My review was written in June 1986 after watching the film on Lightning video cassette.
"What Waits Below" is a dull rendering of a lost race fantasy yarn. Filmed in 1983 under the title "Secrets of the Phantom Caverns", picture received only a test release in November 1984, subsequently appearing in video stores.
Robert Powell to;ines as Wolfson ("call me Wolf"), a soldier of fortune, first encountered being chased around Nicaragua by enemy troops. He's recruited by military pal George (A. D. Weary) to go to Belize and help U. S. Army Major Stevens (Timothy Bottoms) make the Omega Station there operational (transmitting signals to aid submarines in navigation).
Near the Omega base, a team of anthropologists is exploring caves and being bossed around by Major Stevens. Seismic tests by the army force an opening in the rocks and soon thereafter, army guards are killed and the Omega transmitter is stolen.
Stevens, Wolfson and the scientists search the new cave and find a lost race of fabled Lemurians, styled here as albinos. The Lemurains stole the transmitter because its high frequencey signal was bothering their sensitive hearing. In warring with this lost race, many casualties occur until Wolfson finally escapes and orders the caves sealed off permanently, to leave the Lemurians in peace.
Extremely tame, "What Waits Below" meanders around below ground without the expected action-adventure excitement. Except for a huge snake head that attacks in one scene, it is minus the monsters that could have made this a fun picture for kids.
An impressive cast is wasted, with most of the attention resting on vast caverns (filmed in Alabama and Tennessee locations), augmented by okay mattework and miniatures.
