A well-known Hollywood producer and representatives of the 33 Chilean miners who spent 70 days underground after a mine collapse announced Monday that they finally have agreed to bring that saga to the silver screen.

"At its heart, this is a story about the triumph of the human spirit and a testament to the courage and perseverance of the Chilean people," said producer Mike Medavoy in a press release.

"I can't think of a better story than this one to bring to the screen," he said.

The film's screenplay will be written by Jose Rivera, who worked on "The Motorcycle Diaries," and will be based on the events that took place last year in the San Jose Mine, where the 33 men were trapped some 700 meters (2,275 feet) underground for more than two months before they were rescued.

"One year after the collapse of the mine, we consider this to be a great step towards the realization of a film based on our experience in the mine. This is the only official and authorized film about what we lived (through) in the San Jose mine," miner Juan Andres Illanes said.

Medavoy and Edward McGurn, the vice president of Phoenix Pictures, will produce the film using the recently created Half Circle production company.

Filming is expected to commence sometime in 2012.