New game release details are something we always enjoy bringing you, and here is yet another example. 505 Games announced an agreement with Russian developer Biart Studio, to publish Deep Black on the PS3 and Microsoft’s Xbox360 systems. Here are more details from the company press release coverage:

Deep Black lets players experience for the first time the thrills of a third-person action shooter in an underwater setting.

With the release set for Q1 2011, the unique setting of Deep Black combines action-packed battles with an immersive story line, of complex science-fiction mystery, espionage and bio-terror. Offering realistic physics in an underwater environment brings new “depths” to in-game challenges in Deep Black.

Players will take to the murky depths armed with a wrath of underwater equipment from specialized underwater jet packs with integrated harpoons, mini submersibles and other high tech equipment in pursuit of enemies. With the majority of the game play taking place below the water’s surface, action-adventure fans will need to master new skills to fight hostile enemies and infiltrate enemy bases.

Sounds pretty cool to us, we’ll update you as we hear more, as usual. January 2011 is pegged as the early rumored released date.