WE’LL BELIEVE IT WHEN WE . . .

Some Hollywood stories are more elusive than others. Like this one about a movie that may/may not happen. Depends on who you talk to.

It’s “Nostromo,” based on Joseph Conrad’s 1904 novel of the same name about a small (fictional) silver-mining country in a state of revolt.

In July of 1986, it was announced that David Lean would direct, with longtime Lean devotee Steven Spielberg exec producing. Warner Bros. would distribute for Spielberg’s Amblin Entertainment.

Since that time, Lean visited Mexico and Spain to scout locations, finally opting for locations in Almeria. For the past six months, he’s been in pre-production.

But now comes word from several reliable sources that the project is not going to happen. According to these folks, it’s Warners (and not Amblin) that is going to pull the plug. “Though,” they added, “nothing official’s been done.”

The reason: Current estimates put the film’s budget at $35 million to $40 million. “And the feeling is that the studio wouldn’t be able to make its money back.”

Said one source: “If Spielberg wants to work with Lean on a film, this one won’t be it. Because this movie isn’t going to get made.”

But a rep for Amblin insisted that “Nostromo” remains in development and that “a script is expected here within a week or so.”

Officially, Warners also is backing the project--though it took repeated phone calls, over several days, to get back a guarded response: “ ‘Nostromo’ is actively in development. We are awaiting a rewrite from Mr. Lean. No budget will be set until we see the script.”