Ending months of speculation, My Bloody Valentine is indeed back together and plans to release new music in the near future. The revered British rock act's frontman, Kevin Shields, confirmed the news during a video interview with fellow artist Ian Svenonious for "Soft Focus," which goes live Nov. 12 on VBS.tv.

According to the Daily Swarm, Shields told Svenonious that the following projects are in the works: an album, now 3/4th finished, that was first started in 1996; a "compilation of stuff" recorded in 1993 and 1994; and "a little bit of new stuff."

Shields said there will be an album out before year's end, but gave no further details as to how it will be distributed. "It sounds like what we sounded like -- different but not radically different," he said. "People will go, 'Yeah, it sounds like My Bloody Valentine.'"

Best known for its profoundly influential 1991 album "Loveless," MBV has been completely off the radar for more than a decade, although in recent years there have been occasional reports that the group was working on new music.

In August, the Daily Swarm reported MBV was considering an offer to perform at the 2008 Coachella Valley Music & Arts Festival in Indio, Calif. Billboard.com understands negotiations are indeed in progress but that as of a few weeks ago, signs were pointing toward the group not playing at the event.

However, a source close to Shields did confirm MBV is working on the music the artist described in the "Soft Focus" interview.