New My Bloody Valentine album this year?

Kevin Shields has revealed that My Bloody Valentine plans to finally release the follow up to 1991′s Loveless later this year. According to Shields, the release of the album will be followed quickly by an EP of new material.

Shields has been working on a remastered re-release of the albums Isn’t Anything and Loveless, and a compilation called EPs 1988-1991 that includes the band’s four EPs as well as other rarities and unreleased tracks.

He explained to Mojo [via NME] that during the remastering “I listened to the stacks of CDs and thought, ‘Shit, this is better than the unreleased tracks on the compilation’. I decided it would be insane not to finish it”. In an interview with Pitchfork last month, Shields also revealed that he was working with the whole band on “finishing a record that I had started in the 90s.”

In that same interview Shields explained that “We never broke up, technically; I left the band for legal reasons once, I had to. But other than that, I’ve always said that we were going to make a record again. You never know, we might finish it really quickly, and it might be up in a few months! I tend to work really quickly, suddenly, and I might be willing to do that right now. We’ll see!”

In new interview published on Pitchfork, Shields has accused Sony (who inherited My Bloody Valentine following the collapse of Creation Records) of hiding the tapes back in 2002 telling the hipster bible that “Only after I started threatening to get Scotland Yard involved did they magically, suddenly reappear…. Sony behaved very badly again—like most sociopathic companies do, they can’t help it—and I had to re-adjust the situation until it was slightly fair again, and that’s why stuff is coming out now.”

Not sparing any bile, Shields blasts his current paymasters explaining that “to put it very, very, very simply: The corporate system is fully psychopathic, and any creative people who enter into business with any of these organizations come up against a lifetime of issues. You just deal with it as you go along. It’ll keep on happening until people reorganize the organizations.”

The reissues are due for release on May 7th through Sony. No release date has been set for the band’s third album or the EP of new material.

In other My Bloody Valentine news the band’s bassist Debbie Googe has been confirmed as the new touring bass player with Primal Scream replacing Gary ‘Mani’ Mounfield who has left the Scream to rejoin The Stone Roses for their reunion tour.