Q4 2010 is pretty close. Probably will be realistically Q4 in 2011 or Q1 in 2012 for us (since Q4 2010 probably means Korea).
"ESTsoft will launch business expansion compaigns for its Howling Sword and Cabal Online 2 in a "cross-spiral" manner. ESTsoft's Cabal Online has attracted countless players all over the world since it was launched in 2005, and the sale of Cabal Online kept increasing steadily every year. In addition, it also created 100 billion Korean won global revenue in 2009."
"ESTsoft's second self-developed MMORPG Cabal Online 2: The Fate of Rivals (working title), sequel to the famous project Cabal Online, is being developed under four principles including popularity, abundance, quality and uniqueness. ESTsoft is trying to seek harmony between solo play and teamwork in the game. In addition, they will provide changeable dungeons and unique storylines for each class. Cabal Online 2: The Fate of Rivals is scheduled to meet players in Q4, 2010."
You can tell from the images where I got my information from.