According to this thread at NeoGAF, an issue of Play Magazine set to be released a week from now has an exclusive story on the upcoming Golden Axe: Beast Rider. While it had been previously announced a year or so ago, news on the game completely vanished and many people assumed it had been canceled. With the upcoming piece in Play, at least our worries should be quelled.
Now of course, we all get to wonder how horribly butchered the title will be. I want a new Golden Axe game as much as anyone else who has spent the last month playing the arcade original on the XBLA, but I have no faith in current developers to make the games of my childhood in accordance with my demanding nostalgic needs. Where the original had stupid elves stealing your stuff, this new one will undoubtedly have a sexually explicit minigame where you wrestle a cougar for the keys to a Dodge Ram.
Sega, please prove me wrong.