http://www.joystiq.com/2011/08/12/rumor-new-counter-strike-project-in-the-works-titled-global-of/
But, where is Half life 3?
Ahh well I'd rather have valve take their time and make a great game. Rather than rush and release an ok game
Looks like we didn't have to wait too long at all for confirmation of the project: Valve and Seattle-based developer Hidden Path Entertainment just distributed a press release announcing<em style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; font-style: italic; font-size: 14px; font-family: inherit; vertical-align: baseline; ">Counter-Strike: Global Offensive, an updated and expanded version of the seminal team-based shooter.
Slated for an early 2012 release on XBLA, PSN and Steam, the downloadable title will add "new maps, characters, and weapons," renovated versions of classic maps (what's up, de_dust) and a plethora of new modes, matchmaking options, leaderboards and other modern shooter mainstays. Best of all, it'll be playable later this month at PAX Prime. Check out the full press release after the jump![/span]
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ETA: For some reason all this crap above automatically appears when I quote it. So there is nothing I really can do sorry.