I believe the trailer you’re talking about was, in fact, a theatrical ruse and not a real film.

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I believe that the IGN April Fool’s trailer was, in fact, an April Fool. However, I have heard of another Legend of Zelda movie in the works, it was mentioned on this site, http://www.zeldadungeon.net/, if you scroll down to a section entitled, “Independent Zelda Film – The Hero of Time,” and they even have a YouTube link to the trailer.