It seems At The Mountains Of Madness is indeed well and truly dead, at least for teh foreseeable future. Del Toro has signed on to helm another giant monster flick for Legendary Pictures. Here is the press release with quotes from the director..
Legendary Pictures announced today that Guillermo del Toro is directing the company's upcoming feature, Pacific Rim, confirmed as his next film. The film has already entered pre-production and will begin principal photography in September 2011. Pacific Rim will be released during summer 2013 and will be produced by Thomas Tull and Jon Jashni for Legendary Pictures and Guillermo del Toro.
Stated Guillermo del Toro: "We started developing PAC RIM a while ago with the mad passion and enthusiasm of a project unwatched and unchecked by politics or comparisons. We designed and shepherded the movie we want to make. We start shooting in September and we hit the ground running because we are so in sync. My partnership with Legendary represents, both in scale and creative demands, a huge step forward for me."
Not too much is know about the plot of Pacific Rim. Apparently it's
“set in a future in which malevolent creatures threaten the earth, the planet must band together and use highly advanced technology to eradicate the growing menace.”. Word is that it's also a PG-13 tentpole, but is said to have
"big monsters and the creation of a new world.". I'll update if I can find out any more info. As far as
Mountains goes, over at Collider they have a very interesting interview with Del Toro in which he explains the situation, and gives a hint that all hope may not be lost for the H.P Lovecraft adaptation.
Read it
here