It is really no surprise but the B.C Provincial Government has determined that Jumbo Resort did not meet the requirement of "substantial development" by October 2014. Apparently Jumbo Resort had done some temporary and some permanent access road bridge work and poured a couple of building basement slabs, but it was not enough to meet the permit requirements..
The permit that was cancelled took 20+ years to get approved and Jumbo Glacier Resort would have potentially provided some great high elevation skiing. The development was opposed by the expected environmental groups and native bands, and also nearby Panorama Resort and a nearby heli ski operator, but it was the lack of hoped for European investment that doomed the project, along with the fact that B.C. ski areas are already over developed as far as lift capacity goes.
Of the 3 newest resorts in B.C over the past 25 years, only Sun Peaks makes $ and that took 15 years of annual cash injections from the parent company, Nippon Cable. The other two, Kicking Horse and Revelstoke have yet to make a profit.