I'll believe this when I see it:

We all knew the jig was up twelve years ago when My Bloody Valentine walked out of their final studio session. And I mean, okay, maybe reclusive frontman Kevin Shields has been just slightly more musically active in the past few years than he initially was after MBV broke up, but there were virtually no indication that any new music would ever be released under the MBV name. And yet, Pitchfork has now received word from secret sources that members of the band are presently holed up a Berlin studio, recording material for a forthcoming My Bloody Valentine box set.
The trio of Kevin Shields, Colm O'Ciosiog and Bilinda Butcher (bassist Debbie Googe is not present at the sessions) are reportedly re-recording five songs that the band abandoned for their 1989 EP Glider. The EP, released in between 1988's Isn't Anything and the group's undisputed masterpiece, the dream-pop landmark Loveless, was originally meant to be a nine-song full-length album, but the band, as usual, was took too long to record it and eventually caved to pressure from the industry and released the four finished songs as an EP.
The remaining five unfinished songs from the sessions were shelved indefinitely as the band proceeded to work on Loveless-- and with the group's breakup soon after, "indefinitely" seemed to turn into "forever" for those missing tunes. Now that could all change. The box set, which is tentatively due out this winter, is said to contain the long-awaited full version of My Bloody Valentine's Glider album, fleshed out by the new recordings. There is, however, no word yet as to what else the box set might contain, or even what label may decide to release it.

Nor indeed what decade between now and the centenary of Loveless this thing will really come out. I find this sudden reunion of the band slightly hard to credit somehow...