Translation: Too expensive to extract at this time. They need much higher oil price to make it financial viable.
Fairly long term project. They started work associated with it at least as long ago as 2007. Oil has gone up and down a couple times since then.
Sorry, should have included this from 2007 at the above link.
PROJECT SCHEDULE
Detailed engineering and procurement of long-lead-time items will begin when regulatory and financial approvals have been received. Construction of the facilities required to gain access to the Pierre River Mine area could begin in 2010. Start-up of the first ore process train is planned for around 2018.
Opportunities for integration and optimization with existing facilities will be pursued throughout the remainder of the project life.