Eligium was actually developed by a Chinese firm called Shanda Games Ltd. (Frogster is serving as the publisher), and the title will be launching in the first quarter of 2012 to the English, German, French, and Polish markets.
In terms of gameplay, Eligium features five playable race/class combinations (including panda fighters), extensive crafting and item upgrade options, and group instances as well as world boss battles. There's also a bit of PvP on offer and guild systems designed to bring factional warfare to the forefront. Frogster's press material also mentions player housing and a pet/mount-hatching system. You can glimpse the first official Eligium trailer after the break.