Ultima IV - Remake from BioWare Mythic?

I'm surprised we apparently missed this previously and, franky, it all seems a little bizarre but it looks like Mythic might be working on a web-based remake of Ultima IV, which they are about to present to BioWare boss Ray Muzyka.  It all comes via Ultima fansite Ultima Aiera and a tweet from BioWare Mythic's Paul Barnett.  To backtrack, here's a snip from last October:

But there’s the long and short of it: Paul Barnett has a small team at BioWare Mythic working on a browser-based Ultima game. And no, it’s not another Lord of Ultima; it’s the real deal, a full-on RPG. I’ve seen some of the artwork that will accompany and be used to promote the game; it’s impressive, and despite its modern flair it manages to capture some essential elements of what could be called “classic Ultima.”

My saying as much will probably make some Ultima fans balk, roll their eyes, or otherwise scowl and wonder whether EA is just willing to let its various studios savage and abuse the good name of Ultima with reckless abandon. It’s an understandable sentiment; we got burned by EA Phenomic, after all. But let me just stick my neck out here and say that what’s happening here, under Paul Barnett’s supervision, is not going to be a cheap exploitation of a classic gaming franchise.

Fast-forward to the present and Paul Barnett tweeted this yesterday:

Dr ray of bioware plays my secret project tomorrow, pray to the 8 gods!

Is it the same project?  I have no idea, but Ultima Aiera thinks so.

Thanks, Omega.