Actually, the hold-up is the cutscene art, not the exclusive dungeon area. lord_cack completed the extra tiles some time ago, though I'm still waiting for the compilation of the tiles. However, Black Tiger has been missing in action for some time now, and I don't think he's even aware of the deadline. We're waiting on him right now. There are a few other odd details to polish off but they are extremely minor. It would take a grand total of two days to complete the game once all the content is available...it is otherwise completed already.
Another problem is funding. A year and a half ago, when the game was supposed to be finished, we had the funding to send the game to press. Now, my wife and I barely have enough income to handle paying for our home and bills, let alone a $2000 investment in CD pressing. So even if the game development manages to make the deadline, pressing will not happen right away due to lack of funds.
And yes, it's a conversion of the original, with new graphics, a seriously overhauled score, some exclusive in-game content, a bonus minigame, and a gallery of concept art.