Location
The pit is found at 830W 1036S, pretty much due East of Tarant in the Morbihan Plains. It is usually marked on your map when you get close to it if you walk from Tarant to either Ashbury or the Elven Ruins.
Area
Position 1 is the Ladder -- Click on it to enter the pit. Any followers with you will automatically join you. Position 2 is a Junk Pile that always contains 350 gold and a Ring of Poison