According to Mignola Hellboy 3 won't happen
http://www.comicbookresources.com/?p...ticle&id=39857
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Although Mignola did not come with any particular topics in mind, he did make one thing very clear: there will be no "Hellboy 3" film.
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Though, I'd be more apt to believe Del Toro, as he's the one making the movie. Maybe I'm just in denial, but I really really REALLY want Hellboy 3. Hellboy is among my all time favorite movies.