This press release announces The Lord of the Rings: The White Council, an RPG that's planned for release on PC, Xbox 360, and PlayStation 3 late next year that's based on the LotR movie series. The game is being overseen by EA's Steve Gray, and is presumably the project that's previously been teased under the working title Project Gray Company (story). Here's the announcement:

CHERTSEY, UK July 13, 2006 – Electronic Arts (NASDAQ: ERTS) announced today the development of The Lord of the Rings™, The White Council™, an all-new role playing game (RPG) for the Xbox 360™ video game and entertainment system, PlayStation®3 computer entertainment system, and PC. The game, inspired by the New Line Cinema feature film trilogy that grossed more than $3 billion, will feature an original storyline derived from J.R.R. Tolkien’s The Lord of the Rings novels under an agreement with EA. The game is scheduled to ship in late 2007.

“Our extremely talented and dedicated team is committed to creating an incredible new experience for fans of The Lord of the Rings and role playing gamers,” said Steve Gray, executive producer, The Lord of the Rings, The White Council. “With its next generation gameplay and epic new storyline, we think The Lord of the Rings, The White Council will be a huge success.” Players have the freedom to explore the open world of Tolkien’s Middle-earth™ in The Lord of the Rings, The White Council.

Players can choose their role as a man, an elf, a dwarf, or a hobbit. Each role’s destiny is to become a hero allied with the White Council, whose members include the famed characters Gandalf, Saruman, Galadriel, and Elrond.

A combination of stunning graphics and expansive environments, along with the freedom of movement demonstrates the innovation and quality of the next-generation RPG, where players can create their own adventures. The Lord of the Rings, The White Council has not yet been rated by PEGI. For more information about the game, please visit: www.whitecouncil.ea.com.