“Yes there is a master timeline but its confidential document!” explains Aunuma-san. “The only people to have access to that document are myself, Mr. Miyamoto and the director of the title. We cant share it with anyone else! I have already talked to Mr. Miyamoto about this so I am comfortable in releasing this information – this title [Skyward Sword] takes place before Ocarina of Time. if I said that a certain title was ‘the first Zelda game’, then that means that we cant ever make a title that takes place before that! So for us to add titles to the series, we have to have a way of putting the titles before or after each other.”

This is true, it's word for word a direct copy of what Aunuma-San said to Official Nintendo Magazine (UK) in the most recent issue (issue 58 to be precise) so I think it must have been taken straight from the mag. This isn't actually the first time that Nintendo has confirmed there is a timeline and that it is confidential. I personally don't see why people care so much about the timeline. But for those of you who do here is an amusing (and somewhat NSFW) video about it:

Chronologically Confused About The Zelda Timeline

A) He's evil. Even as a baby.

B) He obviously lives and returns if it's the prequel to OoT.

Damn, that was awesome. Even though it's less angered, it's clearly directed on the timeline theory, wich is very well suited! He's right that the games are all one entity on their own (with few exceptions), but the franchise is so good that we love to group them as a whole. Sure, it's something not to loose sleep over, but a great hobby to pass time...

Well, I hope they come out and say that this is the "First Zelda", so no more prequels and timeline guessing.

You know a couple of a years from now they're going to put out another game that usurps or at least challenges the title of "first Zelda."

Iv been thinking for years of how to solve this question and I have some pretty cool ideas, I hope to share them with you all one day : )

Well, not if what they say about the secret confidential timeline is true.