It is very rare in the underground hard rock environment to find a deposit that is ideally suited to a specific mining method. Usually the irregular shape of the orebody will allow the deposit to be extracted by more than one mining method. During the prefeasibility stage, a number of conceptual mine designs are generally evaluated to see which offers the best method of extraction for the deposit. The selected method is usually based on key decision criteria such as the overall extraction of the orebody, the amount of metal produced annually and the unit cost of production. Often the prefeasibility study document will state that the project has an NPV of x' million dollars. This statement can be made without any quantitative consideration of the likely risks of the mining methods reviewed or the level of confidence in the estimation of the NPV. By assigning a probability of failure to each component of the mining cycle a measure of the risk for each method can be determined. One mining method may provide the highest NPV when it is performing well, however, there may be a higher risk of a major failure impacting on the performance of that method, eg the failure of a mass blast of a crown or rib pillar. This paper will present a flowsheet approach to the use of risk analysis for determining the likely production rates of different mining methods. This framework allows the annual metal output to be estimated and from this the NPV for each method. A level of confidence can be applied to the estimated NPV for each option. An example will be presented on how this technique has been used within the Normandy Group.