UPDATE: The official press release can now be found after the jump. Also, check out two screenshots of DUST 514 in our gallery.

Our very own Andrew "Tamat" Beegle is currently at the Game Developers Conference Europe in Cologne, Germany, and CCP CEO Hilmar Petursson just announced the company's new project is DUST 514, a hybrid MMO FPS/RTS set in the EVE Online universe.

The primary features of DUST 514 include real ground combat on the surface of planets. Tamat was able to watch a trailer of the new game during the announcement, and he said it looks like a stunningly beautiful, adrenaline-fueled experience with amazing physics.

Perhaps the most exciting news surrounding DUST 514 is that gameplay on the planets in the MMOFPS can actually affect EVE Online.  This will truly give the sense that you're playing in one massive universe.

Dust 514 is being developed at the Shanghai CCP studio. Peterrsson made mention that some EVE players will understand the meaning of the 514 in the name. We'll continue to bring more DUST 514 news to you as it develops, so stay tuned.

Cologne, GERMANY, Game Developers Conference Europe – August 18, 2009 – CCP today revealed DUST 514™, a console-based hybrid MMO/FPS set within the EVE universe. The announcement, which included a video featuring gameplay footage, was made during a keynote address by CCP CEO Hilmar Veigar Petursson at the Game Developers Conference in Cologne, Germany.

DUST 514, featuring first-person shooter and RTS-style gameplay, will interact directly with EVE Online, CCP’s critically acclaimed flagship MMO. This interplay between the two games opens the EVE universe to console gamers and gives them a chance to become part of one of the most massive cooperative play and social experiences ever.

“We launched EVE Online in 2003 and have experienced steady annual growth– a fact we appreciate as a rarity in the world of MMOs, especially given the global economy of the past year,” said Petursson. “Our success with EVE Online has afforded us the highest caliber global design and production talent in gaming. With a team of the best minds in the industry, we conceived an ambitious new take on virtual world development with DUST 514.”

The primary gameplay of DUST 514 features brutal ground combat that takes place on the surface of planets from EVE, delivering the visceral, adrenaline-fueled experience of futuristic firefights. Developed for the current generation of consoles, DUST 514 combines equal parts battlefield reflexes and strategic planning, giving commanders and ground infantry real-time configurable weapons and modular vehicles to manage dynamic battlefield conditions.

Now entering its third year of production, DUST 514 is the primary development focus of CCP’s Shanghai studio. The team includes veteran designers of EVE Online and experienced talent from various sectors of the video game industry.

“Since opening our Shanghai studio, we have invested in building a team that wants to push the envelope in gaming and be pioneers in the industry,” said Kjartan Pierre Emilsson, Managing Director of CCP Shanghai. “Having led the design and development efforts of the project from start to finish, our studio is honored to call DUST 514 our first title release.”

Further details will be revealed at CCP’s annual Fanfest event October 1-3, 2009 in Reykjavik, Iceland.