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New Gold (NGD): Betting the farm and losing

Here's the carrying value of NGD properties per quarter split into two piles: Rainy River and Everything Else:

What amazes me isn't that Rainy River is now over 50% of the total of everything at NGD, what amazes me is that NGD still thinks this thing is worth U$1.6294Bn. 

Consider that back in January 2014, when NGD had recently bought Rainy River and carried it on its books at U$394.6m, it told us that the development capital costs of the project would be, "$885 million inclusive of a $70 million contingency."Does this mean that an over-cost, overdue mine that is under-performing, producing far less gold than planned and making an operating loss has goodwill of U$349.8m?

Hey...let's call it $350m, just for fun.

Seriously, how stupid do these people think we are?