Ann: Acquisition of Green Bay Copper-Gold Project, page-51

Well that's one way to look at it, but there are a lot of reasons companies go bust on an underground project.

It could be the mine was starved of capital for too long and lacked investment in key areas, insufficient drilling to grow the Resource, or poor understanding of the geology etc. There's probably 20 other reasons, but I wouldn't necessarily write the project off as a bad one. The fact AUT are planning a fairly extensive drilling campaign from ug suggests they believe the Resource can be expanded significantly.

Re PC, I think the hurdles to get it to production are just too great. I wouldn't be surprised if they look to sell it and recoup some of the money they've invested there over the years into the new venture.