Stolen from their website:

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12/09/05 - A Special and Sad Announcement

"Million Dead are breaking up. After four years and two albums, we have mutually decided that this is best thing to do. Irreconcilable differences within the band mean that it would be impossible to continue, and anyway, we’d rather leave a good-looking corpse. Our reasons are personal and assured. Therefore, the upcoming September tour will be our last.

We’d like to express our deep gratitude to those who worked with and for us over the years, who had faith in us, and without whom we would never have got anywhere. We’d also like to thank all those who bought records, came to shows, and generally gave a shit. We’re still pleasantly surprised that anyone ever did.

You will no doubt be hearing from some or all of us again at some point in the future."

I know this is a shock to most people, and a sadness to. Believe me, it's all those things and more for us. There'll be more information on this, and on the future, on the site in the next few weeks, but we wanted to let people know before the tour. Thanks everyone.
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Well, didn't see that one coming...