Capcom have announced via Famitsu, that Monster Hunter Frontier will be coming out on the 24th of June in Japan, exclusively on the Xbox 360. It will be priced at 6,090 Yen, and will initially be free to play online.
This is because for the first two weeks, the game will be in an open beta. However, following this, a subscription model will be brought in. Players will be able to retain their characters and status though, so that's at least good.
There's still been no real word about when this will be released in the West, if it will be released at all, but pre-orders for the game in Japan start on the 26th of February.