"A feasibility study would eat up our exploration budget and could infact have a negative affect on the shareprice in the interim" Drilling also eats up the budget but we continue to want it. Same with the feasibility study. It should be positive instead of negative. It is done for the purpose of determining how and likely a mine could be built and as an aid for future planning. Look at it as a 'bankability study' instead. It is another rung that one takes to become more attractive to investors and financiers.