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



(Mark One)

  x    Quarterly report under Section 13 or 15(d) of the 
Securities Exchange Act of 1934      
	For the quarterly period ended March 31, 1998

       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 or 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		

					6,527,209						
Number of shares of Common Stock, par value $.50, 
outstanding at March 31, 1998

PART 1.  FINANCIAL INFORMATION
Item 1.  Financial Statements.
                    CHIEF CONSOLIDATED MINING COMPANY
                                 AND 
                             SUBSIDIARIES
                   CONDENSED CONSOLIDATED BALANCE SHEET
                             (Unaudited)
                               ASSETS

                                                      March 31, 1998
CURRENT ASSETS:
Cash                                                   $    216,353 
U.S. treasury bills
 (at cost which approximates market value                 1,136,073 
Accounts receivable                                          15,896
Other current assets                                         46,808
Total current assets                                      1,415,130

INVESTMENT IN CENTRAL STANDARD CONSOLIDATED MINES            78,101
ADVANCES TO CENTRAL STANDARD CONSOLIDATED MINES              25,150
MINING CLAIMS AND PROPERTIES, less accumulated 
depletion of $819,444                                     8,171,870
MACHINERY AND EQUIPMENT, less accumulated 
depreciation of $71,228                                      48,053
OTHER ASSETS                                                  4,552
Total assets                                           $  9,742,856 

         LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities                 $   45,624 
               Total current liabilitie                      45,624 

ACCRUED RECLAMATION COSTS                                   300,000

MINORITY INTEREST                                         2,543,098

SHAREHOLDERS' EQUITY:

Preferred stock-$0.50 par value; 1,500,000 shares 
authorized, 5,200 shares outstanding                          2,600
Common stock-$0.50 par value; 20,000,000 shares 
authorized, 6,527,209 issued and outstanding              3,263,605
Additional paid-in capital                               12,880,607
Deferred compensation                                       [14,839]
Notes receivable from shareholders                          [87,500]
Accumulated deficit                                      [9,190,339]
Total shareholders'equity                                 6,854,134

Total liabilities and shareholders' equity              $ 9,742,856 

The accompanying notes to condensed consolidated 
financial statements are an integral part of these 
statements

                 CHIEF CONSOLIDATED MINING COMPANY
                        AND SUBSIDIARIES
         CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                          (Unaudited)

                                    For the Three Months Ended
                                  March 31,1998 March 31, 1997
REVENUES:
      Interest                          $11,036    $7,198 
      Land sales and other               16,000     9,320
Total revenues                           27,036    16,518

EXPENSES:
General and 
administrative                          179,026   108,365
Mining properties operating 
costs and exploration                    52,470   108,124
Taxes other than income taxes             8,941     9,322
Total expenses                          240,437   225,811

NET LOSS BEFORE MINORITY INTEREST      [213,401] [209,293]

MINORITY INTEREST                        40,810      - 

NET  LOSS                           $  [172,591]$ [209,293]

NET LOSS PER COMMON SHARE
(Basic and Diluted)                    $ [0.03] $    [0.03]

WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING (Basic and Diluted)6,348,570   5,993,309

The accompanying notes to condensed 
consolidated financial statements are 
an integral part of these statements

                    CHIEF CONSOLIDATED MINING COMPANY
                            AND SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (Unaudited)
                      Increase (Decrease)in Cash

                                  For the three months ended
                                March 31, 1998 March 31, 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                             [172,591]   [209,293] 
Adjustments to reconcile net loss 
to net cash used in operating 
activities:
   Depreciation                         4,550       4,450
   Amortization of deferred compensation6,250       6,250
   Allocation of loss to minority 
interest                              [40,810]        -
  Change in assets and liabilities:
  Increase in accounts receivable      12,971      [3,015]
  Decrease in other assets             [3,453]    [20,110]
  Decrease in accounts payable 
  and accrued liabilities             [44,931]    [18,971]

Net cash used in operating activities[263,956]   [240,689]

CASH FLOWS FROM INVESTING ACTIVITIES:

Decrease (increase) in U.S. 
treasury bills, net                [1,136,073]     226,350
Mining property development
 and purchase of property and 
equipment                            [126,634]      [2,000]

Net cash used and provided 
by investing activities            [1,262,707]      224,350

CASH FLOWS FROM FINANCING ACTIVITIES:

Net proceeds from sale of common stock1,397,500        -

Net cash provided by financing 
activities                            1,397,50         -

NET INCREASE (DECREASE) IN CASH       [129,163]   [16,339]

CASH AT BEGINNING OF PERIOD            345,516     52,250

CASH AT END OF PERIOD                $ 216,353   $ 35,911 


                CHIEF CONSOLIDATED MINING COMPANY
                        AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
                         (Unaudited)

The accompanying condensed consolidated financial 
statements included herein have been prepared by the 
Company, 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 
the Company 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 a full year.  These condensed 
consolidated financial statements and notes thereto should 
be read in conjunction with the Company's consolidated 
financial statements and notes thereto, included in the 
Company's Form 
10-KSB for the year ended December 31, 1997. 

Tintic Utah Metals LLC Joint Venture

On July 17, 1996, the Company, Akiko Gold Resources, Ltd. 
("Akiko") and Korea Zinc. Co., Ltd. ("Korea Zinc") formed 
Tintic Utah Metals LLC ("Tintic").  The Company contributed 
$3,975,873 of its mining claims and properties and 
machinery and equipment for an undivided 50 percent 
interest in Tintic.  Akiko and Korea Zinc were obligated to 
contribute $3,000,000 in cash each for a respective, 
undivided 25 percent interest in Tintic.  On March 11, 
1997, the Company, Akiko and Korea Zinc entered into an 
amendment of the Tintic operating agreement.  The amendment 
provided for Akiko and Korea Zinc to vest in their 
interests in Tintic as they each contributed the $3,000,000 
to Tintic in accordance with an agreed-upon schedule.  The 
amendment also provided that if Akiko did not make timely 
contributions to Tintic, Korea Zinc could make the required 
contribution and increase its respective interest in 
Tintic.

During 1996 and 1997, Korea Zinc contributed $2,000,000 and 
$1,000,000, respectively.  Akiko did not make its required 
contributions in 1997, and Korea Zinc did not elect to make 
any more contributions. As a result, in accordance with the 
amended agreement, 
effective August 15, 1997, the Company's vested interest in 
Tintic increased to 75 percent while Korea Zinc's vested 
interest remained at 25 percent.  As a result of its 
failure to contribute the required capital to Tintic, Akiko 
forfeited any rights of ownership in Tintic.  The Company 
and Korea Zinc are required to make additional capital 
contributions to fund approved programs and budgets in 
proportion to their respective ownership percentages in 
Tintic.  The failure of a member to meet its contribution 
requirement could result in the dilution of that member's 
percentage ownership interest.

The Company's contribution was made at the historical basis 
of the related mining properties and machinery and 
equipment for financial reporting purposes.  No gain 
recognition or step-up in basis was  recorded in the 
accompanying consolidated financial statements as a result 
of the transaction.

The investment in Tintic is accounted for as a majority 
owned consolidated subsidiary by the Company. The Company 
did not consolidate this subsidiary during the three month 
period ended March 31, 1997.

Rehabilitation Costs Capitalized 

Through March 31, 1998, the Company has capitalized 
$381,355 related to the rehabilitation of its Chief Number 
2 shaft located on the Company's property and related 
buildings and equipment. All underground drilling and 
related costs have been expensed as exploration costs.  
Further activity commenced in the second quarter, 1998 and 
continues to date.   

Recent Accounting Pronouncement

"In June 1997, the Financial Accounting Standards Board 
issued Statements of Financial Accounting Standard No. 
131".  Disclosures about Segments of an Enterprise and 
Related Information (SFAS 131).  SFAS 131 establishes new 
standards for public companies to report information about 
their operating segments, products and services, geographic 
areas and major customers.  This segment will be, effective 
for financial statements issued for fiscal years beginning 
after December 31, 1997.  The Company plans to adopt SFAS 
131 in its December 31, 1998 financial statements.  

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

PLAN OF OPERATION

Please refer to "Item 6.  Management's Discussion and 
Analysis or Plan of Operation - (a) Plan of Operation," and 
"Item 1. - Description of Business." as contained in 
registrant's Annual Report dated March 23, 1998 on Form 10-
KSB for the fiscal year ended December 31, 1997 (hereafter 
"1997 Form 10-KSB.)  See "Item 1. Description of Business - 
Operating Agreement - Capital Contribution - Initial 
Capital Contributions" of 1997 Form 10-KSB for information 
concerning Korea Zinc's and Akiko's obligation 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 
with respect to 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. 
Registrant will continue to work with Tintic Utah Metals 
LLC on the exploration and development of the silver 
fissure area and other sections of the Burgin Mine that are 
above the water table and accessible.

Registrant anticipates that during the remainder of 1998, 
it will continue its efforts to further the development of 
the Trixie Mine on its own or by seeking a joint venture 
partner.  

Registrant will also continue its underground drilling and 
other work on its Main Tintic District mining properties.  
These current activities will be funded by utilizing its 
cash and US treasury bills on hand.  

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.

RESULTS OF OPERATION AND LIQUIDITY AND CAPITAL RESOURCES:

Registrant had no revenues from mining operations during 
the year 1997 or during the first three months of 1998.  
Registrant had revenue from sales of surface real estate of 
$16,000 during the first three months of 1998, as compared 
to revenue from sales of surface real estate of $9,320 
during the first three months of 1997. 

Registrant's net loss from operations for the three months 
ended March 31, 1998, as compared to registrant's net loss 
from operations for the three months ended March 31, 1997, 
decreased in the amount of $36,702.  The decrease in net 
loss for the period resulted primarily from the completion 
of the initial drilling program on registrant's Main Tintic 
District properties after the first quarter of 1997.  

Interest income for the first three months ended March 31, 
1998, as compared to the first three months ended March 31, 
1997, increased in the amount of $3,838.  This increase  
resulted primarily from an increase in US treasury bill 
holdings, increasing the interest received. Mining property 
operating costs and exploration expenses for the first 
three months of 1998,  as compared to the first three 
months of 1997, decreased in the amount of $55,654.  This 
decrease resulted primarily as the result of the completion 
of the initial  drilling program on registrant's Main 
Tintic District properties after the first quarter of 1997.  
General and administrative expenses for the first three 
months of 1998, as compared to the first three months of 
1997 increased in the amount of $70,661.  This increase 
resulted primarily as a result of the consolidation of 
registrant's 75% owned subsidiary, Tintic Utah Metals LLC 
and the inclusion of its general and administrative 
expenses in the first three months of 1998.  Tintic Utah 
Metals LLC which was not consolidated in the first three 
months of 1997.  The general and administrative expenses  
applicable to Tintic Utah Metals LLC, in the amount of 
$40,810, are deducted on the operating statement as 
minority interest since they are fully chargeable to KZ 
Utah Inc.    

Registrant expects to continue funding its operating 
overhead for the balance of 1998 and the first three months 
of 1999 by utilizing cash from sales of surface real estate 
and other sources, in addition to its cash and U.S. 
treasury bills on hand.  If required, the Company will seek 
additional funding through the private placement of its 
common shares, however, this can be of no assurance that 
such sales of common shares will be achieved.   





PART II.  OTHER INFORMATION

ITEM 5.   OTHER INFORMATION

In February 1998, registrant sold a total of 430,000 shares 
of common stock to accredited investors in a private 
placement.  The sale of the shares was exempt from 
registration under Securities and Exchange Commission 
Regulation D.  Registrant received a total of $ 1,397,500 
as proceeds from the sale of the shares. The restricted 
shares were sold at $3.25 per share.  In addition, 21,500 
shares were issued as a finders fee in connection with the 
private placement. 
 

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

	    None







This report 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, 1997.





                        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)





May 14, 1998		/s/LEONARD WEITZ
			(Signature and Title)
			Leonard Weitz
			President, Chairman of the Board of 
   Directors, and Principal Executive Officer





May 14, 1998		/s/EDWARD R. SCHWARTZ
			(Signature and Title)
			Edward R. Schwartz
			Director, Treasurer,
			Principal Financial Officer and
			Principal Accounting Officer