[UPDATE] Ubisoft has provided Polygon with a statement that makes it clear Osiris is a dead project.
[ORIGINAL] While Ubisoft is busy integrating a new Montreal studio into its operations, the existing Ubisoft Montreal studio is still operating as one of the publisher's most successful developers. The studio was responsible for classics such as the Prince of Persia series, the Assassin's Creed series, and last year's Far Cry 3.
It's known that Ubisoft Montreal is currently working on Watch Dogs, one of the most exciting reveals of last year's E3. Now, a new leaked trailer has revealed the game Osiris.
The game is set in ancient Egypt, and appears to be a new IP, though it's not inconceivable that it could be related to the Assassin's Creed series in some way. The unfinished trailer depicts some early motion capture work being done on the title.