Guillermo Del Toro (Pan's Labyrinth) will move ahead with At the Mountains of Madness, with James Cameron (Avatar) on board as producer.

Based on the HP. Lovecraft tale, the film focuses on a gruesome discovery made during a scientific expedition to the South Pole in the 1930s, which reveals the true origins of mankind as descendents of alien gods. When the very same life forms are awakened, bad things begin to happen.

...Madness is a passion project of Del Toro’s, who began working on the script with Matthew Roberts back in 2004. Del Toro placed the film on the back burner to work with Peter Jackson on the now in limbo Hobbit movies.

Del Toro and Roberts plan on rewriting the screenplay, with a mid next year shoot on the table.

Universal Studios will release the film, which will be in 3D.

Source: Deadline