Seeing this film was a mixed bag. The story is very simple, yet that's not necessary a bad thing for a movie like this. However a little more character background for the individual girls would have made the movie a lot more suspenseful (you'll actually hope they survive for another reason rather than hoping for a boob flash).
The acting is terrible. Especially when they have to do something else than just scream and look scared.
The nudity is there (and nice looking girl too) but it only helps to make the movie look even more low budget.
There's a lot of atmosphere in the movie, once they go into the crypt. However everything above is just lame. From the opening car theft to the planing room.
The ghosts look scary (with their all white) eyes, but they don't exactly look like they've been buried for 70 years. Considering the budget, they are definitely one of the highlights of the film.
Another highlight are the somewhat sudden scares, like ghost appearing for just a second before it fades into the dark.
I think both the movie and director have potential to do wonders with a larger moneybag (like $5 millions or something).
Cut out the stupid stuff like the opening car theft and the ending (the last 10 minutes or so). Get some better actors, and don't use an all female cast. It's not very believable. Add more character development for the supporting leads. Remove the unnecessary nudity. Improve the ghost make-up, and remove the flickering (so unoriginal). Add more environmental dangers like crushing concrete, holes/traps and stuff.
Last but not least (and I'm not sure about this), add to the story a reason/hint why the crypt may be haunted. Something like a necromancer was buried there. This could even be the secret agenda of one of the grave robbers.