The group of musicians are finishing recording the project with producer T Bone Burnett at the Capitol Studios and the album, dubbed "Lost On The River: The New Basement Tapes" will be release late this year.

The album release will also be accompanied by a documentary on Showtime entitled Lost Songs: The Basement Tapes Continued, which is being directed by Sam Jones (the Wilco documentary, I Am Trying To Break Your Heart).

The film will chronicle the making of the album "set against the important and historical cultural backdrop of Bob Dylan's original Basement Tapes," according to the announcement.

T Bone Burnett had this to say, "Great music is best created when a community of artists gets together for the common good. There is a deep well of generosity and support in the room at all times, and that reflects the tremendous generosity shown by Bob in sharing these lyrics with us."