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Original director Robin Hardy was writing and producing a follow-up under the title Cowboys For Christ, with Christopher Lee and Joan Collins attached to star.
It was scheduled to begin shooting later this month in Dumfries and Galloway, Scotland, the same location as the 1973 classic starring Edward Woodward.
However, Hollywood News reports that it has now been put on indefinite hold due to financing problems.
Dumfries and Galloway councillor Gill Dykes said the news was a blow to residents of the area, telling the BBC: “The company were about to start casting for extras, and around 90 crew and cast were booked into local accommodation for a four-week period.
"We will maintain contact with this interesting project and I can only hope we'll be top of their location list if the financial problems get resolved."
A remake of the original movie was released in 2006 starring Nicolas Cage.
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