Latest Update - It has transpired that the new Fatal Frame project is in fact a remake of 2003's Fatal Frame 2, known as Project Zero II: Crimson Butterfly here in Europe. The game focuses on twin sistes Mio and Mayu Amakura who have wandered into a desolate village full of terror. Gamers must make use of the special ghost-killing camera that sucks up their spirits.
The Wii remake of Project Zero II is hitting Japan in 2011. Given there is already a Western translation, plus how Fatal Frame 4 was due out here until a game-breaking bug led to its cancellation, we could well be seeing this here later next year.
It's due out in Japan next year. Don't hold your breath for a localisation, as that may result in you guest starring in the next Project Zero.
Original Story - Whilst Cubed3 had confirmation of a new Fatal Frame project last year, official confirmation has now been given by Tecmo Koei. Whilst no specific details have been released, the fifth game in the series is currently going under the name of Zero New Title (Zero being its Japanese name, and Project Zero its European moniker) and seems to feature twin girls in the lead role. Nintendo is once again acting as publisher and it is hoped that the bug-related problems of Fatal Frame IV do not rear their ugly head again since this was the reason why that game never saw the light of day in the West. It is unconfirmed whether or not Grasshopper Manufacture will be involved again, but we do know it is down as a 2011 release.
Update: New Screenshots
Check out the rest of the screenshots, in the album below.