I just found out about this game. It's being created by Tango Gameworks and will be published by Bethesda Softworks. Shinji Mikami (Resident Evil, Resident Evil Remake (Gamecube), Resident Evil 4 and Dino Crisis) is directing the project and has stated that the game will be a true survival horror experience.
Equally as interesting, the lead CGI artist from Resident Evil Remake (Gamecube) environments will be acting as lead environment artist of this project. Resident Evil Remake (Gamecube) is widely considered one of the most atmospheric titles of all time.
Sounds promosing doesn't it?
Website: http://projectzwei.net/index.html