Ghibli's Earthsea Trailer

Miyazaki's Studio Ghibli is officially working on an animated adaptation of Ursula K. LeGuin's Earthsea novels. And here is the trailer, fresh off of Ghibli's official site. Website Ghibli World has translated the films production blog with this status:

Key animation: 1,201 cuts (97%)
Animation: 942 cuts (76%)
Background painting: 1,034 cuts (84%)

Good news! Lots of other interesting tidits and translations about the film on that site. July 2006 is the proposed release date-can't wait!