There are currently two adaptations of the Phantom ongoing. One is on the Sci-fi channel and features some actor from Desperate Housewives in the title role. There was some concept art from it on AICN a few months ago. It's probably unfair to judge it this early, but for some reason, I'm getting the same sort of vibe that the recent Flash Gordon tv series gave. Perhaps I'll be wrong. Hopefully.
The one you're asking about seems to be an Australian production and last I heard the script was well along. There had been some talk of Sam Worthington in the title role but that seems to have been premature. Apparently it will have no connection to the (underrated, if you ask me) Billy Zane movie, despite initial reports that it would. Of course, the joy of the Phantom's concept is that if you like, you can imagine that it is a sequel, that the character in this movie is the grandson of Zane's character, or whatever. Or you can just ignore it!
The producer of this movie has a myspace page, in which he's been giving semi-regular updates, but I can't remember his name. However, if you go to sites like comingsoon.net and look for news about the Phantom, you might be able to get it.