The title sequence shows a series of old newspaper articles beginning from the late 1800's, which tells of the opening of a rich silver mine, to its closing in 1912 after miners are attacked. Then, it's the present day and four guys are reopening the mine. They unblock an old cave-in and come across a natural cavern, complete with underground lake. However, they've unleashed a creature that's been trapped under there since that time and it makes its way to the nearby homes. One of these homes is being rented by
Trish Michaels (Rebecca Balding) and her friend. Little do they know that the woman who opened it for them has disappeared, killed in an earlier scene. A few more people get killed until Trish and her boyfriend are trapped in the house when it catches on fire and they have to flee via one of the underground tunnels, which lead them to the creature's cavernous lair. Will they survive?
For the first three-quarters of the movie the monster isn't shown. Instead, we see a point-of-view through its eyes as it attacks its victims. Then, we see the tentacles and a weird taloned claw it uses to slash. When we finally see it, it resembles a fanged turtle crossed with an octopus. This is one of those 80's movies that are far better in memory than actuality.