Avino Silver & Gold Mines Ltd. (ASM: TSX-V, ASM: NYSE–MKT, GV6: FSE, “Avino” or “the
Company”) is pleased to report its financial results for the third quarter ended September 30, 2015. All
financial information, other than non-IFRS measures, is prepared in accordance with IFRS and all dollar
amounts are expressed in Canadian dollars unless otherwise specified. The information in this news
release should be read in conjunction with the Company's condensed consolidated interim financial
statements for the nine months ended September 30, 2015, and associated management’s discussion and
analysis (“MD&A”) which are available on the Company's website at www.avino.com and under the
Company's profile on SEDAR at www.sedar.com.
“The Company is pleased to report another quarter of positive results from mining operations. Compared
to the third quarter of 2014, our revenues have increased, despite weaker metals prices, as the result of
producing and selling more silver equivalent ounces. Our operations and finance teams have continued to
do an excellent job of managing costs and controlling expenditures. Our consolidated all-in sustaining cash
costs for the quarter decreased to $11.99 compared to $13.01 in the third quarter of 2014, and we will
continue to seek out opportunities to further reduce costs and improve efficiencies. Softer metals prices
and market conditions continue to present challenges; however, our stable financial and operational
condition and our strong balance sheet have well positioned the Company to advance and meet its
objectives,” stated Malcolm Davidson, CFO.”
Highlights of the Three Months Ended September 30, 2015 (Compared to Q3 2014)
Financial
• Consolidated all-in sustaining cash cost per AgEq ounce1 was $11.99 in the third quarter of 2015
compared to $13.01 in the third quarter of 2014;
• Revenues reported for the quarter were $5,028,314 compared to $4,704,213 in the comparable quarter
of 2014, an increase of 7%;
• Income from mine operations was $2,188,568 in the third quarter of 2015, an increase of $478,490
from the third quarter of 2014;
• General and administrative expenses were $1,162,481 in the third quarter of 2015 compared to
$1,437,957 in the third quarter of 2014;
• Earnings before income taxes were $44,310 in the third quarter of 2015 compared to $1,203,929 in the
third quarter of 2014;
• Loss for the third quarter of 2015 was $625,193, compared to income of $787,805 during the third
quarter of 2014, a difference of $1,412,998;
• Losses per share, basic and diluted, was $0.02 in the third quarter of 2015 compared to earnings per
share of $0.02 in the third quarter of 2014;
• Average realized prices per ounce of silver and gold were US$15.12 and US$1,126 respectively for the
third quarter 2015, and US$19.24 and US$1,267 respectively for the third quarter of 2014;
• Cash flows from operations before movements in working capital were $1,490,881 during the third
quarter of 2015, compared to $3,824,341 for the comparative period;
• Cash flow per share, basic and diluted, was $0.04 per share for the nine months ended September
30, 2015, compared to $0.12 per share for the corresponding period of the previous year.

1 Silver equivalent ounces sold (“AgEq ounce”) 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. Please refer to the information under the heading "NonIFRS
Measures" of this news release for a discussion of cash cost per silver equivalent ounce, all-in sustaining cash cost per silver equivalent ounce,
and cash flow per share.

Operational
• Silver equivalent production for the third quarter of 2015 increased 148% to 770,004 oz* compared to
310,880 oz in the third quarter of 2014;
• Silver production for the third quarter of 2015 increased 84% to 399,836 oz compared to the third
quarter of 2014;
• Gold production for the third quarter of 2015 increased by 49% to 1,644 oz compared to 1,105 the third
quarter of 2014;
• Copper production for the third quarter of 2015 increased by 1,646% to 1,344,174 lbs compared to
76,983 lbs the third quarter of 2014.
Financial Review
The Company generated revenues of $5,028,314 during the third quarter of 2015, a 7% increase compared
to the third quarter of 2014.
Mine operating income was $2,188,568, an increase of $478,490 or 28% from $1,710,078 during the third
quarter of 2014.During the third quarter of 2015, net income decreased by $1,412,998 to $(625,193) or
$(0.02) per share, compared to net income of $787,805 or $0.02, basic and diluted per share during the
third quarter of 2014.
Cash flow from operations before movements in working capital during the third quarter of 2015 was
$1,490,881, a decrease of 61% from the $3.8 million generated during the third quarter of 2014.
Operational Review
• Total silver equivalent production in the third quarter of 2015 increased to 770,004 silver equivalent
ounces*, an increase of 148% compared to the corresponding period in 2014. The production growth
was due to the completed refurbishment of the 1,000 tonne per day Mill Circuit 3 used to process new
underground material from the Avino Mine.
• Total mill feed processed during the third quarter of 2015 was 130,490 dry tonnes compared to
39,571 dry tonnes during the third quarter of 2014, an increase of 230%.
Costs and Capital Expenditures
Consolidated all-in sustaining cash costs per AgEq ounce1 during the third quarter of 2015 were $11.99
compared to $13.01 during the corresponding period of 2014, a decrease of 8%.
Capital expenditures during the third quarter of 2015, net of concentrate proceeds, were $4,536,590
compared to $5,353,202 for the comparable quarter last year.
Capital expenditures primarily relate to the Avino mine advancement, the process plant expansion for Mill
Circuit 3, and equipment to advance operations at the San Gonzalo and Avino mines.

* 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.
Mill production figures have not been reconciled and are subject to adjustment with concentrate sales. Calculated figures may not add up due
to rounding.
1 Silver equivalent ounces sold (“AgEq ounce”) 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. Please refer to the information under the heading
"Non-IFRS Measures" of this news release for a discussion of cash cost per silver equivalent ounce, all-in sustaining cash cost per silver equivalent
ounce, and cash flow per share.


Avino Mine
On January 1, 2015, Mill Circuit 3 began processing new material taken from underground at the Avino Mine.
Silver equivalent ounces* produced during the third quarter of 2015 totalled 493,455. This represents an increase of 12% compared to the second quarter of 2015 as there was no production from the Avino Mine during the comparable quarter in 2014. Production for the third quarter also includes output from Mill Circuit 2 which was used to process mill feed from the Avino Mine during July and August.

San Gonzalo Mine
Silver equivalent ounces* produced during the third quarter of 2015 totalled 276,549. This represents a 16% increase compared to the same period 2014. Production for the third quarter also includes output from
Mill Circuit 2 which was used to process mill feed from the Avino Mine during September. All-in sustaining cash costs during the third quarter of 2015 were $12.04 per AgEq ounce1 compared to $12.30 in the third quarter of 2014, a decrease of 2%.

Mill Circuit 2
Based on improved mining production results from Avino and San Gonzalo, and the consideration of feed grades, recovery rates, and smelter returns of the historic surface stockpile materials, during the three
months ended September 30, 2015, Mill Circuit 2 was used to process mill feed from both the Avino and San Gonzalo Mines. The material from Avino was processed during July and August, and material from
San Gonzalo was processed in September with the corresponding production reflected in the above sections for each mine.

Bralorne Mine
During the second quarter of 2015, the necessary permits to construct a raise to the embankment dam for the tailings storage facility were received from British Columbia’s Ministry of Energy & Mines and Ministry of Environment. Construction of the raise began during the last week of August 2015 and was completed during the final week of October 2015. This major project was necessary due to unseasonably high temperatures and rainfall in December 2014 which led management to suspend processing at the Bralorne mill facility due to concerns about the water level within the tailings storage facility. With the embankment raise complete, Avino has applied for permits to resume processing and mining and is now well-preparedfor a similar weather event in the future.
During the third quarter, ongoing maintenance and improvements continued at the mill, and two new scooptrams were received from Sandvik. Orders have also been placed for a new Caterpillar loader and a Sandvikjumbo, and the search continues for additional equipment as part of Avino’s commitment to modernize the mining fleet. Strategic planning alternatives, including new mining methods tailored to the attributes of theBralorne resource, are being evaluated. The Company is maintaining open lines of communication with
First Nations communities, and management continues its efforts to build meaningful progressiverelationships with its stakeholders. Should exploration drilling lead to potential new resources, Avino will
consider expanding the existing mine and processing facility infrastructure.
“Our third quarter results highlight Avino’s strong operational position. We increased our silver equivalentproduction by 148%, maintained low all-in sustaining costs and sustained profitable mining operations,
despite a challenging metal price environment. Our focus over the balance of this year and next is onattentive management of our costs, successful replacement of mine resources and to fund Avino’s
promising organic growth opportunities.


* 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.
Mill production figures have not been reconciled and are subject to adjustment with concentrate sales. Calculated figures may not add up due
to rounding.
1 Silver equivalent ounces sold (“AgEq ounce”) 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. Please refer to the information under the heading
"Non-IFRS Measures" of this news release for a discussion of cash cost per silver equivalent ounce, all-in sustaining cash cost per silver equivalent
ounce, and cash flow per share.

Non-IFRS Measures
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&A.