Brien Lundin, in the September, 2015, edition of the Gold Newsletter, refreshes his buy of Sabina Gold & Silver Corp., recently 32 cents. Mr. Lundin said buy Sabina in August, 2015, at 37 cents. A $1,000 investment at 37 cents is now worth $864. Mr. Lundin reminds his readers that he said buy Sabina last month because of management's plan to take a scaled approach to developing its Black River gold project in Nunavut. He notes that the initial economics of the property have already shown great promise. According to a previous feasibility study, the project has a net present value of $539-million, discounted at 5 per cent, and a posttax internal rate of return of 21.7 per cent. Those numbers assume a gold price of $1,200 (U.S.) an ounce and a Canadian dollar to U.S. dollar exchange rate of 0.87. Mr. Lundin says the company, managed by geologist Bruce McLeod, recently started a smaller-footprint, higher-grade feasibility study. Management estimates it will complete the study in early fall of this year. The newsletter editor says he has had success investing in Mr. McLeod's previous companies and Mr. Lundin has confidence that Mr. McLeod can find a profitable way to develop the Black River project, which currently hosts 5.33 million ounces of measured and indicated gold.