README says that you should use this URL for hg clone:
http://graphicsmagick.hg.sourceforge.net/hgweb/graphicsmagick/graphicsmagick/
It works somehow, but it gives you end up with an outdated repo:
$ hg tip changeset: 13902:5545b7835b6b tag: tip user: Bob Friesenhahn <bfriesen@GraphicsMagick.org> date: Mon Mar 25 09:11:22 2013 -0500 summary: Revert use of omp_set_dynamic() in InitializeMagickResources() due to weird performance regression.
This URL appears to work fine:
http://hg.code.sf.net/p/graphicsmagick/code
Blargh, s/it gives//.
Thanks for bringing this to our attention. The bug is now fixed in Mercural.;-)
The web site should be updated shortly.