FIRST LOOK: The Hobbit trailer hits the web!

The adventure follows the journey of title character Bilbo Baggins, who's swept into an epic quest to reclaim the lost Dwarf Kingdom of Erebor from the fearsome dragon Smaug.

Approached out of the blue by the wizard Gandalf the Grey, Bilbo finds himself joining a company of thirteen dwarves led by the legendary warrior, Thorin Oakenshield.

Although their goal lies to the East and the wastelands of the Lonely Mountain first they must escape the goblin tunnels, where Bilbo meets the creature that will change his life forever…Gollum.

Here, alone with Gollum, on the shores of an underground lake, the unassuming Bilbo Baggins not only discovers depths of guile and courage that surprise even him, he also gains possession of Gollum's "precious" ring that holds unexpected and useful qualities … A simple, gold ring that is tied to the fate of all Middle-earth in ways Bilbo cannot begin to know.

The likes of Ian McKellen (Gandalf),Elijah Wood (Frodo), Cate Blanchett (Galadriel), Christopher Lee (Saruman); Hugo Weaving (Elrond) and Orlando Bloom(Legolas) will reprise their roles from the Oscar-winning trilogy.

Stephen Fry will also make an appearance in the film as will Bret McKenzie from the hugely successful comedy The Flight of the Conchords.

The Hobbit will be in 3D using the latest camera and stereo technology. Filming is taking place at Stone Street Studios, Wellington, and on location around New Zealand.

Post production will take place at Park Road Post Production in Wellington.

The Hobbit: An Unexpected Journeyis set to be released in early December, 2012.