U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB

OMB Approval
OMB Number:xxxx-xxxx
Expires: Approval Pending
Estimated Average Burden Hours Per Response: 1.0

(Mark One)

  x    Quarterly report under Section 13 or 15(d) of the 
Securities Exchange Act of 1934      
	For the quarterly period ended September 30, 1997

       Transition report under Section 13 or 15(d) of the 
Exchange Act 
           For the transition period from 			 to	
		

Commission File Number 1-1761							
	


CHIEF CONSOLIDATED MINING COMPANY					
(Exact name of Small Business Issuer as Specified in Its 
Charter)


Arizona								87-0122295	
	
(State if other jurisdiction of incorporation or 
organization)(I.R.S. Employer ID. No.)


500 Fifth Avenue, Suite 1021, New York, NY 10110-1099		
		
(Address of Principal Executive Offices)


212-354-4044										
	
(Issuer's Telephone Number, Including Area Code)

Check whether the issuer (1) filed all reports required to 
be filed by Section 13 or 15 (d) of the Securities and 
Exchange Act during the past 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		

					6,050,609						
Number of shares of Common Stock, par value $.50, 
outstanding September 30, 1997




PART 1.  FINANCIAL INFORMATION

Item 1.  Financial Statements.

CHIEF CONSOLIDATED MINING COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET

ASSETS

				            				September 
30, 1997
					    	  			       
(Unaudited)	        			
Current Assets:
  Cash 						   			$    
	53,134  	
  U.S. treasury bills (at cost which
    approximates market value)                                  
		    321,293
  Accounts receivable				         			
	16,578		
  Other current assets				     			
	39,800		
	Total Current Assets						          
430,805

Investments in Affiliates:
  Tintic Utah Metals LLC			      			      
3,975,873		
  Other entities				           			
		79,961     	
  Advances					      			
	25,150	
	Total Investments			     			       
4,080,984	
Property, Plant and Equipment:
  Mining claims and properties                             	
		      2,421,839
  Machinery and equipment                                      
			           
61,844 	
  Accumulated depletion and
    depreciation				                 		
	        (853,927)
       Net Property, Plant and Equipment                   	
	                  
1,629,756		

Other Assets					    			
	18,924	 	

					               			   $ 
6,160,469	
						  		               
=========	           	

See Notes to Condensed Consolidated Financial Statements.






CHIEF CONSOLIDATED MINING COMPANY
AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

LIABILITIES AND SHAREHOLDERS' EQUITY

  					                   			  
September 30, 1997                   				            
			          		(Unaudited)                          
Current Liabilities:
  Accounts payable and accrued liabilities	       		
	         $	       29,154


Minority Interest	  	                              	
			       42,029			
  
Shareholders' Equity:
  Preferred stock, authorized 1,500,000 
    shares of $.50 par value; issued and outstanding
    5,200 shares.								        
2,600					  						
			                      	        	              

  Common stock, authorized 20,000,000 
    shares of $.50 par value; issued and outstanding
    6,050,609 shares;  						                        
3,025,305	

 Additional paid-in capital                                   
	                      
11,773,194	
 Deferred compensation			   				    
(27,339)
 Notes receivable from shareholders		    			
	    (87,500)	
 Accumulated deficit                                         
	                      
(8,596,974)

	Total shareholders' equity		      			
	 6,089,286                  		           	 
$  6,160,469
						 			         
=========	


See Notes to Condensed Consolidated
 Financial Statements.





CHIEF CONSOLIDATED MINING COMPANY 		
                                            AND SUBSIDIARIES

        CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)

		                 	For the Three Months Ended
	For the Nine Months Ended			     	
	Sept. 30, 1997   Sept. 30, 1996       Sept. 30, 1997 
Sept. 30, 1996
					               
Revenues:
  Sale of  real estate 	          $30,620     	$    -	         
$37,690	         $       -	
  Interest			  6,224		 11,000	18,226             
64,461
  Other income			  2,550		 20,781 	  8,249             
26,189  
  Total revenues	            39,394 	 31,781	64,165	           
	 90,650


Expenses:
 Mining properties costs &							
	                                 
   exploration costs                 39,358         	 
268,512        225,452	 	 763,092      General & 
administrative      140,472       	 138,607        350,108             
474,849        Taxes other than income taxes     8,225		     
5,207 	20,535		   29,455
  Total expense                     188,055             
412,326        596,095          1,267,396             	

Net Loss		       $(148,661)        $(380,545)    
$(531,930)      $(1,176,746)     
	                               =======        =========    
========      ========			

Net loss per common share       $(.02)	    $(.06)	   
$(.09)          	    $(.20)       
	                         ========       =========    
========      =========




Weighted average common
  shares outstanding	        6,050,609	5,988,109
	6,016,029	5,911,186
			       =========	========	========
	========	
 
See Notes to Condensed Consolidated Financial Statements.	
										




CHIEF CONSOLIDATED MINING COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
					                           For the 
nine months ended
					                 Sept. 30, 1997	        
Sept. 30, 1996

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss					    $    (531,930)	           
$(1,176,746)
Adjustments to reconcile net loss to
    net cash used in operating activities:
Depreciation		   	             	              13,350         
		       15,147    Amortization of deferred 
compensation                       18,750         	                  
18,750
Change in Assets and Liabilities:                               
 Decrease (increase) in accounts receivable                
(13,587)                           15,437
 Increase in other current assets			      -                                  
(   994)
 Decrease (increase) in other assets                            
(10,451)                            4,219
 Decrease in accounts payable		
 and accrued liabilities		                	            
(10,109)                        (174,419)
   Net cash used in operating activities                     
(533,977)                     (1,298,606)	
							
CASH FLOWS FROM INVESTING ACTIVITIES:
Decrease in U.S. treasury bills, net 		            
299,921   	           1,726,702
Mining property development costs		           
  and acquisitions of machinery and equipment            
(2,060)    	          (1,051,917)  
Increase in investments and advances to affiliates             
-   	                            (4,000)
  Net cash provided by investing activities                 
297,861                         670,785
						         
CASH FLOWS FROM FINANCING ACTIVITIES:
525,000	
							
		         
Net increase (decrease) in cash                                     
1,384                       (102,821)	

Cash at beginning of period 52,250                         
160,045
 
Cash at end of period                                                
$53,634                 	  $57,224
			      			        ========                   
========

See Notes to Condensed Consolidated Financial Statements.





CHIEF CONSOLIDATED MINING COMPANY
AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The accompanying condensed consolidated financial statements 
included herein have been prepared by registrant, without 
audit, pursuant to the rules and regulations of the 
Securities and Exchange Commission.  Certain information and 
disclosures normally included in financial statements 
prepared in accordance with generally accepted accounting 
principles have been condensed or omitted pursuant to such 
rules and regulations, although registrant believes the 
following disclosures are adequate to make the information 
presented not misleading.  In the opinion of management, all 
adjustments (consisting of normal recurring adjustments) 
considered necessary for a fair presentation have been 
included.  Results of operations for interim periods are not 
necessarily indicative of results for the full year.  These 
condensed financial statements and notes thereto should be 
read in conjunction with registrant's financial statements 
and notes thereto, included in the registrant's Form 10-KSB 
for the year ended December 31, 1996.  See "Item 2. 
Management's Discussion and Analysis or Plan of Operation" 
for current information concerning Tintic Utah Metals LLC.

Acquisition of South Standard Mining Company

Registrant's condensed consolidated financial statements 
reflect the acquisition of South Standard Mining Company 
effective June 28, 1996 which was accounted for under the 
pooling-of-interests method of accounting.  Accordingly, the 
accompanying financial statements reflect the combined 
financial position and results of operations for both 
entities for all periods presented.

Tintic Utah Metals LLC Joint Venture

On July 17, 1996, registrant entered into a joint venture 
agreement with Akiko Gold Resources, Ltd. ("Akiko") and a 
wholly owned subsidiary of Korea Zinc Co., Ltd. ("Korea 
Zinc") and formed Tintic Utah Metals LLC ("Tintic").  In 
connection with this transaction, registrant transferred 
approximately 9,000 acres of its mining claims, properties, 
vehicles and machinery with historical net book values on 
that date of approximately $3,975,000 to Tintic.  The 
historical cost bases of the properties contributed have 
been classified in the September 30, 1997 balance sheet as 
investment in affiliates: Tintic Utah Metals LLC.  No gain 
recognition or step-up in basis resulted from this 
transaction.  The investment in Tintic is being accounted 
for under the equity method of accounting as registrant 
owned 50% of Tintic at December 31, 1996 and 75% of Tintic 
September 30, 1997.  Under the provisions of the joint 
venture Operating Agreement, losses are allocated to the 
members based upon the use of assets that generated the 
losses.  Substantially all losses of the joint venture 
through September 30, 1997 are attributable to the use of 
cash contributed by Korea Zinc, Ltd.  Accordingly, the 
accompanying condensed consolidated financial statements do 
not reflect any losses from the joint venture.

In connection with registrant's increase in ownership to 75% 
of Tintic on October 2, 1997 (See "Item 2, Management's 
Discussion and Analysis or Plan of Operation"), the 
investment in Tintic will be accounted for as a majority 
owned consolidated subsidiary as of that date.

Rehabilitation Costs Capitalized

Registrant has capitalized $381,355 related to the 
rehabilitation of its Chief Number 2 shaft located on 
registrant's property and related buildings and equipment as 
of September 30, 1997.  All underground drilling and related 
costs have been expensed as exploration costs.  

Recent Accounting Pronouncement

In February 1997, the Financial Accounting Standards Board 
released Statement of Financial Accounting Standards No. 128 
"Earnings Per Share" (SFAS No.128).  This statements 
specifies the computation, presentation, and disclosure 
requirements for earnings per share (EPS) for financial 
statements issued for all periods ending after December 15, 
1997.  SFAS No.128 simplifies the standards for computing 
EPS previously found in APB Opinion No. 15 and replaces the 
presentation of Primary EPS and Fully Diluted EPS.  When the 
Company incurs a loss, common stock equivalents are not 
included in the calculation of the weighted average number 
of shares outstanding as they would be anti-dilutive.  
Accordingly, the adoption of SFAS No.128 is not expected to 
have a significant impact on the Company's calculation of 
net loss per common share.

Item 2.  Management's Discussion and Analysis or Plan of 
Operation.

(A)  PLAN OF OPERATION.

Registrant hereby incorporates by reference "Item 6. 
Management's Discussion and Analysis or Plan of Operation -  
(a) Plan of Operation. " and "Item 1. Description of 
Business." contained in registrant's Annual Report dated 
March 28, 1997 on Form 10-KSB for the fiscal year ended 
December 31, 1996 (hereinafter "1996 Form 10-KSB".)

See "Item 1. Description of Business - Operating Agreement - 
Capital Contributions - Initial Capital Contributions" of 
1996 Form 10-KSB for information concerning Korea Zinc's and 
Akiko's obligations to each pay $3,000,000 to Tintic Utah 
Metals LLC ("Tintic") as its initial capital contribution.  
Korea Zinc paid its full $3,000,000 initial capital 
contribution and earned a vested 25% membership interest in 
Tintic.  On August 15, 1997 Akiko failed to pay its initial 
$1,000,000 installment due on account of its capital 
contribution obligation.   As a result of Akiko's failure to 
pay, Korea Zinc had a right under the Operating Agreement, 
as amended on March 11, 1997, to increase its membership 
interest by 8-1/3% by contributing an additional $1,000,000 
to the capital of Tintic by October 2, 1997.  Korea Zinc did 
not make such payment.  As a result, registrant's vested 
membership interest increased to 75%.  Korea Zinc's 
membership interest is now fixed at 25% and Akiko no longer 
has the right to acquire any membership interest in Tintic.  
 
RESULTS OF OPERATION:

Registrant had no revenues from mining operations during the 
year 1996 or during the first nine months of 1997.  
Registrant had income from sales of surface real estate of 
$37,690 during the first nine months of 1997 of which 
$30,620 was sold during the third quarter of 1997.  No 
surface real estate was sold during the first nine months of 
1996.

Registrant's net loss for the nine months ended September 
30, 1997 as compared to Registrant's net loss for the nine 
months ended September 30, 1996 decreased by $644,816.  
Registrant's net loss for the three months ended September 
30, 1997 as compared to registrant's net loss for the three 
months ended September 30, 1996 decreased by $231,884.  The 
decrease in net loss for both periods resulted primarily 
from the transfer of the financial responsibility for 
rehabilitation and exploration activities on its East Tintic 
operational area properties in Utah to Tintic Utah Metals 
LLC, and the completion of the drilling program on 
Registrant's Main Tintic District properties in the second 
quarter of 1997.  

Registrant expects to continue funding its operating 
overhead for the balance of 1997 and the first nine months 
of 1998 utilizing income from sales of surface real estate 
and other sources, in addition to its cash and U.S. Treasury 
Bills on hand and, if required, through the private 
placement of its common shares.

Registrant anticipates that during the remainder of 1997, it 
will continue its efforts to further the development of the 
Trixie Mine and Main District Mines on its own or by 
contributing it to Tintic Utah Metals LLC pursuant to the 
terms of the operating agreement, or by seeking a joint 
venture partner.  In addition, registrant will continue to 
work with Tintic Utah Metals LLC on the development of the 
Burgin Mine.

Registrant, based on increasing interest in its buildable 
real estate holdings in Utah, will continue to pursue the 
possibility of real estate sales or joint venture 
development of its real estate in areas that are suitable 
for residential or commercial building.








This report, including registrant's Form 10-KSB for the year 
ended December 31, 1996 incorporated in this Report by 
reference, contains forward-looking information and 
therefore it necessarily involves risks and uncertainties.  
Factors that could cause actual events to differ materially 
from these forward-looking statements include, but are not 
limited to, the following: Tintic Utah Metal's ability to 
obtain approval of the permitting application for the Burgin 
Mine by the Utah Division of Water Quality; obtaining of an 
acceptable feasibility study; and Tintic Utah Metal's 
ability to obtain financing to fund a mining operation at 
the Burgin Mine.  These and other risks are described in the 
Company's filings with the Securities and Exchange 
Commission, including the registrant's Annual Report on Form 
10-KSB for the year ended December 31, 1996.

PART II.  OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
		None


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act 
of 1934, the Registrant had duly caused this report to be 
signed on its behalf by the undersigned thereunto duly 
authorized.

CHIEF CONSOLIDATED MINING COMPANY 
	(Registrant)





November 13, 1997		/s/LEONARD WEITZ
			(Signature and Title)
			Leonard Weitz
			Chairman of the Board of Directors, and
			Principal Executive Officer




November 13, 1997		/s/EDWARD R. SCHWARTZ
			(Signature and Title)
			Edward R. Schwartz
			Director, Treasurer,
			Principal Financial Officer and
			Principal Accounting Officer