The game is called Nightmare Busters. Here's the article on the new game being released.
According to the developer this will be the first new game released for the platform in the U.S. since 1998. Described as a 'run and gun' title, there has been such demand that not only has the company decided to accept pre-orders, but is also boosting the initial run to 600 copies, double the normal first batch. Citing production costs as a factor, the game will cost $68 dollars for U.S. customers and $75 for the rest of the world.
So what does everyone else have to say about this? I actually wonder if this will start becoming a thing. Because I wouldn't mind seeing new games being released on old consoles. That would be awesome. I also wonder if they'll get the "Nintendo Seal of Approval" as well.
EDIT: I should also mention that SNES games were never cheap to make because of manufacturing costs.