Desperate to keep their jobs, beautiful reporter Paula "Peril" Perillo and her partner, photographer Jimmy Smith, investigate the brutal murders of a pair of low-level mobsters in an abandoned building in hopes of producing an exciting front-page for their newspaper. They learn that the basement of the building where the men were killed is reputed to contain a treasure trove of gold coins hidden by a gangster who died 75 years earlier. The newshounds find the gold but, before they can leave the building, are captured by a gang of thugs who believe that dead reporters tell no tales.