In this study,the "Mine Project Risk Management" methodology, MPRM (Botin et al. 2011), has been applied to characterize the sources of uncertainty and to quantify risk in the mining engineering stages of Block Caving mining method. As the result, rock mass caveability and ore fragmentation were identified as the two most relevant parameters of this process and a methodological model has been developed to quantify the risk associated to each of these two parameters. Furthermore, the applicability of the proposed model has been validated using as a case study the Chuquicamata Underground Mine Project in Chile.