Academy award-winning director Peter Jackson has ended months of speculation and denials, confirming he will produce a US$50m ($78m) remake of the classic movie The Dam Busters.
The movie is based on a heroic and daring mission in World War 2 when Royal Air Force bombers destroyed German dams using bouncing bombs.
Peter Jackson says he hopes the remake will inspire and inform a new generation about the sacrifice made in what he calls one of the most remarkable true stories to come out of World War 2.
The film - to be called simply Dambusters - will be directed by Christian Rivers who also won an academy award this year for his work with Weta Digital for special effects for King Kong.
Computer-generated visual effects and models will depict much of the mission and 10 replicas of the bombers.
The WingNut Films production will be based on the book The Dam Busters, the 1954 British film of the same name.
In a statement Jackson said it was one of the most remarkable true stories to come out of World War 2.
When the original movie was released many details of the raid were still closely guarded secrets.
"It has since been declassified by the British Government, making the dynamics of the story and the people involved even more intriguing," Jackson said.
"That, combined with our ability to harness state-of-the-art computer-generated visual effects, will enable us to bring the events of these desperate days of 1943 to life in a very visceral way.
"This is an astonishing story that continues to be revered in British Commonwealth history, and our hope is to make their exploits known to more of the world and extend their legacy to a generation that might not otherwise recognise their inspiration and sacrifice."
Sir David Frost, an executive producer of the movie, said Jackson was the ideal producer for the remake.
"Not only because of his film-making genius, but also because of his aeronautical expertise and his unique understanding of the human pressures wrought by war."
The Dambusters chronicles the story of Operation Chastise, a top-secret RAF bombing mission designed to strike a decisive blow against the Nazi war machine at the height of its aggression.
A "bouncing" bomb which could skip across water was developed by scientist, Barnes Wallis, but to be effective, the bomb had to be dropped from close range and at very low altitude.
In specially-modified Lancaster aircraft, the airmen trained for a single mission, whose potential for success was small.
Christian Rivers - who has worked with Jackson for over 17 years - will make his directorial debut on the remake.
Rivers worked as a storyboard artist while still at school, then as an animator, pre-vis supervisor, second unit director.
His work as animation director on Jackson's King Kong, won him a 2006 Academy Award for Best Visual Effects.
"The bravery of these young pilots, some of whom were only 20 years old, inspired the whole Allied world not just to resist, but to strike back against Nazi Germany," said Rivers.
"I grew up with the Dambusters mythology as part of my heritage. I remember seeing it for the first time on television in England with my grandfather."
Rivers said the story was one of the most revered stories of British ingenuity and heroism.
"We intend to be true to the values of the era in which these events took place."
Weta Digital and Weta Workshop would create the visual effects and miniatures for the remake.
In May British newspaper the Mail on Sunday reported Jackson was directing a remake of the film, provoking a strong denial by his spokesman Matt Dravitzki who said Jackson was working on the screenplay of The Lovely Bones.
The newspaper said Jackson had already done test shots in New Zealand of a Lancaster bomber, one of only two of the 617 Squadron planes still airborne, and had met RAF veterans in New Zealand to discuss the project.
But Dravitzki said at the time that Jackson's interest in planes from World Wars 1 and 2 was well known, and whenever an aviation movie from those eras came around, journalists assumed it would attract his attention.
- NZPA
Jackson will remake classic Dam Busters movie
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