I find this rather fascinating, a small, independant company wanting to do a LOTR project, very very interesting I wish I was in LA to take part in it! (hint to all Montrealers out there, lets get together and start a project of our own) here is what Elemental Films sent me:

Just to let you know we're beginning the initial stages of preproduction on "Elessar," the temporary title of the Aragorn / Arwen film short.

Right now we're revising the final drafts of the script and arranging necessary copyright and licensing fees; production will most likely begin somewhere from the end of December to the beginning of January.

An official site for the project will be up and running as soon as possible, where production stills, storyboards, and quicktime clips will become available when ready. Thank you for your interest in the project, and much luck to you.

-Eomer
Spokesperson, Elemental Films