Ann: Pause in Trading, page-28

Check this link :

http://www.bmrcgroup.com/feasibility-studies.html

"Scoping studies, order of magnitude feasibility studies, or preliminary economic assessment (PEA), is an initial financial appraisal of mineral resource. It involves a preliminary mine plan, and is the basis for determining whether to proceed forward with an exploration program. Preliminary feasibility studies or "pre-feasibility studies" are more detailed. This is the first time an engineering study is undertaken and for this reason it is the first time that reserves can be quoted. It is an opportunity to do trade off studies or several mining and processing scenarios without spending money on a full feasibility study. Detailed feasibility studies are the most comprehensive and will determine definitively whether to proceed with the project. A detailed feasibility study is the basis for capital appropriation, and will provide the budget figures for the project. These require a significant amount of formal engineering work, are accurate to within 10-15 percent and can cost between ½-1½ percent of the total estimated project cost."

Hope this helps

GLTAH