The news of a red heifer being born is good news. BUT....they have had a couple of other ones born and have been under great scrutiny and developed white hairs sometime later. The red heifer has to be slaughtered in it's third year so only time will tell.
Just some more general info: Some think that what is needed is the ashes of the last red heifer to purify the temple. I'm sure there is all kinds of debates going on over this, but never the less they also think they are really close to finding those ashes. It is my understanding that they believe the ashes to be at the seventh layer (whatever that means) and they are excavating the sixth layer now, one more to go.
Either way it's close.
Wise Men Still Seek Him