Mr. David Wolfin reports

AVINO DRILLS BEST INTERCEPT IN COMPANY HISTORY

Avino Silver & Gold Mines Ltd. has released the results of three drill holes from below level 17, the current deepest workings at the Elena Tolosa (ET) area of the Avino system. Previously, the company reported the extension of the Avino vein to a further 500 metres down dip below the lowest current production mining level. Drill hole ET-23-09 shows 57 metres true width of mineralization and is a stepout 50 metres to the west of Avino's most westerly drill hole at 200 metres down dip below level 17. This continuing exploration program is testing the continuity of the steeply dipping mineralization. Avino has enlisted several world-renowned consulting geologists to contribute to the geological theory to drive understanding of the mineralization characteristics. The depth extent of at least 750 metres of known mineralization is unusual in comparison with most Mexican epithermal deposits.

Selected intercept highlights:

• Hole ET 23-09: 296 silver equivalent (AgEq) grams per tonne over 57 metres true width, including 407 AgEq g/t over 37 metres true width and 2,866 AgEq g/t over 3.43 metres true width;
• Hole ET 23-07: 230 AgEq g/t over 11 metres true width.

"We stepped out, at depth and along strike, with hole ET-23-09 and were handsomely rewarded with the best drill hole in the company's 55-year history," said David Wolfin, president and chief executive officer. "The exceptionally wide and very high silver, gold and copper grades are extremely encouraging for our continued exploration of the Avino vein and associated stockwork and breccia at depth and suggests a much more complex mineralization system. We are still open along strike and at depth and we will continue to try to understand the source of the mineralization as we explore for the source intrusive, porphyry or phreatomagmatic interface. The drill intercept widths are in line with our understanding of the Avino vein and represent minable areas to be contemplated for the future of the mine with grades that are almost five times the current cut-off grade."

Avino is developing a geological model based on a near-porphyry environment because of the increasing copper grades. The persistence of grade continuity from surface down a plunge distance of over 1,100 metres (800 metres) with this copper increase supports the possibility of a deeper mineralized system and may be linked to a porphyry centre.

Geological modelling is continuing to determine the potential geometry and controls of the mineralization. Avino's drill program continues for the rest of 2023 with 2,100 more metres planned for the year to bring the total to 8,000 metres for the year.

Geological description

The property contains numerous low-sulphidation epithermal veins (including the Avino vein), breccias, stockworks and silicified zones that grade into a possible near-porphyry environment within a large caldera setting. This caldera has been uplifted by regional north-trending block faulting (a graben structure) exposing a window of andesitic pyroclastic rocks of a lower volcanic sequence within this caldera. The lower volcanic sequence is overlain by an upper volcanic sequence consisting of rhyolite to trachyte lava flows and extensive ignimbrites. The direction of the increasing copper grade plunges steeply toward the east in the Avino vein. The changing tenor of the mineralization could be reflecting a transition from epithermal to porphyry-style mineralization.

Below level 17

Three holes were drilled below level 17 in this latest drill campaign totalling 2,004 metres drilled. They were completed to investigate the continuity of mineralization in the central part of the ET area of Avino system. All three holes intercepted mineralization within the vein and stockwork that have silver equivalent grades above the current cut-off grade in the latest mineral resource estimate.

Vein-type mineralization and stockwork containing silver, gold and copper are found along the contacts between intrusive rocks and an andesite. This provides opportunities within the ET area for the identification and delineation of additional mineral resources that remain open on strike and dip. This recent drilling confirms that mineralization persists to the west along strike at depth and that there is the potential for high-grade silver within the increasing copper grades that have been drilled at depth.

Sampling and assay methods

Following detailed geological and geotechnical logging, selected drill core areas were cut in half. One-half of the core was submitted to the SGS Laboratory facility in Durango, Mexico, and the other half was retained on site for verification and reference. Gold is assayed by fire assay with an atomic absorption finish. Any samples exceeding three gold grams/tonne are reassayed and followed by a gravimetric finish. Multielement analyses are also completed for each sample by SGS ICP14B methods. Any copper values exceeding 10,000 parts per million (1 per cent) are assayed using ICP 90Q. Silver is fire assayed with a gravimetric finish for samples assaying over 100 grams per tonne. Avino uses a series of standard reference materials, blank reference materials and duplicates as part of its quality assurance/quality control program during assaying.

Qualified persons

Avino's projects in Durango, Mexico, are under the geoscientific oversight of Michael F. O'Brien, PGeo, senior principal consultant, Red Pennant Communications, and under the supervision of Peter Latta, PEng, Avino's vice-president, technical services, who are both qualified persons within the context of National Instrument 43-101. Both have reviewed and approved the technical data in this news release.

About Avino Silver & Gold Mines Ltd.

Avino is a silver producer from its wholly owned Avino mine near Durango, Mexico. The company's silver and gold production remains unhedged. The company's mission and strategy are to create shareholder value through its focus on profitable organic growth at the historic Avino property and the strategic acquisition of the La Preciosa property. Avino currently controls mineral resources, as per NI 43-101, that total 368 million silver equivalent ounces, within its district-scale land package. Avino is committed to managing all business activities in a safe, environmentally responsible and cost-effective manner, while contributing to the well-being of the communities in which it operates.

We seek Safe Harbor.