SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C. 20549
                             
                                Form 10-K
                             
 X   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

                 For the fiscal year ended December 31, 1997
                                   OR
                              
___  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934
                           
               For the transition period ________ to ________
                     Commission File Number:  1-7525
                             
                        The Goldfield Corporation
          (Exact Name of Registrant as Specified in its Charter)
                 Delaware                                 88-0031580
     (State or other jurisdiction of                    (IRS Employer
     incorporation or organization)                 Identification Number)
     
           100 Rialto Place, Suite 500
               Melbourne, Florida                          32901
     (Address of principal executive offices)            (Zip Code)
                              (407) 724-1700
          (Registrant's telephone number, including area code)
       Securities registered pursuant to Section 12(b) of the Act:
                             
                                                Name of each exchange on
        Title of each class                          which registered   
           Common Stock,                       American Stock Exchange, Inc.
     Par Value $.10 per share
     
          Securities registered pursuant to Section 12(g) of the Act:
                                   None
                             
    Indicate by check mark whether the registrant (1) has filed all
  reports required to be filed by Section 13 or 15(d) of the
  Securities Exchange Act of 1934 during the preceding 12 months (or
  for such shorter period that the registrant was required to file
  such reports), and (2) has been subject to such filing requirements
  for the past 90 days.
                             Yes  X     No ___
    Indicate by check mark if disclosure of delinquent filers,
  pursuant to Item 405 of Regulation S-K is not contained herein, and
  will not be contained, to the best of registrant's knowledge, in
  definitive proxy or information statements incorporated by reference
  in Part III of this Form 10-K or any amendment to this Form 10-K.   [X]
     
    On March 6, 1998, the aggregate market value (based upon the
  closing price of the American Stock Exchange, Inc.) of the common
  stock held by nonaffiliates was approximately $8.3 million.
     
    As of March 6, 1998, 26,854,748 shares of the Registrant's common
  stock were outstanding.
     
                     Documents Incorporated by Reference
                    Document                           Where Incorporated
     Proxy Statement for 1998 Annual Meeting                 Part III
                                
         
                                    PART I
                              
     Item 1.   Business.
     
     The Goldfield Corporation, incorporated in Wyoming in 1906 and
     subsequently reincorporated in Delaware in 1968, is engaged in
     electrical construction and mining activities. Since January 1,
     1996, the electrical construction segment has included the
     construction of fiber optic communication systems. Unless the
     context otherwise requires, the terms "Goldfield" and "the Company"
     as used herein mean The Goldfield Corporation and its consolidated
     subsidiaries.  For information concerning sales, operating profits
     and identifiable assets by business segment, see note 14 of notes to
     consolidated financial statements.
     
                           Electrical Construction
                              
     The Company, through its subsidiary, Southeast Power Corporation, a
     Florida corporation ("Southeast Power"), is engaged in the
     construction and maintenance of electrical facilities for utilities
     and industrial customers in the southeastern United States.  As a
     result of an acquisition effected January 1, 1996, electrical
     construction operations now include, through the Company's
     subsidiary Fiber Optic Services, Inc., a Florida corporation,
     ("Fiber Optic Services"), the construction of fiber optic
     communication systems throughout the United States.
     
     The Company's construction business through Southeast Power includes
     the construction of transmission lines, distribution systems and
     substations and other electrical installation services for utility
     systems and industrial and specialty projects.  Fiber Optic Services
     provides various construction services, including installation of
     aerial and underground cable systems, conduit systems and the
     splicing, testing and documentation of optical fibers.  Fiber Optic
     Services performs these services primarily for power utilities and
     telecommunications companies pursuant to fixed and unit price
     contracts.
     
     It is the Company's policy to commit itself only to the amount of
     work it believes it can properly supervise, equip and complete to
     the customer's satisfaction and schedule.  As a result of this
     policy and the magnitude of some of the construction projects
     undertaken by the Company, a substantial portion of the Company's
     annual revenue is derived from a relatively small number of
     customers, the specific identity of which vary from year to year.
     See note 14 of notes to consolidated financial statements.
     
     Construction is customarily performed pursuant to the plans and
     specifications of customers. The Company generally supplies the
     management, labor, equipment, tools and, except with respect to some
     utility customers, the materials necessary to construct a project.
     Contracts may extend beyond one year, although most projects are
     completed within 90 days.
     
     The electrical construction business is highly competitive. Certain
     of the Company's actual or potential competitors have substantially
     greater financial resources available to them. A portion of the
     electrical construction work requires payment and performance bonds.
     The Company has adequate bonding availability.
     
     The Company enters into contracts on the basis of either competitive
     bidding or direct negotiations with its customers. Competitively bid
     contracts account for a majority of the Company's construction
     revenues.  Although there is considerable variation in the terms of
     the contracts undertaken, such contracts typically involve either
     lump sum or unit price contracts, pursuant to which the Company
     agrees to do the work for a fixed amount.
     
     The magnitude and duration of projects undertaken by the Company
     vary, which may result in substantial fluctuations in its backlog
     from time to time.  At March 1, 1998, the approximate value of
     uncompleted contracts was $1,500,000, compared to $4,000,000 at
     February 14, 1997 and $3,480,000 at February 14, 1996.  
     
     As of March 6, 1998, electrical construction had a staff of 16
     salaried employees, including executive officers, division managers,
     superintendents, project managers and administrative personnel.  In
     addition, at such date, electrical construction had 97 hourly-rated
     employees, none of whom are affiliated with any trade or labor
     organization. The number of hourly-rated employees fluctuates
     depending upon the number and size of projects under construction at
     any particular time.  The Company believes that the experience and
     continuity of its staff employees has been an important factor in
     its success.  Management of the Company believes its relations with
     both its salaried and hourly rated employees are good.
     
     The Company is subject to the authority of state and municipal
     regulatory bodies concerned with the licensing of contractors. The
     Company believes that it is in compliance with such licensing
     requirements in all jurisdictions in which it conducts its business.
     
     The administrative and maintenance facilities of Southeast Power are
     located on a 13-acre tract of land near Titusville, Florida owned by
     the Company.  The office building has 3,744 feet of floor space and
     the shop and buildings contain approximately 17,000 feet of floor
     space.
     
     The administrative and maintenance facility of Fiber Optic Services
     is located in Largo, Florida, where the Company leases approximately
     10,100 square feet of space at an average annual rental rate of
     $48,000.  This lease, which expires in March 2001, may be renewed
     for two additional two year terms.
     
                                   Mining
                              
     The Company, through its subsidiaries, explores for, mines,
     processes and markets industrial minerals, aggregate products and
     base and precious metals from properties located in New Mexico.
     
     The Company does not consider itself to be a significant factor in
     the mining industry.  The Company competes with other companies in
     the search for and the acquisition of mining properties and their
     exploration and development. Many of these competitors have
     substantially greater financial resources than the Company, which
     may give them certain competitive advantages, especially with
     respect to projects requiring large amounts of capital. 
     
     The Company's mining operations are subject to the jurisdiction of
     federal and state governmental authorities which have responsibility
     for environmental matters such as air and water quality, the
     promotion of occupational safety and mine reclamation.  The Company
     has in the past reclaimed mining areas, tailing impoundments and
     other associated disturbances and expects to continue to do so in
     the future.  Costs of such reclamation are charged against earnings
     as incurred.  Future costs or capital expenditures relating to the
     protection of the environment are not expected to have a material
     adverse effect on the Company's earnings. The Company believes that
     compliance with mine reclamation laws will not adversely affect the
     competitive position of its operations since competitors in the
     mining industry are subject to the same laws.  The Company holds
     federal and state environmental permits and licenses required for
     the operation of its mining activities.
     
     St. Cloud - Industrial Minerals
     
     St. Cloud Mining Company, a Florida corporation ("St. Cloud"), is a
     wholly-owned subsidiary of the Company and operates the St. Cloud
     mill and mining properties in Sierra County, New Mexico.  The St.
     Cloud mill and mining properties encompass approximately 1,500 acres
     which are estimated to contain several million tons of geologic
     reserves of natural zeolites, a special type of volcanic ash
     (clinoptilolite).
     
     The clinoptilolite mineral occurs in flat lying beds and is
     extracted by conventional open pit mining methods.  At the St. Cloud
     mill, the clinoptilolite minerals are crushed, dried, and sized
     without beneficiation and shipped in bulk, packaged or modified to
     customer's specifications.  Most deliveries are by contract motor
     carriers to manufacturers, brokers, or independent sales agents who
     incorporate zeolites into consumer products or for specific
     industrial uses.
     
     The zeolite products were originally sold beginning in 1990 as
     animal feed supplements.  Zeolite markets now include cat litter,
     industrial fillers and absorbents, air and water filtration media,
     environmental products and soil conditioners.  The zeolite product
     is also used in other applications where ammonia control or specific
     cation exchange capacity is required. 
     
     In 1997, St. Cloud sold 15,013 tons of natural zeolite, compared to
     14,456 tons and 20,775 tons in 1996 and 1995, respectively.  St.
     Cloud has made several modifications to its zeolite operation
     including the addition of cation exchange capacity for added value
     products, drying, warehousing, bagging, blending and additional
     classification capabilities to expand markets for the products.
     
     At March 6, 1998, St. Cloud had a total of 20 full-time employees,
     none of whom are affiliated with trade or labor organizations.
     
     St. Cloud - Base and Precious Metals Mining
     
     Since 1968, the Company has been involved in the exploration, mining
     and milling of silver, copper and gold ores at the St. Cloud
     property.  Production commenced at St. Cloud in 1981. However,
     surface and underground mining was halted during the third quarter
     of 1991 and the first quarter of 1992, respectively, due to
     declining metal prices and mine grades. St. Cloud's viability is
     sensitive to the future price of base and precious metals,
     particularly silver.  Significant portions of the Company's
     investment in St. Cloud's silver mines, processing facilities and
     equipment were written-down at the end of 1993.
     
     St. Cloud's principal metal mining properties are located within the
     Gila National Forest in the Chloride Mining District in New Mexico
     and encompass approximately 250 acres in two main claim blocks.
     
     Several veins are known to exist in the Chloride Mining District and
     may have exploration potential. The Company's two main deposits, the
     St. Cloud and U. S. Treasury mines, have been partially mined and
     explored at depths up to 1,000 feet from declined ramps utilizing
     rubber-tired equipment.  St. Cloud currently estimates their
     indicated reserves to be approximately 349,500 tons averaging 0.70%
     copper, 5.95 ounces silver per ton and 0.031 ounces gold per ton.
     Based on current metal prices, the Company believes that the
     above-estimated reserves are not, at present, economically
     recoverable.
     
     During 1994, the Company implemented a plan to refocus mining
     operations on the production of industrial minerals.  As a result,
     mineralized siliceous converter flux sales at St. Cloud were
     virtually discontinued.  Subsequent to the first quarter of 1992,
     the only base and precious metal mining activity at St. Cloud was
     the sale of stockpiled ore of mineralized siliceous converter flux.
     No significant amount of stockpiled ore remains at St. Cloud. There
     were no such sales in 1997, 1996 and 1995.
     
     As part of the industrial mineral operations, as well as the Company's
     construction aggregate operations described below, the Company
     provides off-site construction services utilizing existing mining
     personnel and equipment. Recent projects included an endangered
     species habitat restoration and a municipal landfill closure.
     
     Management of the Company reviews the net carrying value of all
     mining facilities on a periodic basis to determine, among other
     factors, (1) the net realizable value of each major project, (2) the
     ability of the Company to fund all care, maintenance and standby
     costs, (3) the status and usage of the assets while in a standby
     mode, to determine whether some form of amortization is appropriate
     and (4) current projections of metal prices that affect the decision
     to reopen or make a disposition of the Company's assets. 
     
     Lordsburg
     
     In 1990, The Lordsburg Mining Company, a wholly-owned subsidiary of
     the Company ("Lordsburg"), entered into a venture agreement with
     Federal Resources Corporation ("Federal") to explore, develop and
     mine deposits near the town of Lordsburg in southwestern New Mexico.
     Under this operating agreement, Federal conveyed and assigned to the
     venture, The Lordsburg Mining Company, approximately 12,000 acres of
     patented and unpatented mining claims which include certain mining
     claims leased in the Lordsburg Mining District by Federal, and
     existing milling facilities, buildings and other personal property
     located on the claims.  In April 1994, the Company acquired
     Federal's 50% interest in the Lordsburg properties for $75,000.
     Prior to the acquisition of Federal's interest, Lordsburg did not
     produce sufficient revenue over the related expenses to permit a net
     proceeds distribution to Lordsburg and Federal.
     
     During 1993, a large number of unpatented claims were dropped due to
     increased holding costs imposed by the Federal government. Most of
     the important mining and exploration potential is on patented
     property and was retained. Indicated reserves are estimated to be
     103,800 tons averaging 0.53% copper, 1.0 ounces silver per ton and
     0.097 ounces gold per ton.  Based on current metal prices and
     operating costs, the above estimated reserves are not, at present,
     economically recoverable.
     
     Production from underground mining, which was suspended in February
     1994, had previously been intermittent due to low ore grade and
     inconsistent smelter demand.  The ore produced from the mine was
     used by nearby copper smelters as precious metal bearing siliceous
     flux.  Future demand for underground ores cannot be determined at
     this time.
     
     Although the Company has continued production of construction
     aggregates at Lordsburg, a final decision with respect to the future
     operations at Lordsburg has not been reached.
     
     Lordsburg sold 24,553 tons of construction aggregate material in
     1997, compared to 14,070 tons and 17,347 tons in 1996 and 1995,
     respectively.  Lordsburg sold 17,190 tons of barren, siliceous flux
     to copper smelters in 1996, compared to 20,993 tons in 1995.  There
     were no barren, siliceous flux sales in 1997.
     
     At March 6, 1998, Lordsburg had a total of 2 full-time employees in
     New Mexico, none of whom are affiliated with trade or labor
     organizations.
     
     San Pedro
     
     In April 1993, the capital stock of The San Pedro Mining Corporation
     ("San Pedro"), a then wholly-owned subsidiary of the Company, was
     sold for $1,220,000 of which $50,000 in cash was paid at closing
     with the balance of the purchase price represented by a promissory
     note payable to the Company in equal monthly principal installments
     of $15,000 through January 2000.  Effective December 23, 1997, the
     terms of the note and mortgage were modified to defer principal
     payments until November 1998.  The current principal balance of the
     note is $355,000.  The modified note bears interest at the rate of
     prime plus 1% (9.5% at December 31, 1997) and is secured by a first
     real estate mortgage and personal property security agreement upon
     substantially all of the assets, and a pledge of all of the
     outstanding capital stock, of San Pedro. The Company has classified
     this note receivable as noncurrent as of December 31, 1997 and 1996.
     
     Since the purchaser's initial investment in the property amounted to
     less than 20% of the sale price, the installment method of profit
     recognition was used resulting in a deferred gain of $330,214, of
     which $66,313, $24,360 and $48,720 were recognized as revenue during
     1997, 1996 and 1995, respectively.  The installment method
     recognizes proportionate amounts of the gain associated with the
     transaction as payments are received.
     
     The primary assets of San Pedro were represented by mining
     properties with a net book value of $889,786 at the date of sale.
     
     Royalty
     
     In connection with a coal mining property in Harlan, Kentucky,
     formerly owned by the Company, the Company retains a coal royalty
     which provides for a royalty between 1 1/2% to 3% to be paid until
     2002. The original royalty agreement provided that the Company was
     to receive annual minimum royalties in the amount of $150,000.
     
     During 1997, the Company earned $10,000 from the Harlan coal
     royalty, compared to $20,000 in 1996 and $183,308 in 1995. During
     1995, the lessee suspended mining operations at Harlan Fuel Company.
     During the year ended December 31, 1996, the Company did not receive
     any 1996 minimum royalty payments. Effective February 14, 1997, the
     agreement was amended to provide for a payment of $20,000 and
     monthly minimum payments of $5,000 until all minimum royalties are
     collected. Such annual minimum royalties will be recognized when
     realization of the income is assured.  On January 9, 1998, the
     Company declared a default in the agreement dated February 14, 1997
     and the royalty agreement dated February 19, 1982 for failure to
     make required monthly payments. The Company may bring court action
     to enforce its rights under the agreement.  The Company is
     continuing to amortize the royalty interest on a straight-line basis
     over the period ending January 2002.
     
     Item 2.  Properties.
     
     For information with respect to the principal properties and
     equipment utilized in the Company's mining and electrical
     construction operations, see "Item 1. Business."
     
     The Company's principal office is located in Melbourne, Florida,
     where the Company leases 4,313 square feet of space at an annual
     rental rate of $62,240.  The lease, which expires in January 2001,
     may be renewed for one additional three year term.
     
     Item 3.  Legal Proceedings.
     
     There are no material pending legal proceedings, other than routine
     litigation incidental to the business of the Company, to which the
     Company or any of its subsidiaries is a party or of which any of
     their property is subject.
     
     Item 4.  Submission of Matters to a Vote of Security Holders.
     
     No matter was submitted to a vote of security holders during the
     fourth quarter of 1997.
                             
                                  PART II
                              
     Item 5.  Market for Registrant's Common Equity and Related
     Stockholder Matters.
     
     The Common Stock of the Company is traded on the American Stock
     Exchange, Inc. under the symbol GV. The following table shows the
     reported high and low sales price at which the Common Stock of the
     Company was traded in 1997 and 1996. 
     
<TABLE>
                              1997             1996
                          High     Low     High    Low
     <S>                   <C>     <C>     <C>     <C>
     First Quarter         3/8     1/4     7/16    1/4
     Second Quarter        3/8     1/4     3/8     1/4
     Third Quarter         7/16    1/4     3/8     1/4
     Fourth Quarter        1/2     5/16    5/16    1/4
</TABLE>
     
     As of March 6, 1998, the Company had approximately 19,275 holders of
     record. 
     
     No cash dividends have been paid by the Company on its Common Stock
     since 1933, and it is not expected that the Company will pay any
     cash dividends on its Common Stock in the immediate future.

     Item 6.  Selected Financial Data.
     
     The following table sets forth summary consolidated financial
     information of the Company for each of the years in the five-year
     period ended December 31, 1997.
     
<TABLE>
                                        Years Ended December 31,
                               1997      1996      1995      1994      1993
                                  (in thousands except per share amounts)
     <S>                      <C>       <C>       <C>       <C>       <C>
     Statements of Operations
       Total revenues         $15,974   $13,544   $13,328   $13,394   $12,826 
       Net income (loss)          414      (338)     (678)   (1,101)   (2,554)*
       Earnings (loss)
         per share of
         common stock            0.01     (0.01)    (0.03)    (0.04)    (0.10)  
     Balance Sheets
       Total assets            13,967    13,652    13,847    14,458    16,402  
       Working capital          6,371     5,934     6,241     7,511     8,362   
       Stockholders'
         equity                12,834    12,443    12,805    13,506    14,631  
</TABLE>
                                      
     (*) 1993 results include a charge of $2,668,559 from the write-down
     of certain mining assets partially offset by a credit of $917,500
     representing the cumulative effect from the adoption of SFAS 109,
     "Accounting For Income Taxes".
             
     Item 7.  Management's Discussion and Analysis of Financial Condition 
              and Results of Operations.
     
                              Results of Operations
                              
     Net Income (Loss)
     The Company had pretax earnings of $754,702 and net income of
     $413,971  for the year ended December 31, 1997, compared to net
     losses of $337,838 and $677,558 for the years ended December 31,
     1996 and 1995, respectively.
     
     Revenues
     Total revenues in 1997 were $15,974,357, compared to $13,544,392 and
     $13,328,184 in 1996 and 1995, respectively. The increase in revenues
     was primarily attributable to a higher level of activity in
     electrical construction operations.
     
     Electrical construction revenue increased by 18% in 1997 to
     $13,742,723 from $11,628,898 for 1996.  In 1995, electrical
     construction revenue was $10,676,254.  The increase in electrical
     construction revenues for 1997 was primarily due to a higher level
     of both power line and fiber optic construction activity.  The
     increase in electrical construction revenue for 1996 was primarily
     due to revenue of $788,690, net of intercompany eliminations, from
     the newly acquired subsidiary, Fiber Optic Services.  For 1997,
     Fiber Optic Services contributed revenue of $1,114,954.
     
     Revenue from mining operations increased by 20% to $1,814,583 for
     the year ended 1997 from $1,506,797 for the year ended 1996. The
     increase in revenue from mining for 1997 was primarily a result of
     new off-site construction contracts utilizing existing mining
     personnel and equipment.  In 1995, revenue from mining operations
     was $1,907,684.
     
     Operating Results
     Electrical construction operations had operating profit of
     $1,715,608 during 1997, compared to an operating profit of $578,265
     in 1996 and an operating loss of $223,154 in 1995.  The increase in
     operating results was due to a higher level of construction activity
     and generally improved profit margins.  The varying magnitude and
     duration of electrical construction projects may result in
     substantial fluctuation in the Company's backlog from time to time.
     At March 1, 1998, the approximate value of uncompleted contracts was
     $1,500,000, compared to $4,000,000 at February 14, 1997.
     
     The operating loss from mining operations was $82,003, compared to
     an operating loss of $179,542 in 1996 and an operating profit of
     $72,150 in 1995. The improvement in operating results from mining
     operations in 1997 was primarily a result of new off-site
     construction contracts utilizing existing mining personnel and
     equipment. Operating profit (loss) includes royalty income and
     depreciation expense.  Royalty income in 1997 was $10,000 as
     compared to $20,000 in 1996 and $183,308 in 1995.  During 1995, the
     lessee suspended mining operations at Harlan Fuel Company.  The
     original royalty agreement provided that the Company was to receive
     annual minimum royalties in the amount of $150,000.  During the year
     ended December 31, 1996, the Company did not receive any 1996
     minimum royalty payments. Effective February 14, 1997, the agreement
     was amended to provide for a payment of $20,000 and monthly minimum
     payments of $5,000 until all minimum royalties are collected.  Such 
     annual minimum royalties will be recognized when realization of the 
     income is assured.  The Company is continuing to amortize the royalty 
     interest on a straight-line basis over the period ending January 2002.  
     
     Other Income
     Other income for 1997 was $407,051 as compared to $388,697 and
     $560,938 during 1996 and 1995, respectively.  The increase in 1997
     from 1996 was primarily attributable to an increase in interest
     income.
     
     Costs and Expenses
     Total costs and expenses and the components thereof increased
     approximately 10% as compared to the like period in 1996 as a result
     of increased construction activity.
     
     Electrical construction costs were $11,361,069 and $10,482,506 in
     1997 and 1996, respectively, as compared to $10,358,367 in 1995.
     
     Depreciation and amortization was $1,058,403 in 1997 compared to
     $916,726 and $902,524 in 1996 and 1995, respectively.
     
     General corporate expenses of the Company increased to $1,285,954 in
     1997 from $1,125,348 in 1996. General corporate expenses were
     $1,025,492 in 1995.
     
     
                       Liquidity and Capital Resources
                              
     Cash and cash equivalents at December 31, 1997 were $4,397,281 as
     compared to $4,610,198 as of December 31, 1996.  Working capital at
     December 31, 1997 was $6,371,043, compared to $5,933,947 at December
     31, 1996.  The Company's ratio of current assets to current
     liabilities was 7.3 to 1 at December 31, 1997, compared to 6.8 to 1
     at December 31, 1996.  
     
     The Company paid cash dividends on its Series A Preferred Stock in
     the amount of $23,758 in each of the years ended December 31, 1997,
     1996 and 1995.  No cash dividends have been paid by the Company on
     its Common Stock since 1933, and it is not expected that the Company
     will pay any cash dividends on its Common Stock in the immediate
     future.
     
     Pursuant to an unsecured line of credit agreement between Southeast
     Power and SunTrust Bank of Central Florida, N.A. (guaranteed by the
     Company), Southeast Power may borrow up to $1,000,000 at the bank's
     prime rate of interest.  This credit line expires April 30, 1998, at
     which time the Company expects to renew it for an additional year.
     No borrowings were outstanding under this line of credit during
     1997, 1996 and 1995.  However, beginning in 1996 $100,000 of this
     line of credit was reserved for a standby letter of credit.
     
     The Company's capital expenditures in 1997 increased to $1,450,914
     from $736,406 in 1996.  This increase was primarily due to a higher
     level of equipment purchases in the electrical construction
     operations. The capital expenditures for 1996 included the
     acquisition of the fixed assets of Fiber Optic Services for $173,138
     as described in note 13 of notes to consolidated financial
     statements.  Capital expenditures in 1998 are expected to be
     approximately $1,300,000, which the Company expects to finance
     through existing credit facilities or cash reserves.
                             
     Year 2000 Issue
     
     The year 2000 issue results from computer programs that do not
     differentiate between the year 1900 and the year 2000 because they
     are written using two digits rather than four to define the
     applicable year.  If not corrected, many computer applications could
     fail or create erroneous results by or at the year 2000.  This year
     2000 issue is believed to affect virtually all companies and
     organizations.  However, the Company believes that all of its
     existing material computer systems and software are year 2000
     compliant. Therefore, the financial impact to the Company to ensure
     year 2000 compliance has not been, and is not anticipated to be,
     material to its business, financial condition or results of
     operations. The Company is seeking to determine the effect, if any,
     of the year 2000 issue on its vendors or suppliers as they may
     affect the Company.
     
     Item 8.  Financial Statements and Supplementary Data.
     
     
                         Independent Auditors' Report
                              
     
     The Shareholders and Board of Directors 
     The Goldfield Corporation: 
     
     We have audited the consolidated financial statements of The
     Goldfield Corporation and subsidiaries as listed in the accompanying
     index. These consolidated financial statements are the
     responsibility of the Company's management.  Our responsibility is
     to express an opinion on these consolidated financial statements
     based on our audits.
     
     We conducted our audits in accordance with generally accepted
     auditing standards.  Those standards require that we plan and
     perform the audit to obtain reasonable assurance about whether the
     financial statements are free of material misstatement.  An audit
     includes examining, on a test basis, evidence supporting the amounts
     and disclosures in the financial statements.  An audit also includes
     assessing the accounting principles used and significant estimates
     made by management, as well as evaluating the overall financial
     statement presentation.  We believe that our audits provide a
     reasonable basis for our opinion.
     
     In our opinion, the consolidated financial statements referred to
     above present fairly, in all material respects, the financial
     position of The Goldfield Corporation and subsidiaries at December
     31, 1997 and 1996, and the results of their operations and their
     cash flows for each of the years in the three-year period ended
     December 31, 1997, in conformity with generally accepted accounting
     principles.
     

     /s/
     KPMG Peat Marwick LLP
     
     Orlando, Florida
     February 20, 1998
     


                          THE GOLDFIELD CORPORATION
                              and Subsidiaries

                          CONSOLIDATED BALANCE SHEETS

<TABLE>
                                                           December 31,
                                                      1997             1996
<S>                                              <C>              <C>
ASSETS
Current assets
  Cash and cash equivalents                      $ 4,397,281      $ 4,610,198
  Accounts receivable and accrued billings         1,829,644        1,420,270
  Current portion of notes receivable (Note 2)        78,946           39,771
  Inventories (Note 3)                               218,502          228,049
  Costs and estimated earnings in excess of
    billings on uncompleted contracts (Note 4)       791,360          600,302
  Prepaid expenses and other current assets           74,368           63,794
    Total current assets                           7,390,101        6,962,384
Property, buildings and equipment, net (Note 5)    4,510,158        4,187,288
Notes receivable, less current portion (Note 2)      672,576          875,100
Deferred charges and other assets
  Deferred income taxes (Note 6)                     548,000          860,000
  Repurchased royalty at cost, net of accumulated
    amortization of $210,793 in 1997 and
    $184,718 in 1996                                 108,657          134,732
  Cash surrender value of life insurance (Note 7)    737,050          632,739
    Total deferred charges and other assets        1,393,707        1,627,471
Total assets                                     $13,966,542      $13,652,243
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Accounts payable and accrued liabilities 
    (Note 8)                                     $   917,279      $   954,366
  Billings in excess of costs and estimated
    earnings on uncompleted contracts (Note 4)        73,048           74,071
  Income taxes payable (Note 6)                       28,731               --
    Total current liabilities                      1,019,058        1,028,437

Deferred gain on installment sales                   113,865          180,400
Total liabilities                                  1,132,923        1,208,837
Stockholders' equity
  Preferred stock, $1 par value per share,
    5,000,000 shares authorized; issued and
    outstanding 339,407 shares of Series A
    7% voting cumulative convertible stock 
    (Note 9)                                         339,407          339,407
  Common stock, $.10 par value per share,
    40,000,000 shares authorized; issued
    26,872,106 shares (Notes 9 and 10)             2,687,211        2,687,211
  Capital surplus                                 18,369,860       18,369,860
  Accumulated deficit                             (8,544,139)      (8,934,352)
    Total                                         12,852,339       12,462,126
  Less common stock in treasury, 17,358 shares,
    at cost                                           18,720           18,720
    Total stockholders' equity                    12,833,619       12,443,406
Total liabilities and stockholders' equity       $13,966,542      $13,652,243
</TABLE>

See accompanying notes to consolidated financial statements




                           THE GOLDFIELD CORPORATION
                              and Subsidiaries

                    CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
                                              Years Ended December 31,
                                      1997            1996             1995
<S>                              <C>             <C>              <C>
Revenue
  Electrical construction        $13,742,723     $11,628,898      $10,676,254
  Mining                           1,814,583       1,506,797        1,907,684
  Royalty income                      10,000          20,000          183,308
  Other income, net (Note 11)        407,051         388,697          560,938
    Total revenue                 15,974,357      13,544,392       13,328,184

Costs and expenses
  Electrical construction         11,361,069      10,482,506       10,358,367
  Mining                           1,565,801       1,388,150        1,712,404
  Depreciation and amortization    1,058,403         916,726          902,524
  General and administrative       1,234,382       1,094,848          970,447
    Total costs and expenses      15,219,655      13,882,230       13,943,742

Income (loss) from operations
  before income taxes                754,702        (337,838)        (615,558)

Income taxes (Note 6)                340,731              --           62,000

Net income (loss)                    413,971        (337,838)        (677,558)

Preferred stock dividends             23,758          23,758           23,758

Income (loss) available to
  common stockholders            $   390,213     $  (361,596)     $  (701,316)

Basic earnings (loss) per share
  of common stock (Note 10)      $      0.01     $     (0.01)     $     (0.03)

Weighted average number of
  common shares outstanding       26,854,748      26,854,748       26,854,748
</TABLE>

See accompanying notes to consolidated financial statements




                           THE GOLDFIELD CORPORATION
                               and Subsidiaries

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
                                                Years Ended December 31,
                                            1997          1996          1995
<S>                                    <C>           <C>           <C>
Cash flows from operating activities
   Net income (loss)                   $  413,971    $ (337,838)   $ (677,558)
Adjustments to reconcile net income 
  (loss) to net cash provided from 
  (used by) operating activities
  Depreciation and amortization         1,058,403       916,726       902,524
  Deferred income taxes                   312,000            --        62,000
  Deferred gain on installment sales      (66,535)      (24,360)      (48,720)
  Gain on sale of property and  
    equipment                             (14,499)      (32,288)      (88,640)
  Cash provided by (used for) 
    changes in
     Accounts receivable and accrued 
       billings                          (409,374)      117,769       (53,579)
     Notes receivable granted                  --       (42,600)           --
     Inventories                            9,547       (62,441)       51,100
     Costs and estimated earnings 
       in excess of billings on 
       uncompleted contracts             (191,058)       38,884      (390,866)
     Prepaid expenses and other 
       current assets                     (10,574)       98,676        97,400
     Cash surrender value of life 
       insurance                         (104,311)     (117,240)     (115,988)
     Accounts payable and accrued 
       liabilities                        (37,087)      134,519       211,788
     Billings in excess of costs 
       and estimated
       earnings on uncompleted contracts   (1,023)       38,920       (72,898)
     Income taxes payable                  28,731            --            --
     Deferred income from notes granted        --        18,000            --
         Net cash provided from (used by)
           operating activities           988,191       746,727      (123,437)

Cash flows from investing activities
   Proceeds from the disposal of
     property and equipment               110,215        46,658       100,070
   Loans granted                         (139,969)      (71,278)     (352,863)
   Collections from notes receivable      303,318       200,445       232,387
   Purchases of property and equipment (1,450,914)     (563,268)   (1,260,127)
   Payments made to acquire fixed 
     assets of Fiber Optic Services            --      (173,138)           --
         Net cash used by investing 
           activities                  (1,177,350)     (560,581)   (1,280,533)

Cash flows from financing activities
  Payments of preferred stock 
    dividends                             (23,758)      (23,758)      (23,758)

Net increase (decrease) in cash and 
  cash equivalents                       (212,917)      162,388    (1,427,728)
Cash and cash equivalents at 
  beginning of period                   4,610,198     4,447,810     5,875,538
Cash and cash equivalents at 
  end of period                        $4,397,281    $4,610,198    $4,447,810
</TABLE>

See accompanying notes to consolidated financial statements




                          THE GOLDFIELD CORPORATION
                               and Subsidiaries

             CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

<TABLE>
                                                Years Ended December 31,
                                         1997          1996           1995
<S>                                  <C>           <C>            <C>
STOCKHOLDERS' EQUITY
ACCUMULATED       Beginning balance  $(8,934,352)  $(8,572,756)   $(7,871,440)
DEFICIT           Net income (loss)      413,971      (337,838)      (677,558)
                  Cash dividends
                   Series A Stock
                   (per share:  7%)      (23,758)      (23,758)       (23,758)
                  Ending balance      (8,544,139)   (8,934,352)    (8,572,756)

PREFERRED         Beginning and
STOCK SERIES A     ending balance        339,407       339,407        339,407

COMMON STOCK      Beginning and
                   ending balance      2,687,211     2,687,211      2,687,211

CAPITAL           Beginning and
SURPLUS            ending balance     18,369,860    18,369,860     18,369,860

TREASURY STOCK    Beginning and
                   ending balance        (18,720)      (18,720)       (18,720)

                  Total consolidated
                   stockholders' 
                   equity            $12,833,619   $12,443,406    $12,805,002



SHARES OF CAPITAL STOCK ISSUED
PREFERRED         Beginning and
STOCK SERIES A     ending balance        339,407       339,407        339,407

COMMON STOCK      Beginning and
                   ending balance     26,872,106    26,872,106     26,872,106

TREASURY STOCK    Beginning and
                   ending balance         17,358        17,358         17,358
</TABLE>

See accompanying notes to consolidated financial statements




                           THE GOLDFIELD CORPORATION
                                and Subsidiaries
                             
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 1997 and 1996
                             
                              
     Note 1 - Summary of Significant Accounting Policies
     
     Basis of Financial Statement Presentation - The accompanying
     consolidated financial statements include the accounts of The
     Goldfield Corporation ("Parent") and its subsidiaries (collectively,
     "the Company"), all of which are wholly-owned.  All significant
     intercompany balances and transactions have been eliminated.
     
     Nature of Operations - The Company's principal lines of business are
     electrical construction and the mining of industrial minerals as
     well as base and precious metals.  The principal market for the
     Company's electrical construction operation is electric utilities in
     the southeastern United States.  The principal market for the
     Company's mining operations is purchasers of zeolite products
     throughout the United States.
     
     Cash Equivalents - The Company considers all highly liquid
     investments with a maturity of one year or less when purchased to be
     cash equivalents.
     
     Inventories - Inventories are valued at the lower of cost or market.
     Cost is determined by the first-in, first-out method.  Costs
     associated with extraction and milling or production activities are
     inventoried and valued at lower of cost or estimated final smelter
     settlement or net sales (net realizable value).
     
     Property, Buildings, Equipment and Depreciation - Property,
     buildings and equipment are stated at cost.  The Company provides
     depreciation for financial reporting purposes over the estimated
     useful lives of fixed assets using the straight-line and units-of-
     production methods.
     
     Repurchased Royalty - The original royalty agreement provided that
     the Company was to receive annual minimum royalties in the amount of
     $150,000.  During the year ended December 31, 1996, the Company did
     not receive any 1996 minimum royalty payments.  Effective February
     14, 1997, the agreement was amended to provide for a payment of
     $20,000 and monthly minimum payments of $5,000 until all minimum
     royalties are collected. Such annual minimum royalties will be
     recognized when realization of the income is assured. On January 9,
     1998, the Company declared a default in the agreement dated February
     14, 1997 and the royalty agreement dated February 19, 1982 for
     failure to make required monthly payments. The Company may bring
     court action to enforce its rights under the agreement.  The Company
     is continuing to amortize the royalty interest on a straight-line
     basis over the period ending January 2002.
     
     Mining Revenues - Zeolite sales are recorded upon delivery. Other
     sales are recorded in the month of delivery.  Recorded values are
     adjusted periodically and upon final settlement.
     
     Mine Exploration and Development - Exploration costs and normal
     development costs at operating mines are charged to operations as
     incurred.
     
     Long-Term Electrical Contracts - Revenues are earned under long-
     term fixed price contracts and units of delivery contracts. Revenues
     from units of delivery contracts are recorded as the service is
     performed.  For completed contracts, the revenue is based on actual
     billings.  For uncompleted contracts the revenue is based on actual
     labor hours incurred and estimated final billing rates. Revenues
     from long-term fixed price construction contracts are recognized on
     the percentage-of-completion method measured by comparing the costs
     incurred to date to the estimated total costs to be incurred for
     each contract.  The asset, "costs and estimated earnings in excess
     of billings on uncompleted contracts" represents revenues recognized
     in excess of amounts billed.  The liability, "billings in excess of
     costs and estimated earnings on uncompleted contracts" represents
     billings in excess of revenue recognized.
     
     Contract costs include all direct material, direct labor,
     subcontractor costs and other indirect costs related to contract
     performance, such as supplies, tools and repairs.  General and
     administrative costs are charged to expense as incurred.  Provisions
     for estimated losses on uncompleted contracts are made in the period
     in which such losses are determined.  Changes in job performance,
     job conditions, estimated profitability and final contract
     settlements may result in revisions to costs and income and are
     recognized in the period in which the revisions are determined.
     
     Income Taxes - The Company accounts for income taxes using the asset
     and liability method.  Under the asset and liability method,
     deferred tax assets and liabilities are recognized for the future
     tax consequences attributable to differences between the financial
     statement carrying amounts of existing assets and liabilities and
     their respective tax bases.  Deferred tax assets and liabilities are
     measured using enacted tax rates expected to apply to taxable income
     in the years in which those temporary differences are expected to be
     recovered or settled.  The effect on deferred tax assets and
     liabilities of a change in tax rates is recognized in income in the
     period that includes the enactment date.
     
     Use of Estimates - Management of the Company has made a number of
     estimates and assumptions relating to the reporting of assets and
     liabilities and the disclosure of contingent assets and liabilities
     to prepare these financial statements in conformity with generally
     accepted accounting principles.  Actual results could differ from
     those estimates.
     
     Financial Instruments Fair Value, Concentration of Business and
     Credit Risks - The carrying amount reported in the balance sheet for
     cash and cash equivalents, accounts receivable and accrued billings,
     accounts payable and accrued liabilities approximates fair value
     because of the immediate or short-term maturity of these financial
     instruments.  It is not considered practical to estimate the fair
     value of the $355,000 note receivable relating to the sale of The
     San Pedro Mining Corporation (see Note 2).  The fair value of the
     $212,500 note receivable, which provides for an interest rate of 18%
     and is collateralized by land located in Brevard County, Florida, is
     considered to be its carrying value due to the lack of a ready
     market for such loans.  Financial instruments which potentially
     subject the Company to concentrations of credit risk consist
     principally of accounts receivable, accrued billings and retainage
     in the amount of $1,419,403 at December 31, 1997 due from electrical
     utilities pursuant to contract terms.  The Company considers these
     electrical utility customers to be creditworthy.  In January 1996,
     the Company lost its largest zeolite customer, which represented 38%
     of mining revenue in 1995.  The Company is continually seeking other
     customers to replace this business.
     
     Note 2 - Sale of Mining Subsidiary
     
     In April 1993, the capital stock of The San Pedro Mining Corporation
     ("San Pedro"), a then wholly-owned subsidiary of the Company, was
     sold for $1,220,000 of which $50,000 in cash was paid at closing
     with the balance of the purchase price represented by a promissory
     note payable to the Company in equal monthly principal installments
     of $15,000 through January 2000.  Effective December 23, 1997, the
     terms of the note and mortgage were modified to defer principal
     payments until November 1998.  The current principal balance of the
     note is $355,000.  The modified note bears interest at the rate of
     prime plus 1% (9.5% at December 31, 1997) and is secured by a first
     real estate mortgage and personal property security agreement upon
     substantially all of the assets of and a pledge of all of the
     outstanding capital stock of San Pedro. The Company has classified
     this note receivable as noncurrent as of December 31, 1997 and 1996.
     
     Since the purchaser's initial investment in the property amounted to
     less than 20% of the sale price, the installment method of profit
     recognition was used resulting in a deferred gain of $330,214. In
     the years ended December 31, 1997, 1996 and 1995, $66,313, $24,360
     and $48,720 respectively, of such deferred gain was recognized as
     revenue.  The installment method recognizes proportionate amounts of
     the gain associated with the transaction as payments are received.
     
     The primary assets of San Pedro were represented by mining
     properties with a net book value of $889,786 at the date of sale.
     
     Note 3   Inventories

     Inventories at December 31 consisted of:

<TABLE>
                                       1997           1996
     <S>                             <C>            <C>
     Materials and supplies          $110,399       $106,672
     Industrial mineral products       45,169         62,983
     Ores in process                   62,934         58,394
     Total inventories               $218,502       $228,049
</TABLE>
     
     Note 4 - Costs and Estimated Earnings on Uncompleted Contracts
     
     Long-term fixed price construction contracts in progress accounted
     for on the percentage-of-completion method at December 31 consisted
     of:

<TABLE>
                                                    1997            1996
     <S>                                         <C>             <C>
     Costs incurred on uncompleted contracts     $5,269,002      $3,788,038 
     Estimated earnings                             828,429         790,319
                                                  6,097,431       4,578,357
     Less billings to date                        5,379,119       4,052,126
                                                 $  718,312      $  526,231 
     Included in the balance sheets under
       the following captions
         Costs and estimated earnings
           in excess of billings on
           uncompleted contracts                   $791,360        $600,302  
         Billings in excess of costs
           and estimated earnings
           on uncompleted contracts                 (73,048)        (74,071)
     Total                                         $718,312        $526,231  
</TABLE>
     
     The amounts billed but not paid by customers pursuant to retention
     provisions of long-term construction contracts were $346,283 and
     $282,850 at December 31, 1997 and 1996, respectively. Such retainage
     is expected to be collected within the next twelve months.
     
     Note 5   Property, Buildings and Equipment
     
     Balances of major classes of properties at December 31 consisted of:
     
<TABLE>
                                           1997             1996
     <S>                               <C>              <C>
     Land, mines and mining claims     $ 5,255,047      $ 5,255,047
     Buildings and improvements          1,728,278        1,729,313
     Machinery and equipment            14,966,807       14,296,694
     Construction in progress               23,935           34,109
        Total                           21,974,067       21,315,163
     Less accumulated depreciation, 
        depletion and amortization      17,463,909       17,127,875     
     Net properties                    $ 4,510,158      $ 4,187,288 
</TABLE>
     
     As a matter of policy, management of the Company reviews the net
     carrying value of all mining facilities on a periodic basis.  As a
     result of such review, no write-down was considered necessary during
     any of the years in the three-year period ended December 31, 1997.
     
     Note 6 - Income Taxes
     The income tax provision for the years ended December 31 consisted
     of:
     
<TABLE>
                         1997          1996         1995
       <S>            <C>           <C>          <C>  
     Current
       Federal        $  5,000      $    --       $    -- 
       State            23,731           --            --
                        28,731           --            --
     Deferred
       Federal         261,000           --        52,000
       State            51,000           --        10,000
                       312,000           --        62,000 
     Total            $340,731      $    --       $62,000
</TABLE>
     
     Temporary differences and carryforwards which give rise to deferred
     tax assets and liabilities as of December 31 consisted of:
     
<TABLE>
                                                     1997              1996
     <S>                                          <C>              <C>
     Deferred tax assets
       Depletion, mineral rights and deferred
         development and exploration costs        $  324,000       $  325,000  
       Accrued workers' compensation costs            28,000           62,000  
       Accrued vacation and bonus                     14,000           11,000  
       Property and equipment, principally
         due to differences in depreciation
         and valuation write-downs                   358,000          398,000  
       Contingent salary payments recorded
         as goodwill for tax purposes                  7,000               --  
       Net operating loss carryforwards            2,644,000        2,881,000  
       Investment tax credit carryforwards           209,000          264,000  
       Alternative minimum tax credit 
         carryforwards                               262,000          256,000  
                                                   3,846,000        4,197,000  
     Valuation allowance                          (3,298,000)      (3,337,000)
        Total net deferred tax assets                548,000          860,000  
     Deferred tax liabilities                             --               --  
     Net deferred tax assets                      $  548,000       $  860,000  
</TABLE>
     
     The Company has recorded a valuation allowance to reflect the
     estimated amount of deferred tax assets which may not be realized.
     In assessing the realizability of deferred tax assets, management
     considers whether it is more likely than not that some portion or
     all of the deferred tax assets will not be realized.  The ultimate
     realization of deferred tax assets is dependent upon the generation
     of future taxable income during the periods in which those temporary
     differences become deductible.  Management considers the projected
     future taxable income and tax planning strategies in making this
     assessment.  The Company decreased the valuation allowance for net
     deferred tax assets by $39,000 for the year ended December 31, 1997.
     
     At December 31, 1997, the Company had tax net operating loss
     carryforwards of approximately $6,900,000 available to offset future
     regular taxable income, which if unused, will expire from 2000
     through 2011.
     
     Additionally, the Company at December 31, 1997 had investment tax
     credit carryforwards of approximately $209,000 available to reduce
     future Federal income taxes, which if unused, will expire in 1998
     and 2000.  In addition, the Company has alternative minimum tax
     credit carryforwards of approximately $262,000 which are available
     to reduce future Federal income taxes over an indefinite period.
     
     The differences between the Company's effective income tax rate and
     the Federal statutory rate for the years ended December 31 are
     reconciled below:
     
<TABLE>
                                              1997         1996        1995
     <S>                                      <C>         <C>         <C>
     Federal statutory rate (benefit)         34.0%       (34.0)%     (34.0)%
     State income tax                          6.5         (3.6)        2.0   
     Other non-deductible expenses             2.5          6.4         3.0   
     Expiration of investment tax credits      7.4           --         6.0   
     Valuation allowance                      (5.2)        31.2        33.1   
     Total                                    45.2%          -- %      10.1 % 
</TABLE>
     
     Note 7 - Employee Benefit Agreements and 401(k) Plan
     
     Beginning in 1989, the Company entered into employee benefit
     agreements with certain employees of the Company.  Under the terms
     of the agreements, the Company buys life insurance policies that
     build cash surrender value while also providing life insurance
     benefits for the employee.  The Company is entitled to a refund of
     all previously paid premiums or the cash surrender value of the
     policy, whichever is lower, if the agreement is terminated prior to
     the employee attaining the age of 65.  After an employee reaches age
     65, the Company is entitled to a refund of all previously paid
     premiums in ten annual installments.  In the event of death, the
     Company will immediately be entitled to a refund of all previously
     paid premiums.  The Company may terminate the agreements at any time
     by giving written notice to the employee.
     
     Effective January 1, 1995, the Company adopted The Goldfield
     Corporation and Subsidiaries Employee Savings and Retirement Plan,
     a defined contribution plan that qualifies under Section 401(k) of
     the Internal Revenue Code.  The plan provides retirement benefits to
     all employees who meet eligibility requirements and elect to
     participate.  Under the plan, participating employees may defer up
     to 15% of their pre-tax compensation per calendar year subject to
     Internal Revenue Code limits.  The Company's contributions to the
     plan are discretionary and amounted to approximately $96,000,
     $79,000 and $74,000 for the years ended December 31, 1997, 1996 and
     1995, respectively.
     
     Note 8   Accounts Payable and Accrued Liabilities
     
     Accounts payable and accrued liabilities at December 31 consisted
     of:

<TABLE>
                                       1997         1996
     <S>                             <C>          <C>
     Accounts payable                $430,176     $361,841
     Bonuses                          199,382      122,355
     Payroll and related  
       expenses                       130,970      102,101
     Worker's compensation 
       insurance reserve               73,302      161,519
     Insurance                         29,735      162,801 
     Other                             53,714       43,749
     Total                           $917,279     $954,366 
</TABLE>
     
     During 1990, the Company adopted a self-insured plan for worker's
     compensation claims subject to certain limits.  In July 1993, the
     Company changed its method of insuring workers' compensation claims
     to a plan that is not self-insured.  As of December 31, 1997 and
     1996, the estimated liability for workers' compensation for the
     outstanding claims under the previous self-insured plan was $73,302
     and $161,519, respectively.  Such liability is included in accounts
     payable and accrued liabilities in the accompanying balance sheets.
     
     Note 9 - Preferred and Common Stock
     
     The Series A 7% Voting Cumulative Convertible Preferred Stock
     ("Series A Stock") is convertible into common stock, presently at
     the rate of 1.144929 shares of common stock for each share of Series
     A Stock, and has an annual dividend rate of $.07 per share.  The
     Series A Stock may be redeemed by the Company at par.  Holders of
     the Series A Stock have the same voting rights as common
     stockholders (except under certain circumstances arising from the
     failure to pay dividends on the Series A Stock) and have certain
     rights not held by common stockholders such as preferences in
     liquidation and controlling voting rights in certain mergers, sales
     and amendments to the Certificate of Incorporation.
     
     At December 31, 1997, 26,872,106 shares of Common Stock were issued
     and 388,597 shares of Common Stock were reserved for possible
     conversion of the Series A Stock.
     
     Note 10   Basic Earnings (Loss) Per Share of Common Stock
     
     Basic earnings (loss) per common share, after deducting dividend
     requirements on the Company's Series A Stock of $23,758 in each of
     the years ended December 31, 1997, 1996 and 1995, were based on the
     weighted average number of shares of Common Stock outstanding,
     excluding 17,358 shares of Treasury Stock for each of the years
     ended December 31, 1997, 1996 and 1995.  The inclusion of Common
     Stock issuable upon conversion of Series A Stock has not been
     included in the per share calculations because such inclusion would
     not have a material effect on the earnings (loss) per common share.
     
     Note 11 - Other Income, Net
     
     Other income, net for the years ended December 31 consisted of:
     
<TABLE>
                                       1997          1996           1995
     <S>                             <C>           <C>            <C>
     Interest income                 $300,241      $283,538       $404,646
     Recognized gain on sale of  
     subsidiary (Note 2)               66,313        24,360         48,720
     Gain on sale of equipment         14,499        32,288         88,640
     Other                             25,998        48,511         18,932
     Total other income, net         $407,051      $388,697       $560,938
</TABLE>
     
     Note 12 - Credit Facility
     
     Under an unsecured line of credit arrangement expiring April 30,
     1998 (guaranteed by the Company), the Company's electrical
     construction subsidiary may borrow up to $1,000,000 at the bank's
     prime rate of interest.  At December 31, 1997 and 1996, no
     borrowings were outstanding under this line of credit; however,
     during 1997 and 1996, $100,000 of the line of credit was reserved
     for a standby letter of credit for the outstanding self-insured
     workers compensation claims.  All stated conditions related to this
     available credit line have been complied with in 1997 and 1996.
     
     Note 13 - Acquisition of Fiber Optic Services
     
     In January 1996, the Company acquired the fixed assets of Fiber
     Optic Services for payments of $173,138 and contingent payments
     equal to 2 1/2 times their average pre-tax earnings for the five
     years ended December 31, 2000.  This acquisition was accounted for
     as a purchase.  Accordingly, the initial payments were allocated to
     the fixed assets acquired based upon their estimated fair market
     values. Contingent payments will be treated as compensation expense
     in the period incurred.  Proforma effects of this acquisition for
     fiscal 1996 are considered immaterial.
     
     Fiber Optic Services is engaged in the construction of fiber optic
     communication systems throughout the United States primarily for
     electric utilities and communication companies.
     
     Note 14 - Business Segment Information
     
     Operations include mining and electrical construction.  Intersegment
     sales have been eliminated.  The following table sets forth certain
     segment information for the periods indicated:
     
<TABLE>
                                         1997            1996        1995
     <S>                             <C>             <C>          <C>
     Sales from operations to
       unaffiliated customers
         Electrical construction      $13,742,723    $11,628,898  $10,676,254  
         Mining                         1,814,583      1,506,797    1,907,684  
     Total                            $15,557,306    $13,135,695  $12,583,938  

     Gross profit (loss)
       Electrical construction         $1,715,608     $  578,265  $  (223,154)
       Mining                             (82,003)      (179,452)      72,150  
     Total gross profit (loss)          1,633,605        398,813     (151,004)
     
     Interest and other
       income, net                        407,051        388,697      560,938  
     General corporate expenses        (1,285,954)    (1,125,348)  (1,025,492)
       Income (loss) from
         operations before
         income taxes                  $  754,702     $ (337,838) $  (615,558)
     
     Identifiable assets
       Electrical construction        $ 7,365,219    $ 6,459,253  $ 5,177,368  
       Mining                           2,745,216      2,835,680    3,140,009  
       Corporate                        3,856,107      4,357,310    5,529,383  
     Total                            $13,966,542    $13,652,243  $13,846,760  
     
     Capital expenditures
       Electrical construction         $1,120,678       $579,032   $  780,613  
       Mining                             152,783         79,783      338,728  
       Corporate                          177,453         77,591      140,786  
     Total                             $1,450,914       $736,406   $1,260,127  
     
     Depreciation and depletion
       Electrical construction         $  666,047       $568,127     $541,041  
       Mining                             314,709        280,720      280,360  
       Corporate                           51,572         41,801       55,045  
     Total                             $1,032,328       $890,648     $876,446  
</TABLE>
                                                     
     Gross profit (loss) is total operating revenue less operating
     expenses. Gross profits (losses) exclude general corporate expenses,
     interest expense, interest income and income taxes. Royalty income
     is included in the calculation of gross profit (loss) for the mining
     segment.  Identifiable assets by industry are used in the operations
     of each industry.
                                                     
     Sales (in thousands of dollars) to major customers exceeding 10% of
     total sales follows:
                                                     
<TABLE>
                                 1997              1996             1995
                                     % of              % of              % of
                                     Total            Total             Total
                             Amount  Sales    Amount  Sales     Amount  Sales
     <S>                     <C>       <C>    <C>       <C>    <C>       <C>
     Electrical construction
     Customer A              $2,910    19     $2,171    17
     Customer B                                                 $3,409    27
     Customer C                                3,081    23
     Customer D                                                  1,584    13
     Customer E               1,526    10
     Customer F               3,383    22
</TABLE>
                                                                      
    Item 9. Changes In and Disagreements With Accountants on
            Accounting and Financial Disclosure.
    None.
     
                                  PART III
                             
     Item 10.  Directors and Executive Officers of the Registrant.
     
     Information concerning the directors of the Company will be
     contained under "Election of Directors" in the Company's 1998 Proxy
     Statement, which information is incorporated by reference.

     The executive officers of the Company are as follows:

<TABLE>
                                   Year In Which
                                   Service Began
          Name and Title(1)          As Officer              Age
     <S>                                <C>                  <C>
     James Sottile
       Chairman of the Board
       of Directors                     1970                 84
     
     John H. Sottile, (2)
       President and Chief
       Executive Officer, Director      1983                 50
     
     John M. Starling
       Secretary, Director              1996                 68
                                 
     Stephen R. Wherry,
       Vice President, Treasurer
       and Chief Financial Officer      1988                 39
                                           
     (1)  As of March 1, 1998.
     (2)  John H. Sottile is the son of James Sottile, Chairman of the Board 
          of Directors.
</TABLE>
     
     Throughout the past five years John H. Sottile and Stephen R. Wherry
     have been principally employed as executive officers of the Company.
     
     James Sottile has served as Chairman of the Board for the past five
     years.
     
     John M. Starling has been an executive officer of the Company since
     March 15, 1996.  Since March 1, 1998, Mr. Starling has acted as Of
     Counsel for the law firm of Dwight W. Severs & Associates, P.A.
     Between January 1, 1995 and March 1, 1998, Mr. Starling acted as Of
     Counsel for the law firm of Severs, Stadler & Harris, P.A.  Prior to
     such time, Mr. Starling was a member of the law firm of Holland,
     Starling, Severs, Stadler & Friedland, P.A.
     
     The term of office of all directors is until the next annual meeting
     and the term of office of all officers is for one year and until
     their successors are chosen and qualify.
     
     Item 11.  Executive Compensation.
     
     Information concerning executive compensation will be contained
     under "Executive Compensation" in the Company's 1998 Proxy
     Statement, which information is incorporated herein by reference.
     
     Item 12.  Security Ownership of Certain Beneficial Owners and Management.
     
     Information concerning the security ownership of the directors and
     officers of the registrant will be contained under "Ownership of
     Voting Securities by Certain Beneficial Owners and Management" in
     the Company's 1998 Proxy Statement, which information is
     incorporated herein by reference.
     
     Item 13.  Certain Relationships and Related Transactions.
     
     Information concerning relationships and related transactions of the
     directors and officers of the Company will be contained under
     "Election of Directors" in the Company's 1998 Proxy Statement, which
     information is incorporated herein by reference.
                             
                                   PART IV
                              
     
     Item 14.  Exhibits, Financial Statement Schedules, and
               Reports on Form 8-K.
     
     
     (a) Financial Statements                                   Page
     
     Report of Independent Certified Public Accountants          13
     
     Consolidated Balance Sheets - December 31, 1997        
       and 1996                                                  14
     
     Consolidated Statements of Operations - Three Years         
       ended December 31, 1997                                   15
     
     Consolidated Statements of Cash Flows - Three Years
       ended December 31, 1997                                   16
     
     Consolidated Statements of Stockholders' Equity -
       Three Years ended December 31, 1997                       17
     
     Notes to Consolidated Financial Statements                  18

(b)  Reports on Form 8-K
     
          No reports on Form 8-K were filed during the fourth quarter
          ended December 31, 1997.
      
(c)  Exhibits
     
 3-1      Restated Certificate of Incorporation of the Company, as amended,
          is hereby incorporated by reference to Exhibit 3-1 of the Company's
          Annual Report on Form 10-K for the year ended December 31,
          1987, heretofore filed with the Commission (file No.
          1-7525).
     
 3-2      By-Laws of the Company, as amended, is hereby incorporated
          by reference to Exhibit 3-2 of the Company's Annual Report on Form 
          10-K for the year ended December 31, 1987, heretofore filed with 
          the Commission (file No. 1-7525).
     
 4-1      Action by Unanimous Consent of Holders of Preferred Stock as of 
          September 30, 1979 permanently waiving mandatory redemption
          is hereby incorporated by reference to Exhibit 3-5 of the Company's
          Registration Statement on Form S-l, No. 2-65781, heretofore filed
          with the Commission on November 28, 1979.
     
 4-2      Specimen copy of Company's Common Stock certificate is
          hereby incorporated by reference to Exhibit 4-5 of the
          Company's Annual Report on Form 10-K for the year ended
          December 31, 1987, heretofore filed with the Commission
          (file No. 1-7525).
     
 10-1     Employment Agreement dated January 1, 1986 between
          Southeast Power Corporation and Romey A. Taylor is hereby
          incorporated by reference to Exhibit 10-l(b) of the
          Company's Registration Statement on Form S-l, No. 33-3866,
          heretofore filed with the Commission on March 10, 1986.
     
 10-1(a)  Amendment No. 1 to Employment Agreement dated January 1,
          1986 between Southeast Power Corporation, Romey A. Taylor
          and The Goldfield Corporation is hereby incorporated by
          reference to Exhibit 10-1(a) to the Company's report on
          Form 10-Q for the quarter ended September 30, 1988,
          heretofore filed with the Commission (file No. 1-7525).
  
10-1(b)   Amendment dated September 11, 1995 to Employment Agreement
          effective January 1, 1986 between Southeast Power
          Corporation and Romey A. Taylor is hereby incorporated by
          reference to Exhibit 10-1(b) to the Company's report on
          Form 10-Q for the quarter ended September 30, 1995,
          heretofore filed with the Commission (file No. 1-7525).
     
 10-2     Employment Agreement effective January 15, 1985 between
          The Goldfield Corporation and John H. Sottile is hereby
          incorporated by reference to Exhibit 10-6 of the Company's
          Registration Statement on Form S-l, No. 33-3866,
          heretofore filed with the Commission on March 10, 1986.
      
 10-2(a)  Amendment dated February 25, 1986 to the Employment
          Agreement included in Exhibit 10-2 is hereby incorporated
          by reference to Exhibit 10-6(a) of the Company's
          Registration Statement on Form S-l, No. 33-3866,
          heretofore filed with the Commission on March 10, 1986.

 10-2(b)  Amendment dated September 23, 1988 to Employment Agreement
          effective January 15, 1985 between The Goldfield
          Corporation and John H. Sottile is hereby incorporated by
          reference to Exhibit 10-2(b) to the Company's report on
          Form 10-Q for the quarter ended September 30, 1988,
          heretofore filed with the Commission (file No. 1-7525).
     
 10-2(c)  Amendment dated February 27, 1990 to Employment Agreement
          effective January 15, 1985 between The Goldfield
          Corporation and John H. Sottile, is hereby incorporated by
          reference to Exhibit 10-2(c) of the Company's Annual
          Report on Form 10-K for the year ended December 31, 1989,
          heretofore filed with the Commission (file No. 1-7525).
     
 10-2(d)  Amendment dated January 29, 1992 to Employment Agreement
          effective January 15, 1985 between The Goldfield
          Corporation and John H. Sottile, is hereby incorporated by
          reference to Exhibit 10-2(d) of the Company's Annual
          Report on Form 10-K for the year ended December 31, 1991,
          heretofore filed with the Commission (file No. 1-7525).
     
 10-2(e)  Amendment dated September 15, 1995 to Employment Agreement
          effective January 15, 1985 between The Goldfield
          Corporation and John H. Sottile, is hereby incorporated by
          reference to Exhibit 10-2(e) of the Company's report on
          Form 10-Q for the quarter ended September 30, 1995,
          heretofore filed with the Commission (file No. 1-7525).
     
 10-3     Employment Agreement dated January 1, 1986 among John H.
          Sottile, Southeast Power Corporation and The Goldfield
          Corporation is hereby incorporated by reference to Exhibit
          10-8 of the Company's Registration Statement on Form S-l,
          No. 33-3866, heretofore filed with the Commission on March
          10, 1986.
     
 10-3(a)  Amendment No. 1 to Employment Agreement dated January 1,
          1986 among John H. Sottile, Southeast Power Corporation
          and The Goldfield Corporation is hereby incorporated by
          reference to Exhibit 10-4(a) of the Company's report on
          Form 10-Q for the quarter ended September 30, 1988,
          heretofore filed with the Commission (file No. 1-7525).
     
 10-3(b)  Amendment No. 2 to Employment Agreement dated January 1,
          1986 among John H. Sottile, Southeast Power Corporation
          and The Goldfield Corporation, is hereby incorporated by
          reference to Exhibit 10-4(b) of the Company's Annual
          Report  on Form 10-K for the year ended December 31, 1991,
          heretofore filed with the Commission (file No. 1-7525).
     
 10-3(c)  Amendment dated September 11, 1995 to Employment Agreement
          effective January 1, 1986 between Southeast Power
          Corporation and John H. Sottile, is hereby incorporated by
          reference to Exhibit 10-4(c) of the Company's report on
          Form 10-Q for the quarter ended September 30, 1995
          heretofore filed with the Commission (file No. 1-7525).
     
 10-4     Employee Benefit Agreement dated November 20, 1989 between
          The Goldfield Corporation and John H. Sottile, is hereby
          incorporated by reference to Exhibit 10-5 of the Company's
          Annual Report on Form 10-K for the year ended December 31,
          1989, heretofore filed with the Commission (file No.
          1-7525).
     
 10-5     Employee Benefit Agreement dated November 16, 1989 between
          The Goldfield Corporation and Stephen R. Wherry, is hereby
          incorporated by reference to Exhibit 10-6 of the Company's
          Annual Report on Form 10-K for the year ended December 31,
          1989, heretofore filed with the Commission (file No.
          1-7525).
     
10-6      Stock Purchase Agreement dated April 12, 1993 between
          Florida Transport Corporation and Royalstar Southwest,
          Inc. relating to the sale of San Pedro Mining Corporation
          is hereby incorporated by reference to Exhibit 10-13 of
          the Company's Annual Report on Form 10-K for the year
          ended December 31, 1993, heretofore filed with the
          Commission.
 
 10-6(a)  Amendment dated April 3, 1996 to Promissory Note dated
          April 12, 1993 between Florida Transport Corporation and
          The San Pedro Mining Corporation, Royalstar Resources
          Ltd., and Royalstar Southwest is hereby incorporated by
          reference to Exhibit 10-6(a) of the Company's Annual
          Report on Form 10-K for the year ended December 31, 1996,
          heretofore filed with the Commission (file No. 1-7525).
     
 10-6(b)  Amendment dated February 18, 1997 to Promissory Note dated
          April 12, 1993 between Florida Transport Corporation and
          The San Pedro Mining Corporation, Royalstar Resources
          Ltd., and Royalstar Southwest is hereby incorporated by
          reference to Exhibit 10-6(b) of the Company's Annual
          Report on Form 10-K for the year ended December 31, 1996,
          heretofore filed with the Commission (file No. 1-7525).
    
*10-6(c)  Amendment dated May 2, 1997 to Promissory Note dated April
          12, 1993 between Florida Transport Corporation and The San
          Pedro Mining Corporation, Royalstar Resources Ltd., and
          Royalstar Southwest is hereby incorporated by reference to
          Exhibit 10-6(c) of the Company's report on Form 10-Q for
          the quarter ended March 31, 1997, heretofore filed with
          the Commission (file No. 1-7525).

 *10-6(d) Amendment dated December 23, 1997 to the Modification of Secured
          Term Note, Mortgage, Security Agreement and Financing
          Statements between Florida Transport Corporation and The
          San Pedro Mining Corporation, Royalstar Resources Ltd. and
          Royalstar Southwest, Inc.
     
 10-7     The Goldfield Corporation and Subsidiaries Standardized
          Adoption Agreement and Prototype Cash or Deferred Profit-Sharing 
          Plan and Trust Basic Plan Document #3 effective
          January 1, 1995, is hereby incorporated by reference to
          Exhibit 10-9 of the Company's report on Form 10-Q for the
          quarter ended March 31, 1995, heretofore filed with the
          Commission (file No. 1-7525).

10-8      Royalty Agreement dated February 19, 1982 between Bow
          Valley Coal Resources, Inc. and Northern Goldfield
          Investments, Ltd., Inc. is hereby incorporated by
          reference to Exhibit 10-8 of the Company's Annual Report
          on Form 10-K for the year ended December 31, 1996,
          heretofore filed with the Commission (file No. 1-7525).

10-8(a)   Amendment dated February 14, 1997 to Royalty Agreement
          dated February 19, 1982 between Great Western Coal Inc.
          dba New Horizons Coal Inc. and The Goldfield Corporation
          is hereby incorporated by reference to Exhibit 10-8(a) of
          the Company's Annual Report on Form 10-K for the year
          ended December 31, 1996, heretofore filed with the
          Commission (file No. 1-7525).
     
11        For computation of per share earnings, see note 10 of
          notes to consolidated financial statements.
    
*21       Subsidiaries of Registrant.
       
*24       Powers of Attorney

(a)       Powers of Attorney
      
(b)       Certified resolution of the Registrant's Board of Directors
          authorizing officers and directors signing on behalf of the
          Registrant to sign pursuant to a power of attorney.
     
27        Financial Data Schedule (submitted electronically for SEC
          information only)
      
* Filed herewith.

                                 SIGNATURES
                              
     Pursuant to the requirements of Section 13 or 15 (d) of the
     Securities Exchange Act of 1934, the Registrant has duly caused this
     report to be signed on its behalf by the undersigned, thereunto duly
     authorized.
     
     Dated:  March 26, 1998
     
     THE GOLDFIELD CORPORATION
     
     By   /s/       
          (John H. Sottile)
          President, Chief Executive Officer and Director
     
     
     Pursuant to the requirements of the Securities Exchange Act of 1934,
     this report has been signed below by the following persons on behalf
     of the Registrant and in the capacities indicated on March 26, 1998.
     
                              Signature Title     
     
               *                          Chairman of the Board
     (James Sottile)
     
     /s/                                  President, Chief Executive
    (John H. Sottile)                     Officer and Director
     
     /s/                                  Vice President,
     (Stephen R. Wherry)                  Finance and Chief Financial
                                          Officer (Principal Financial
                                          Officer), Treasurer and
                                          Principal Accounting Officer
     
               *                          Director and Secretary
     (John M. Starling)
     
               *                          Director
     (John P. Fazzini)
     
               *                          Director
     (Danforth E. Leitner)
     
     *By: /s/         
     John H. Sottile
     Attorney-in-Fact         
          
                             
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549
                             
                             
                                   Form 10-K
                                  
                             
                 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
                             
                             
     For the Fiscal Year Ended December 31, 1997    Commission File No.
                                                          1-7525
                             
                            THE GOLDFIELD CORPORATION
                             
                             
                                    EXHIBITS
                             
                             
                             
                                 March 26, 1998
     
                             
                             
                                INDEX TO EXHIBITS
     
                                                                 Sequentially
                                                                   Numbered
                                                                     Pages
     
(b)  Reports on Form 8-K
    
     No reports on Form 8-K were filed during the fourth quarter
     ended December 31, 1997.
     
(c)  Exhibits
     
3-1      Restated Certificate of Incorporation of the Company, as
         amended, is hereby incorporated by reference to Exhibit
         3-1 of the Company's Annual Report  on Form 10-K for the
         year ended December 31, 1987, heretofore filed with the
         Commission (file No. 1-7525).
     
3-2      By-Laws of the Company, as amended is hereby
         incorporated by reference to Exhibit 3-2 of the
         Company's Annual Report on Form 10-K for the year ended
         December 31, 1987, heretofore filed with the Commission
         (file No. 1-7525).
     
4-1      Action by Unanimous Consent of Holders of Preferred
         Stock as of September 30, 1979 permanently waiving
         mandatory redemption is hereby incorporated by reference
         to Exhibit 3-5 of the Company's Registration Statement
         on Form S-l, No. 2-65781, heretofore filed with the
         Commission on November 28, 1979.
     
4-2      Specimen copy of Company's Common Stock certificate is
         hereby  incorporated by reference to Exhibit 4-5 of the
         Company's Annual Report on Form 10-K for the year ended
         December 31, 1987, heretofore filed with the Commission
         (file No. 1-7525).
      
10-1     Employment Agreement dated January 1, 1986 between
         Southeast Power Corporation and Romey A. Taylor is
         hereby incorporated by reference to Exhibit l0-l(b) of
         the Company's Registration Statement on Form S-l, No.
         33-3866, heretofore filed with the Commission on March
         10, 1986 (file No. 1-7525).
                                                                  Sequentially
                                                                    Numbered
                                                                      Pages
     
10-1(a)   Amendment No. 1 to Employment Agreement dated January 1,
          1986 between Southeast Power Corporation, Romey A.
          Taylor and The Goldfield Corporation is hereby
          incorporated by reference to Exhibit 10-1(a) to the
          Company's report on Form 10-Q for the quarter ended
          September 30, 1988, heretofore filed with the Commission
          (file No. 1-7525).
     
10-1(b)   Amendment dated September 11, 1995 to Employment
          Agreement effective January 1, 1986 between Southeast
          Power Corporation and Romey A. Taylor is hereby
          incorporated by reference to Exhibit 10-1(b) to the
          Company's report on Form 10-Q for the year ended
          September 30, 1995, heretofore filed with the Commission
          (file No. 1-7525).   
     
10-2      Employment Agreement effective January 15, 1985 between
          The Goldfield Corporation and John H. Sottile is hereby
          incorporated by reference to Exhibit 10-6 of the
          Company's Registration Statement on Form S-l, No.
          33-3866, heretofore filed with the Commission on March
          10, 1986 (file No. 1-7525).
     
10-2(a)   Amendment dated February 25, 1986 to the Employment
          Agreement included in Exhibit 10-2 is hereby
          incorporated by reference to Exhibit 10-6(a) of the
          Company's Registration Statement on Form S-l, No.
          33-3866, heretofore filed with the Commission on March
          10, 1986 (file No. 1-7525).
     
10-2(b)   Amendment dated September 23, 1988 to Employment
          Agreement effective January 15, 1985 between The
          Goldfield Corporation and John H. Sottile is hereby
          incorporated by reference to Exhibit 10-2(b) to the
          Company's report on Form 10-Q for the quarter ended
          September 30, 1988, heretofore filed with the Commission
           (file No. 1-7525).
     
                                                                 Sequentially
                                                                   Numbered
                                                                     Pages

10-2(c)   Amendment dated February 27, 1990 to Employment
          Agreement effective January 15, 1985 between The
          Goldfield Corporation and John H. Sottile, is hereby
          incorporated by reference to Exhibit 10-2(c) of the
          Company's Annual Report  on Form 10-K for the year ended
          December 31, 1989, heretofore filed with the Commission
          (file No. 1-7525).

10-2(d)   Amendment dated January 29, 1992 to Employment Agreement
          effective January 15, 1985 between The Goldfield
          Corporation and John H. Sottile, is hereby incorporated
          by reference to Exhibit 10-2(d) of the Company's Annual
          Report  on Form 10-K for the year ended December 31,
          1991, heretofore filed with the Commission (file No.
          1-7525).
     
10-2(e)   Amendment dated September 15, 1995 to Employment
          Agreement effective January 15, 1985 between The
          Goldfield Corporation and John H. Sottile, is hereby
          incorporated by reference to Exhibit 10-2(e) of the
          Company's report on Form 10-Q for the quarter ended
          September 30, 1995, heretofore filed with the Commission
          (file No. 1-7525).
     
10-3       Employment Agreement dated January 1, 1986 among John H.
           Sottile, Southeast Power Corporation and The Goldfield
           Corporation is hereby incorporated by reference to
           Exhibit 10-8 of the Company's Registration Statement on
           Form S-l, No. 33-3866, heretofore filed with the
           Commission on March 10, 1986 (file No. 1-7525).
     
10-3(a)    Amendment No. 1 to Employment Agreement dated January 1,
           1986 among John H. Sottile, Southeast Power Corporation
           and The Goldfield Corporation is hereby incorporated by
           reference to Exhibit 10-4(a) of the Company's report on
           Form 10-Q for the quarter ended September 30, 1988,
           heretofore filed with the Commission (file No. 1-7525).
     
                                                                 Sequentially
                                                                   Numbered
                                                                     Pages

10-3(b)    Amendment No. 2 to Employment Agreement dated January 1,
           1986 among John H. Sottile, Southeast Power Corporation
           and The Goldfield Corporation, is hereby incorporated by
           reference to Exhibit 10-4(b) of the Company's Annual
           Report  on Form 10-K for the year ended December 31,
           1991, heretofore filed with the Commission (file No.
           1-7525).
     
10-3(c)    Amendment dated September 11, 1995 to Employment
           Agreement effective January 1, 1986 between Southeast
           Power Corporation and John H. Sottile, is hereby
           incorporated by reference to Exhibit 10-4(c) of the
           Company's report on Form 10-Q for the quarter ended
           September 30, 1995 heretofore filed with the Commission
           (file No. 1-7525).
     
10-4       Employee Benefit Agreement dated November 20, 1989
           between The Goldfield Corporation and John H. Sottile,
           is hereby incorporated by reference to Exhibit 10-5 of
           the Company's Annual Report on Form 10-K for the year
           ended December 31, 1989, heretofore filed with the
           Commission (file No. 1-7525).
     
10-5       Employee Benefit Agreement dated November 16, 1989
           between The Goldfield Corporation and Stephen R. Wherry,
           is hereby incorporated by reference to Exhibit 10-6 of
           the Company's Annual Report on Form 10-K for the year
           ended December 31, 1989, heretofore filed with the
           Commission (file No. 1-7525).
     
10-6       Stock Purchase Agreement dated April 12, 1993 between
           Florida Transport Corporation and Royalstar Southwest,
           Inc. relating to the sale of San Pedro Mining
           Corporation is hereby incorporated by reference to
           Exhibit 10-13 of the Company's Annual Report on Form
           10-K for the year ended December 31, 1993, heretofore
           filed with the Commission (file No. 1-7525).
     
                                                                 Sequentially
                                                                   Numbered
                                                                     Pages
10-6(a)    Amendment dated April 3, 1996 to Promissory Note dated
           April 12, 1993 between Florida Transport Corporation and
           The San Pedro Mining Corporation, Royalstar Resources
           Ltd., and Royalstar Southwest is hereby incorporated by
           reference to Exhibit 10-6(a) of the Company's Annual
           Report on Form 10-K for the year ended December 31,
           1996, heretofore filed with the Commission (file No. 1-7525).

10-6(b)    Amendment dated February 18, 1997 to Promissory Note
           dated April 12, 1993 between Florida Transport
           Corporation and The San Pedro Mining Corporation,
           Royalstar Resources Ltd., and Royalstar Southwest is
           hereby incorporated by reference to Exhibit 10-6(b) of
           the Company's Annual Report on Form 10-K for the year
           ended December 31, 1996, heretofore filed with the
           Commission (file No. 1-7525).

  10-6(c)  Amendment dated May 2, 1997 to Promissory Note dated April 12,
           1993 between Florida Transport Corporation and The San
           Pedro Mining Corporation, Royalstar Resources Ltd., and
           Royalstar Southwest is hereby incorporated by reference
           to Exhibit 10-6(c) of the Company's report on Form 10-Q
           for the quarter ended March 31, 1997, heretofore filed
           with the Commission (file No. 1-7525).

*10-6(d)   Amendment dated December 23, 1997 to the Modification of Secured
           Term Note, Mortgage, Security Agreement and Financing
           Statements between Florida Transport Corporation and
           The San Pedro Mining Corporation, Royalstar Resources
           Ltd. and Royalstar Southwest, Inc.
    
                                                                 Sequentially
                                                                   Numbered
     
10-7       The Goldfield Corporation and Subsidiaries Standardized
           Adoption Agreement and Prototype Cash or Deferred
           Profit-Sharing Plan and Trust Basic Plan Document #3
           effective January 1, 1995, is hereby incorporated by
           reference to Exhibit 10-9 of the Company's report on
           Form 10-Q for the quarter ended March 31, 1995,
           heretofore filed with the Commission (file No. 1-7525).

10-8       Royalty Agreement dated February 19, 1982 between Bow
           Valley Coal Resources, Inc. and Northern Goldfield
           Investments, Ltd., Inc. is hereby incorporated by
           reference to Exhibit 10-8 of the Company's Annual Report
           on Form 10-K for the year ended December 31, 1996,
           heretofore filed with the Commission (file No. 1-7525).

10-8(a)    Amendment dated February 14, 1997 to Royalty Agreement
           dated February 19, 1982 between Great Western Coal Inc.
           dba New Horizons Coal Inc. and The Goldfield Corporation
           is hereby incorporated by reference to Exhibit 10-8(a)
           of the Company's Annual Report on Form 10-K for the year
           ended December 31, 1996, heretofore filed with the
           Commission (file No. 1-7525).

 11        For computation of per share earnings, see note 13 of
           notes to consolidated financial statements.
     
 *21       Subsidiaries of Registrant.

*24        Powers of Attorney

 24(a)     Powers of Attorney
      
 (b)       Certified resolution of the Registrant's Board of
           Directors authorizing officers and directors signing on
           behalf of the Registrant to sign pursuant to a power of
           attorney.
     
27         Financial Data Schedule (submitted electronically for SEC
           information only)
          
* Filed herewith.