Some more good news to come out of PAX Prime 2011 in Seattle over the weekend is word from Runic Games on the price point of Torchlight II. The sequel to the 2009 action RPG adds the much-requested cooperative multiplayer functionality and will launch at the same budget price as it's predecessor - US$19.99.

Based on the pricing of the original Torchlight (which is still priced evenly on Steam across all regions), it's reasonably safe to presume that there won't be any disparity between US and Australian pricing.

“It’s always been our goal to provide exceptional value for the price,” says Max Schaefer, CEO of Runic Games. “Everyone who wants to play Torchlight II will be able to comfortably afford to do so, and they’ll be able to play with their friend online or via a LAN, or play single player offline, all with no further purchases.”

Also revealed for PAX is the fourth and final player class, the Embermage

The mysterious Embermage joins the previously announced Engineer, Outlander, and Berserker classes. This marks the culmination of a month long buildup introducing each class to players.

Torchlight 2 is in development at Runic Games by an independant team that includes several original Diablo/Diablo II developers from Blizzard North. Runic still don't have a specific release date for us, only that it is still due "for PC in 2011".