James Kwantes, in the June 20, 2015, edition of Resource Opportunities, refreshes his buy of Sabina Gold & Silver Corp., recently 41 cents. Mr. Kwantes said buy on May 18, 2015, at 39 cents. A $1,000 investment then is now worth $1,051. Sabina recently released a feasibility study on its Back River gold project in Nunavut, outlining an after-tax net present value of $539-million and an after-tax internal rate of return of 21.7 per cent. The challenge, as with many projects in the Far North, is the cost. Sabina will need $695-million to build Back River and produce an average of 346,000 ounces a year over a 10-year mine life, at an all-in cash cost of $850 (U.S.) an ounce. "It's just too high a price tag," says Mr. Kwantes, especially given Sabina's enterprise value of just $50-million. Yet he has hope. Sabina's new chief executive officer, Bruce McLeod, is toying with the idea of a "springboard" project, in which high-grade ore would be mined from an open pit initially so as to provide cash flow to finance expansion. Mr. Kwantes is encouraged that Mr. McLeod has spent $55,000 buying shares of Sabina in the last month. "We like his odds," Mr. Kwantes concludes, "and are prepared to be patient."