Preliminary Feasibility Studies

A  preliminary feasibility study (PFS) is completed, to assess the benefit of major additional exploration, to attract a buyer or JV partner, as the basis for a major underwriting for raising risk capital, or to justify proceeding to a definitive feasibility study. This study may include a range of alternative outcomes. The study will generally be based on indicated and measured mineral resources. Mining and process costs will be estimated to an accuracy level of between 20% to 25%.