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According to CNNMoney - "While still shying away from giving a firm date, Doug Lombardi, Valve's director of marketing, told me the company "is currently targeting this summer for the completion of Half-Life 2"."

http://money.cnn.com/2004/02/02/commentary/game_over/column_gaming/index.htm

Well, at least now we can norrow down the release around this summer 2004.
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