Director Peter Weir (The Truman Show) makes his much welcomed return to the big screen this year with The Way Back. The film looks to be an Oscar contender and boasts an impressive cast of Colin Farrell, Ed Harris, Jim Sturgess (Across the Universe) and Saoirse Ronan (The Lovely Bones). Set in World War II, the film tells the true story of a group of soldiers who escape from a Siberian gulag and journey across the harsh Asian terrain in order to reach British India. It looks pretty great, not to mention Weir’s remarkable track record (he’s directed Dead Poets Society, Witness, and Master and Commander: The Far Side of the World, not to mention his four Academy Award nominations for Best Director). We previously reported that the film was picked up by Newmarket Films for distribution, and now the flick is getting an Oscar-qualifying limited release on December 29th, with a wider release on January 21st 2011. Check out the impressive new trailer after the jump.