concentrate proceeds of $5.6 million, were $1,234,509 compared to $445,466 during the first quarter of 2015.</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">Capital expenditures relate </font><font size="2">to the Avino mine advancement and mining and production equipment to advance operations at the San Gonzalo, Avino, and Bralorne mines.</font><font size="2"></font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><font size="2">Bralorne Mine Update</font></b><font size="2"></font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">During the first quarter of 2016, Bralorne continued to prepare and evaluate a strategic mine plan, including an assessment of more cost effective mining methods and capital expenditures needed to bring the project to a profitable position. The Company has acquired new mining equipment including two new scoop trams and a rock breaker from Sandvik, and a loader from Caterpillar as well as a new medical facility and woman's dry. Further, the Company has ordered a new development jumbo from Sandvik and expects to take delivery in the coming months. This brand new equipment will help to reduce maintenance costs while increasing mining productivity and efficiency when the project resumes operations. Ongoing maintenance and improvements continued in 2015 and the Company has been reviewing the requirements to increase processing capacity should the resources and mine plan prove feasible and viable. A raise to the embankment dam for the tailings storage facility was completed in October 2015 and the Company is currently in the process of obtaining the permits to resume processing and mining activities from British Columbia's Ministry of Energy &amp; Mines and Ministry of Environment.</font></p><p style="MARGIN: 0px">__________</p><p style="MARGIN: 0px"><i><font size="2">1. For comparison purposes, the silver equivalent ratio has been calculated using metal prices of $14.84 oz Ag, $1,180 oz Au and $2.12 Lb Cu. 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></i></p><p style="MARGIN: 0px"><i><font size="2">2. </font><font size="2"></font><font size="2">The Company reports non-IFRS measures which include </font><font size="2">cash cost per silver equivalent ounce,</font><font size="2"> all-in sustaining cash cost per ounce, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures.</font></i></p><p style="MARGIN: 0px">&nbsp;</p><table id="pagebreak12e11f06-8554-43c6-8f61-34b385f359f2" 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 style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">In February 2016, Bralorne, in conjunction with North Island College, the government and First Nations </font><font size="2">completed </font><font size="2">a 4 month long underground mining fundamentals educational cohort</font><font size="2"> for 12 students from St'at'imc First Nation communities around Lillooet. Following three months of classroom instruction, Bralorne provided support and access to </font><font size="2">the mine site for hands-on training. </font><font size="2">All 12 students graduated the program with a number of industry certification tickets which will help towards Bralorne's long-term goal of enhancing the local labour force. </font><font size="2">The Company is maintaining open lines of communication with First Nations communities, and management continues its efforts to build meaningful positive relationships with its stakeholders.</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><font size="2">Non-IFRS Measures</font></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">The financial results in this news release include references to cash flow per share, cash cost per silver equivalent ounce, and all-in sustaining cash cost per silver equivalent ounce, each of which are non-IFRS measures. Cash flow per share, cash cost per ounce, and all-in sustaining cash cost per ounce are measures developed by mining companies in an effort to provide a comparable standard of performance. However, there can be no assurance that our reporting of these non-IFRS measures is similar to that reported by other mining companies. Cash flow per share, cash cost per silver equivalent ounce, and all-in sustaining cash cost per silver equivalent ounce are measures used by the Company to manage and evaluate operating performance of the Company'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 the prescribed IFRS measures provided in the Company's financial statements and MD&amp;A.</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><font size="2">Conference Call</font></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">Avino will be holding a conference call on May 17, 2016 at 8 am PST (11 am EST).&nbsp;</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">To participate in the conference call, please dial the following:</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">Toll Free Canada &amp; USA: 1-800-319-4610<br>Outside of Canada &amp; USA: 1-604-638-5340</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">No pass-code is necessary to participate in the conference call; participants will have the opportunity to ask questions during the Q&amp;A portion of the call.</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">Participants should dial in 10 minutes prior to the conference.</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">The conference call will be recorded and the replay will be available on the Company's web site within one hour following the conclusion of the call.</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><font size="2">Qualified Person(s)</font></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">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'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 ("QP") within the context of National Instrument 43-101. The respective QP's have reviewed and approved all the applicable technical data in this press release.</font></p><p style="MARGIN: 0px">__________</p><p style="MARGIN: 0px"><i><font size="2">1. For comparison purposes, the silver equivalent ratio has been calculated using metal prices of $14.84 oz Ag, $1,180 oz Au and $2.12 Lb Cu. 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></i></p><p style="MARGIN: 0px"><i><font size="2">2. </font><font size="2"></font><font size="2">The Company reports non-IFRS measures which include </font><font size="2">cash cost per silver equivalent ounce,</font><font size="2"> all-in sustaining cash cost per ounce, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures. </font></i></p><p style="MARGIN: 0px">&nbsp;</p><table id="pagebreaka3262625-f755-4001-ae38-29cf2bc30fc3" 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><font size="2">Outlook</font></b><font size="2"></font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">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 expanding our operations and 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. </font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2">Management remains focused on the following key objectives:</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><font size="2"><table id="d70e5a71-a58e-4add-8f43-880da6363646" 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 and improve profitable mining operations while managing operating costs and achieving efficiencies;</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">2. </td><td><p style="MARGIN: 0px">Advance the Bralorne project towards profitable production;</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">3. </td><td><p style="MARGIN: 0px">Explore regional targets on the Avino Property followed by other properties in our portfolio;</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">4. </td><td><p style="MARGIN: 0px">Assess the potential for processing the oxide tailings resource from previous milling operations (PEA issued in 2012); 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">5. </td><td><p style="MARGIN: 0px">Identify and evaluate potential projects for acquisition.</p></td></tr></table></font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><font size="2">On Behalf of the Board</font></b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><b><i><font size="2">"David Wolfin"</font></i></b><b><i><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></i></b></p><p style="MARGIN: 0px"><b><i><font size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></font></i></b></p><p style="MARGIN: 0px"><font size="2">David Wolfin</font></p><p style="MARGIN: 0px"><font size="2">President &amp; CEO</font></p><p style="MARGIN: 0px"><font size="2">Avino Silver &amp; Gold Mines Ltd.</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px"><i><font size="2">Safe Harbor Statement - This news release contains "forward-looking information" and "forward-looking statements" (together, the "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including our belief as to the extent and timing of various studies including the PEA, and exploration results, the potential tonnage, grades and content of deposits, and timing, establishment, and extent of resource estimates. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements.</font></i></p><p style="MARGIN: 0px">&nbsp;<i><font size="2"><br>Such factors and assumptions include, among others, the effects of general economic conditions, the price of gold, silver and copper, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign countries; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers, directors or promoters with certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of our common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.</font></i></p><p style="MARGIN: 0px">&nbsp;<i><font size="2"><br>Cautionary Note to United States Investors - The information contained herein and incorporated by reference herein has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. In particular, the term "resource" does not equate to the term "reserve". The Securities Exchange Commission's (the "SEC") disclosure standards normally do not permit the inclusion of information concerning "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by SEC standards, unless such information is required to be disclosed by the law of the Company's jurisdiction of incorporation or of a jurisdiction in which its securities are traded. U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.</font></i></p><p style="MARGIN: 0px">&nbsp;<i><font size="2"><br>Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.</font></i></p><p style="MARGIN: 0px">__________</p><i><font size="2"><p style="MARGIN: 0px"><i><font size="2">1. For comparison purposes, the silver equivalent ratio has been calculated using metal prices of $14.84 oz Ag, $1,180 oz Au and $2.12 Lb Cu. 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></i></p><i><font size="2">2. </font><font size="2"></font><font size="2">The Company reports non-IFRS measures which include </font><font size="2">cash cost per silver equivalent ounce,</font><font size="2"> all-in sustaining cash cost per ounce, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures. </font></i></font></i><p style="MARGIN: 0px"><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center">5</p><hr style="HEIGHT: 1px; WIDTH: 100%; COLOR: #000000; align: center" noshade=""></BODY></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
