We release it when it's ready.
This project started as a server for family&friends, we are playing a closed beta and I can say the server is 50-60% done.
You need to know that we only close a feature when it's 100% like RL, I give you an example. We are now working on The Ancient Tombs quest, all of the servers I tried doesn't have this one working 100% like RL, most of them are "easy" versions, some are incompleted and some are not working. We spent like 20 hours only on 4 tombs to get the quest working like in 7.72 RL (working hidden holes, scarab coin to enter, levers, teleports, rewards, mazes, tiles, etc..)
We will have a closed beta with old school players who want to try our server. We know that the server will have bugs that we are not afraid now.
Once it reaches a point that testers get satisfied, we want to open the beta to public and get feedback after final release.
Our private server has Cipsoft like rates (all 1x like RL), we want the "real experience". Our public server will be highrate on closed beta, and probably on open beta too. When we get feedback we'll decide if we stay on highrate for final release or not. Take in consideration that our "highrate" is a little different, you always get 1x experience from monsters (dragon 700 xp, rat 5xp, etc) but we modified the experience table, you get level 8 200 times faster than Real Tibia, but when you reach level 100 you are still gaining experience 6 times faster.