<PAGE>  1
         
                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                           Washington, D. C.  20549
                                   FORM 10-Q

   [X]      QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
                       SECURITIES EXCHANGE ACT OF 1934 

 For the quarterly period ended SEPTEMBER 30, 1995

                                      OR

   [ ]     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                        0-4846-3
                        ------------------------------------------------------

                        CONSOLIDATED SILVER CORPORATION
 -----------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)

                  Idaho                                 82-0288840
 -----------------------------------------      ------------------------------
     (State or other jurisdiction of                 (I.R.S. Employer
     incorporation or organization)                 Identification No.)

            6500 Mineral Drive
           Coeur d'Alene, Idaho                          83814-8788
 -----------------------------------------      ------------------------------
 (Address of principal executive offices)                (Zip Code)

                                 208-769-4100
 -----------------------------------------------------------------------------
             (Registrant's telephone number, including area code)


     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, and (2) has been subject  to such filing
requirements for at least the past 90 days.    Yes  XX .    No     .
                                                   ----        ---- 

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

                  Class                        Outstanding November 10, 1995
 -----------------------------------------     -----------------------------
 Common stock, par value $0.10 per share             9,455,683 shares<PAGE>


<PAGE>  2
                        CONSOLIDATED SILVER CORPORATION

                                  FORM 10-Q 

                   FOR THE QUARTER ENDED SEPTEMBER 30, 1995


                                   I N D E X
                                   ---------
                                                                         Page
                                                                         ----
PART I. - Financial Information

     Item l -  Balance Sheets - September 30, 1995 and December 31, 1994    3

            -  Statements of Loss and Retained Deficit - Three Months 
               and Nine Months Ended September 30, 1995 and 1994            4

            -  Statements of Cash Flows - Nine Months Ended
               September 30, 1995 and 1994                                  5

            -  Notes to Financial Statements                                6

     Item 2 -  Management's Discussion and Analysis of Financial
               Condition and Results of Operations                          6


PART II. - Other Information

     Item 2 -  Changes in Securities                                        8

     Item 4 -  Submission of Matters to a Vote of Security Holders          8

     Item 6 -  Exhibits and Reports on Form 8-K                             8






















                                      -2-


<PAGE> 3 
                        PART I - FINANCIAL INFORMATION

                        CONSOLIDATED SILVER CORPORATION

                          Balance Sheets (Unaudited)
                                  ----------
<TABLE>
<CAPTION>
                                    ASSETS
                                    ------
                                                  September 30    December 31
                                                      1995           1994
                                                  ------------    -----------
<S>                                                <C>             <C>
Current assets:
  Cash and cash equivalents                        $   716,634     $  753,486
  Accounts receivable                                    1,481            500
  Income tax refund receivable                          16,074         13,439
  Other current assets                                   2,651            597
                                                   -----------     ----------

           Total current assets                        736,840        768,022
                                                   -----------     ----------

Property, plant and equipment, at cost
  Mining properties                                    231,672        231,672
    Less - Accumulated depletion                      (231,672)      (231,672)
  Plant, equipment and facilities                    1,303,120      1,297,686
    Less - Accumulated depreciation                 (1,297,908)    (1,297,686)
                                                    ----------     ----------
                                                         5,212            - -
                                                   -----------     ----------

           Total assets                            $   742,052     $  768,022
                                                   ===========     ==========

                     LIABILITIES AND SHAREHOLDERS' EQUITY
                     ------------------------------------

Current liabilities:
  Accounts payable                                 $    41,350     $    4,730
  Property taxes payable                                17,371         11,590
                                                   -----------     ----------

           Total current liabilities                    58,721         16,320
                                                   -----------     ----------

Preferred stock; $100 par value; authorized, 
  issued and outstanding, 12,500 shares                  - -        1,250,000
                                                   -----------     ----------
Common stock; 10 cents par value; authorized,
  10,000,000 shares; issued 1995 - 9,455,689,
  issued 1994 - 8,205,689                              945,569        820,569
Discount on common stock issued                       (190,709)      (190,709)
Capital surplus                                      1,128,015          3,015
Retained deficit                                    (1,199,520)    (1,131,149)
                                                    ----------     ----------
                                                       683,355       (498,274)
  Less, common stock reacquired at cost, 6 shares           24             24
                                                   -----------     ----------
                                                       683,331       (498,298)
                                                   -----------     ----------
           Total shareholders' equity                  683,331        751,702
                                                   -----------     ----------
           Total liabilities and
             shareholders' equity                  $   742,052     $  768,022
                                                   ===========     ==========

The accompanying notes are an integral part of the financial statements.
</TABLE>
                                      -3-

<PAGE>  4
                  PART I - FINANCIAL INFORMATION (Continued)

                        CONSOLIDATED SILVER CORPORATION



                       Statements of Loss and Retained Deficit (Unaudited)
                                                        
                                ---------------

<TABLE>
<CAPTION>
                                  Three Months Ended          Nine Months Ended
                              --------------------------  --------------------------
                              September 30  September 30  September 30  September 30
                                  1995          1994          1995          1994
                              ------------  ------------  ------------  ------------
<S>                           <C>            <C>           <C>           <C>
Revenue:
  Rental income               $     1,500    $       - -   $     4,500   $       - -
  Transfer fees                       256             52           604           240
  Interest                          9,459          7,460        29,235        19,339
  Miscellaneous                    20,000            - -        20,460           - -
                              -----------    -----------   -----------   -----------
                                   31,215          7,512        54,799        19,579
                              -----------    -----------   -----------   -----------
Expenses:
  General and administrative
    expenses                       66,576         21,419       122,833        62,103
  Exploration                       2,720            - -         2,720           - -
  Depreciation                        222            - -           222           - -
                              -----------    -----------   -----------   -----------
                                   69,518         21,419       125,775        62,103
                              -----------    -----------   -----------   -----------
Net loss before
  income tax benefit              (38,303)       (13,907)      (70,976)      (42,524)
Income tax benefit                    - -            501         2,605        11,189
                              -----------    -----------   -----------   -----------
Net loss                          (38,303)       (13,406)      (68,371)      (31,335)
Deficit at beginning of
  period                       (1,161,217)    (1,118,899)   (1,131,149)   (1,100,970)
                              -----------    -----------   -----------   -----------  

Deficit at end of period      $(1,199,520)   $(1,132,305)  $(1,199,520)  $(1,132,305)
                              ===========    ===========   ===========   ===========
Net loss share of common 
  stock                       $       - -    $       - -   $     (0.01)  $       - -
                              ===========    ===========   ===========   ===========

Cash dividends per share      $       - -    $       - -   $       - -   $       - -
                              ===========    ===========   ===========   ===========

Weighted average number of
  common shares outstanding     8,414,016      8,205,683     8,233,461     8,205,683

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






                                               -4-


<PAGE>  5
                           PART I - FINANCIAL INFORMATION (Continued)

                                 CONSOLIDATED SILVER CORPORATION



                              Statements of Cash Flows (Unaudited)
                                          ------------

<TABLE>
<CAPTION>
                                                       Nine Months Ended
                                                  ---------------------------
                                                  September 30   September 30
                                                      1995           1994
                                                  ------------   ------------
<S>                                               <C>            <C>
Operating activities:  
  Net loss                                        $    (68,371)  $    (31,335)

Noncash elements included in net loss:
  Depreciation                                             222            - -

  Change in:
    Accounts receivable                                   (981)           - -
    Income tax refund receivable                        (2,635)       (11,219)
    Other current assets                                (2,054)        (1,492)
    Accounts and property taxes payable                 42,401         (1,229)
                                                  ------------   ------------

Net cash applied to operating activities               (31,418)       (45,275)
                                                  ------------   ------------

Investing activities:
  Property, plant and equipment                         (5,434)           - -
                                                  ------------   ------------

Net cash applied to investing activities                (5,434)           - -
                                                  ------------   ------------

Net decrease in cash and cash equivalents              (36,852)       (45,275)
Cash and cash equivalents at beginning of period       753,486        785,987
                                                  ------------   ------------

Cash and cash equivalents at end of period        $    716,634   $    740,712
                                                  ============   ============





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











                                               -5-


<PAGE>  6
                           PART I - FINANCIAL INFORMATION (Continued)

                                 CONSOLIDATED SILVER CORPORATION

                                  NOTES TO FINANCIAL STATEMENTS


Note 1.   Notes  to the  financial statements  as of  December  31, 1994,  as 
          set  forth in  the Company's  1994  Annual Report  on  Form 10-K,  
          substantially  apply to  these interim financial statements and are 
          not repeated here.

Note 2.   The  financial  information given  in  the  accompanying  unaudited 
          interim  financial statements reflects all adjustments which are, in 
          the opinion of management, necessary to  a fair  statement  of the  
          results for  the interim  periods  reported.   All such adjustments 
          are  of a  normal recurring nature.   All  financial statements  
          presented herein are unaudited.  However, the balance sheet as of 
          December 31, 1994, was derived from the audited balance sheet 
          described in Note 1 above.

Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
          RESULTS OF OPERATIONS

     The  Company's general  financial condition  declined during  the nine-
month period ending September 30, 1995.  Cash  and cash equivalents decreased 
from $753,486 at December  31, 1994 to $716,634  at  September 30,  1995 
principally   due  to  cash  requirements  for  general  and administrative 
costs and property care-and-maintenance expenses.  Working capital also 
decreased from  $751,702 at  December 31, 1994  to  $678,119 at  September 30,  
1995 primarily  due  to an increase in  current liabilities  and a decrease in  
cash and cash equivalents, as previously discussed.
               
     The net loss of $38,303  for the three months ending September 30,  1995 
increased $24,897, or 186%, compared to  the $13,406 net loss  for the same 
period  ended September 30, 1994.   The increase in the net loss was primarily 
due  to a $45,157 increase in general and  administrative expenses resulting 
from increased  labor and consulting  fees, office administration costs,  and
legal  expenses;  partially   offset  by  a  $23,703  increase  in   revenue  
due to increased miscellaneous, interest and  rental income.   Miscellaneous 
income increased $20,000  resulting from the non-refundable payments  made by 
Sunshine Precious Metals, Inc.  in connection with the proposed  sale of the 
Company's Silver  Summit mine which is subject  to shareholder approval at its 
annual meeting of November 14, 1995.  Commencing in June 1995, the costs 
associated with the care and maintenance  of the  Company's Silver  Summit mine
were assumed  by Sunshine  Precious Metals, Inc.

     For the first nine months of 1995, the Company incurred a net loss of 
$68,371 compared to a net  loss of  $31,335 for  the same  period ended 
September 30,  1994.   The $37,036,  or 118%, increase in the net  loss is 
principally due to a $60,730 increase in general and administrative expenses, 
consisting of consulting and labor costs, office administration costs, and legal
fees.  Additionally,  the income  tax benefit  decreased 8,584.   The  increase 
in costs  was partially offset by a $20,460  increase in miscellaneous income 
as  described above, a $9,896  increase in interest income and a $4,500 
increase in rental income.

     On September 21, 1995, the Company issued 1,250,000 shares of common stock
to Hecla Mining Company (Hecla) in exchange for 12,500 shares of preferred stock

                                               -6-


<PAGE>  7
                           PART I - FINANCIAL INFORMATION (Continued)

                                 CONSOLIDATED SILVER CORPORATION


held by Hecla which  represented the total outstanding shares of  the Company's 
preferred stock.  Common stock held by Hecla at September  30, 1995 totals 
7,418,300 shares which is approximately 78.45% of the Company's total 
outstanding common stock.  The preferred  stock previously held by Hecla has 
been canceled.

     The Company sent out a notice and proxy statement to each of the Company's
shareholders on October 16, 1995 advising shareholders that the Company will 
hold its annual meeting on November 14, 1995.  At the  meeting shareholders 
will be asked to  approve the sale of the Silver  Summit mine  to  Sunshine  
Precious  Metals, Inc.  (Sunshine),  elect  six  directors,  approve certain
amendments  to  the articles  of incorporation,  and approve  the  appointment 
of the Company's independent auditors.

     The Company plans to use the estimated $730,000 in proceeds from the sale  
of the Silver Summit mine to Sunshine and other available cash to invest in 
silver exploration projects.  In this regard, the Company has entered into an 
agreement to acquire Hecla's right to earn a 50 percent interest in Minera 
El Morro, S.A.  de  C.V., which  holds  the  Ojo Caliente  silver exploration  
project in Zacatecas, Mexico.  The agreement will be effective upon Shareholder
approval of the transaction with Sunshine.  The other investor in the project is
Minera Portree de Zacatecas, S.A. de C.V., a Mexican  exploration company.  The
Company will acquire Hecla's interest in the project by reimbursing Hecla an 
amount equal to all expenditures incurred by Hecla in its acquisition and for 
exploration costs related to the Ojo Caliente Project.  Hecla's expenditures on 
the project are expected to be approximately $500,000.  In addition, should the
Company decide to seek a partner to assist in developing the Ojo Caliente 
Project or putting it into production, Hecla will have the first opportunity to 
provide that assistance.

     The Ojo Caliente Project includes at least four zones of mineralization 
that have never been systematically explored.  The main veins have been mapped 
and sampled recently by Hecla.  The geology is similar to veins in the nearby 
Zacatecas District, which has produced more than 600 million ounces of silver.
Past underground silver production in the Ojo Caliente area occurred in the 
1600s.  Hecla's exploration activity during 1995 consisted of seven (7) drill
holes which tested two of the four vein systems.  Results of the 1995 drilling 
confirmed the presence of the target veins at depth.  The Company plans to 
continue the drilling program during 1996 to further explore the previously 
drilled vein systems at depth and to explore the additional two vein systems.   
The Company anticipates funding its payment to Hecla and the cost of future 
exploration at the Ojo Caliente Project from a combination of existing cash, 
including proceeds from the sale of the Silver Summit mine to Sunshine, and 
future financings.  However, there can be no assurance that the Company will be
able to complete one or more financings to raise additional funds.

     Management continues to  evaluate a number of other silver exploration 
opportunities which may be available and believes the Company  has sufficient 
cash and cash equivalents at September 30, 1995, to meet its present and 
intermediate financial requirements.  
                                               -7-


<PAGE>  8
                                   PART II - OTHER INFORMATION

                                 CONSOLIDATED SILVER CORPORATION

Item 2.    CHANGES IN SECURITIES

     On September 21, 1995, the Company issued 1,250,000 shares of common stock 
to Hecla Mining Company (Hecla) in exchange for 12,500 shares of preferred stock
held by Hecla which represented the total outstanding shares of the Company's 
preferred stock.  Common stock held by Hecla at September 30, 1995 totals 
7,418,300 shares which is approximately 78.45% of the Company's total 
outstanding common stock.  The preferred stock previously held by Hecla has
been canceled.

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

     The Company sent out a notice and proxy statement to each of the Company's 
security holders on October 16, 1995 advising that the Company will hold its 
annual meeting on November 14, 1995.  At the meeting, security holders will be 
asked to consider and vote on the following issues:

          (a)  The sale of the Silver Summit mine to Sunshine Precious Metals, 
               Inc.

          (b)  The election of six directors to the Board of Directors.

          (c)  Approve certain amendments to the Amended Articles of 
               Incorporation.

          (d)  Appoint Coopers & Lybrand as the Company's independent auditors.

Item 6.    EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits

                4 - Statement of Cancellation of Preferred Shares

               10 - Purchase and Sale Agreement dated August 23, 1995, between  
                    Hecla Mining Company and Consolidated Silver Corporation, 
                    relating to the Ojo Caliente Project located in Zacatecas, 
                    Mexico.

               22 - Proxy Materials for Annual  Meeting of Shareholders to be 
                    held November 14, 1995 (Incorporated by reference).

               27 - Financial Data Schedule

          (b)  Reports on Form 8-K

               Report on Form 8-K dated September 21, 1995, relating to the 
               issuance of common stock to Hecla Mining Company in exchange 
               for preferred stock.

Items 1, 3, and 5 of Part II are omitted from this report as inapplicable.  



                                               -8-


<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 its behalf by the 
undersigned thereunto duly authorized.



                                           CONSOLIDATED SILVER CORPORATION
                                       --------------------------------------
                                           (Registrant)



Date:  November 14, 1995                By    /s/ Ralph R. Noyes
                                           ----------------------------------
                                            Ralph R. Noyes, President



Date:  November 14, 1995                By    /s/ S. E. Hilbert
                                           ----------------------------------
                                            S. E. Hilbert, Chief Accounting
                                                 Officer





                                               -9-

<PAGE>  10
                                          EXHIBIT INDEX
                                          -------------
Exhibit
  No.                 Description                         
--------          ------------------

   4              Statement of Cancellation of Preferred Shares

  10              Purchase and Sale Agreement dated August 23, 1995, between 
                  Hecla Mining Company and Consolidated Silver Corporation, 
                  relating to the Ojo Caliente Project in Zacatecas, Mexico.

  22              Proxy Materials for Annual Meeting of Shareholders to be held
                  November 14, 1995.  Incorporated by reference from SEC Form 
                  14A, Definitive Proxy Statement and Accompanying Materials, 
                  filed October 17, 1995, File #000-04846.

  27              Financial Data Schedule












                                              -10-