It's not exactly news. This isn't really a Yonggary film, but it may be considered a tribute, nonetheless. The film's title is Yong Gu and the Dinosaur Juju, which starred Shim Hyung Rae as his trademark character Yong Gu (a sort of Korean Pee-Wee Herman). I hear that this film is actually pretty good!
Shim Hyung Rae, of course, later went on to direct the Yonggary remake and Dragon Wars.

