SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   FORM 10QSB


                  Quarterly Report under Section 13 or 15(d) of
                       the Securities Exchange Act of 1934



For Quarter Ended                                    Commission File Number
March 31, 1997                                                0-12139


                       Leesburg Land and Mining Co., Inc.
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)


            Colorado                                 82-0379959
     ----------------------                     ------------------
    (State of incorporation)                     (I.R.S. Employer
                                                Identification No.)

               c/o 10200 W. 44th Ave., #400, Wheat Ridge, CO 80033
               ---------------------------------------------------
               (Address of principal executive offices) (Zip Code)

            Registrant's telephone number, including area code: 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 the  filing
requirements for at least the past 90 days.

                             Yes   X       No  
                                 -----        -----

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.

Class                                       Outstanding at May 29, 1997
-----                                       ---------------------------

Common stock                                         52,476,317
No par value


<PAGE>
<TABLE>
<CAPTION>

                          LEESBURG LAND AND MINING CO., INC.
                            (A Development Stage Company)


                                  BALANCE SHEET


                                                             March 31,     December 31,
                                                               1997            1996
                                                           -----------     ------------
                                                            (unaudited)      (audited)
Assets:

PROPERTY AND EQUIPMENT
<S>                                                         <C>            <C>        
  Vehicle                                                   $    20,818    $    20,818
  Less: accumulated depreciation                                (20,818)       (20,818)

Total Property and Equipment                                $         0    $         0
                                                            -----------    -----------

TOTAL ASSETS                                                $         0    $         0
                                                            ===========    ===========
                  
                    LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current liabilities:

Accounts payable (Note 2)                                   $    14,714    $    12,855

Total current liabilities                                   $    14,714         12,855
                                                            -----------    -----------

Stockholder's equity (Deficit):

Preferred stock, 1,000,000 shares of no
par value authorized, none issued
Common stock, no par value; authorized,
100,000,000 shares Issued and outstanding                     4,140,407      4,140,407
52,476,317 shares at March 31, 1997 and
December 31, 1996

Accumulated (deficit) during the development                 (4,155,121)    (4,153,262)
stage
                                                            -----------    -----------

Total Stockholders' equity                                      (32,511)       (12,855)
                                                            -----------    -----------

TOTAL LIABILITIES & STOCKHOLDERS'                           $         0    $         0
EQUITY
                                                            ===========    ===========

The accompanying notes are an integral part of the financial statements.

</TABLE>
 


<PAGE>
<TABLE>
<CAPTION>
                                        LEESBURG LAND & MINING CO., INC.
                                           (A Development Stage Company)


                                              STATEMENT OF OPERATIONS
                                                    (unaudited)

                                             Cumulative During     Three months ended     Three months ended
                                             Development Stage       March 31, 1997          March 31, 1996
                                             -----------------     ------------------     ------------------
                                                                      (Unaudited)            (Unaudited)
REVENUE:

<S>                                           <C>                                                  
  Interest Income                             $     92,753                 --                    --

  Geo contract                                      90,000                 --                    --

  Equipment rental income                           13,500                 --                    --

  Miscellaneous income                              14,014                 --                    --
                                              ------------        ------------           ------------

TOTAL REVENUES                                     210,267                 --                    --


EXPENSES:

  Exploration costs                                867,048                 --                    --

  General & administrative                       1,227,530               1,859                    287

  Interest expense                                 426,467                --                     --

  Depreciation expenses                            790,967                --                     --

  Abandonment of claims and leases                 626,637                --                     --

  Loss- sale of mining equipment                   287,173                --                     --

  Loss - sale of polaris coal co                   228,000                --                     --

  Write down of mining equipment                   127,664                --                     --

  Bad debts                                        196,985                --                     --

  Services contributed by officers                  83,200                --                     --
                                              ------------        ------------           ------------
 
TOTAL COSTS & EXPENSES                           4,861,671               1,859                    287
                                              ------------        ------------           ------------ 

NET INCOME (LOSS) BEFORE                         4,631,404              (1,859)                  (287)
EXTRAORDINARY ITEM

EXTRAORDINARY ITEM, Reduction of
payables (Note 2)                                  496,283

NET INCOME (LOSS)                               (4,155,121)             (1,859)          $       (287)
                                              ============        ============           ============

NET INCOME (LOSS) PER SHARE:                          (.46)               --                     --
Income (loss) before extraordinary item                .05
                                              ------------        ------------           ------------

NET INCOME (LOSS)                                     (.41)               --                     --
                                              ------------        ------------           ------------

WEIGHTED AVERAGE NUMBER OF SHARES               10,156,148          52,476,317             52,476,317
OUTSTANDING
                                              ------------        ------------           ------------



The accompanying notes are an integral part of the financial statements.
</TABLE>



<PAGE>
<TABLE>
<CAPTION>
                          LEESBURG LAND & MINING CO., INC.
                            (A Development Stage Company)
                               STATEMENT OF CASH FLOWS
                                     (unaudited)

                                                 Cumulative During      Three months ended
                                                 Development Stage         March 31, 1997
                                                 -----------------      -------------------
CASH FLOWS FROM OPERATING ACTIVITIES:

<S>                                                  <C>                    <C>         
  Net income (loss)                                  $(4,131,068)            $    (1,859)

  Items not requiring cash:                                                        --

  Depreciation                                           790,967                   --

  Contributed services                                    78,487                   --

  (Gain) loss on disposal of mining claims
  and equipment                                        1,040,147                   --

  Other                                                   (5,443)                  --

  Contingency recorded as note payable                    62,386                   --

  Loss on investment in polaris                          228,000                   --

  Additional payables transferred to equity              187,777                   --
  
 (Increase) decrease in accounts receivable                --                      --

  Increase (decrease) in accounts payable                 26,176                   1,859
                                                     -----------             -----------

  Cash (used) by operating activities                  1,722,571                    --
                                                     -----------             -----------

CASH FLOWS FROM INVESTING ACTIVITIES:

  Purchase of mining claims                              (72,301)                   --

  Purchase of vehicles                                  (103,614)                   --

  Purchase of mining equipment                        (1,319,676)                   --

  Purchase of other equipment                             (9,996)                   --

  Purchase of polaris coal company                        (6,500)                   --

  Proceeds - sale of mining equipment                    247,910                    --
                                                     -----------             -----------

  Cash provided (used) by investing activities         1,264,177                    --
                                                     -----------             -----------

CASH FLOWS FROM FINANCING ACTIVITIES:

  Notes payable payments                                (110,130)                   --

  Proceeds from sale of common stock and warrants,     3,111,194                    --
  net of registration costs

  Purchase of treasury stock                             (14,316)                   --
                                                     -----------             -----------

  Cash provided by financing activities                2,986,748                    --
                                                     -----------             -----------

Increase (decrease) in cash & cash equivalents              --                      --

Cash & cash equivalents - beginning of year                 --                      --
                                                     -----------             -----------

Cash & cash equivalents - end of year                       --                      --
                                                     ===========             ===========

The accompanying notes are an integral part of the financial statements.
</TABLE>



<PAGE>
                        LEESBURG LAND & MINING CO., INC.
                          (A Development Stage Company)


                          NOTES TO FINANCIAL STATEMENTS
                           March 31, 1997 (unaudited)

NOTE 1 - OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNT PRINCIPLES

Leesburg Land & Mining,  Inc. (the "Company" or "Leesburg") was  incorporated on
June 21, 1983. From June 21, 1983  (Inception) to December 31, 1984, the Company
was engaged in the  development  of a gold placer  claim  located  near  Salmon,
Idaho.  As of December 31, 1984,  the Company's only mining claim was abandoned.
Pursuant  to a change in  control  of the  Company in April  1985,  the  Company
purchased  an interest in a coal  company.  The Company sold its interest in the
coal company in November  1985.  In December  1985,  the Company  entered into a
contract  with a  non-affiliated  partnership  to  complete a  geothermal  well,
construct  a  power  plant  and  assist  in  obtaining  needed  financing  on  a
fixed-price  basis.  The geothermal  well was plugged and abandoned in 1986 when
the underground  resource was deemed inadequate.  The Partnership failed to make
payments  to the Company  under the  contract.  The  Company  has never  derived
significant revenues from any of its attempted operations.

In 1987, the Company filed for a Chapter 11 bankruptcy, but voluntarily withdrew
the filing in 1988.  Since  1988,  the  Company  has been  selling  its  claims,
property and equipment.  In addition,  the Company has been eliminating its debt
(Notes 2 and 3) and  seeking  a private  company  with  which to merge.  No such
company has been identified or found.

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue as a going  concern.  However,  the Company has incurred
cumulative  net  losses  of  $4,155,121  since  inception.  At March  31,  1997,
liabilities  exceeded assets by $14,714.  In addition,  the Company has recently
eliminated  amounts  due to  creditors  based on the  tolling of the  statute of
limitations.  As described in Notes 2 and 3, the statute of limitations does not
preclude  creditors  from  threatening  or bringing  litigation,  which would be
costly for the Company to defend.  In view of these  matters,  the future of the
Company is dependent upon  management's  ability to find a company with which to
merge and favorable final outcome regarding the elimination of debts.

Property and equipment
----------------------

Property and  equipment  are stated at cost and  depreciated  on a straight line
basis  over the  estimated  useful  lives of the  asset  (10  years  for  mining
equipment,  4-7 years for vehicles and 5-10 years for furniture  and  fixtures).
Maintenance  and  repairs  are  expenses  as  incurred.  When assets are sold or
retired,  the cost and  related  accumulated  depreciation  is removed  from the
accounts and the  resulting  gain or loss is included as income.  As of December
31,  1993,  all of the  mining  equipment  had  been  sold  and  the  costs  and
accumulated  depreciation  had been  written off against  the sales  price.  The
remaining  asset on the  balance  sheet  at  March  31,  1997,  has  been  fully
depreciated.



<PAGE>
                        LEESBURG LAND & MINING CO., INC.
                          (A Development Stage Company)

                      NOTES TO FINANCIAL STATEMENTS, CONT.
                           March 31, 1997 (unaudited)


Statement of cash flows
-----------------------

For  statement  of  cash  flows  purposes,   the  Company  considers  short-term
investments  with  original  maturities  of  three  months  or  less  to be cash
equivalents.

Earnings per common share
-------------------------

Net income or (loss) per common share is based on the weighted average number of
shares of common stock outstanding during the periods presented.  The cumulative
weighted average number of shares  outstanding do not include shares issued to a
Belgian company and then later rescinded and canceled by the Company (Note 4).

Use of estimates
----------------

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect certain  reported amounts and  disclosures.  Accordingly,  actual results
could differ from those  estimates.  Significant  estimates  have been made with
regards to estimates of contributed services.

Note 2 - Accounts Payable

In 1985, the Company contracted to drill a geothermal well and construct a power
plant in central Nevada. In 1986, the Company's  consulting  engineer determined
that the well was unsuccessful and, as a result of the Partnership's  failure to
pay the Company, the Company did not have cash to pay its own creditors, most of
whom had supplied  services and supplies  connected  with the well. The payables
amounted to  approximately  $277,000.  In 1987 the Company  filed to  reorganize
under  Chapter 11 of the  Bankruptcy  Code,  listing  approximately  $330,000 as
payable to creditors.  In 1988, the Company voluntarily  withdrew the bankruptcy
filing, without having yet repaid the creditors. The only creditor to reduce its
receivable   to  a  note   and   judgment   was   Halliburton   Energy   Service
("Halliburton").  The Company made several  payments on this debt,  but interest
continued to accrue  through 1993 after which an  agreement  on  settlement  was
reached.

At December  31,  1993,  on the advice of  Counsel,  the  Company  eliminated  a
substantial amount of accounts payable and reported $457,657 as an extraordinary
gain. The Company, based on the advice of its legal counsel, determined that the
claims of these  creditors were outside the time  limitations of the statutes of
the States of Colorado and Nevada for causes of action most likely to be pled by
such  creditors.  The statute  expired for these claims in December  1993.  As a
result,  management and its attorney  believe that the Company would most likely
have a defense  that  would be  reasonably  based upon fact and law and that the
probability of these creditors successfully overcoming such a defense is


<PAGE>

                        LEESBURG LAND & MINING CO., INC.
                          (A Development Stage Company)

                      NOTES TO FINANCIAL STATEMENTS, CONT.
                           March 31, 1997 (unaudited)

substantially  remote.  It is  not  impossible  that  a  creditor  could  seek a
jurisdiction  other that Colorado or Nevada in which to commence  collection and
the  Company  would  then be forced to defend or  compromise  such claim at some
expense.

Legal  Counsel  to the  Company  has opined  that the chance of such  successful
litigation  by a creditor  is  substantially  remote,  although  such an outcome
cannot be absolutely determined with certainty at this time.

In late 1994, the Company reopened  negotiations with  Halliburton,  a creditor.
The Company and Halliburton  agreed to a settlement of approximately  $15,000 in
early 1995.  Since that settlement was  substantially  less than the amount plus
interest then recorded as a liability, the Company ceased to accrue interest. In
1995,  the  Company  recognized  $38,626,  the  amount  of  debt  forgiven,   as
extraordinary  income.  In  January  1996,  the  Company  settled  its  debt  to
Halliburton by paying $14,000.

Note 3 - Notes Payable

In 1986,  the Company sold 128,000  shares of its common stock to Rio Delta Land
Company ("Rio Delta").  The Company  planned to work in a venture with Rio Delta
to develop a mining property.  However,  in 1987, after expending  approximately
$70,000 on the project,  the Company  terminated  the venture with Rio Delta and
agreed to pay Rio Delta  approximately  $60,000  plus  interest in exchange  for
return of the common stock issued to Rio Delta.  The Company never  received its
stock  from Rio  Delta  but  nonetheless  maintained  the debt on its books as a
contingency  despite the fact that legally  there may be no valid claim  against
the Company.  The Company has unsuccessfully  tried to contact Rio Delta and its
controlling  shareholder to resolve the matter.  Interest was accrued at 12% per
annum from 1987  through  December  31,  1994,  and  amounted  to  approximately
$80,000.

As of December 31, 1994, the Company,  based on the advice of its legal counsel,
determined  that  any  claim by Rio  Delta,  if  valid,  lies  outside  the time
limitations  of the  statutes  of the  limitation  of Colorado  and Nevada.  The
Company  believes  that it  would  most  likely  have a  defense  that  would be
reasonably  based upon fact and law and that the  probability  of this  creditor
successfully  overcoming such a defense is substantially  remote. The statute of
limitations  is six  years  on the debt due to Rio  Delta,  and that  limitation
expired in December,  1994. As a result of the above determination,  on December
31,  1994,  the Company  wrote off the  principal,  plus  accrued  interest  and
estimated legal expenses,  totaling  $142,012,  to equity. The 128,000 shares of
common stock sold to Rio Delta currently remain issued and outstanding.

It is not  impossible  that a  creditor  could  seek a  jurisdiction  other than
Colorado or Nevada in which to commence collection and the Company would then be
forced to defend or compromise such claim at some expense.  Legal Counsel to the
Company has opined that chance of such successful litigation by this creditor is
substantially  remote,  although such an outcome cannot be absolutely determined
with certainty at this time.


<PAGE>

                        LEESBURG LAND & MINING CO., INC.
                          (A Development Stage Company)

                      NOTES TO FINANCIAL STATEMENTS, CONT.
                           March 31, 1997 (unaudited)



Note 4 - Stockholder's Equity

The Company amended its Articles of  Incorporation  to authorize the issuance of
1,000,000  shares of preferred stock with no par value.  The preferred stock may
be  issued  from time to time with such  designation,  rights,  preferences  and
limitations as the Board of Directors may determine by resolution.
As of March 31, 1997, no shares of preferred stock have been issued.

In 1989,  the Company sold 2,500,000  shares of the Company's  common stock to a
Belgian company, N.V.  Handels-Kreditkantoor/Comtoir  de Credit s.a. ("HKCC") in
exchange for 7,500,000 fine art prints. In addition,  the Company issued 650,000
shares to Asher Investments  Limited ("Asher") as a finder's fee. As part of the
sales agreement,  HKCC agreed to loan the Company  $300,000.  The Company valued
the combined transaction at $2,520,000. However, HKCC never delivered the prints
or made the loan. As a result,  in 1990, the Company  negotiated the recision of
the stock issuance.  Since the transaction was never fully executed,  it has not
been included in the schedule above or in calculation of weighted average shares
outstanding for determining  earnings (loss) per share. The stock transfer agent
canceled the outstanding shares in 1994.

The Company's  officers  contributed  management  services valued at $18,200 and
$10,000 during 1995 and 1994, respectively.  During 1995, the Board of Directors
approved issuing 2,500,000 shares of common for $100 of services to One Capital.
During 1994, the President waived $62,618 owed to him for past services rendered
in  exchange  for  28,500,000  shares of common  stock for which $750 was deemed
consideration.  During 1994, the Vice  President  waived $45,532 owed to him for
past  services  rendered in exchange for  19,000,000  shares of common stock for
which $500 was deemed  consideration.  These transactions were authorized by the
Board of Directors and the amounts were credited to stockholder's equity.

Also during  1994,  the Company  unilaterally  transferred  the debt and accrued
interest  owed to Rio Delta,  a major  shareholder,  to equity (see Note 3). The
principal  and  interest  totaled  $142,012 and was  transferred  after the time
period for the statute of limitations expired.


Note 5 - Income Taxes

At March 31, 1997, the Company has a net operating loss (NOL)  carry-forward for
tax purposes of approximately  $3,620,000  (expiring in the years 1998 to 2010).
In addition, the Company has a tax credit carry-forward of approximately $20,000
(expiring in the years 1999 to 2000).




<PAGE>

                        LEESBURG LAND & MINING CO., INC.
                          (A Development Stage Company)

                      NOTES TO FINANCIAL STATEMENTS, CONT.
                           March 31, 1997 (unaudited)


Deferred tax assets (liabilities) at March 31, 1997:

                                                           March 31,
Deferred tax assets due to:                                   1997
                                                           ----------
         Payables                                          $   10,182
         Receivables                                        1,407,844
                                                           ----------
         Net operating loss carry-forward                   1,418,026

Valuation allowance for deferred
tax assets                                                 (1,418,026)

Net deferred tax asset                                      $    -



ITEM 2.

Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operations.
--------------------------------------------------------------------------------

Results of  Operations  for quarter ended March 31, 1997 compared to same period
in 1996.
--------------------------------------------------------------------------------

     The Company has  experienced  increased  operating  expenses  for the three
month  period of $1,859 as  compared  to $287 for the same  period in 1996.  The
revenues  for the period were none in 1996 or 1997.  The Company  recorded a net
loss of ($1,859) for the period.  The Company losses on operations will continue
until revenues can be achieved. While the Company is seeking capital sources for
investment; there is no assurance that sources can be found.

     Loss per share for the 1997 first  quarter  was less than ($.01) per share,
as compared to a loss of less than ($.01) per share for the 1st quarter of 1996.

Liquidity and Capital Resources
-------------------------------

     The Company had no cash capital at the end of the period.  The Company will
be forced to either borrow against or sell assets or make private  placements of
stock in order to fund  operations  continuance.  No assurance  exists as to the
ability to achieve sales of assets or loans against the assets,  or make private
placements of stock.





<PAGE>


                           PART II - OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS
-------    -----------------

           None

ITEM 2.    CHANGES IN SECURITIES
-------    ---------------------

           None

ITEM 3.    DEFAULT UPON SENIOR SECURITIES
-------    ------------------------------

           None

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
-------    ---------------------------------------------------

           None

ITEM 5.    OTHER INFORMATION
-------    -----------------

           None

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K
-------    --------------------------------

     No reports  on Form 8-K were made for the  period for which this  report is
filed.


                        LEESBURG LAND & MINING CO., INC.
                          (A Development Stage Company)

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.

                                       LEESBURG LAND & MINING CO., INC.



Date: June 2, 1997                     /S/  ROBERT BEATON
                                      ------------------------------------------
                                       Robert Beaton, President