UNITED STATES
                         SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C.  20549
    
                                     FORM 10-Q
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of 1934
    
    (Mark One)
    
    (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
        EXCHANGE ACT OF 1934
    
    FOR THE QUARTERLY PERIOD ENDED March 31, 1998
    
    ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
        SECURITIES EXCHANGE ACT OF 1934
    
    For the transition period from                 to
                                   ---------------    ----------------
    
    Commission File Number 0-1764
    
    
                            AMERICAN NUCLEAR CORPORATION
               (Exact Name of Registrant as Specified In Its Charter)
    
    
            Colorado                                     83-0178457
    ------------------------------             --------------------
    (State or other jurisdiction of                (I.R.S. Employer
    incorporation or organization)                Identification No.)
    
                          P. O. Box 2713
                          Casper, Wyoming                       82602
              (Address of principal executive offices)       (Zip code)
    
    Registrant's telephone number, including area code:  (307) 265-7912
    
         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  .
    
         Indicate the number of share outstanding of each of the issuer's
    classes of common stock, as of the close of the period covered by this
    report.
    
        4 cents par value common stock:  7,696,739 shares
    
    
    
    
    
    This report consists of 9 pages including one page constituting the
      cover page.<PAGE>
PAGE
    <TABLE>
    <CAPTION>                                                     PAGE 2
                               AMERICAN NUCLEAR CORPORATION
                               STATEMENTS OF OPERATION
                              FOR THE THREE MONTHS ENDED
                           MARCH 31, 1998 AND MARCH 31, 1997
                                     (UNAUDITED)

                                            Three Months Ended
                                                 March 31
                                          1998           1997
                                          ------         ------
<S>                                       <C>            <C>
NET LOSS BEFORE DISCONTINUED
  OPERATIONS                              $      -0-    $      -0-

REVENUE FROM DISCONTINUED
   OPERATIONS 
   Reclamation Reimbursement                     -0-        21,048
   Sale of Assets                                -0-           -0-
                                          ----------    ----------
   Total revenue from 
    discontinued operations                      -0-        21,048

DISCONTINUED EXPENSES
   General and administrative                 10,555        12,806
    Reclamation expense                        8,115         8,086
    Interest income                             <908>          -0-
                                          ----------    ----------
    Total discontinued expenses               17,762        20,892

NET INCOME (LOSS)                         $  <17,762>   $      156


PER SHARE:

NET PROFIT (LOSS) BEFORE
  DISCONTINUED OPERATIONS PER
  SHARE                                   $    <0.00>   $    <0.00>

DISCONTINUED OPERATIONS PER
  SHARE NET PROFIT (LOSS)                 $    <0.00>   $     0.00

WEIGHTED AVERAGE NUMBER OF
  SHARES OUTSTANDING                       7,696,739     7,696,739

DIVIDENDS PER SHARE                       $     0.00    $     0.00
</TABLE>

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  <PAGE>
                                                                 PAGE 3
  <TABLE>
  
  <CAPTION>
                              AMERICAN NUCLEAR CORPORATION
                                     BALANCE SHEETS
                           March 31, 1998 and December 31, 1997
  
                                              March 31,       Dec. 31,
                                                1998             1997
                                             (Unaudited)      (Unaudited)
                                            --------------   
  ---------------
  <S>                                       <C>               <C>
  ASSETS
  Current assets:
    Cash                                    $   125,334       $    134,096
                                            -----------       ------------
      Total current assets                  $   125,334       $    134,096
  
  Other assets:
    Other                                       103,366            112,366
  
                                            -----------       ------------
      Total other assets                        103,366            112,366
  
  Total assets                              $   228,700       $    246,462
                                            ===========       ============
  
  
  LIABILITIES AND STOCKHOLDERS' EQUITY
  
  Current liabilities:
    Trade accounts payable                          -0-                -0-
    Other current liabilities                       -0-                -0-
                                            -----------       ------------
      Total current liabilities                     -0-                -0-
  
  Common Stockholders' equity:
    Common stock                                314,080            314,080
    Additional paid-in capital               13,304,849         13,304,849
    Retained earnings                       <12,761,103>       <12,743,341>
    Less cost of treasury stock                <629,126>          <629,126>
                                            -----------       ------------
      Common stockholders' equity               228,700            246,462
  
  Total liabilities and stockholders'
    equity                                  $   228,700       $    246,462
                                            ===========       ============
    /TABLE
<PAGE>
PAGE
                                                             PAGE 4
  <TABLE>
  <CAPTION>
                               AMERICAN NUCLEAR CORPORATION
                                 STATEMENTS OF CASH FLOW
                     FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
                                       (UNAUDITED)

                                                 Three Months Ended
                                                     March 31
                                              1998              1997
                                              ----------        ----------
<S>                                           <C>               <C>
Cash flows from discontinued operations:
  Net loss                                    $   <17,762>      $       156


Adjustments to reconcile net loss to net
  cash used by operating activities:
  (Increase) Decrease in other assets               9,000           <14,206>
  (Decrease) Increase in accounts payable             -0-               -0-
                                              -----------       -----------
  Total adjustments                                 9,000           <14,206>
                                              -----------       -----------

  Net cash used in operating activities            <8,762>          <14,050>

Net increase (decrease) in cash during the
  period                                           <8,762>          <14,050>

Cash at the beginning of the period               134,096           154,136

Cash at the end of the period                 $   125,334       $   140,086
                                              ===========       ===========
/TABLE
<PAGE>
    PAGE
                                                         PAGE 5
    
                              AMERICAN NUCLEAR CORPORATION
                             NOTES TO FINANCIAL STATEMENTS
                      FOR THE THREE MONTHS AND NINE MONTHS ENDED
                                MARCH 31, 1998 AND 1997
                                      (UNAUDITED)
    
                      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
    
    Basis of Presentation
    
         Liquidation Basis
    
         The accompanying financial statements have been prepared on a
    liquidation basis, which recognized the realization of assets and the
    satisfaction of a portion of the liabilities.  The Company's current
    assets exceeded its current liabilities by $125,334 and $134,096 at
    March 31, 1998 and December 31, 1997 respectively.  During 1994 the
    Company discontinued operations due to lack of operating capital.  For
    financial reporting purposes, the Company has offset contractual
    liabilities totaling $392,000.  These liabilities were recognized as
    income because the Company has no means of repaying the obligations
    under liquidation basis accounting.  The remaining Company cash
    deposits are being utilized to maintain compliance as long as possible
    with U.S. Nuclear Regulatory Commission (NRC) license requirements
    pertaining to the Company's uranium mining reclamation site.  The
    Company expects to be able to continue in compliance with the licensing
    requirements through 1999.
    
         The state of Wyoming declared the Company in default of its
    reclamation obligations when the Company terminated its business
    operations in May 1994.  Subsequently the reclamation bond fund of
    $3,213,255 was acquired by the Wyoming DEQ through forfeiture
    proceedings.  The state of Wyoming has consented to perform certain
    reclamation obligations, but has declined to assume the NRC license and
    the associated obligations.  The reclamation requirements have changed
    to require more work since the bond forfeiture, and the cash
    requirements to continue reclamation have increased by an undetermined
    amount.  There is the potential of a cost overrun in the range of $3
    million or considerably more.  The Company has not recognized a
    contingent liability for this amount because the Wyoming DEQ and NRC
    have not agreed upon a final reclamation plan upon which to base a cost
    estimate.  By state of Wyoming statute, the Company is liable for any
    cost overruns. 
    
         The Company remains liable for completion of its reclamation
    obligations even though it does not have enough assets with which to
    complete those obligations.  The NRC has served the Company with notice
    that the Company's deliberate abandonment of its reclamation site would
    constitute an intentional violation of the Atomic Energy Act of 1954
    and could subject the Company to NRC enforcement actions and criminal
    sanctions.  The Company is complying with a NRC order to maintain and
    comply with the terms of its NRC license.  Further, the Company has an
    agreement with the Wyoming DEQ to maintain its corporate existence in
    order to receive Title X reclamation reimbursement funds from the U.S.
    Department of Energy and transfer agreed upon amounts to the Wyoming
    DEQ.  The Company intends to monitor its reclamation site for as long
    as possible in order to comply with the requirements of its license. 
    For these reasons, the Company is unable to dissolve.  The Company has
    no intention of entering into other businesses or continuing its
    limited operations beyond the time when it has fulfilled its
    obligations under the NRC license and those required by the state of
    Wyoming. 
    
    
    PAGE
                                                         PAGE 6
    
    
         Interim Financial Statements
    
         The accompanying unaudited consolidated financial statements have
    been prepared in accordance with generally accepted accounting
    principles for interim financial information and with the instructions
    for Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do
    not include all of the information and footnotes required by generally
    accepted accounting principles for complete financial statements.  The
    accompanying statements should be read in conjunction with the
    unaudited financial statements included in the Company's Report on Form
    10-K for the year ended December 31, 1997.  In the opinion of
    management, all adjustments (consisting only of normal recurring
    accruals) considered necessary for a fair presentation have been
    included.
    
    
    Per Share Amounts
    
         Earnings per share calculations are computed on the weighted
    average number of common shares outstanding during the respective
    periods.  Shares under option and warrants have been disregarded
    because their effect is anti-dilutive.
    
    
    Discontinuance of Operations
    
         Management began seeking a purchaser for its mining properties in
    the third quarter of 1993.  While potential purchasers continued to
    express interest, the Company did not receive any offer greater than
    the amount of the debt that was secured by the mortgage against the
    properties.  Inability to sell the mining properties, depletion of
    capital and lack of revenues deprived the Company of operating capital. 
    The Company determined to discontinue operations during May 1994 and to
    liquidate its miscellaneous property and to pay and discharge its
    current liabilities and other expenses associated with an orderly
    closing of business operations.  
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    PAGE
                                                         PAGE 7
    
    
    
    Marketability of Common Stock on NASDAQ Small Cap Market
    
         Effective May 9, 1994 the Company's common stock was removed from
    listing on the NASDAQ Small Cap Market.  There are no trading markets
    for the Company's common stock.   
    
    
                       MANAGEMENTS DISCUSSION AND ANALYSIS OF
                   FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    
    Results of Operations
    
         The Company discontinued operations during May 1994.  There were
    no operating revenues or operating losses reported during the first
    three quarters of 1997 or 1996.  See the "Discontinuance of Operations"
    and the "Liquidity and Capital Resources" sections in this report
    regarding additional information about the Company's cessation of
    operations.
    
         General and administrative expenses were $10,555 for the three
    months ended March 31, 1998 compared to $12,806 for the period ended
    March 31, 1997.  This represents a 17% decrease for the three months
    ended March 31, 1998 from the comparable 1997 period.  The decrease was
    due to the reduced activity between the Company, the NRC and Wyoming
    DEQ.
    
         Reclamation expenses of $8,115 and $8,086 for the three months
    ended March 31, 1998 and 1997 were recognized because of the continuing
    reclamation work of the Company.  These costs represent the ongoing
    costs of monitoring the Company's mill site and related activities
    during reclamation. 
  
         There was $908 interest income for the first quarter of 1998,
    compared to zero for the comparable period ending March 31, 1997.  The
    interest is due to the reimbursement of DOE funds to the Company.
    These funds will be used to monitor the reclamation site. 
    
         A net loss of $17,762 was recognized during the first quarter of
    1998 compared to a $156 profit for the same period in 1997.  The losses
    are expected to remain in the range of $25,000 per quarter as long as
    the Company continues to receive some of the reclamation reimbursements
    for continued monitoring of the reclamation site. 
    
    
    Liquidity and Capital Resources
    
         The Company's working capital at March 31, 1998 was $125,334,
    while at December 31, 1997 it was $134,096.  The decrease in working
    capital at March 31, 1998 was due to the ongoing cost of limited
    operations.
    
         During May 1994, the Company discontinued operations because of
    its lack of funds.  Before that decision was made, the Company
    attempted to obtain additional loans, raise equity funds through a
    private placement of its common stock, secure byproduct disposal
    contracts, or sell its mineral properties.  None of these efforts were
    successful.  These financial statements are prepared on the basis that
    
    
    
    
    PAGE
                                                         PAGE 8
    
    
    the mineral properties were foreclosed when the Company did not pay the
    mortgage due June 30, 1994.  The foreclosure was completed in 1996.  In
    addition, the Wyoming Department of Environmental Quality (DEQ)
    declared forfeiture of the $3.2 million reclamation bond fund to the
    DEQ to be used by the DEQ for completing reclamation of the Company's
    Gas Hills mill site.  The total cost of the reclamation work will not
    be known for many years, and the funds held by the DEQ are not expected
    to cover all the expenses.  The Company remains the licensee and owner
    of the reclamation site, and  the Company will not be released from the
    obligations of reclamation that are imposed by the license until
    reclamation work is completed and accepted by the regulatory agencies. 
    The Company has applied, under the federal program administered by the
    U.S. Department of Energy (DOE), for reimbursement of some of the
    reclamation work it has previously performed to clean up its mining and
    milling site.  The DOE program has been funded by Congress and money
    has been allocated for the reimbursements.  The Company received
    approximately $120,000, $176,000 and $229,000 from this program during
    1997, 1996 and 1995, respectively.  If Congress continues funding this
    Title X program, of which there is no assurance, the Company may
    receive additional DOE reimbursements during 1998.  Under the
    prevailing law and the terms of the order of  the U.S. Nuclear
    Regulatory Commission that directs the Company to continue to reclaim
    and monitor its reclamation site, the funds and any future funds that
    could be received under this program will be applied to ongoing
    monitoring and reclamation obligations over the next several years,
    including payments to the Company's independent contractors to
    perform such services.  None of the money will be applied to claims of
    creditors, and no funds will be available for distribution to
    shareholders because the reclamation obligations are projected to
    substantially exceed the funds that become available.  The DEQ has
    entered into an agreement with the Company providing that the state
    will not bring a deficiency action in court if the Company transfers
    Title X funds to the state to be applied to the deficiency for use by
    the state to perform reclamation.  The Tennessee Valley Authority
    (TVA), which had asserted a right to the funds based on its 1984
    contract with the Company, released the Company from such claims due to
    an agreement between TVA and the state.  The agreement between the
    Company and DEQ provides that the Company and DEQ will use the DOE
    Title X funds toward monitoring and reclamation of the mill site in
    accordance with the NRC license.
    
    
    
    
    
    
    
    
  
  
  
  
  
  
  
    
    
    
    
    
    
    
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                                                         PAGE 9
    
    
    
    
                                  SIGNATURES
    
    
    Pursuant to the requirements of the Securities Exchange Act of 1934,
    the registrant has duly caused this report to be signed on their behalf
    by the undersigned thereunto being authorized.
    
                                       AMERICAN NUCLEAR CORPORATION
                                       Registrant
    
    
    
                                        (signature)
    May 13, 1998                 By:  -----------------------------------
                                       William C. Salisbury
                                       President
    
    
    
                                        (signature)
    May 13, 1998                 By:  -----------------------------------
                                       Dennis A. Eckerdt
                                       Secretary and Treasurer