I’m sure many fanboys cried out in disgust at the double-whammy of bad news regarding Hellboy director Guillermo Del Toro over the past few weeks. Not only was he forced to pull out of Lord of the Rings prequel The Hobbit due to production delays, but he then announced his next project would be a film adaptation of the theme park ride The Haunted Mansion (which was already made into the horrifically bad Eddie Murphy vehicle in 2003). Not exactly the next Pan’s Labyrinth. But this week Deadline announced the more heartening news that Del Toro is teaming up with King of The World (and Pandora) James Cameron to make At the Mountains of Madness.

HP Lovecraft is considered to be one of the best and most influential horror writers of all time. But unlike Stephen King, the many attempts to adapt his works into movies have all failed critically and commercially. At the Mountains of Madness is one of his best-known works, a novella following a group of explorers in the Antarctic in the 1930′s who discover an ancient frozen city, and accidentally awaken its bizarre inhabitants.

Del Toro has been trying to make the film for years, but now it seems that he will finally make it work (let’s just hope it’s more Pan’s Labyrinth in style than Hellboy 2). It helps when James Cameron, whose long-anticipated Avatar made over $2 billion worldwide, has signed on to produce the project. So the film is set to start prepping soon and commence shooting next year. And considering Cameron is involved, it will of course be filmed in 3D. Lovecraft’s work on 3D is a truly chilling proposition.