This report documents the results of a study to adapt mining economic models to enable the estimation of mining cost for Vertical Modified In Situ (VMIS) oil shale scenarios. An Oil Shale Mining Economic Model (OSMEM) was developed and executed for mining scenarios representative of commercially feasible VMIS operations. Four base case VMIS scenarios were evaluated at two sites in the Piceance Creek Basin of Colorado. A VMIS-only and VMIS plus surface retorting recovery scenario were evaluated at each site. Target production was 50 thousand barrels per day for each scenario. Costs developed for each scenario included all capital and operating expenses associated with mining activities. Parametric and sensitivity analyses were performed to determine the sensitivity of mining cost to changes in capital cost, operating cost, return on investment, and cost escalation. The effects of changes in VMIS retort efficiency and gassy mine conditions were also investigated.