What happened to Elveon?

Back in 2005 we were treated to some early video and screens of an upcoming title for the PC and XBOX 360 called Elveon. In development from 10TACLE Studios, Elveon is a fantasy-action title built on the Unreal 3 Engine. At the time it was first revealed, the title showed great promise. Since then, information about the game has simply dried up.

The question is, what happened to this promising game? Has it been canceled? A quick scan of 10TACLE Studios website will find a link to Elveon, but no new information has been added for several months. Has the project simply gone dark, or can we expect a release sometime this year?

Hit jump to check out the screens and video that make the game look so promising. Fellow Lord of the Rings fans, this is your thing.