Gearbox Software, widely known for their work on the Half Life life series and the Brothers In Arm titles, are currently working on a sci-fi first person shooter, entitled Borderlands. Little is known about the title, but Game Informer magazine has described it as being a mix between Mad Max and Diablo. It's also been confirmed that 2K Games has secured the licence to publish Borderlands in North America and Europe and has confirmed that the title will be developed for Xbox 360, PS3 and PC and released in the last quarter of 2008.

Game Informer claim that Borderlands will feature "revolutionary new technology" that allows for the creation of "thousands of unique, randomly generated missions, weapons and situations," vehicle customisation, four player co-op and multiplayer modes.

It's rumored that Borderlands may make an appearance in some form at the Games Convention in Leipsig, Germany next week. If it does, we'll be on hand to bring you the news.

EDITED: 9.18am

The press release for the game has just dropped in my inbox:

2K Games, a publishing label of Take-Two Interactive Software, Inc. (NASDAQ: TTWO), announced today that it will publish Borderlands, the latest release from acclaimed developer Gearbox Software, for the Xbox 360 video game and entertainment system from Microsoft, PLAYSTATION 3 computer entertainment system and Games for Windows. As the first title in an all-new sci-fi action franchise, Borderlands combines the best elements of Gearbox Software's famed first-person action titles with player customization and vehicular combat to create an unprecedented gaming experience.

Gearbox Software has developed revolutionary new technology to create Borderlands' incredible layers of gameplay depth. Borderlands features a groundbreaking content generation system allowing for near-endless variety in missions, environments, enemies, weapons, item drops and character customization.

"Borderlands represents an important evolutionary leap in game design and technology,” said Christoph Hartmann, President of 2K. "By utilizing revolutionary new technology to create thousands of unique, randomly generated missions, weapons and situations, Borderlands will raise the bar for next gen action games.

Borderlands is an extraordinary cooperative experience, allowing for multiple players to share the same game experience simultaneously online. Players can freely join or leave each other’s games at anytime, or choose to play in the full single-player mode. Borderlands features life-like character animations, impressive real-time physics, and customizable vehicles.

"Borderlands creates a universe of gameplay that goes far beyond anything anyone would expect. We’re tapping into every bit of Gearbox Software’s experience with the biggest science fiction video game franchises, then taking everything way past the next level,"said Randy Pitchford, President of Gearbox Software. "The team at 2K Games shares our passion for pushing boundaries in gameplay and storytelling and are absolutely perfect partners for Borderlands."

Borderlands will be available holiday 2008 for PLAYSTATION 3 system, Xbox 360 and Games for Windows.