Zenyatta Ventures Ltd

(ii) 250,000 shares to be issued upon completion of a pre-feasibility study;

"Sounds to me that the PEA is complete and the 250K shares have been delivered to Cliffs as per their contract from the NR listed above..."

Sorry, but it appears that you have confused a PEA for a PFS. A pre-feasibility study (PFS) is a much more detailed analysis of economic viability than is a preliminary economic assessment (PEA), sometimes called a scoping study.

http://web.cim.org/standards/MenuPage.cfm?sections=185,337&menu=344

Lar