Avino Silver & Gold Mines (ASM) said Monday that it has acquired 100% ownership of its La Preciosa project in Mexico by buying and extinguishing the outstanding royalties and contingent payment obligations held by Deterra Royalties.

Avino said it made an upfront cash payment to Deterra of about $13.3 million, with a deferred payment of about $8.8 million due after one year.

Avino said it funded the upfront payment with existing cash on hand and also expects to fund the deferred payment with cash on hand.