Business model working
Thank goodness this wasn't called "Hardrock Gold" - it would be over. Clearly that mine is worthless at spot, but Ewan's plan of partnering and diversification pays off - this is not a killer. Instead, Hardrock turns into a LT call option on gold; now they can focus of advancing the other, more promising projects.
Clearly somebody knew, given the stock decline, but now that the news is out, there's value in the shares.
For all the people whinning about Ewan's stratergy, take a look at the Venture Capital model. It would be better if PG wasn't public and you could just let them advance it for the next couple years.