Sprott Asset Management Ups Its stake in Avino Silver & Gold Mines Ltd (USA) (ASM)

Eric Sprott is betting big on Avino Silver & Gold Mines Ltd (USA) (NYSEMKT:ASM). In a recent filing with the Securities and Exchange Commission, his fund, Sprott Asset Management has disclosed the addition of 591,000 shares. The fund currently holds 2,025,200 shares, which account of 7.2% of the company's common stock. Avino Silver & Gold Mines Ltd (USA) (ASM) Avino Silver & Gold Mines Ltd (USA) (NYSEMKT:ASM) engages in the exploration of mineral properties in Canada and Mexico. So far this year, the stock has been in a downtrend, falling 41% to a current price of $1.15 per share. The company has a market cap of $31.3 million and shares are changing hands with a trailing Price to Earnings (P/E) ratio of 34.85. Avino Silver & Gold Mines does not pay a dividend. On December 2nd, Avino Silver & Gold Mines Ltd (USA) (NYSEMKT:ASM) released its latest quarterly financial report. For the three months ended September 30, 2013, the company posted revenues of $3.8 million and Earnings Per Share (EPS) of $0.03. Malcolm Davidson, Chief Financial Officer, said:
Our financial results are particularly satisfying given the environment of declining metal prices and uncertainty in the current markets. Our free cash flow continues to be re-invested in advancing the Avino and San Gonzalo mines, modernizing the mill and acquiring new mining equipment. Our team continues to control and manage operating costs which has resulted in an average cash operating cost of $6.86 per silver equivalent ounce and net earnings of $938,694 for the three months ended September 30, 2013.
During the third quarter of 2013, Sprott Asset Management has made several important additions to its existing positions. Sprott increased the fund's holding of Silver Wheaton Corp. (USA) (NYSE:SLW) shares by 33% to 1,326,363 shares valued at $32.8 million. Vodafone Group Plc (ADR) (NASDAQ:VOD) was also on his agenda, with the fund increasing its stake by 31% to 301,400 shares worth approximately $10.6 million. Disclosure: none Recommended reading: Martin Whitman and Third Avenue Management Continue Dumping Bel Fuse Inc (BELFB) Shares Peter Kolchinsky, Ra Capital Management Open Position in Xencor Inc (XNCR) Leon Cooperman, Omega Advisors Up Their Stake in Atlas Resource Partners LP (ARP)
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