Vanadium:, page-11

Let’s not lose track get back to fundamentals.

Preliminary feasibility:
Preliminary feasibility studies or "pre-feasibility studies" are more detailed than order of magnitude studies. A preliminary feasibility study is used in due diligence work, determining whether to proceed with a detailed feasibility study and as a "reality check" to determine areas within the project that require more attention. Preliminary feasibility studies are done by factoring known unit costs and by estimating gross dimensions or quantities once conceptual or preliminary engineering and mine design has been completed. Preliminary feasibility studies are completed by a small group of multi-disciplined technical individuals and have an accuracy within 20-30%.

Detailed feasibility:
Detailed feasibility studies are the most detailed and will determine definitively whether to proceed with the project. A detailed feasibility study will be the basis for capital appropriation, and will provide the budget figures for the project. Detailed feasibility studies require a significant amount of formal engineering work, are accurate to within 10-15% and can cost between ½-1½% of the total estimated project cost.