Red Dragon dropped me an email to confirm that yes, his Ultima 1 remake is still very much in progress. However, it is no longer known as Revenge of Mondain; he has changed its name to The Gate of Sosaria (which I think sounds better, personally), and has also launched a new website for it.

As well, he has published several new screenshots of the game — which still uses many of Ultima 7’s tiles for its graphical look and feel — to that website. I have mirrored these to the project entry, and one can be seen (somewhat cropped) above.