News is breaking that The Walt Disney Company has made the shocking decision to completely shut down production on one of their huge upcoming projects, The Lone Ranger.

We’ve been hearing about the movie for a few years now with Johnny Depp attached to star as Tonto (alongside The Social Network‘s Armie Hammer in the title role), Gore Verbinski in the director’s seat, and Jerry Bruckheimer as a producer””all three of which were integral in bringing billions (plural) of dollars to Disney with the Pirates of the Caribbean franchise.

In the race of Snow White projects, Relativity Media seems intent on winning at all levels. The studio has the earliest release date (March 16, 2012), and now they’ve released the first official image from their movie…which doesn’t even officially have a title yet.

In the movie, Lily Collins (daughter of the legendary Phil Collins and star of The Blind Side and Abduction) appears as Snow, while Julia Roberts will be playing her stepmother and the Evil Queen, Game of Thrones star Sean Bean is King and father to Snow, and The Social Network star Armie Hammer is playing a prince and love interest. Tarsem Singh (The Cell, Immortals) is directing the movie.

The first official image from the movie shows Collins as Snow White, and you can see the pic by heading on over to the other side now.

It’s being reported that Helena Bonham Carter, Barry Pepper, and Dwight Yoakam are all in talks to join Walt Disney’s revival of The Lone Ranger.

The trio join stars Johnny Depp and Armie Hammer on the project, as well as director Gore Verbinski, who of course directed Depp in the first Pirates of the Caribbean trilogy and the recently released Rango.

The most active of the many Snow White projects as of late is Universal Pictures’ Snow White and the Huntsman, but let’s not forget the other high–profile Snow White projects being developed: Disney’s Snow and the Seven is still on the way, and Relativity Media also has one on the way that’s putting together its own decent cast.

The movie was once called The Brothers Grimm: Snow White, but is now said to be “untitled,” so it’s unclear whether that title is still in play. This version of the fable stars The Blind Side and Abduction actress Lily Collins as Snow, with Julia Roberts playing her evil stepmother and Queen, and The Social Network and new Lone Ranger Armie Hammer playing her prince charming–type love interest.

Now the man you have to cast if you have the chance to cast him, Sean Bean, has been added to the party. Bean is in final negotiations to play the role of the King and father to Snow White.

We’ve known about a movie based on the classic hero of old, The Lone Ranger, for over three years now.

We’ve also known that superstar Johnny Depp would be involved since September of 2008 when he made an appearance at a Disney event to announce his involvement in Alice in Wonderland, Pirates of the Caribbean: On Stranger Tides, and of course, The Lone Ranger, in which we all assumed he’d be playing the titles role.

We soon found out that Depp would actually be playing Tonto instead, and since then many names have surfaced as possible candidates for the coveted high-profile role. Everyone from George Clooney to the more recent Ryan Gosling was mentioned, but Walt Disney and producer Jerry Bruckheimer have now officially found their man: Armie Hammer.