10

           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 June 30, 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

                         6,505,709
Number of shares of $.50 par value Common Stock
outstanding at August 9, 1998
                                                                      
                                                                      
          
          
          
 PART 1.FINANCIAL INFORMATION
 Item 1.FinancialStatements.
                                                                           
                                                                           
                    CHIEF CONSOLIDATED MINING COMPANY
                              AND SUBSIDIARIES
                                                                           
                 CONDENSED CONSOLIDATED BALANCE SHEET
                                                                           
                          (Unaudited)
                                                                           
                                                                           
                             ASSETS
                                                                           
                                                     June 30,1998
CURRENT ASSETS:
 Cash                                                $  165,099
 U.S.treasury bills(at cost which approximates
market value                                            693,912)
Accounts receivable                                       6,248            
Other current assets                                     44,995            

              Total current assets                      910,254            
            
            
                                                                           
INVESTMENT IN CENTRAL STANDARD CONSOLIDATED MINES        78,101
ADVANCES TO CENTRAL STANDARD CONSOLIDATED MINES          26,650
MINING CLAIMS AND PROPERTIES,
 less accumulated depletion of $819,444               8,375,895
MACHINERY AND EQUIPMENT,
 less accumulated depreciation of $78,778                43,503
OTHER ASSETS                                            104,552            
                    Total assets                    $  9,538,95
                        s                              5
                                                                           
                                                                           
            LIABILI
               TIES
                AND
            SHAREHO
             LDERS'
             EQUITY
                                                                           
CURRE                                                                      
   NT
LIABI
LITIE
   S:
Accou                                                    79,419            
  nts
payab
   le
  and
accru
   ed
liabi
litie
    s
              Total                                      79,419            
            current
            liabili
               ties
                                                                           
ACCRU                                                   300,000            
   ED
RECLA
MATIO
    N
COSTS
                                                                           
MINOR                                                  2,502,12            
  ITY                                                         6
INTER
  EST
                                                                           
SHARE                                                                      
HOLDE
  RS'
EQUIT
   Y:
Prefe                                                                      
 rred
stock-
$0.50
  par
value
    ;
1,500
 ,000
share
    s
autho
rized
    ,
5,200
share
    s
outst
andin
    g
2,600
Commo                                                                      
    n
stock-
$0.50
  par
value
    ;
20,00
0,000
share
    s
autho
rized
    ,
6,505
 ,709
outst
andin
g3,252
 ,855
Addit                                                  12,891,3            
ional                                                        57
paid-
   in
capit
   al
Defer                                                   [8,589]            
  red
compe
nsati
   on
Notes                                                  [87,500]            
recei
vable
 from
share
holde
   rs
Accum                                                  [9,393,3            
ulate                                                       13]
    d
defic
   it
              Total                                    6,657,41            
            shareho                                           0
             lders'
             equity
                                                                           
              Total                                     $                  
            liabili                                    9,538,95
               ties                                    5
                and
            shareho
             lders'
             equity
                                                                           
                                                                           
                                                                           
                                                                           
  The
accom
panyi
   ng
notes
   to
conde
 nsed
conso
lidat
   ed
finan
 cial
state
ments
  are
   an
integ
  ral
 part
   of
 this
state
 ment
                                                                           
                                                                           
                                                                           
                    CHIEF
                    CONSO
                    LIDAT
                       ED
                    MININ
                        G
                    COMPA
                       NY
                                                                           
                      AND
                    SUBSI
                    DIARI
                       ES
                                                                      
                                                                           
            CONDENS
                 ED
            CONSOLI
              DATED
            STATEME
             NTS OF
            OPERATI
                ONS
                                                                           
                    (Unau
                    dited
                        )
                                                                           
                                                                           
                            For the                                         
                         Three
                         Months
                         Ended
                         For the
                         Six
                         For the
                         Six
                         Months
                         Ended
                           June 30, June 30,  June 30, June                
                               1998   1997        1998 30,1997
REVEN                                                                      
 UES:
                               $           $         $         $              
Inter                     10,725     4,804     21,761     12,002
  est
                             15,484    3,449    31,484   12,769            
 Land
sales
  and
other
      Total                  26,209    8,253    53,245   24,771            
      reven
        ues
                                                                           
                                                                           
EXPEN                                                                      
 SES:
                            143,136  101,271   322,162  209,636            
Gener
   al
  and
admin
istra
 tive
                                                                           
Minin
    g
prope
rties
opera
 ting
                            124,605   77,970   177,075  186,094            
  and
explo
ratio
    n
costs
                              2,867    2,988    11,808   12,310            
Taxes
other
 than
incom
    e
taxes
      Total                 270,608  182,229   511,045  408,040            
      expen
        ses
                                                                           
                                                                           
  NET                     [244,399] [173,976 [457,800] [383,269            
 LOSS                                      ]                  ]
BEFOR
    E
MINOR
  ITY
INTER
  EST
                                                                           
                                                                           
MINOR                        40,972             81,782                     
  ITY                                   -                 -
INTER
  EST
                                                                           
                                                                           
  NET                             $        $         $        $            
 LOSS                     [203,427] [173,976 [376,018] [383,269
                                           ]                  ]
                                                                           
                                                                           
  NET                                                                      
 LOSS
  PER
COMMO
    N
SHARE
(Basi                             $        $         $        $            
c and                        [0.03]   [0.03]    [0.06]   [0.06]
Dilut
  ed)
                                                                           
                                                                           
WEIGH                                                                      
  TED
AVERA
   GE
NUMBE
 R OF
COMMO
    N
SHARE                                                                      
S                         6,505,709 6,008,94 6,420,140 5,998,52
OUTST                                      2                  5
ANDIN
G
(Basi
    c
&Dilu
 ted)
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
  The
accom
panyi
   ng
notes
   to
conde
 nsed
conso
lidat
   ed
finan
 cial
state
ments
  are
   an
integ
  ral
 part
   of
 this
state
 ment
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
                    CHIEF
                    CONSO
                    LIDAT
                       ED
                    MININ
                        G
                    COMPA
                       NY
                                                                           
                                AND
                          SUBSIDIAR
                                IES
                                                                           
                                                                           
                                                                           
            CONDENS
                 ED
            CONSOLI
              DATED
            STATEME
             NTS OF
               CASH
              FLOWS
                                                                           
                          (Unaudite
                                 d)
                                                                           
                    Incre
                      ase
                    (Decr
                    ease)
                       in
                     Cash
                                                                           
                                                                           
                                                                           
                                               For the
                                                   Six
                                                months
                                                 ended
                                              June 30,   June              
                                                  1998 30,1997
 CASH                                                                      
FLOWS
 FROM
OPERA
 TING
ACTIV
ITIES
    :
 Net                                                 $        $            
loss                                         [376,018] [383,269
                                                              ]
                                                                           
Adjus
tment
 s to
recon
 cile
  net
 loss
   to
  net
 cash
 used
   in
opera
 ting
activ
ities
    :
                                                 9,100    8,900            
Depre
ciati
   on
                                                12,500   12,500            
Amort
izati
on of
defer
  red
compe
nsati
   on
                                              [81,782]                     
Alloc                                                     -
ation
   of
 loss
   to
minor
  ity
inter
  est
                                                                           
Chang
 e in
asset
s and
liabi
litie
   s:
                                               [3,323]  [1,057]            
Incre
  ase
   in
accou
  nts
recei
vable
                                             [102,047] [17,698]            
Incre
  ase
   in
other
asset
    s
                                              [11,136] [20,544]            
Decre
  ase
   in
accou
  nts
payab
   le
  and
accru
   ed
liabi
litie
    s
                Net                          [552,706] [401,168            
               cash                                           ]
            used in
            operati
                 ng
            activit
                ies
                                                                           
                                                                           
 CASH                                                                      
FLOWS
 FROM
INVES
 TING
ACTIV
ITIES
    :
                                             [693,912]  171,259            
Decre
  ase
(incr
ease)
   in
 U.S.
treas
  ury
bills
, net
                                             [329,799]  [2,000]            
Minin
    g
prope
  rty
devel
opmen
t and
purch
  ase
   of
prope
  rty
  and
equip
 ment
                                               [1,500]                     
Advan                                                     -
  ces
   to
affil
iates
                Net                        [1,025,211]  169,259            
               cash
              (used
                in)
            provide
               d by
            investi
                 ng
            activit
                ies
                                                                           
                                                                           
 CASH                                                                      
FLOWS
 FROM
FINAN
 CING
ACTIV
ITIES
    :
  Net                                        1,397,500  237,500            
proce
  eds
 from
 sale
   of
commo
    n
stock
                Net                          1,397,500  237,500            
               cash
            provide
               d by
            financi
                 ng
            activit
                ies
                                                                           
                                                                           
  NET                                        [180,417]    5,591            
INCRE
  ASE
(DECR
EASE)
   IN
 CASH
                                                                           
 CASH                                          345,516   52,250            
   AT
BEGIN
 NING
   OF
PERIO
    D
                                                                           
 CASH                                        $           $                  
   AT                                        165,099    57,841
  END
   OF
PERIO
    D
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
                                                                           
                   
                   
           
  The
accom
panyi
   ng
notes
   to
conde
 nsed
conso
lidat
   ed
finan
 cial
state
ments
  are
   an
integ
  ral
 part
   of
 this
state
 ment
                                                                           
               
               
               
               
               CHIEF CONSOLIDATED MINING COMPANY
                      AND SUBSIDIARIES
                              
    NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                         (Unaudited)

The accompanying condensed consolidated financial statements
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 only 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 registrant's consolidated financial
statements and notes thereto, included in registrant's Form
10-KSB for the year ended December 31, 1997.

Tintic Utah Metals LLC Joint Venture

On July 17, 1996, registrant, Akiko Gold Resources, Ltd.
("Akiko") and Korea Zinc Co., Ltd. ("Korea Zinc") formed
Tintic Utah Metals LLC ("Tintic").  Registrant 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, registrant,
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, registrant'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.  Registrant 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 investment in Tintic is accounted for as a majority
owned consolidated subsidiary by registrant. Registrant did
not consolidate this subsidiary during the six month period
ended June 30, 1997 because its ownership was not more than
50%.

Rehabilitation Costs Capitalized

Through June 30, 1998, 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. All underground drilling and related costs have
been expensed as exploration costs.  Further activity
commenced in the second quarter of 1998 and continues to
date.

Recent Accounting Pronouncement

In June 1997, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards 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.  Registrant plans to adopt SFAS 131
in its December 31, 1998 financial statements.

In June 1998, the Financial Accounting Standard's Board
issued Statements of Financial Accounting Standard No. 133
"Accounting for derivative investments and hedging
activities" ("SFAS 133").  SFAS 133 establishes new
accounting and reporting standardization for companies to
report information about derivative instruments, including
certain derivative instruments embedded in other contracts
and for hedging activities.  Registrant will adopt SFAS 133
in its first fiscal quarter of 2000 financial statements.
Neither SFAS 131 nor SFAS 133 are anticipated to have a
material impact on the Company's results from operations,
financial statements or liquidity.

Subsequent Event

Prior to July 1998, registrant used the Sunshine Mining
Company's reclamation and mining permit while Tintic
continued rehabilitation and exploration activities on its
East Tintic operational area properties.  During June 1998,
registrant placed $100,000 in escrow in connection with a
proposed transfer of the Sunshine Mining Company's
reclamation and mining permit to Tintic.  This amount is
included in other assets amount in the attached unaudited
condensed consolidated balance sheet.  An insurance policy
was obtained to cover the remaining $200,000 liability which
is included in accrued reclamation liability in the
unaudited condensed consolidated balance sheet.  In July
1998, the State of Utah formally approved Tintic's
reclamation plan and transferred to Tintic the Sunshine
Mining Company's mining permit.




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 initial
capital contributions.  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 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 Operations and Liquidity and Capital Resources:

Registrant's net loss for the six months ended June 30,
1998, as compared to registrant's net loss for the six
months ended June 30, 1997 decreased in the amount of
$7,251.  Registrant's net loss for the three months ended
June 30, 1998, as compared to registrant's net loss for the
three months ended June 30, 1997, increased in the amount of
$29,451.  The decrease in net loss for the six months ended
June 30, 1998 resulted primarily from the initiation of
rehabilitation work in April, 1998 at the Trixie Mine, while
more substantial exploration activities occurred during the
six months ended June 30, 1997.  The increase in net loss
for the three months ended June 30, 1998 resulted primarily
from the initiation of rehabilitation work in April 1998 at
the Trixie Mine.  The Trixie Mine is 100% owned by Chief
Gold Mines, Inc., a wholly owned subsidiary of registrant.

Interest income for the six months ended June 30, 1998, as
compared to the six months ended June 30, 1997 increased in
the amount of $9,759.  Interest income for the three months
ended June 30, 1998 as compared to the three months ended
June 30, 1997 increased in the amount of $5,921.  Increase
for both periods resulted primarily from an increase in US
treasury bill holdings, increasing the interest received.

Mining properties operating costs and exploration expenses
for the six months ended June 30, 1998,  as compared to the
six months ended June 30, 1997, decreased in the amount of
$9,019.  This decrease was primarily the result of the
completion of the initial drilling program on registrant's
Main Tintic District properties after the first quarter of
1997.  Mining property operating costs for the three months
ended June 30, 1998 as compared to the three months ended
June 30, 1997, increased in the amount of $46,635.  This
increase resulted primarily from initiation of
rehabilitation work in the Trixie Mine, which was initiated
in April 1998, and continued work in registrant's Main
Tintic District Plutus Mine.

General and administrative expenses for the six months ended
June 30, 1998 as compared to the six months ended June 30,
1997 increased in the amount of $112,526.  This increase was
primarily a result of the consolidation of registrant's 75%
owned subsidiary, Tintic and the inclusion of its direct
general and administrative expenses in the first six months
of 1998.  Tintic was not consolidated in the first six
months of 1997.

General and administrative expenses for the three months
ended June 30, 1998 as compared to the three months ended
June 30, 1997 increased in the amount of $41,865.  This
increase was primarily a result of the consolidation of
registrant's 75% owned subsidiary, Tintic and the inclusion
of its direct general and administrative expenses for the
three months ended June 30, 1998.  Tintic was not
consolidated for the three months ended June 30, 1997.

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, registrant will seek additional
funding through the private placement of its common shares,
however, there can be no assurance that such sales of common
shares will be achieved.

                              
               PART II.  OTHER INFORMATION

Item 5.   Other Information

On June 29, 1998, Tintic Utah Metals LLC and registrant
signed a Letter of Intent with a subsidiary of U.S. Filter
Corporation.  U.S. Filter Corporation is a leading global
provider of industrial and municipal water and waste water
treatment systems, products and services.  Under the terms
of the Letter of Intent, U.S. Filter Operating Services will
determine the feasibility of U.S. Filter designing,
building, owning and operating a water treatment plant on
the site of the Burgin Mine in the East Tintic Mining
District of Utah to treat and recycle water for beneficial
use.  The Burgin Mine is currently under development by
registrant's subsidiary, Tintic Utah Metals.  U.S. Filter
would construct the water treatment plant at an estimated
cost of $30 million.  Tintic Utah Metals would be
responsible for the Burgin Mine dewatering system that would
supply water to the U.S. Filter plant.  A projected
dewatering rate of up to 12,000 gallons a minute from the
Burgin Mine would be treated at the U.S. Filter plant, which
would result in dewatering the Burgin Mine to its lowest
planned operating levels in an environmentally sound manner.
In July 1998, U.S. Filter Operating Services initiated its
feasibility study under the Letter of Intent.

Registrant has assessed the impact of the Year 2000 issues
affecting its internal software (including embedded systems
contained in the Company's buildings, plant, equipment and
other infrastructure) and concluded that any Year 2000
issues would not have a material effect on registrant's
business, resulting operations, or financial condition.


Item 6.  Exhibits And Reports On Form 8-K

         None

Safe Harbor Statement under the Private Securities Reform
Act of 1995:
This Report contains forward-looking information and
therefore it necessarily involves risks and uncertainties
that could cause actual events to differ materially from
those set forth or implied herein.  Factors that could cause
actual events to differ from these forward-looking
statements include, but are not limited to, the following:
Tintic Utah Metals, LLC's ability to obtain a positive
feasibility study or to obtain financing necessary to fund a
mining operation at the Burgin Mine; a negative feasibility
study is issued under the Letter of Intent with U.S. Filter
Operating Services or the water treatment plant and
dewatering system contemplated under the Letter of Intent
does not become operative; Tintic Utah Metals is unable to
obtain necessary approval  and permits relating to
dewatering the Burgin Mine from the Utah Division of Water
Quality and other governmental authorities; the matters
referred to in registrant's Letter of Intent with Thyssen
Mining and Thyssen Mining's agreement with Tintic Utah
Metals LLC are not consummated; Registrant is unable to
enter into an agreement with a real estate developer
relating to registrant's surface real estate properties.
These and other risks are described in registrant's filings
with the Securities and Exchange Commission, including
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 has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.


CHIEF CONSOLIDATED MINING COMPANY
     (Registrant)





August 13, 1998          /s/LEONARD WEITZ
               (Signature and Title)
               Leonard Weitz
               President, Chairman of the Board of
Directors, and
               Principal Executive Officer





August 13, 1998          /s/EDWARD R. SCHWARTZ
               (Signature and Title)
               Edward R. Schwartz
               Director, Treasurer,
               Principal Financial Officer and
               Principal Accounting Officer