A methodology applicable at any phase of a surface mining project for evaluating its current technical and economic feasibility is presented. It requires the typically available quantitative data on the ore-body, with its three-dimensional block model developed upon accurate interpolations. Thus it allows estimations of exploitable reserves in func-tion of various cut-off grades, such as the average grade of mineable ore, the tonnages of ore and waste rock, stripping ratios and profit estimates for different production levels. If cost evaluations of essential mine operations are available (such as ore mining, waste removal, ore concentration, transportation, indirect project costs and expected concentrate selling prices), the method-ology will provide clear indications on the economic feasibility of mining, including the best available options at any moment. Simple expressions are developed on the basis of a profit mathematical function and an application example is presented with data available from an existing iron ore deposit.