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 September 30, 1997
  
  ( ) 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 AND NINE MONTHS ENDED
                       SEPTEMBER 30, 1997 AND SEPTEMBER 30, 1996
                                     (UNAUDITED)

                                    Three Months Ended          Nine Months
Ended
                                       September 30               September 
30
                                  1997           1996         1997          
1996
                                  ------         ------       ------        
------
<S>                               <C>            <C>          <C>           
<C>
NET LOSS BEFORE DISCONTINUED
  OPERATIONS                      $      -0-    $      -0-    $      -0-     $ 
    -0-

REVENUE FROM DISCONTINUED
   OPERATIONS 
   Reclamation Reimbursement             -0-       175,555        21,048       
175,555
   Sale of Assets                        -0-        10,000           -0-       
 10,000
                                  ----------    ----------    ----------    
----------
   Total revenue from 
    discontinued operations              -0-       185,555        21,048       
185,555

DISCONTINUED EXPENSES
   General and administrative         15,517        23,406        44,315       
 42,904
    Reclamation expense               10,399       100,694        30,121       
137,434
    Interest income                     <454>         <787>       <2,675>      
 <2,345>
                                  ----------    ----------    ----------    
----------
    Total discontinued expenses       25,462       123,313        71,761       
177,993

NET INCOME (LOSS)                 $  <25,462>   $  <62,242>      <50,713>      
 <7,562>


PER SHARE:

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

DISCONTINUED OPERATIONS PER
  SHARE NET PROFIT (LOSS)         $    <0.00>   $     0.01    $    <0.01>    $ 
  <0.01>

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

DIVIDENDS PER SHARE               $     0.00    $     0.00    $     0.00     $ 
   0.00
</TABLE>

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  <PAGE>
                                                                 PAGE 3
  <TABLE>
  
  <CAPTION>
                              AMERICAN NUCLEAR CORPORATION
                                     BALANCE SHEETS
                       September 30, 1997 and December 31, 1996
  
                                            September 30,       Dec. 31,
                                                1997             1996
                                             (Unaudited)      (Unaudited)
                                            --------------    ---------------
  <S>                                       <C>               <C>
  ASSETS
  Current assets:
    Cash                                    $   124,219       $    154,138
                                            -----------       ------------
      Total current assets                  $   124,219       $    154,138
  
  Other assets:
    Other                                        81,906            102,700
  
                                            -----------       ------------
      Total other assets                         81,906            102,700
  
  Total assets                              $   206,125       $    256,838
                                            ===========       ============
  
  
  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                       <12,783,678>       <12,732,965>
    Less cost of treasury stock                <629,126>          <629,126>
                                            -----------       ------------
      Common stockholders' equity               206,125            256,838
  
  Total liabilities and stockholders'
    equity                                  $   206,125       $    256,838
                                            ===========       ============
    /TABLE
<PAGE>
PAGE
                                                             PAGE 4
  <TABLE>
  <CAPTION>
                               AMERICAN NUCLEAR CORPORATION
                                 STATEMENTS OF CASH FLOW
                   FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                                       (UNAUDITED)

                                                   Nine Months Ended
                                                        June 30
                                                 1997              1996
                                                 ----------        ----------
<S>                                              <C>               <C>
Cash flows from discontinued operations:
  Net loss                                       $   <50,713>      $   
<7,562>


Adjustments to reconcile net loss to net
  cash used by operating activities:
  (Increase) Decrease in other assets                 20,794          
<91,853>
  (Decrease) Increase in accounts payable                -0-            87,000
                                                 -----------       -----------
  Total adjustments                                   20,794           
<4,583>
                                                 -----------       -----------

  Net cash used in operating activities              <29,919>            2,709

Net increase (decrease) in cash during the
  period                                             <29,919>            2,709

Cash at the beginning of the period                  154,138             3,974

Cash at the end of the period                    $   124,219       $     6,683
                                                 ===========       ===========
/TABLE
<PAGE>
  
    PAGE
                                                         PAGE 5
    
                              AMERICAN NUCLEAR CORPORATION
                             NOTES TO FINANCIAL STATEMENTS
                      FOR THE THREE MONTHS AND NINE MONTHS ENDED
                              SEPTEMBER 30, 1997 AND 1996
                                      (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 $124,219 and $154,138 at
    September 30, 1997 and December 31, 1996 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.  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, 1996.  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 $15,517 and $44,315 for
    the three and nine months ended September 30, 1997 compared to $23,406
    and $42,904 for the periods ended September 30, 1996.  This represents
    a 33% decrease for the three months and a 3% increase for the nine
    months ended September 30, 1997 from the comparable 1996 periods.  The
    increase was due to the increased activity between the Company, the NRC
    and Wyoming DEQ.
    
         Reclamation expenses of $30,121 and $137,434 for the nine months
    ended September 30, 1997 and 1996 were recognized because of the
    continuing reclamation work of the Company.  These costs represent the
    ongoing costs of monitoring the Company's mill site during reclamation. 
    The 1996 expense reflects a payment to the Wyoming DEQ of a portion of
    the reclamation funds received from the DOE.  
  
         There was $2,675 interest income for the first three quarters of
    1997, compared to $2,345 for the nine month period ending September 30,
    1996.  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 $50,713 was recognized during the first three
    quarters of 1997 compared to a $7,562 profit for the same period in
    1996.  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 September 30, 1997 was $124,219,
    while at December 31, 1996 it was $154,138.  The decrease in working
    capital at September 30, 1997 was due to the ongoing cost of limited
    operations.
    
    
    
    
    
   
  
   
    
    PAGE
                                                         PAGE 8
    
    
    
    
         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
    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 $229,000 from this program during the last quarter of
    1995 and approximately $176,000 during the third quarter of 1996.  If
    Congress continues funding this Title X program, of which there
    is no assurance, the Company may receive additional DOE reimbursements
    during 1997.  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.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    PAGE
                                                         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)
    November 5, 1997             By:  -----------------------------------
                                       William C. Salisbury
                                       President
    
    
    
                                        (signature)
    November 5, 1997             By:  -----------------------------------
                                       Dennis A. Eckerdt
                                       Secretary and Treasurer