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 June 30, 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 AND SIX MONTHS ENDED
                             JUNE 30, 1998 AND JUNE 30, 1997
                                     (UNAUDITED)

                                    Three Months Ended          Six Months Ended
                                         June 30                    June 30,
                                  1998           1997           1998          1997
                                  ------         ------         ----          ----
<S>                               <C>            <C>            <C>           <C>
NET LOSS BEFORE DISCONTINUED
  OPERATIONS                      $      -0-    $      -0-      $      -0-    $      -0-

REVENUE FROM DISCONTINUED
   OPERATIONS 
   Reclamation Reimbursement         115,916        21,048         115,916        21,048
                                  ----------    ----------      ----------    ----------
   Total revenue from 
    discontinued operations          115,916        21,048         115,916        21,048

DISCONTINUED EXPENSES
   General and administrative         14,725        15,992          25,280        28,798
    Reclamation expense              116,638        11,636         124,753        19,722
    Interest income                     <699>       <2,221>         <1,607>       <2,221>
                                  ----------    ----------      ----------    ----------
    Total discontinued expenses      130,664        25,407         148,426        46,299

NET INCOME (LOSS)                 $  <14,748>   $  <25,407>     $  <32,510>   $  <25,251>


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    $     0.00            0.00    $      0.00

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
                            June 30, 1998 and December 31, 1997
  
                                               June 30,         Dec. 31,
                                                1998             1997
                                             (Unaudited)      (Unaudited)
                                            --------------    ------------
  ---------------
  <S>                                       <C>               <C>
  ASSETS
  Current assets:
    Cash                                    $   122,886       $    134,096
                                            -----------       ------------
      Total current assets                  $   122,886       $    134,096
  
  Other assets:
    Other                                        91,065            112,366
  
                                            -----------       ------------
      Total other assets                         91,065            112,366
  
  Total assets                              $   213,951       $    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                       <12,775,852>       <12,743,341>
    Less cost of treasury stock                <629,126>          <629,126>
                                            -----------       ------------
      Common stockholders' equity               213,951            246,462
  
  Total liabilities and stockholders'
    equity                                  $   213,951       $    246,462
                                            ===========       ============
    /TABLE
<PAGE>
PAGE
                                                             PAGE 4
  <TABLE>
  <CAPTION>
                               AMERICAN NUCLEAR CORPORATION
                                 STATEMENTS OF CASH FLOW
                       FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                       (UNAUDITED)

                                                   Six Months Ended
                                                        June 30
                                              1998              1997
                                              ----------        ----------
<S>                                           <C>               <C>
Cash flows from discontinued operations:
  Net loss                                    $   <32,510>      $   <25,251>


Adjustments to reconcile net loss to net
  cash used by operating activities:
  (Increase) Decrease in other assets              21,301             3,294 
  (Decrease) Increase in accounts payable             -0-               -0-
                                              -----------       -----------
  Total adjustments                                21,301             3,294 
                                              -----------       -----------

  Net cash used in operating activities           <11,209>          <21,957>

Net increase (decrease) in cash during the
  period                                          <11,209>          <21,957>

Cash at the beginning of the period               134,095           154,138

Cash at the end of the period                 $   122,886       $   132,181
                                              ===========       ===========
/TABLE
<PAGE>
    PAGE
                                                         PAGE 5
    
                              AMERICAN NUCLEAR CORPORATION
                             NOTES TO FINANCIAL STATEMENTS
                        FOR THE THREE MONTHS AND SIX MONTHS ENDED
                                 JUNE 30, 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 $122,886 and $134,096 at
    June 30, 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.  
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
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                                                         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.  Salt Ridge Energy, Inc., a corporation
    owned by Mr. Salisbury, President, acquired 2,893,072 shares of common
    stock during the current quarter and now owns 37.6% of the Company's
    outstanding 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
    two quarters of 1998 or 1997.  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 $25,280 and $14,725 for
    the six months and three months ended June 30, 1998 compared to $28,798
    and $15,992 for the comparable periods ended June 30, 1997.  This
    represents a 12% and 8% decrease for the six and three months ended
    June 30, 1998 from the comparable periods ended June 30, 1997.  The
    decrease was due to the reduced activity between the Company, the NRC
    and Wyoming DEQ.
    
         Reclamation expenses were $124,753 and $116,638 for the six and
    three months ended June 30, 1998 and $19,722 and $11,636 for the
    comparable 1997 periods.  These costs represent the ongoing costs of
    monitoring the Company's mill site and related activities during
    reclamation.  In this current quarter the Company received a $115,916
    reimbursement from the Department of Energy and paid $101,820 to the
    Wyoming Department of Environmental Quality. 
  
         There was $1,607 interest income for the first two quarters of
    1998, compared to $2,221 for the comparable period ending June 30,
    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 $32,510 was recognized during the first two quarters
    of 1998 compared to a loss of $25,251 for the same period in 1997.  The
    losses are expected to remain in the range of $15,000 per quarter as
    long as the Company continues to receive some of the reclamation
    reimbursements for continued monitoring of the reclamation site. 
  
         If the Company has not completed its activities by December 31,
    1999, which it expects will have occurred, it may experience
    difficulties with the Year 2000 Issue.  The Year 2000 Issue is the
    result of computer programs that are written using two digits rather
    than four to define the applicable year.  Any computer programs that
    affect the Company's activities and that have date-sensitive software
    may recognize a date using "00" as the year 1900 rather than the year
    2000.  This could result in a system failure or miscalculations causing
    disruptions of operations that depend upon such date sensitive software
  
  
  
    
    PAGE
                                                         PAGE 8
  
  
    or computer hardware, including, among other things, a temporary
    inability to process transactions, send invoices and transfer funds, or
    engage in similar normal business activities. 
  
         Based upon a recent assessment, the Company believes the software
    it uses would present limited Year 2000 Issues.  The Company's
    activities are limited and it does not rely upon complex computer
    software or hardware for its own activities.  The Company has been
    unable to evaluate as of this date whether the software and computer
    equipment that the Company's banks and other contract parties rely
    upon, including the State of Wyoming and the U.S. Department of Energy,
    are Year 2000 compliant.  If they are not, and to the extent that the
    Company is conducting any activities after December 31, 1999, the
    Company may experience delays and difficulties in receiving funds from
    the Department of Energy, if any remain due after that time, and in
    paying funds necessary to satisfy the Company's various financial and
    legal obligations.  These and related difficulties could have material
    adverse consequences for the Company and its financial condition. 
    
    Liquidity and Capital Resources
    
         The Company's working capital at June 30, 1998 was $122,886
    while at December 31, 1997 it was $134,096.  The decrease in working
    capital at June 30, 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 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 $116,000 from
    this program during 1998.  If Congress continues funding this Title X
    program, of which there is no assurance, the Company may receive
    additional DOE reimbursements during 1999.  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
    
    
    
    
    PAGE
                                                         PAGE 9
  
  
    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 10
  
                                  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)
    August 10, 1998              By:  -----------------------------------
                                       William C. Salisbury
                                       President
    
    
    
                                        (signature)
    August 10, 1998              By:  -----------------------------------
                                       Dennis A. Eckerdt
                                       Secretary and Treasurer