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                    SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549

                                Form 10-K
             Annual Report Pursuant to Section 13 or 15(d) of
                   the Securities Exchange Act of 1934

               For the fiscal year ended December 31, 1997

                     Commission File No. 001-06412

                    LITTLE SQUAW GOLD MINING COMPANY
      ________________________________________________________________
           (Exact name of Registrant as specified in its charter)

         Alaska                                         91-0742812
__________________________________          ______________________________
(State or other jurisdiction                  (I.R.S. Employer ID No.)
of incorporation or organization)

         933 West Third
         P.O. Box 184, Spokane, WA                        99210
________________________________________        ________________________
(Address of principal executive offices)               (Zip Code)

Registrant's telephone number:  (509) 624-2676

Securities registered pursuant to Section 12(b) of the Act:

Name of Each
Title of Each Class                   Exchange on which Registered

Common stock, $.10 par value          Spokane Quotation Bureau, Inc.

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the Registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that 
the Registrant was required to file such reports), and (2) has been subject 
to such filing requirements for the past 90 days.  Yes:  (X)   No:  ( )   


State the aggregate market value of the voting stock held by non-
affiliates of the Registrant.  The aggregate market value shall be computed 
by reference to the price at which the stock was sold, or the average bid 
and asked prices of such stock, as of a specified date within 60 days prior 
to the date of filing.  

As of March 20, 1997, 8,351,403 shares of the Registrant's voting common stock, 
$.10 per share par value excluding stock held in treasury, were issued and 
outstanding.  The aggregate market value of such shares held by non-affiliates 
of the Registrant on such date was $835,140 (based on the average bid and asked 
prices on that date in the amount of $.10 per share).

Documents incorporated by reference - None.

*****************************************************************************

DOCUMENT PAGE: 1  of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997

PART I

Item 1.     DESCRIPTION OF BUSINESS

(a)  General Description of Business

The Registrant is the owner in fee of 445 acres of patented gold mining 
claims consisting of twenty-two (22) claims and one millsite, and controls 
another 4,200 acres of unpatented gold mining claims consisting of one 
hundred five (105) 40 acre State of Alaska Unpatented claims.  The mining 
properties are located approximately 188 air miles NNW of Fairbanks, Alaska, 
and 48 miles NE of Coldfoot, in the Chandalar Mining District.  The center 
of the district is approximately 70 miles north of the Arctic Circle. 

The Registrant was incorporated on May 7, 1959 for the purpose of acquiring 
the gold mining properties of the Chandalar District.  Operations of the 
Registrant during the 1960's resulted in the development of a mining camp, a 
mill, several airstrips, and development of a small amount of ore reserves 
in underground workings.

In 1972 and 1976, all of the lode mining claims in the Chandalar District 
were acquired by the Registrant except for seven forty acre State of Alaska 
unpatented claims. In 1978 the Registrant acquired all of the placer mining 
claims in the Chandalar District.  

In 1987 the registrant determined that it would be in the best interest of 
registrant to convert all Federal unpatented claims held by the registrant to 
State of Alaska unpatented claims. The claims are located on property which 
was formerly all owned by the Federal Government however as of 1991 title to 
all of the properties had been transferred to the State of Alaska.

During the 1970's the lode and placer properties were leased to various 
parties for exploration and development. 

Registrant in November of 1989 and May of 1990 entered into a lease with 
Gold Dust Mines, Inc. of all placer mining interests of Registrant located 
on the Big Creek, St. Mary's Creek, Little Squaw Creek, Big Squaw Creek, 
and Tobin Creek.     

During 1988 a consulting Mining Geologist was hired to conduct a study of 
the entire placer and lode district.  His comprehensive report was completed 
in January 1990, and are available for review by interested Mining companies.
A few conclusions from his report are referred to in the section "Description 
of Property."  The Registrant does not have sufficient funds to undertake 
development of the lodes or placer creek drainages, and is actively looking 
for a joint venturer mining company to assist the Registrant in the 
development of the properties.  The long term potential for the district 
lies in the development of the lodes which will initially require a 
substantial drilling exploration commitment. 








DOCUMENT PAGE: 2  of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997


During the Spring of 1990 the lessee transported an IHC wash plant, with 
numerous large pieces of placer mining equipment to the site over the winter 
haul road from Coldfoot to Registrants mining claims.  Gold Dust Mines 
restricted its placer mining operations during the 1991 and 1992 seasons to 
the Tobin Creek drainage.  During the last part of the 1993 season, Gold Dust 
Mines moved its placer operations to the Big Creek, and St. Mary's Creek 
drainages.  In 1994, placer mining operations were concentrated on the St. 
Mary's Creek drainage. During 1995 placer mining operations were conducted on 
the St. Mary's Creek and Big Creek Drainages.  During 1996, a lease amendment 
was entered into between registrant lessor and Old Gold Dust Mines, lessee, 
wherein Little Squaw Creek, Big Squaw Creek and Tobin Creek drainages were 
excluded from the lease and the lessor currently has an operating lease only 
on the Big Creek and St. Mary's Creek drainages.

During 1996 and 1997, these placer mining operations were conducted on the 
Big Creek drainage.

In the late summer of 1997, a placer mining lease was executed by the 
registrant with DayCreek Mining Company, Inc., an Alaskan corporation.  The 
lease includes the placer mining claims only for the Tobin Creek drainages, 
Big Squaw Creek and Little Squaw Creek drainages, but does not include the 
Big Creek and St. Mary's Creek drainages which are currently leased to Gold 
Dust Mines.  Under the terms of the lease with DayCreek Mining Company, 
Inc., they are to enter into an extensive drilling program each year to 
determine the extent of the approvable placer reserves.  This lease was not 
entered until the later part of the 1997 season, however the lessee was able 
to conduct a limited drilling program.

(b)  Financial Information About Industry Segments

The applicant's properties consist of both lode mining properties and placer 
mining properties.  The lode mining properties contain the greatest 
potential for development of the property, and since the Company's lode 
mining properties are in the exploration and development stage, it is not 
possible to make any definitive statements regarding industry segments.

(c)  Narrative Description of Business

Since the early 1970's and after its own substantial early expenditures, the 
Registrant has attempted to develop its mining properties by leasing with 
provisions for base rent and royalties.  The Registrant has no independent 
business operations except those in the Chandalar Mining District.

LODE OPERATION: The lode claims were last leased between 1979 and 1987. The 
total sales from the lodes from 1980 through 1983 was approximately 7,200 
ounces of gold with gross revenues in excess of $2,000,000.00.  The operations 
were not conducted properly and were not profitable to the Lessee, partly due 
to a cave-in on the Mikado mine in 1983.  The Lessee concentrated on 
exploration in 1983 with very little activity in 1984 and 1985. The lode 
Mill has not been operated since 1986.  The required assessment work on the 
lode operations was performed by the placer Lessee from 1985 through 1997.

At this time the Registrant is actively seeking a company that would be 
interested in exploring and developing lode claims. 


DOCUMENT PAGE: 3  of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997


PLACER OPERATION:  The current lessee of the Big Creek and St. Mary's Creek 
drainages, Gold Dust Mines, Inc., has had control of the placer operation 
since 1991, but commencing 1996 the placer lease is restricted to the Big 
Creek and St. Mary's Creek drainages.  Lessee has experienced difficulty in 
mining on the scale originally contemplated as a result of loss of some of 
its financial backing.  The lessee has been financing its mining operations 
primarily through the gold which it has recovered during its operations.  
During 1997, the lessee recovered a total of 341.6 ounces of placer gold 
from the Big Creek drainage. During 1996, the lessee recovered a total of 
699 ounces of placer gold from the Big Creek drainage.  During 1995, lessee 
concentrated primarily on the St. Mary's drainage and Big Creek drainage and 
recovered a total of 403 ounces of Gold.  In 1994 total gold recovered was 
554 ounces The placer production for 1993 season was 249.5 ounces, the 1992 
production was 838.5 ounces.  

The former lease agreement between the Registrant and Lessee required Lessee 
to perform drilling on Tobin Creek and the other major drainages of Big 
Creek-St. Mary's Creek, Little Squaw Creek and Big Squaw creek.  The lessee 
has not had the financial ability since the commencement of the lease to 
conduct the exploratory operations, and this was one of the reasons that the 
lease was amended deleting the Tobin Creek, Little Squaw and Big Squaw Creeks 
from the lease.  Lessee has still not conducted drilling operations on the 
Big Creek-St. Mary's Creek drainages.  This is a concern to the Registrant 
and discussions are ongoing with the lessee about this concern.  Without the 
drilling program there is no way to predict the future potential placer 
reserves.

The lease with DayCreek Mining Company, Inc., for the placer claims allowed 
the lessee to do some limited exploratory placer drilling on Little Squaw 
Creek and Big Squaw Creek.  The report prepared by Gary Fitch, Economic 
Geologist, at Fairbanks, Alaska, stated that the drilling was completed 
between August 30, and October 5, of 1997.  Fifteen (15) holes were drilled 
and sampled.  Twelve (12) were on Little Squaw Creek and three (3) on Big 
Squaw Creek.  The project summary included the following report on Little 
Squaw Creek: 

"Drilling accomplished the initial stages of defining a minable deposit 
by establishing a 2410 troy ounce proven reserve with remains open-ended 
laterally and down-valley. A thirteen thousand (13,000) oz probable 
reserve is estimated along twelve hundred (1,200) feet of the creek 
surrounding the proven block. Impressive high grades are recorded in 
Little Squaw Bench production figures, reported at the Carlson & Buckley 
shaft and encountered in some of the 1997 drill holes."

The lessee intends to continue the drilling program during 1998, and perhaps 
conduct some limited placer mining on Little Squaw Creek.

Total historical sales of gold from the entire district are about 81,941 
ounces, the majority of which was produced by hand mining methods from the 
placer deposits prior to 1950.






DOCUMENT PAGE: 4  of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997


Item 2.     DESCRIPTION OF PROPERTY

(a)  The principal assets of the Registrant are mining properties in the 
Chandalar Gold Mining District in northern Alaska.  The Registrant's 
holdings include mining claims, both patented and unpatented, held for lode 
mining, and claims, both patented and unpatented, held for placer mining.  
The lode mining claims (and associated millsite claims) include 21 patented 
lode mining claims.  The Registrant holds fee title to the patented claims, 
and in addition, the Registrant has the below described unpatented lode and 
placer mining claims.  At one time Registrant held a number of federal
unpatented claims, however all of these claims have been subsequently staked 
as state unpatented claims, and the federal unpatented claims have been 
abandoned.  The unpatented mining claims and millsite claims are subject to 
the paramount title of the State of Alaska and all patented and unpatented 
claims are subject to a reserved two percent gross royalty in Registrant's 
predecessor in title.  The Chandalar Gold Mining District is within an area 
which was owned by the federal government and selected by the State of Alaska 
for transfer to the State of Alaska under the Alaska Lands Law.  

The Registrant currently owns in fee 21 twenty-acre patented lode claims, 
1 twenty-acre patented placer claim, and l five-acre patented mill site.  
In addition Registrant holds 105 forty-acre unpatented state claims.  The 
lode mining claims were located to control the known gold bearing zones, 
and constitute all of the presently existing lode mining claims in an area 
approximately three miles by seven miles, except for seven State of Alaska 
unpatented mining claims, which have never been owned by Registrant, and 
which are owned by Registrant's predecessor in title.

The placer mining claims of the Registrant cover approximately 20 miles 
of creeks and four major drainages radiating from the area in which the 
lode mining claims are situated, and include all areas that were the subject 
of placer mining operations by predecessors of the Registrant, as well as 
substantial portions of these drainages that have never been mined.

Although the District has long been noted in published literature as being 
the source of high-grade ore zones, the cost of fully evaluating the 
Registrant's holdings by doing the necessary exploration and development 
work to establish the extent of mineralization has, to date, not been 
accomplished.  The principal evaluation work done by the Registrant, or 
under its direction has been on the Mikado mine, the Little Squaw mine, 
and on the Eneveloe Bonanza mine by lessees in 1982 and 1983.  Each of the 
groups of claims have been partially developed by 1,000 to 2,000 feet of 
underground workings.  Within the district smaller amounts of mostly 
surface work has established the existence of six similar zones without 
accomplishing enough development work to block out sufficient reserves 
necessary for vein type mining in the district.

Item 3.     LEGAL PROCEEDINGS

There are no legal proceedings pending and none contemplated in the 
immediate future. 





DOCUMENT PAGE: 5  of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997


Item 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There were no matters submitted to a vote of the security holders of 
Registrant during the fourth quarter of Registrant's fiscal year.

PART II

Item 5.     MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED 
            SECURITY HOLDER MATTERS

(a)  The common stock of the Registrant was always registered on the 
Spokane Stock Exchange, a national stock exchange, until the Spokane 
Stock Exchange ceased operating in 1991.  The stock is now listed on the 
Spokane Quotation Service.  The stock is also traded widely in various 
over-the-counter markets in the United States.  The Spokane Quotation 
Service is not subject to any reporting quotation system, but the high 
and low sale prices for the stock for each quarterly period during the 
past three years are as follows:
<TABLE>
Quarter          Lowest Price Reported     Highest Price Reported
<C>              <S>                       <S>
First  1995               .08                         .12
Second 1995               .08                         .10
Third  1995               .06                         .09
Fourth 1995               .07                         .09

First  1996               .07                         .09
Second 1996               .07                         .10
Third  1996               .06                         .13
Fourth 1996               .09                         .13

First  1997               .09                         .09
Second 1997               .08                         .09
Third  1997               .11                         .12
Fourth 1997               .07                         .08  
</TABLE>
(b)  As of December 31, 1997, there were approximately 3,654 holders of 
common stock of the Registrant.

(c)  No dividends have been declared during the past two years, or to 
date, but there are no restrictions upon the issuer's ability to pay 
dividends if sufficient earnings become available.

(d)  To date the Registrant has not had sufficient earnings to permit 
consideration of the payment of dividends.











DOCUMENT PAGE: 6  of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997


Item 6.     SELECTED FINANCIAL DATA
<TABLE>
                                    Years Ended December 31,
                  __________________________________________________________
                     1997        1996        1995        1994        1993  
                  __________  __________  __________  __________  __________
<C>               <S>         <S>         <S>         <S>         <S>
Revenues          $  24,498   $  21,297   $   9,339   $  13,348   $   6,770 
      
Net Loss          $  31,828   $  39,963   $  30,728   $  43,793   $  71,011

Loss per share    $  .00376   $  .00472   $  .00368   $  .00530   $  .00859
  
Total Assets      $ 313,485   $ 304,488   $ 311,826   $ 320,712   $ 339,856

Long-Term 
Obligations. . .          0           0           0           0           0

Cash Dividend 
Declared per share.       0           0           0           0           0
</TABLE>

Item 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 
            AND RESULT OF OPERATIONS

All of the Registrant's lode properties are still in development stages.  
The management has full control of all of the lode properties, and intends 
to resume lode operations as soon as a competent and adequately financed 
operator can be located.  Management has entered into discussions with 
prospective companies for lease of the lode operations; however, no lease 
has yet been signed for the lode operations.  The location of the mining 
claims, together with the permafrost found throughout the district, 
substantially increases the mining costs.  

The management is actively seeking joint venturer mining companies capable 
of developing the lode operations.  

There is a small portion of the property next to the millsite, which has 
been identified by the state as requiring cleanup. The estimated cost for 
cleanup is $20,000.00-30,000.00, and registrant is waiting until lode 
operations resume to perform the cleanup.  Registrant has no long term 
debt, and has sufficient current assets to meet anticipated expenses during 
1998.













DOCUMENT PAGE: 7  of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997

Item 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA INDEX TO FINANCIAL
            STATEMENTS
                                                             Page

Independent Auditors' Report . . . . . . . . . . . . . . . .  9
Balance Sheets, December 31, 1997 and 1996 . . . . . . . . . 10

Financial Statements for the Years Ended December 31, 1997,
1996, 1995, and from inception (March 26, 1959) 
through December 31, 1997:

Statements of Operations . . . . . . . . . . . . . . . . . . 11
Statements of Cash Flows . . . . . . . . . . . . . . . . . . 12-13
Statement of Stockholders' Equity  . . . . . . . . . . . . . 14-20
Notes to Financial Statements  . . . . . . . . . . . . . . . 21-24

Consent of Certified Public Accountants  . . . . . . . . . . 25
















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DOCUMENT PAGE: 8  of 31
<PAGE>
(Letterhead )
Lemaster & Daniels, PLLC
Certified Public Accountants
601 W. Riverside, Suite 700
Spokane, WA 99201


                         INDEPENDENT AUDITORS' REPORT




Stockholders and Board of Directors
Little Squaw Gold Mining Company
Spokane, Washington


We have audited the accompanying balance sheets of Little Squaw Gold 
Mining Company (a development stage company) as of December 31, 1997 and 
1996, and the related statements of operations, cash flows, and 
stockholders' equity for each of the three years in the period ended 
December 31, 1997, and for the period from March 26, 1959 (inception) 
through December 31, 1997.  These financial statements are the responsibility 
of the Company's management.  Our responsibility is to express an opinion 
on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing 
standards.  Those standards require that we plan and perform the audit to 
obtain reasonable assurance about whether the financial statements are free 
of material misstatement.  An audit includes examining, on a test basis, 
evidence supporting the amounts and disclosures in the financial statements.  
An audit also includes assessing the accounting principles used and 
significant estimates made by management, as well as evaluating the overall 
financial statement presentation.  We believe our audits provide a 
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, 
in all material respects, the financial position of Little Squaw Gold Mining 
Company as of December 31, 1997 and 1996, and the results of its operations 
and its cash flows for each of the three years in the period ended December 
31, 1997, and the period from March 26, 1959 (inception) through December 31, 
1997, in conformity with generally accepted accounting principles.


/s/ LeMaster & Daniels, PLLC
Certified Public Accountants



Spokane, Washington
March 2, 1998










DOCUMENT PAGE: 9  of 31
<PAGE>
                       LITTLE SQUAW GOLD MINING COMPANY
                        (a development stage company)
                               BALANCE SHEETS
<TABLE>
                                                      December 31,     
                                         _____________________________________
                                                  1997                1996
                                         _________________   _________________ 
<C>                                      <S>                 <S>
ASSETS

CURRENT ASSETS:
Cash                                     $         19,014     $        21,748
Cash investment                                    10,000                 -    
Account receivable, other                             -                   285
Gold inventory                                     20,471              18,455
                                         _________________   _________________ 
Total current assets                               49,485              40,488
                                         _________________   _________________ 
PLANT, EQUIPMENT, AND MINING CLAIMS
Mine buildings                                     25,911              25,911
Mining and other equipment                        141,692             141,692
                                         _________________   _________________ 
                                                  167,603             167,603
Less accumulated depreciation                     167,603             167,603
                                         _________________   _________________ 
                                                      -                   -    
Mining claims                                     264,000             264,000
                                         _________________   _________________ 
                                                  264,000             264,000
                                         _________________   _________________ 
                                         $        313,485     $       304,488
                                         =================   =================

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable, related party          $        20,060      $        13,836
Accrued payroll                                  147,850              109,450
Accrued and withheld payroll taxes                11,094                8,643
Other accrued expense                             20,000               20,000
                                         _________________   _________________ 
Total current liabilities                        199,004              151,929
                                         _________________   _________________ 
CONTINGENCY
STOCKHOLDERS' EQUITY:
Common stock--12,000,000 shares, $.10 par 
   value, authorized; 8,468,506 shares issued    846,850              846,850
Additional paid-in capital                       351,237              357,487
Deficit accumulated during the development 
   stage                                      (1,075,432)          (1,043,604) 
                                         _________________   _________________ 
                                                 122,655              160,733
Less treasury stock, 117,103 shares, at cost       8,174                8,174
                                         _________________   _________________ 
Total stockholders' equity                       114,481              152,559
                                         _________________   _________________ 
                                          $      313,485     $        304,488
                                         =================   =================
</TABLE>
See accompanying notes to financial statements.
DOCUMENT PAGE: 10 of 31
<PAGE>
                      LITTLE SQUAW GOLD MINING COMPANY
                       (a development stage company)

                         STATEMENTS OF OPERATIONS

<TABLE>
                                                               From Inception
                                Years Ended December 31,      (March 26, 1959)
                         ___________________________________      Through
                             1997       1996          1995     Dec. 31, 1997
                         __________  __________  ___________  _______________
<C>                      <S>         <S>         <S>          <S>
REVENUES:

Royalties, net           $   2,016   $  17,806    $   9,339   $   393,352
Management fees                -           -            -           4,500
Stock transfer fees            -           -            -          16,586
Interest income                -           -            -          24,341
Gold sales and sundry          -           -            -           7,642
Lease and rental            22,482       3,491          -          76,830
                         __________  __________  ___________  _______________

                            24,498      21,297        9,339       523,251
                         __________  __________  ___________  _______________

EXPENSES:

Management fees and 
  salaries                  32,150      38,400       25,000       763,357
Directors' fees                -           -            -          63,775
Professional services       11,579       5,854        4,879       245,898
Telephone                      353         357          417        23,539
Interest                       -           -            -          35,986
Office and other rent        3,012       2,904        2,162        50,979
Office supplies and expense  1,586       2,390        1,652       124,180
Taxes, payroll and other     3,523       4,394        2,403        78,160
Travel and meetings            495       2,260        2,154        56,717
Depreciation                   -           -            -           5,248
Reclamation and 
  miscellaneous              3,628       4,701        1,400        67,506
Loss on partnership venture    -           -            -          53,402
Equipment repairs              -           -            -          25,170
Royalties                      -           -            -           1,381
Insurance                      -           -            -           1,157
Amortization of 
  organization costs           -           -            -             483
Contract labor, supplies,
  and freight                  -           -            -            1,745
                         __________  __________  ___________  _______________
                            56,326      61,260       40,067      1,598,683
                         __________  __________  ___________  _______________

NET LOSS                 $  31,828   $  39,963   $   30,728   $  1,075,432
                         ==========  ==========  ===========  ===============

Loss per share of 
stock outstanding        $ .00376    $   .00472  $  .00368
                         ==========  ==========  ===========
</TABLE>

See accompanying notes to financial statements.
DOCUMENT PAGE: 11 of 31
<PAGE>
                       LITTLE SQUAW GOLD MINING COMPANY
                         (a development stage company)
                           STATEMENTS OF CASH FLOWS
<TABLE>
                                                               From Inception
                                Years Ended December 31,      (March 26, 1959)
                         ___________________________________      Through
                             1997       1996          1995     Dec. 31, 1997
                         __________  __________  ___________  _______________
<C>                      <S>         <S>         <S>          <S>
                           INCREASE (DECREASE) IN CASH
CASH FLOWS FROM 
  OPERATING ACTIVITIES:
Net loss                 $ (31,828)  $ (39,963)  $ (30,728)    $  (1,075,432)
Adjustments to reconcile
   net loss to net cash 
   provided by (used in) 
   operating activities:
     Depreciation and 
      amortization             -           -           -               5,733
     Stock and options 
       issued for 
       salaries and fees    (6,250)        -        20,000           184,782
(Increase) decrease in 
  current assets:
Accounts receivable            285      10,215     (10,208)              -    
Inventory                   (2,016)    (17,807)     15,432           (20,471)
Increase in current 
  liabilities:
Accounts payable             6,224       1,171         279            20,060
Accrued payroll             38,400      28,750       5,000           147,850
Accrued and withheld 
payroll taxes                2,451       2,704       1,538            11,094
Other accrued expense          -           -           -              20,000
                         __________  __________  ___________  _______________
Net cash provided by 
(used in) operating 
activities                   7,266     (14,930)      1,313          (706,384) 
                         __________  __________  ___________  _______________
CASH FLOWS FROM 
  INVESTING ACTIVITIES:
Receipts attributable to 
Unrecovered promotional, 
exploratory, and
development costs              -         4,009       22,500          626,942
Sale of equipment              -           -            -             60,000
Investment in 
  certificates of 
  deposit                  (10,000)        -            -            (10,000)
Additions to plant, 
equipment, and
unrecovered promotional, 
exploratory, and 
development costs              -           -            -           (343,368) 
                         __________  __________  ___________  _______________
Net cash provided by 
(used in) investing 
activities                 (10,000)      4,009       22,500          333,574
                         __________  __________  ___________  _______________ 
</TABLE>
See accompanying notes to financial statements.
DOCUMENT PAGE: 12 of 31 (continued next page)
<PAGE>
                      LITTLE SQUAW GOLD MINING COMPANY
                       (a development stage company)
                    STATEMENTS OF CASH FLOWS (CONTINUED)

<TABLE>
                                                               From Inception
                                Years Ended December 31,      (March 26, 1959)
                         ___________________________________      Through
                             1997       1996          1995     Dec. 31, 1997
                         __________  __________  ___________  _______________
<C>                      <S>         <S>         <S>          <S>
CASH FLOWS FROM FINANCING
  ACTIVITIES:
Issuance of common stock       -           -            -            400,481
Acquisition of treasury 
  stock                        -           -         (4,975)         (8,174)
Organizational costs           -           -            -              (483) 
                         __________  __________  ___________  _______________
Net cash provided by 
(used in) financing 
activities                     -           -         (4,975)        391,824
                         __________  __________  ___________  _______________

NET INCREASE (DECREASE)
  IN CASH                   (2,734)    (10,921)      18,838          19,014

CASH, BEGINNING OF 
  YEAR/PERIOD               21,748      32,669       13,831             -    
                         __________  __________  ___________  _______________
CASH, END OF 
  YEAR/PERIOD            $  19,014   $  21,748   $   32,669  $       19,014
                         ==========  ==========  ===========  ===============

</TABLE>

























See accompanying notes to financial statements.

DOCUMENT PAGE: 13 of 31
<PAGE>
*Begin Landscape Page Orientation And 9pt Type Size*
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity
From Inception (March 26, 1959) through December 31, 1997

<TABLE>
                                                                                                  Deficit
                    Shares Issued for     Basis of                  Common Stock                  Accumulated
                  ______________________  Assignment of Amount  ____________________  Additional  During the   Trea-
                        Noncash           for Noncash                                 Paid-in     Development   sury 
Year  Transaction Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
____  ___________ ____  ________________  ____________________  _________  _________  __________  ___________  ________  _________
<C>   <C>         <C>   <C>               <C>                   <S>        <S>        <S>         <S>          <S>       <S>
1959  Issuance of
        shares      X   )                 )                       441,300  $  44,130  $     -     $      -     $   -     $    -   
      Net loss                                                        -          -          -           (428)      -       43,702
1960  Issuance of
        shares      X   )                 )                       443,780     43,378        -            -         -          -
      Net loss                                                        -          -          -           (769)      -       86,311
1961  Issuance of
         shares     X   )                 )                       306,620     30,662        -            -         -          -
      Issuance of
         shares     X   )                 )                        25,010      2,501      5,002          -         -          -
      Net loss                                                        -          -          -        (12,642)             111,834
1962  Issuance of
         shares     X   )                 )                       111,239     11,124        -            -         -          -
      Issuance of
         shares     X   )                 )                       248,870     24,887     49,773          -         -          -
      Issuance of
          shares        )Mining leases    )Par value of 
                        )                 ) stock issued          600,000     60,000        -            -         -          -
      Net loss                                                        -          -          -         (5,078)             252,540
1963  Issuance of
          shares    X   )                 )                       223,061     22,306        -            -         -          -
      Issuance of
          shares    X   )                 )                        27,000      2,700      5,400          -         -          -
      Sale of option    )                 )                           -          -          110          -         -          -
      Net loss                                                        -          -          -         (5,995)      -      277,061
1964  Net loss                                                        -          -          -         (8,913)      -      268,148
1965  Issuance of
           shares   X   )                 )                        19,167      1,917      3,833          -         -          -
      Issuance of
            shares      )Salaries         )Price per share issued
                        )                 ) for cash during period 19,980      1,998      3,996          -         -          -
      Net loss                                                        -          -          -         (9,239)             270,653

(continued next page)
</TABLE>
See accompanying notes to financial statements.
DOCUMENT PAGE: 14 of 31
<PAGE>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1997
<TABLE>
                                                                                                  Deficit
                    Shares Issued for     Basis of                  Common Stock                  Accumulated
                  ______________________  Assignment of Amount  ____________________  Additional  During the   Trea-
                        Noncash           for Noncash                                 Paid-in     Development   sury 
Year  Transaction Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
____  ___________ ____  ________________  ____________________  _________  _________  __________  ___________  ________  _________
<C>   <C>         <C>   <C>               <C>                   <S>        <S>        <S>         <S>          <S>       <S>
1966  Issuance of
          shares    X   )                 )                       29,970   $  2,997   $     -     $      -     $   -     $    -

      Issuance of
          shares    X   )                 )                        5,200        520         520          -         -          -

      Net loss                                                       -          -           -         (7,119)      -      267,571
1967  Issuance of
          shares    X   )                 )                        3,700        370         740          -         -          -
      Issuance of
          shares        )Engineering and  )Par value of
                        ) management fees ) stock issued          24,420      2,442         -            -         -          -
      Issuance of
          shares        )Auditing fees    )                        2,030        203         406          -         -          -
      Net loss                                                       -          -           -         (5,577)      -      266,155
1968  Issuance of
          shares    X   )                 )                       64,856      6,486      12,971          -         -          -
      Issuance of
          shares        )Salaries         )Price per share        19,980      1,998       3,996          -         -          -
      Issuance of       )                 ) issued for cash
          shares        )Directors' fees  ) during period         30,000      3,000       6,000          -         -          -
      Net loss                                                       -          -           -         (7,322)      -      293,284
1969  Issuance of
          shares    X                                             12,760      1,276       2,552          -         -          -
      Issuance of
          shares    X                                            338,040     33,804      85,432          -         -          -
      Issuance of
          shares        )Salaries         )Approximate price 
                        )                 ) per share             24,000      2,400       4,800          -         -          -
      Issuance of
          shares        )Consideration for)issued for cash 
                        ) co-signatures   )during period          50,004      5,000      10,001          -         -          -
      Net income                                                     -          -           -          2,272       -      440,821
(continued next page)
</TABLE>
See accompanying notes to financial statements.


DOCUMENT PAGE: 15 of 31
<PAGE>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1997
<TABLE>
                                                                                                  Deficit
                    Shares Issued for     Basis of                  Common Stock                  Accumulated
                  ______________________  Assignment of Amount  ____________________  Additional  During the   Trea-
                        Noncash           for Noncash                                 Paid-in     Development   sury 
Year  Transaction Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
____  ___________ ____  ________________  ____________________  _________  _________  __________  ___________  ________  _________
<C>   <C>         <C>   <C>               <C>                   <S>        <S>        <S>         <S>          <S>       <S>
1970  Issuance of
          shares    X   )                 )                        1,000   $    100   $     400   $      -     $   -     $    -
      Issuance of
          shares        )Salaries         )Price per share 
                        )                 ) issued for cash in
                        )                 ) prior period           1,500        150         300          -         -          -
      Issuance of
          shares        )Salaries         )Price per share 
                        )                 ) issued for cash in 
                        )                 ) current period           444         44         178          -         -          -
      Net loss                                                       -          -           -         (8,880)      -      433,113
1971  Issuance of
          shares    X                                             13,000      1,300       1,500          -         -          -
      Issuance of
          shares        )Purchase of      )
                        ) assets of       )
                        ) Chandalar Mining)Par value of stock
                        ) & Milling Co.   ) issued               336,003     33,600         -            -         -          -
      Net loss                                                       -          -           -         (2,270)      -      467,243
1972  Issuance of
          shares        )Purchase of      )
                        ) assets of       )
                        ) Chandalar Mining)Par value of stock
                        ) & Milling Co.   ) issued               413,997    41,400          -            -         -          -
     Issuance of
          shares        )Additional       )
                        ) exploratory and )
                        ) development costs)
                        ) through payment )
                        ) of Chandalar    )
                        ) Mining & Milling)Dollar value of
                        ) Co. liabilities ) liabilities paid      55,657     5,566       15,805          -         -          -
(continued next page)
</TABLE>

See accompanying notes to financial statements.


DOCUMENT PAGE: 16 of 31
<PAGE>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1997
<TABLE>
                                                                                                   Deficit
                     Shares Issued for     Basis of                  Common Stock                  Accumulated
                   ______________________  Assignment of Amount  ____________________  Additional  During the   Trea-
                         Noncash           for Noncash                                 Paid-in     Development   sury 
Year  Transaction  Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
____  ___________  ____  ________________  ____________________  _________  _________  __________  ___________  ________  _________
<C>   <C>          <C>   <C>               <C>                   <S>        <S>        <S>         <S>          <S>       <S>
      Receipt of  )                                                         $          $           $            $         $
      Treasury    )
      stock in    )
      satisfaction)
      of accounts )
      receivable  )
      and invest- )
      ment in Chan-)
      dalar Mining)
      & Milling Co)                                               (125,688)   (12,569)       (977)            -    (13,546)       -
      Issuance of
         shares          )Mining claims  )Par value of stock 
                         )               ) issued                2,240,000    224,000                        -     13,527        -
      Net loss                                                         -          -           -          (65,175)     -      675,274
1973  Net loss                                                         -          -           -          (16,161)     -      659,113
1974  Net loss                                                         -          -           -          (13,365)     -      645,748
1975  Net loss                                                         -          -           -          (15,439)     -      630,309
1976  Net loss                                                         -          -           -           (5,845)     -      624,464
1977  Issuance of
         shares          )Purchase of    )
                         )assets of      )
                         )Mikado Gold    )Par value of stock
                         )Mines          ) issued                1,100,100    110,010         -              -        -          -
      Net loss                                                                                         (15,822)     -      718,652
1978  Issuance of
         shares          )Mining claims  )Par value of stock 
      Issuance of        )               )issued                   400,000     40,000         -              -        -          -
         shares          )Directors' fees)                          40,000      4,000       3,200            -        -          -
      Issuance of
         shares          )Management fees,)
                         )notes payable, )
                         )and accrued    )Approximate market
                         )interest       )price per share          109,524     10,952       8,762            -        -          -
      Net loss                                                         -          -           -           (39,144)    -      746,422
(continued next page)
</TABLE>
See accompanying notes to financial statements.

DOCUMENT PAGE: 17 of 31
<PAGE>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1997
<TABLE>
                                                                                                   Deficit
                     Shares Issued for     Basis of                  Common Stock                  Accumulated
                   ______________________  Assignment of Amount  ____________________  Additional  During the   Trea-
                         Noncash           for Noncash                                 Paid-in     Development   sury 
Year  Transaction  Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
____  ___________  ____  ________________  ____________________  _________  _________  __________  ___________  ________  _________
<C>   <C>          <C>   <C>               <C>                   <S>        <S>        <S>         <S>          <S>       <S>
1979  Net loss                                                         -    $    -     $    -      $    (18,388)$   -     $728,034
1980  Net loss                                                         -         -          -           (34,025)    -      694,009
1981  Net loss                                                         -         -          -           (32,107)    -      661,902
1982  Issuance of
         shares          )Directors' fees  )Approximate market 
                         )                 ) price per share        40,000     4,000     20,000             -       -          -
      Net loss                                                         -          -          -           (70,165)    -      615,737
1983  Net loss                                                         -          -          -           (10,416)    -      605,321
1984  Net loss                                                         -          -          -           (63,030)    -      542,291
1985  Issuance of
         shares          )Directors' fees  )Approximate market 
                         )                 ) price per share        40,000      4,000     12,000             -       -          -
      Net loss                                                         -          -          -           (78,829)    -      479,462
1986  Issuance of
         shares    X                                                44,444      4,444      5,556             -       -          -
      Net loss                                                         -          -          -           (32,681)    -      456,781
1987  Issuance of
         shares          )Officer salary   )                       166,000     16,600     18,500             -       -          -
      Issuance of        )                 )Approximate
         stock option    )Legal fees       ) market price per          -          -       12,360             -       -          -
      Issuable shares    )Directors' fees  ) share                     -          -        4,095             -       -          -
      Issuance of 
         stock option    )Equipment        )Value of equipment         -          -       60,000             -       -          -
      Net loss                                                         -          -          -           (48,057)    -      520,279
1988  Issuance of 
          shares         )Officer salary   )Approximate            194,444     19,444     (1,944)            -       -          -

      Issuance of        )                 ) market 
          stock option   )Legal fees       ) price per                 -          -        6,200             -       -          -
      Issuable shares    )Directors' fees  ) per share                 -          -        1,080             -       -          -
      Issuance of        )Settlement of 
           shares        ) stock option    )Approximate market 
                                           ) price when option
                                           ) was granted            58,860     5,886     (5,886)            -       -          -
(continued next page)
</TABLE>

See accompanying notes to financial statements.

DOCUMENT PAGE: 18 of 31
<PAGE>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1997
<TABLE>
                                                                                                   Deficit
                     Shares Issued for     Basis of                  Common Stock                  Accumulated
                   ______________________  Assignment of Amount  ____________________  Additional  During the   Trea-
                         Noncash           for Noncash                                 Paid-in     Development   sury 
Year  Transaction  Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
____  ___________  ____  ________________  ____________________  _________  _________  __________  ___________  ________  _________
<C>   <C>          <C>   <C>               <C>                   <S>        <S>        <S>         <S>          <S>       <S>
1988  Issuance of                                                           $          $           $            $         $
(cont)  shares           )Settlement of    )
                         )stock right      )Approximate market 
                         )                 ) price when right
                         )                 ) was granted           19,500      1,950      (1,950)          -         -         -
      Net loss                                                        -          -           -         (46,961)      -     498,098
1989  Issuance of
          shares         )Settlement of    )
                         ) stock option    )Approximate market 
                         )                 ) price when option
                         )                 ) was granted           68,888      6,889      (6,889)          -         -         -
      Issuance of
          shares         )Settlement of    )
                         ) stock right     )Approximate market 
                         )                 ) price when right
                         )                 ) was granted           12,000      1,200      (1,200)          -        -          -
      Net loss                                                        -          -           -         (59,008)     -      439,090
1990  Net loss                                                        -          -           -         (37,651)     -      401,439
1991  Issuance of 
          shares         )Directors' fees  )Approximate market 
                         )                 ) price per share      24,000       2,400         -             -        -          -
      Purchase of 
          20,000
          treasury 
          shares      X                                              -           -           -             -     (1,500)   360,164
      Net loss                                                       -           -           -         (42,175)     -          -

1992  Purchase of 
          32,000
          treasury 
          shares      X                                              -           -           -             -     (1,680)       -
      Net loss                                                       -           -           -         (41,705)     -          -
1993  Net loss                                                       -           -           -         (71,011)     -          -

(continued next page)
</TABLE>

See accompanying notes to financial statements.
DOCUMENT PAGE: 19 of 31
<PAGE>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1997
<TABLE>
                                                                                                   Deficit
                     Shares Issued for     Basis of                  Common Stock                  Accumulated
                   ______________________  Assignment of Amount  ____________________  Additional  During the   Trea-
                         Noncash           for Noncash                                 Paid-in     Development   sury 
Year  Transaction  Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
____  ___________  ____  ________________  ____________________  _________  _________  __________  ___________  ________  _________
<C>   <C>          <C>   <C>               <C>                   <S>        <S>        <S>         <S>          <S>       <S>
1994  Issuance of                                                           $          $           $            $         $
         stock           )Officer compen-  )Approximate market
         option          ) sation          ) price per share           -         -         6,250           -         -         -
      Net loss                                                         -         -           -         (43,793)      -         -
                                                                 _________  _________  __________  ___________  ________  _________
Balances, 
December 31, 1994                                                8,314,660   831,465     352,872      (972,913)  (3,199)    208,225

1995  Issuance of
          shares         )Officer compen-  )Approximate market
                         ) sation          )price per share        153,846    15,385       4,615           -        -           -
      Purchase of
          65,000
          treasury 
          shares     X                                                 -          -          -             -     (4,975)        -
      Net loss                                                         -          -          -         (30,728)     -           -
                                                                 _________  _________  __________  ___________  ________  _________
Balances, 
December 31, 1995                                                8,468,506   846,850     357,487    (1,003,641)  (8,174)    192,522

1996  Net loss                                                         -         -           -         (39,963)     -           -
                                                                 _________  _________  __________  ___________  ________  _________
Balances, 
December 31, 1996                                                8,468,506   846,850     357,487    (1,043,604)  (8,174)    152,559

1997  Expiration of 
         stock option                                                  -         -        (6,250)          -        -        (6,250)
      Net loss                                                         -         -           -         (31,828)     -       (31,828)
                                                                 _________  _________  __________  ___________  ________  _________
Balances, 
December 31, 1997                                                8,468,506  $846,850   $ 351,237   $(1,075,432) $(8,174)  $(114,481)
                                                                 =========  =========  ==========  ===========  ========  ==========
</TABLE>

*End Landscape Page Orientation And 9pt Type Size*

See accompanying notes to financial statements.
DOCUMENT PAGE: 20 of 31

<PAGE>
                      LITTLE SQUAW GOLD MINING COMPANY
                       (a development stage company)

                       NOTES TO FINANCIAL STATEMENTS

NOTE 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Nature of Operations:

The Company owns various patented and unpatented mining claims in Alaska.  
Placer mining of certain claims is performed by a lessee.  The Company is 
considered to be a development stage company, as only nominal operations 
have occurred to date.  Planned principal operations include lode mining 
of claims.

Gold Inventory:

Such asset, representing a mineral royalty received from a placer mining 
lease, is stated at net realizable market value.  Inventory market value 
adjustments are included in royalty income.

Plant, Equipment, and Accumulated Depreciation:

Such assets are based at cost--cost determined by cash, cash items, or 
value received for shares of the Company's common stock issued therefor.  
The mine and mill buildings and equipment are located on Company-owned 
mining claims located in the Chandalar Mining District of Alaska.  A 
small amount of office equipment is located at Company offices in 
Spokane, Washington.

Depreciation provisions ($-0- in 1997, $1,114 in 1996, and $1,127 in 1995) 
are based on the straight-line method over 5- to 25-year periods.  The total 
depreciation provisions for the years 1996 and 1995 were added to unrecovered 
promotional, exploratory, and development costs.

Unrecovered Promotional, Exploratory, and Development Costs:

Such unrecovered costs for construction of roads, airplane landing strips, 
development and exploration expenditures on the mining claims, and certain 
mining lease costs less certain cost recoveries (principally placer lease 
fees received) are based on cash expenditures and shares of the Company's 
common stock issued in payment of incurred and dollar-valued liabilities.  
Through December 31, 1997 and 1996, shares of common stock previously 
issued for unrecovered costs totalled 1,162,122 shares with a dollar value 
of $138,323. 

As only nominal amounts of gold ore have been mined and sold by the Company 
and its lessees over the term of the Company's existence, amortization of 
such costs has not been provided pending the evolution of the Company from 
the exploratory and development stage to the production stage.  Certain 
nominal amounts of net royalties and equipment rentals received have been 
treated as noncapitalized receipts.









DOCUMENT PAGE: 21 of 31
<PAGE>
                      LITTLE SQUAW GOLD MINING COMPANY
                       (a development stage company)

                       NOTES TO FINANCIAL STATEMENTS

NOTE 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued):

Mining Claims:

In April 1978, the Company acquired certain patented and unpatented mining 
claims located in the Chandalar Mining District from a partnership, a member
 of which is an officer/stockholder of the Company.  In exchange for the 
mining claims, the Company issued 400,000 shares of its previously unissued 
shares.  A 2% gross royalty interest was retained by the partnership.  
Management assigned a value of $40,000 to the claims which is equal to the 
par value of the common stock issued.  Any other basis for assigning values 
was not determinable.

In May 1972, the Company acquired from a corporation and various individuals 
certain patented and unpatented mining claims located in the Chandalar 
Mining District which were previously leased.  Under the terms of the 
acquisition agreement, the Company issued 2,240,000 shares of its 
previously unissued (2,114,312) shares and treasury (125,688) shares and 
transferred certain placer mining equipment for such claims.  In 1975, 
effective as of January 1, 1974, management assigned a value of $224,000 
to the claims which is equal to the par value of the common stock issued.  
Any other basis for assigning values was not determinable.

Deficit Accumulated During the Development Stage:

Such net expenditures, which have not been capitalized, relate to 
management fees and officers' salaries, office expenses, general legal and 
accounting, stock transfer costs, certain nominal amounts of net royalties 
and equipment rentals, and loss on an investment in a limited partnership.

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.  
Significant estimates used in preparing these financial statements include 
those assumed in estimating the recoverability of the cost of mining claims, 
accrued reclamation costs, and deferred tax assets and related valuation 
allowance.  Actual results could differ from those estimates.

Federal and Alaska Income Taxes:

Income tax is provided for the tax effects of transactions reported in 
the financial statements and consists of tax currently due plus deferred 
tax related to differences between the basis of assets and liabilities for 
financial and income tax reporting.  The Company, for financial statement 
purposes, has reduced unrecovered exploratory and development costs by the 
excess of lease income over depreciation and sundry direct mine costs.  
For income tax purposes, such items have been treated as income and expense.  
Also, accrued officers' compensation is not deductible for income tax 
purposes until paid.  Deferred tax assets and liabilities represent the 
future tax return consequences of those differences, which will either be 
taxable or deductible when the assets and liabilities are recovered or 
settled.  A deferred tax asset, subject to a valuation allowance, is also 
recognized for tax-basis net operating losses being carried forward.  
See note 7.
DOCUMENT PAGE: 22 of 31
<PAGE>
                      LITTLE SQUAW GOLD MINING COMPANY
                       (a development stage company)

                       NOTES TO FINANCIAL STATEMENTS


NOTE 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued):

Loss Per Share:

Such amounts are computed based on the weighted average number of 
shares outstanding during the years (8,351,408 in 1997,1996, and 1995). 
 Antidilutive stock option shares are excluded from the computation.


NOTE 2 -- LEASE OF MINING CLAIMS, MINE AND MILL BUILDINGS, AND EQUIPMENT:

Placer Mining Leases:

In October 1989, the Company entered into a placer mining lease with Gold 
Dust Mines, Inc. (Gold Dust) covering placer mining rights on certain of 
the Company's mining claims on three creek drainages.  The lease provides 
for annual lease payments totalling $22,500 for ten years, with a forty-year
renewal option.  In addition to the lease payments, Gold Dust pays the 
Company an 8% royalty from placer gold production.  Gold Dust may terminate,
with advance notice, its lease rights on any or all of the claims.  In May 
1990, the Company entered into an addendum to the lease extending the lease 
to cover the remaining two placer drainages under the same terms and 
conditions of the original lease.  At December 31, 1995, Gold Dust was in 
arrears for $10,500 of the 1995 lease payment.  Such amount was reflected 
as a receivable at December 31, 1995, as it was received in February 1996.  
Beginning in 1996, Gold Dust's placer mining was limited to one creek 
drainage.  Accordingly, the 1996 lease fee was $7,500, of which $4,009 was 
reflected as a cost recovery of unrecovered promotional, exploratory, and 
development costs (see note 1), and the remaining $3,491 was reported as 
lease income in the 1996 statement of operations.

During 1997, the Company also entered into a similar placer mining lease 
with Day Creek Mining Co.  The 1997 lease fee received from this lessee
 totalled $14,982.

NOTE 3 -- RELATED PARTIES:

Included in expenses for the years presented are legal fees for services 
as corporate counsel by Hollis H. Barnett, a stockholder, director, and 
secretary of the Company.

Legal fees of Mr. Barnett charged to expense totalled $5,884 in 1997, 
$504 in 1996, and $279 in 1995.  Accounts payable for unpaid legal fees 
totalled $19,052 and $13,168 at December 31, 1997 and 1996, respectively.


NOTE 4 -- COMMON STOCK:

In 1995, the Company's former president was issued 153,846 shares of 
common stock at $.13 per share in lieu of compensation for services of 
$20,000 from May 1, 1994 through May 31, 1995 ($4,000 in 1995 and 
$16,000 in 1994).



DOCUMENT PAGE: 23 of 31
<PAGE>
                      LITTLE SQUAW GOLD MINING COMPANY
                       (a development stage company)

                       NOTES TO FINANCIAL STATEMENTS

NOTE 4 -- COMMON STOCK  (continued):

The former president was also granted an option to acquire up to 250,000 
restricted shares of the Company's common stock during the three-year 
period beginning June 1, 1994.  The option was not exercised by June 1, 1997, 
and expired.  Previously accrued stock option compensation of $6,250 was 
reversed as a reduction in management fees and expenses in 1997.


NOTE 5 -- NONCASH FINANCING ACTIVITIES:

Noncash financing activities consisted of the following:

1995:

Shares issued for accrued officer's compensation     $     20,000

NOTE 6 -- RECLAMATION COSTS:

The Company has accrued a liability of $20,000 as an estimated total cost
of reclamation at December 31, 1997 and 1996.  This cost relates to remedial 
actions at a single location to clean up ground contamination as required 
by the State of Alaska.  An outside consultant has estimated the clean-up 
costs at $20,000 to $30,000.

NOTE 7 -- INCOME TAXES:

At December 31, 1997 and 1996, the Company had deferred tax assets of 
$110,000 which were fully reserved by valuation allowances.  Following 
are the components of such assets and allowances:

<TABLE>
                                                    December 31,     
                                              ________________________
                                                 1997         1996
                                              ___________  ___________
<C>                                           <S>          <S>
Deferred tax assets arising from:

Unrecovered promotional, exploratory, and 
  development costs                          $    56,000   $   56,000
Accrued compensation                              22,000       17,000
Net operating loss carryforwards                  42,000       42,000
                                              ___________  ___________
                                                 120,000      115,000
                                              ___________  ___________
Less valuation allowance                        (120,000)    (115,000) 
                                              ___________  ___________

Net deferred tax assets                       $      -     $      -    
                                              ===========  ===========

At December 31, 1997, the Company had federal tax-basis net operating loss 
carryforwards totalling approximately $285,000 which will expire in various 
amounts from 1998 through 2011.  Changes in the deferred tax asset 
valuation allowance for 1997, 1996, and 1995 relate only to corresponding 
changes in deferred tax assets for those years.

DOCUMENT PAGE: 24 of 31
<PAGE>









CONSENT OF CERTIFIED PUBLIC ACCOUNTANTS

Board of Directors
Little Squaw Gold Mining Company
Spokane, Washington

We hereby consent to the use of our opinion, dated March 2, 1998, on 
the financial statements of Little Squaw Gold Mining Company for the years
ended December 31, 1997 and 1996 in the Company's Form 10-K for the year
ended December 31, 1997

/s/LeMaster & Daniels, PLLC

Certified Public Accountants



Spokane, Washington
March 2. 1998












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DOCUMENT PAGE: 25 of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997


Item 9.     DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

There has been no change in accountants for over 10 years and there have 
been no disagreements regarding any matter or accounting principles or 
practices or financial statement disclosures.

PART III

Item 10.     DIRECTORS AND EXECUTIVE OFFICERS

(a)  Identification of Directors

</TABLE>
<TABLE>
Name (age)                 Position and Offices
of Director                Held (Year First Elected)  Principal Occupation
_________________________  _________________________  _______________________
<C>                        <S>                        <S>
Eskil Anderson (84)        President & Director       Consulting Geologist 
                          (1972)                      Spokane, Washington

Stewart A. Jackson, PH.D   Vice President 
(56)                       and Director               Mining Geologist
                           (October 1993)             Littleton, Colorado


Leonard C. Havlis (69)     Director                  Computer Programmer
                           (1972)                    Seattle School Dist.
                                                     Seattle, Washington

Ellamae Anderson (75)      Director                  Graduate Gemologist 
                           (October, 1986)           and Gem Appraiser
                                                     Spokane, Washington

Hollis H. Barnett (58)     Secretary and Director    Attorney at Law
                           (October, 1986)           Campbell, Dille,
                                                     & Barnett
                                                     Puyallup, Washington

There are no arrangements or understandings between any of the foregoing 
persons and any other person or persons pursuant to which any of the 
foregoing persons were named as Directors.
</TABLE>

(b)  Identification of Executive Officers
<TABLE>
Name of Officer               Age       Office Held          
___________________________   _______   __________________________
<C>                           <S>       <S>
Eskil Anderson                  84      President

Stewart A. Jackson              56      Vice President

Hollis H. Barnett               58      Secretary
</TABLE>
There are no arrangements or understandings between any of the foregoing 
persons and any other person or persons pursuant to which any of the 
foregoing persons were named as executive officers.
DOCUMENT PAGE: 26 of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997


(c)  Not Applicable.

(d)  Eskil Anderson and Ellamae Anderson are husband and wife.  Hollis H. 
Barnett is married to Eskil and Ellamae Anderson's daughter.  There are no 
other "family relationships" as that term is defined under the instructions 
for Form 10-K existing between any of the Registrant's executive officers.

(e)(1) Eskil Anderson is an independent consulting geologist and has 
practiced as an independent consulting geologist for over 40 years.  
He had served as President for the Registrant for many years and stepped 
down to allow Stewart Jackson to become President in May 1994.  In April 
1997, Mr. Anderson was again elected President.

Hollis H. Barnett is a practicing attorney, having practiced law for 29 
years, and has served the Registrant as Director and Secretary since 
October, 1986.

Leonard C. Havlis is retired from the Seattle School District, and has 
served as a director of the Registrant since 1972.

Ellamae Anderson is a graduate Gemologist of the G.I.A. (Gemological 
Institute of America), is a gem appraiser, and has a small gemological 
service business.  She assisted the corporation Secretary from 1972 to 
present and was the corporation's transfer agent from 1972 to 1980.  
She was a trustee for the N.W. Mining Association from 1977-79 and 
founded and produced the first two issues of the annual N.W. Mining 
Association Service Directory.  She has been a Director since October, 
1986.

Stewart A. Jackson, Ph.D., has been a Mining Geologist for many years, 
and has been affiliated with several mining corporations.  His office 
is in Littleton, Colorado, where he is actively engaged in mining ventures.  
Mr. Jackson serves on the board of directors of Monument Resources, Inc., 
Continental Precious Minerals, Inc., Jopeck Resources, LTD., and as 
president of Layfield Resources, Inc., all public companies involved in 
mining activities.  Mr. Jackson is an experienced professional with 30 
years in the mineral industry, involved in the exploration and development 
of both base and precious metal deposits in a wide range of environments 
for both large and small companies.  

   (2) None of the directors is also a director of any company with a class 
of securities registered pursuant to Section 12 of the Exchange Act or 
subject to Section 15(d) of the Act, or of any company registered under 
the Investment Company Act of 1940 except Stewart A. Jackson.

(f)  Involvement in Certain Legal Proceedings:  None

(g)  Promoters and Control Person:  Not Applicable








DOCUMENT PAGE: 27 of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997


Item 11.     EXECUTIVE COMPENSATION

A summary of cash and other compensation for the Company's presidents 
(chief executive officer) for the first three most recent years as follows:
<TABLE>
                          SUMMARY COMPENSATION TABLE

     Annual Compensation

Name and Principal        Fiscal                 All other
Position                  Year     Salary (a)    Compensation
________________________  _______  ___________   ________________
<S>                       <S>      <S>           <S>

Eskil Anderson,            1997     $ 32,150            -0-
President (b)              1996     $ 34,800            -0-
                           1995     $ 20,300            -0-


Stewart Jackson,           1997     $     -0-           -0-
President (b)              1996     $     -0-           -0-
                           1995     $  4,000 (c)        -0-

Each other executive 
officer having over
$100,000 of annual
compensation                            None            None
</TABLE>
(a)  Salary includes both cash and accrued salary for the year.
(b)  Stewart Jackson began his term as President in May 1994, when 
Eskil Anderson resigned that position.  Mr. Anderson had held that position 
for many years. Mr. Jackson resigned that position in April of 1995 and Mr. 
Anderson was elected President effective May of 1995, and Mr. Jackson Vice 
President.
(c)  Compensation for services for the period of May 1, 1994 to April 1, 
1995, was paid through the issuance of 153,846 shares of authorized but 
unissued common stock at a price of $.13 per share.









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DOCUMENT PAGE: 28 of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997


Item 12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

(a)  Security ownership of certain beneficial owners:

(b)  Security ownership of Management: 


Title of       Name and Address      Amount and Nature of     Percent
Class          Beneficial Owner      Beneficial Ownership     of Class
_____________  ____________________  _______________________  ___________

Common         Eskil Anderson &
               Ellamae Anderson              784,577             9.4%
               Spokane, WA

Common        *Leonard Havlis                 50,466              .6%
               Seattle, WA

Common         Hollis H. Barnett             148,498             1.8%
               Puyallup, WA

Common         **Stewart Jackson             153,846             1.8%
               Littleton, CO

Common         Total of all officers       1,137,387 shares     13.6%
               and directors:         
               of record beneficially

*In addition to the shares beneficially owned, Leonard C. Havlis, director, 
has the right to vote an additional 9,500 shares as custodian under the 
Uniform Gifts to Minors Act.

**In addition to the shares beneficially owned, Stewart Jackson, vice 
president and director, had an option to acquire up to 250,000 common 
shares during the period 5/1/94 to 4/1/97, after which time the option 
lapsed unexercised.

(c)  Changes in Control:

There are no arrangements known to the Registrant the operation of which 
may at a subsequent time result in the change of control of the Registrant.

Item 13.     CERTAIN RELATIONSHIP AND RELATED TRANSACTIONS

There are no transactions or series of similar transactions since the 
beginning of Registrant's last fiscal year in which any of the directors 
or executive officers, nominees for election as a director, security holder 
known to the Registrant to be owner of record, or beneficially, or more than 
five percent of any class of the Registrant's voting securities or any member 
of the immediate family of any of the foregoing persons is involved, or any 
currently proposed transactions, or series of similar transactions, to which 
the Registrant or any of its subsidiaries was or is to be a party, in which 
the amount involved exceeds $60,000.00



DOCUMENT PAGE: 29 of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997

PART IV

Item 14.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a)  The following documents are filed as a part of the report:

1.  All financial statements; see Item 8.

2.  There are no financial statements required to be filed by Item 8 of 
    this Form.

3.  Exhibits required to be filed by Item 601 of Regulation S-K. 
    
(b)  Reports on Form 8-K.  No reports on Form 8-K have been filed during 
     the last quarter of the period covered by this report.

(c)  Not Applicable.

(d)  Not Applicable.






















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DOCUMENT PAGE: 30 of 31
<PAGE>
                        LITTLE SQUAW GOLD MINING COMPANY
                                   FORM 10K
                     For the Period Ended December 31, 1997



*****************************************************************************
                                  SIGNATURES
*****************************************************************************

Pursuant to the requirements of Section 13 or 15(d) of the Securities 
Exchange Act of 1934, the Registrant has duly caused this report to be 
signed on its behalf by the undersigned thereunto duly authorized.

LITTLE SQUAW GOLD MINING COMPANY
(Registrant)

Date: March __, 1997                     By: /s/ Eskil Anderson
                                         ____________________________________
                                         Eskil Anderson
                                         President and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this 
report has been signed below by the following persons on behalf of the 
Registrant and in the capacities and on the dates indicated.

LITTLE SQUAW GOLD MINING COMPANY
(Registrant)

Date: March 24, 1998                     By: /s/ Hollis H. Barnett
                                         ____________________________________
                                         Hollis H. Barnett
                                         Secretary and Director

Date: March 24, 1998                     By: /s/ Stewart Jackson
                                         ____________________________________
                                         Stewart Jackson
                                         Director & Vice President

Date: March 24, 1998                     By: /s/ Leonard Havlis
                                         ____________________________________
                                         Leonard Havlis
                                         Director

Date: March 24, 1998                     By: /s/ Ellamae Anderson
                                         ____________________________________
                                         Ellamae Anderson
                                         Director









DOCUMENT PAGE: 31 of 31
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