BioWare's clarified a major part of one of Mass Effect 3's Extended Cut endings is, indeed, true. Do not head in unless you really do want to see a massive Mass Effect 3 spoiler.
Spoilers. Seriously, monster spoilers below.
Did we warn you about the spoilers?
BioWare has confirmed that Shepard does survive the Red Ending of Mass Effect 3's Extended Cut.
It's seen at the end of the game that Shepard gasps for air before the credits run. Just in case it wasn't clear, BioWare's Tully Ackland said the following on the developer's forums:
"You may notice that in the 'Shepard lives' ending, the love interest hesitates to place Shepard's name on the wall, and instead looks up as though deep in thought. This is meant to suggest that the love interest is not ready to believe Shepard is dead, and the final scene reveals they are correct. As the Normandy lifts off, there is hope that the love interest and Shepard will again be together."
And there you are. "Much more" ME3 DLC is on the way, so maybe it'll include the beloved captain. We can but dream.