According to my sources Slash, Izzy, Duff and Matt have been very busy recently. They have been writing some new material, together!!! AS far as I know they have around 40 songs written and are currently recording and picking songs for an album. They haven't appointed a singer yet in the band which is still being called The Project. Matt has said that there should hopefully be an album out at the end of the year. Also a tour has been rumoured to follow although Izzy doesn't, so they may replace him for the tour. Not really sure about that.
This news has gotten me very excited and I am trying my best to keep my finger on the pulse.