Agnico Eagle has agreed to sell its interest in Sulliden for $1.10 per share or roughly $29.7 million.

Papillon is in play.

The project hosts a 6.7 million ounce deposit (average grade of 7.5g/t gold) which will immediately double Polymetal’s booked reserves.

There has been a lot of talk about private equity ‘circling’ the mining space, however little has come to fruition.

A recent tour of the Globe-Miami copper mining district between Phoenix and Tucson, Arizona provided four natural resource writers with an appreciation of the massive scale of mining operations in the region.

The company burns roughly $1 million per month and was sitting on just over $4 million in cash as of September 30, 2013.

The company completed a $380 million equity financing in October 2012 and signed an engagement letter for a $250.

According to Albanian authorities, Canadian companies are the largest foreign investors in the country, spending over $850 million in investment in 2012.

This result is a large improvement over the first bulk sample results which were released in late October.