Sadly to say, there hasn't been a roar nor a peep from this project. It seems to be in the dust right now. After Reign of Fire died at the American box office, the project rumours sort of died with it.
As you can tell by my icon, I'm a Beastly Kingdom optimist. I bet on seeing something pop up sometime in the future.
Right now, we can look forward to Forbidden Mountain rising up over in Asia.