whats going on?

I have been watching CWG for over a year after they claimed they had done a deal on some hot copper/gold/platinum property in PNG.
Being PNG (the most prospective ground in the world) the company had my attention.
Many announcements later (what is it, 18 months???) and a lot of waiting, nothing.
With their share price as it is I thought the ANN was interesting, even inviting.
One might expect a significant rise justifying a mere punt.
But where is it?
Nothing!
Anyone have any suggestions or ideas?
Has this 'deal' fallen through?