Take a look at the date on that press release. It says
April 1, 2004. I remember there was a brouhaha about this article because it said Andersson was directing rather than PJ. As far as I know, PJ is working on Lovely Bones and there's been no further mention of the Hobbit (other than the last problem with working out distribution rights). I can even remember seeing that PJ has give a promise to work on another movie after Lovely Bones. If so, even at best, the Hobbit is a long way off.
I am sadly beginning to think that it will not happen anytime reasonably soon.
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EDIT: Hmm.... Maybe I am too pessimistic. Just did a google search. Look at this list:
here. I wonder what those rumors at WETA are. But then again, rumors are still a long way from reality.
I think the last time I heard PJ talk about the Hobbit was over a year ago when he indicated that he was still interested, but that it would not be made for 3-4 more years. As far as I know, the distribution rights still have to be resolved.