Sabina (SBB) has a world class silver-zinc deposit in Northern Canada. At latest prices, the market cap for SBB is $50 million, but its cash position is around $42, which values the whole deposit at just $8 million? (according to www.resourcestockguide.com) Am I missing something here? Are there some sort of bad developments recently that I am not factoring in?

From what I know:

(a) Sabina has the top management from the recently acquired Miramar (also player in the Nunavut region),

(b) A robust project with a net present value-$345-million at an 8-per-cent discount rate ($8.69 per silver ounce, $0.72 per pound of zinc, $1.35 per pound of copper, $0.39 per pound of lead. A payback period approximately three years after the start of concentrate production;

(c) Enough cash to complete a bankable feasibility study on its multi-billion dollar silver-zinc project

Yet the market gives Sabina almost no value other than what it has in its cash coffers.

Wouldn't the Company be an almost risk-free acquisition for Sabina's competitors? And if a bid materializes, what can Sabina do to defend itself from a unsatisfactory bid?

Any thoughts about this?