My uneducated guess, is that the spin off of the income producing drilling division was a sign of things to come. That valuable asset gone. IMO, it is also likely, now that the "ownership consolidation" of Butte Highlands has occurred there will be a spin off of BH..... Just a guess.
They expected production in Butte at the end of 2011. From this point of view it was good decision to sell drilling company. I am not sure if their drilling company was profitable at 1500- 1600 gold prices. Production was moved to 2013 and there is no other catalyst to increase stock value before June 2013. Maybe progress in permits. Or production decision with time schedule in South Eureka.