I was informed about this story 2 days ago. I came in to check on their front page and now this reads right up the top

The mod you are trying to view has ceased development and consequently been archived. If you are a member of this mod, can demonstrate that it is being actively developed and will be able to keep this profile up to date with the latest news, images, videos and downloads, please contact us with all details and we will consider its re-activation.

Before, a few sites covered this, I'm going to refer to the gamespot news article.

A group of amateur developers going by the name Outer Heaven is currently working on a remake of the original Metal Gear from 1988, and it recently received Konami’s blessing.

A lot of the time publishers who own the rights to old games send cease-and-desist letters when they hear about something like this (Square Enix shutting down the Chrono Trigger remake Chrono Resurrectioncomes to mind), but Outer Heaven recently announced it got word from Konami that it’s free to continue its work under one condition: Outer Heaven can’t make a profit or accept donations for the project.

The post to the project’s Moddb (via Game Informer) page also says that Outer Heaven received another email stating that “if the project goes well and there will be public interest in it, Konami will surely get to know this and consider further step accordingly."

That sounds a little ominous, but Outer Heaven is moving ahead with development. If you’re a fan of the original game, Outer Heaven is looking to expand its team with level designers, texture artists, voice actors, and more. Head to its Moddb page to see exactly what it needs, how to get involved, and more of the project’s early assets.

At the time, the site was requesting about 4 jobs on the whole game development from modelers to voice actors. It was on early phases with almost nothing to show for. Even if they got a game looking on par with Metal Gear Solid Twin Snakes I'm certain people would immediately want to support it. Still, Kojima retain a lot more control then Konami who were kind enough to allow the fans to work on something.