Since there seems to be no info on this game i'd figure i look for some and well here you go.

First is a link to IGN they seem to have a couple news videos and screenshots.


The Lord of the Rings: The White Council is an original RPG in development for the Xbox 360, PlayStation 3, and PC platforms. The game will feature a new storyline based on the novels, and is scheduled to ship late 2007

IGN

Basically it's saying its a Fable version of Lord of the Rings brought to us by the make'er of The Third Age.

A link direct to the screenshots
IGN screenshots



Looks like there some massive sea battle going on.

Looks good - Official Site

Set about 100 years before the War of the Ring, this game gives Players the opportunity to experience a new story set in Tolkien’s rich universe. Combining both the film and book rights, we’re now able to take the depth of the books and mix that with the incredible visualization that Peter Jackson gave Middle-earth™.

A set of interlinked quests leads from the relative peace of the lands in the West near the Grey Havens into the darkness of Mirkwood where you ultimately fight the Necromancer in his fortress at Dol Guldur. You can choose to experience this new story as either a Human, Hobbit, Dwarf or Elf. In the process of fighting the greatest foe of this era of Middle-earth™ you must build your own Legendary Tolkien Hero.

To give you the freedom to create a truly personalized Hero, the Game has an extensive Character Customization system – this allows you to customize not only the look of the Hero but also the History of that Hero, the Weapons they carry, the Magic they use and the Skills and Professions they choose to follow. Various crafting systems and mini-games let you build these Items and Skills in an interactive way.

Of course the Hero must often fight the forces of Evil; to support this we’ve brought together the best of The Two Towers™, The Return of the King™ and The Third Age™ to create a millisecond to millisecond, edge of your seat, hybrid Real-Time / RPG combat system.

All in all – we’re hoping to bring Players a compelling new experience in Middle-earth™. This web site is our "life line" to all of you in the Community. We hope you’ll join us on our Quest to build a really cool RPG for The Lord of the Rings™.

This was taken from official site, gives you a lot of info