There is a small part in the "End of the Third Age" chapter which I think fits better here:
Quote:
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There was held the great Council of Elrond, at which it was ETA-SL-03.9b <UT Sources of the Legend of Isildur’s Death {Long afterwards, as the Third Age of the Elvish World waned and the War of the Ring approached, it was} revealed {to the Council of Elrond} that the Ring had been found, sunk near the edge of the Gladden Fields and close to the western bank; though no trace of Isildur's body was ever discovered. They were also then aware that Saruman had been secretly searching in the same region; but though he had not found the Ring (which had long before been carried off), they did not yet know what else he might have discovered.> It was decided to attempt the destruction of the Ring, and Frodo was appointed the Ring-bearer.
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