Marvel Studio's president, Kevin Feige has announced that he is pleased with the results that "Iron Man 2" has brought and has promised that there will be an "Iron Man 3". The release date for the third film is scheduled for a Summer 2013 release. Meaning that it'll deffo be out after "The Avengers" film in 2012.
Other good news is from "Iron Man" director, Jon Favreau, who has confirmed that he has started development on "Iron Man 3", wants to have the Mandarin to be the main villain in the third "Iron Man" film. He really wanted him to be in the second film, but the fact that the villain is magical and that he's got magical rings is kinda hard to put that in the film, but by the time it comes out, we'll have the "Thor" film with magic, so it'll work then. Although he's also said that the character will need some reworking to it, to make him up-to-date.
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