With his Tom Cruise-starring film "At the Mountains of Madness" falling through at Universal, director Guillermo del Toro is now turning his attention to "Pacific Rim," a horror film he will direct for Legendary Pictures. But don't cross "Mountains" off your future must-see list just yet.

"Mountains," based on H.P. Lovecraft's novel, was shaping up to be a drool-worthy R-rated 3-D spectacle, but Universal pulled the plug on the project Monday. According to an interview with Deadline.com, however, del Toro's not giving up on the film, but only if Universal will let it go to another studio.

"That is my hope right now that they just allow us to seek a home for this," del Toro told Deadline. "It will remain a timely premise for years to come, so I don’t have to do it next month. I know it’s not an easy proposition. Certainly, in the last year, you can find movies of that scope or bigger that have been green lit on a wing and a prayer. We are part of show business, and it seems the business side takes more and more command of things, and the show part of the business seems to be dwindling."

In the interview, del Toro also indicates that Cruise is still interested. Del Toro: "I spoke to Tom, who has been incredibly supportive and who said, ‘Let’s keep going, let’s make this movie down the road.’ He’s definitely that interested and that happy where we were creatively. So we have good legs to travel on, if the time and the opportunity present itself."

Del Toro has a loyal fanbase that he's earned with such films as "Blade II," "Cronos," "Pan's Labyrinth" and the two "Hellboy" films. "Pacifc Rim," rumored to be a monster movie, should draw similar audiences.

Del Toro is cagey about the film's details.

"People got it confused with the 'Godzilla' movie a few months ago but we cleared that up," he told Deadline. "I can say the scope and imagination that have been outlined in it are absolutely appealing to me. I cannot say more, it’s not the time."



In a Legendary press release, del Toro says, "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."

"Pacific Rim" is aiming for a summer 2013 release and is being produced by Legendary's Thomas Tull and Jon Jashni, and del Toro.  
 
Meanwhile, "Don't Be Afraid of the Dark," which del Toro co-wrote and produced is hitting theaters August 12.