Update: SBB Hires Bruce McLeod As Its President And CEOUpdate: Sabina Gold & Silver Hires Bruce McLeod As Its President And CEO https://seekingalpha.com/article/2887486-update-sabina-gold-and-silver-hires-bruce-mcleod-as-its-president-and-ceo?isDirectRoadblock=false&uprof=11 Feb. 5, 2015 9:15 AM ET | About: Sabina Gold & Silver Corp (SGSVF) Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...) Summary •Sabina Gold & Silver just hired Bruce McLeod as its new CEO after Rob Pease retired. •This is an unexpected development. •Given that I've questioned the company's strategy in the past I think this is a positive development. Sabina Gold & Silver (OTCPK:SGSVF) just announced that its CEO Rob Pease is retiring and that Bruce McLeod will be taking over. McLeod has over 30 years experience in the industry including roles as CEO of Mercator Minerals and CEO of Creston Moly. According to the press release, McLeod "will immerse himself in his mandate to continue to refine the Company's strategy with a view to growth and opportunity, particularly in light of existing market conditions." In light of my past crticism of the company, I think this is a key statement. The company has a large project - Back River in Nunavut - and an extremely valuable silver royalty (which will yield 600,000 oz. of silver per year for the duration of the mine's life) on the nearby Hackett River Project, which it sold to Glencore Xstrata (OTCPK:GLCNF). The Back River Project will be expensive to develop and it is in a location that lacks infrastructure, and so I think it will be very difficult for the company to raise sufficient capital to commence production. Furthermore, the Hackett River Royalty will likely not pay off for many years. With this in mind, it is essentially a dead asset. I continue to think the best route would be for the company to divest the Hackett River Royalty in order to finance Back River. They will not be able to sell it for the entire initial capital need but they will raise enough to show a financier that management is serious about the project. Going forward I want to see something to this effect, or at least a strategy that proves to me that Back River can be built. This is potentially a very valuable project in spite of its location, and given recent weakness in Sabina's share price investors have very little interest in it. If we see this, I would gladly come out with a "buy" recommendation for the shares. Until then, or until the company trades near its cash level - ~C$0.20/share - I'm staying away.