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


For the Quarter Ended:    January 31, 1997
Commission File No. 0-9496
                             ----------------          
                            GOLD STANDARD, INC.
                            -------------------                  

         (Exact name of registrant as specified in its charter)

               Utah                             87-0302579
 -------------------------------          ------------------------    
 
 (State or other jurisdiction of               (I.R.S. Employer
  incorporation or organization)              Identification No.)


Suite 712 Kearns Building, Salt Lake City, Utah          84101
-------------------------------------------------      ---------
   (Address of principal executive offices)            (Zip Code)

Registrant's telephone number, including area code     (801) 328-4452
                                                       --------------
   

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

Title of each class         Name of each exchange on which registered

        None                    NASDAQ and Pacific Stock Exchange
       ------                   --------------------------------- 
Page 1
<PAGE>
<PAGE>
Securities registered pursuant to Section 12(g) of the Act:

               Common Stock, par value  $.001 per share
               ----------------------------------------
                           (Title of class)

     Indicate by check mark whether 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 Registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes  X  No  
    ---    ---
                           
As of the close of the period covered by this report there were
outstanding 18,697,500 shares of Registrant's common stock, $.001 par
value per share.






























Page 2
<PAGE>
<PAGE>
                              PART I.  FINANCIAL INFORMATION



Item 1.  Financial Statements.
         ---------------------










                                 GOLD STANDARD, INC.
   
                     UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                          FOR INCLUSION IN QUARTERLY REPORT
                                     ON FORM 10-Q






















                                   January 31, 1997
Page 3
<PAGE>
<PAGE>
                               GOLD STANDARD, INC.
                          CONSOLIDATED BALANCE SHEETS
                     January 31, 1997 and October 31, 1996


                                          January 31, 1997  October 31, 1996
                                          ----------------  ----------------
                                            (Unaudited)
           ASSETS

CURRENT ASSETS
   Cash and cash equivalents              $     5,678,057   $     6,078,321
   Accrued interest                                19,464             7,123
   Prepaid expenses                                11,070             6,579
                                          ---------------   ---------------
                 TOTAL CURRENT ASSETS           5,708,591         6,092,023

PROPERTY AND EQUIPMENT
   Equipment and leasehold
     improvements                                 176,240           197,568
                                          ---------------   ---------------
                                                  176,240           197,568
OTHER ASSETS
   Securities available for sale                  197,611           244,034
   Deferred offering costs                         84,579            77,954
   Deposits                                           740               690
                                         ----------------   ---------------
                                                  282,930           322,678
                                         ----------------   ---------------
   
                                          $     6,167,761   $     6,612,269
                                          ===============   ===============




















Page 4
<PAGE>
<PAGE>
           LIABILITIES AND EQUITY

CURRENT LIABILITIES
   Accounts payable - trade                      $68,313           $87,344
   Accrued liabilities                               678             1,103
   Income tax payable                                300               300
                                          --------------    --------------
            TOTAL CURRENT LIABILITIES             69,291            88,747

LONG-TERM LIABILITIES
   Deferred liabilities                           61,000            61,000
                                          --------------    --------------
                    TOTAL LIABILITIES            130,291           149,747

MINORITY INTEREST                                 48,185           101,902

STOCKHOLDERS' EQUITY
   Common stock                                   18,698            18,698
   Additional paid-in capital                 13,515,927        13,515,927
   Unrealized holding loss on
     securities availabl                         (20,888)          (20,888)
   Accumulated deficit                        (7,524,452)       (7,153,117)
                                          --------------    --------------  
TOTAL STOCKHOLDERS' EQUITY                     5,989,285         6,360,620
                                          --------------    --------------

                                          $    6,167,761    $    6,612,269
                                          ==============    ============== 






















See accompanying notes to consolidated financial statements


Page 5
<PAGE>
<PAGE>
                               GOLD STANDARD, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                Three month periods ended January 31, 1997 and 1996




                                                        Three months ended
                                                        ------------------
                                                              January 31,
                                                           1997          1996
                                                     -----------   -----------
                                                     (Unaudited)   (Unaudited)

INCOME FROM OPERATIONS
  Royalty income                                             $0      $246,355

EXPENSES
  Depreciation                                           12,264         7,389
  Leasehold exploration
    and carrying costs                                  339,829        82,027
  General and administrative:
    Legal                                                 4,001        11,356
    Other                                                88,249       107,489
                                                    -----------    ----------
        NET INCOME/(LOSS) FROM OPERATIONS              (444,343)       38,094

OTHER INCOME (EXPENSES)
  Interest income                                        64,211        25,988
  Loss from investments                                 (44,920)            0
                                                    -----------    ----------

                                                       (425,052)       64,082

NET LOSS - MINORITY INTEREST                             53,717             0
                                                    -----------    ----------

                         NET INCOME/(LOSS)            ($371,335)      $64,082
                                                    ===========    ==========


Net income/(loss) per common share                       ($0.02)        $0.00
                                                    ===========    ==========


See accompanying notes to consolidated financial statements.






Page 6
<PAGE>
<PAGE>
                               GOLD STANDARD, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                Three month periods ended January 31, 1997 and 1996



                                                       Three months ended
                                                           January 31,
                                                     ------------------------
                                                         1997           1996
                                                     ---------      ---------
                                                  (Unaudited)    (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                                 ($371,335)      $64,082
    Add (deduct) adjustments
     to cash basis:
       Depreciation                                     12,264         7,389
       Disposal of equipment                            11,361             0
       Net loss - minority interest                    (53,717)            0
       Increase (decrease) in:
         Accounts payable                              (19,031)       25,545
         Accrued liabilities                              (425)          307
       Decrease (increase) in:
         Accrued interest                              (12,341)      (41,248)
         Prepaid expenses                               (4,491)        1,540
         Securities available for sale                  46,423
         Deposits                                          (50)            0
         Deferred costs                                 (6,625)       (2,340)
                                                     ----------    ----------

NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES   (397,967)       55,275

CASH FLOWS FROM INVESTMENT ACTIVITIES:
   Equipment purchased                                  (2,297)         (518)
                                                     ----------    ----------

NET CASH USED IN INVESTMENT ACTIVITIES                  (2,297)         (518)

NET INCREASE (DECREASE) IN CASH                       (400,264)       54,757

CASH BALANCE AT BEGINNING OF PERIOD                  6,078,321     2,465,980
                                                    ----------    ----------

CASH BALANCE AT END OF PERIOD                       $5,678,057    $2,520,737
                                                    ==========    ==========



See accompanying notes to consolidated financial statements.


Page 7
<PAGE>
<PAGE>
                         GOLD STANDARD, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
               January 31, 1997 and October 31, 1996
                             (Unaudited)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

       The Company's accounting policies reflect industry practices and
       conform to generally accepted accounting principles.  The following
       policies are considered to be significant:

       Financial Statements
       --------------------
       The financial information provided in the Consolidated Balance Sheet
       for the year ended October 31, 1996, has been taken from the audited
       financial statements at that date.  In the opinion of management, all
       adjustments necessary to present fairly the financial position, results
       of operations and cash flow at January 31, 1997, have been made.  All
       such adjustments were of a normal, recurring nature.

       Principles of Consolidation
       ---------------------------
       The accompanying consolidated financial statements at January 31, 1997
       include the accounts of Gold Standard, Inc., its wholly owned
       subsidiaries, Gold Standard South and Gold Standard Minas, and a 64.4%
       owned subsidiary, Big Pony Gold.  As used herein, references to Gold
       Standard, Inc., the Registrant, or the Company refers to Gold Standard,
       Inc. and its consolidated subsidiaries.  All significant intercompany
       transactions are eliminated.  Information for 1996 includes the
       accounts of a wholly owned subsidiary, Kellwood Enterprises, Ltd.  This
       company was dissolved during the current period and all assets disposed  
       of.

       Gold Standard South, a Utah corporation, was organized for the express
       purpose of carrying on a property acquisition and gold exploration
       program in the country of Uruguay.  Big Pony Gold holds certain mineral
       exploration concessions in Uruguay and is conducting exploration work
       on those properties.  Gold Standard Minas was organized for the purpose
       of carrying on a gold exploration program in the country of Brazil.

       Investment in Mining Properties
       -------------------------------
       Prospecting and exploration costs incurred in the search for new mining
       properties are charged to expense as incurred.  Direct costs associated
       with the development of identified reserves are capitalized until the
       related geological areas






Page 8
<PAGE>
<PAGE>
                         GOLD STANDARD, INC.
        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                January 31, 1997 and October 31, 1996
                             (Unaudited)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

       are either put into production, sold or abandoned.  As of January 31,
       1997 there were no geological areas under production.
 
       Earnings (Loss) Per Share
       -------------------------
       Earnings (loss) per share of common stock is computed on the
       weighted-average number of shares outstanding during the period.

       Cash Equivalents
       ----------------
       For purposes of the statement of cash flows, the Company considers all
       highly liquid debt instruments and investments readily convertible into
       cash, or purchased with a maturity of three months or less, to be cash
       equivalents.

       Securities Available for Sale and Options
       -----------------------------------------
       Instruments used in trading activities include both securities and
       options and are stated at market value.  Quoted market prices are
       generally used as a basis to determine the market value.  If quoted
       market prices are not available market values are based on dealer
       quotes.  Realized and unrealized losses are recognized in the financial
       statements.

       Foreign Currency Translation
       ----------------------------
       Substantially all assets and liabilities of the Company's international
       operations are translated at year-end exchange rates and the resulting
       adjustments are accumulated in stockholders' equity.  Income and
       expenses are translated at exchange rates prevailing during the period.
       Foreign currency transaction gains and losses are included in net
       income, except for those relating to intercompany transactions of a
       long-term investment nature, which are accumulated in stockholders'
       equity.

       
NOTE 2 - SECURITIES AVAILABLE FOR SALE

       In February 1996 the Company entered into a non-monetary transaction
       exchanging rights to diamond potential properties located in Brazil for
       100,000 shares of American Mineral Fields stock (AMZ) which was trading
       at $4.00 per share.  This 


Page 9
<PAGE>
<PAGE>
                         GOLD STANDARD, INC.
        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                January 31, 1997 and October 31, 1996
                             (Unaudited)


NOTE 2 - SECURITIES AVAILABLE FOR SALE (Continued)

       transaction resulted in a net gain to the Company of $300,000 ($400,000
       less $100,000 paid to three geologists as bonuses on the transaction).

       During the period February 1,1996 to January 31, 1997, the Company
       realized gains on the sale of this stock in the amount of $107,436.  At
       January 31, 1997, the remaining 49,000 shares with a book value of
       $4.00 per share were valued at $2.74 per share.


NOTE 3 - EXCHANGE TRADED OPTIONS

       The Company has invested in options to purchase gold.  The options
       expire in May 1998.  Through January 31, 1997 the Company has recorded
       a cumulative realized loss related to these instruments of $291,300.


NOTE 4 - EQUIPMENT AND LEASEHOLD IMPROVEMENTS

       Equipment and leasehold improvements are stated at cost.  Maintenance,
       repairs, and renewals which neither materially add to the value of the 
       property nor appreciably prolong its life are charged to expense as
       incurred.  Gains or losses on dispositions of property and equipment
       are included in earnings.  Depreciation and amortization of property
       and equipment is provided on the straight-line method using the
       estimated lives shown below:

                                                Years 
                                               -------
           Furniture and equipment               5-7
           Transportation equipment               5
           Leasehold improvements             lease term

       Amortization of leasehold improvements is calculated using the
       straight-line method over the term of the lease agreement.
Page 10
<PAGE>
<PAGE>
                         GOLD STANDARD, INC.
        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                January 31, 1997 and October 31, 1996
                             (Unaudited)


NOTE 5 - MINING PROPERTIES

       The Company holds directly or through its subsidiary companies, mineral
       and exploration rights to property located in the Dugway region of
       western Utah, Southern Uruguay, and Brazil.  All exploration costs
       associated with these properties have been charged to operations as
       incurred, consistent with the Company's accounting policies (see Note
       1).  The Company's leasehold exploration and carrying expenses for the
       three month period ended January 31, 1997 are summarized as follows:

                      Uruguay        $138,964
                      Brazil          183,020
                      United States     6,483
                                     --------

                      Total          $328,467
                                     ========



NOTE 6 - DEFERRED LIABILITY

       The Company received a payment of $61,000 in 1990 from Compania Minera
       San Jose, S.A., a joint venture participant in Uruguay (see Note 9). 
       The payment is to be used to fund potential future reclamation costs on
       the San Juan Hills joint venture in Uruguay.  Upon completion of the
       reclamation efforts, any unused portion of the deposit will be refunded
       to the payor.


NOTE 7 - CAPITAL STOCK

       In February 1996, outstanding stock warrants that were issued in March
       1992, were exercised for the purchase of 250,000 shares of common stock
       in the Company.  The exercise price of these warrants was $.75 per
       share.  The Company realized $187,500 from the transaction.

       In May and June 1996, Sun Valley Gold Company purchased 3,000,000
       shares of the Company's common stock for $1.00 per share.  As part of
       the transaction, Sun Valley Gold also received warrants for the
       purchase of 3,000,000 additional shares of the Company's common stock. 
       The exercise price of
Page 11
<PAGE>
<PAGE>
                         GOLD STANDARD, INC.
          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                January 31, 1997 and October 31, 1996
                             (Unaudited)


NOTE 7 - CAPITAL STOCK (Continued)

       these warrants is $1.50 per share and the warrants expire in May 1999. 
       The Company realized $3,000,000 from this transaction.

       In May 1996, FCMI purchased 600,000 shares of the Company's common
       stock for $1.00 per share.  The Company realized $600,000 from this
       transaction.

       In June 1996 the Company extended the expiration dates of warrants for
       the purchase of 500,000 shares of common stock from June 1996 to June
       1999.  The Company also extended the expiration date of warrants for
       the purchase of an additional 100,000 shares of common stock from
       October 1996 to October 1999.  Warrants for the purchase of 200,000
       shares of common stock expired in June 1996 and were not extended.

       The Company's stock purchase warrants outstanding as of January 31,
       1997, are summarized as follows:


                                                      Shares
           Issue     Expiration     Exercise       Subject to
            Date        Date          Price          Warrant 
           -----     ----------     --------       ----------

           06/87     06/30/99        $1.25           500,000
           10/87     10/01/99         1.25           100,000
           07/88     07/18/99         2.25           750,000
           03/92     03/31/03          .75           750,000
           05/93     01/18/01         1.25            50,000
           01/96     01/19/98         1.00           100,000
           05/96     04/30/02         1.50           100,000
           05/96     05/31/99         1.50         3,000,000
           05/96     05/10/99         1.50           600,000
           06/96     06/30/99         1.25            50,000
                                                   ---------

                      Total outstanding warrants   6,000,000
                                                   =========

       If all outstanding stock purchase warrants were exercised, the total
       proceeds would be $8,775,000.




Page 12
<PAGE>
<PAGE>
                         GOLD STANDARD, INC.
        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                January 31, 1997 and October 31, 1996
                             (Unaudited)


NOTE 7 - CAPITAL STOCK (Continued)

       In March 1996, Big Pony Gold, the Company's 64.4% owned subsidiary
       issued 100,000 shares of its unregistered and  restricted common stock
       to two individuals in consideration of consulting services rendered.

       In May 1996, Sun Valley Gold Company purchased 500,000 shares of Big
       Pony Gold's common stock for $1.00 per share.  As part of the
       transaction, Sun Valley Gold also received warrants for the purchase of
       500,000 additional shares of Big Pony Gold's common stock.  The
       exercise price of these warrants is $1.25 per share and the warrants
       expire in May 1999.  Big Pony Gold realized $500,000 from this
       transaction.  These are the only outstanding warrants for the purchase
       of Big Pony Gold common stock and if they were all exercised proceeds
       would be $625,000.

NOTE 8 - RELATED PARTY TRANSACTIONS

       The Company has funded the majority of the operations of its
       subsidiaries Big Pony Gold, Gold Standard South, and Gold Standard
       Minas with unsecured non-interest bearing long term cash advances.  As
       of January 31, 1997 the Company had receivables from these companies of
       $326,990, $512,580, and $809,310 respectively.  All intercompany
       transactions have been eliminated in consolidation.

       To guarantee the future reclamation commitments in Uruguay of the
       Company's subsidiary, Big Pony Gold, Inc., the Company has obtained a
       standby letter of credit in the amount of $1,000,000 and extended the
       benefits of the letter of credit to their subsidiary.

       On March 14, 1996 the Company acquired 750,000 shares of the common
       stock of its subsidiary Big Pony Gold, Inc. in exchange for
       cancellation of $10,000 in debt owed by the subsidiary to the Company
       and transfer by the Company of all its interest in certain mineral
       rights and assets pursuant to the cancellation of the Campo Del Oro
       venture (Note 9).










Page 13
<PAGE>
<PAGE>
                       GOLD STANDARD, INC.
        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                January 31, 1997 and October 31, 1996
                             (Unaudited)


NOTE 9 - OPERATING AND JOINT VENTURE AGREEMENTS

       The Company was party to three operating or joint venture agreements. 
       While the terms of the agreements differ, they all generally address
       funding of exploration activities and subsequent mine development and
       production activities, should exploration results warrant development. 
       The agreements are summarized as follows:

          a.     In September 1988, the Company entered into a joint venture
                 agreement for the exploration of certain properties in
                 southern Uruguay with Compania Minera San Jose S.A. (CMSJ), a
                 wholly owned subsidiary of Bond International Gold.  During
                 1992 CMSJ was acquired by California-based American
                 Resources, Inc. (ARI) who has continued to drill and explore
                 the property under the terms of the agreement.  ARI
                 previously acquired a 60% interest in the project by funding
                 the project's exploration activities, while the Company
                 retained a 40% participating interest.  In an agreement dated
                 February 22, 1995, the Company's 40% participating interest
                 was replaced with a 20% royalty interest in a parcel of this
                 property known as the San Carlos Mine.  In June 1995 gold
                 production commenced at this mine.  In accordance with the
                 terms of the joint venture agreement, the Company's royalties
                 revenues totaled $339,726 for the twelve months ended October
                 31, 1996.

          b.     In June 1992, the Company entered into a joint venture
                 agreement with Santa Fe Pacific Mining, Inc.  The objective
                 of the agreement was to facilitate exploration and potential
                 future development of all the Company's mineral holdings in
                 southern Uruguay, except for those properties covered by a
                 joint venture agreement with Compania Minera San Jose S.A.
                 which is discussed in the preceding paragraph.  Under terms
                 of this agreement, Santa Fe could earn up to a 60% interest
                 in producible discoveries on the subject properties by
                 funding 100% of the exploration expenses up to either a
                 specified minimum investment or until a decision to develop a
                 discovery was reached.  Thereafter, the Company was to
                 participate by funding its proportionate share of future
                 development costs or have its 40% participating interest






Page 15
<PAGE>
<PAGE>
                         GOLD STANDARD, INC.
        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                January 31, 1997 and October 31, 1996
                             (Unaudited)


NOTE 9 - OPERATING AND JOINT VENTURE AGREEMENTS (Continued)

                 eroded.  In February 1996, the agreement was terminated with
                 all assets and properties being relinquished by Santa Fe
                 Pacific Mining, Inc. to the Company and its subsidiary Big
                 Pony Gold, Inc.

          c.    In November 1994, Big Pony Gold, Inc., the Company's 
                subsidiary, entered into a joint venture agreement with Ashton
                Mining of Australia and Santa Fe Pacific Gold.  The objective
                of the agreement was to facilitate the exploration for
                diamonds and encompassed the entire country of Uruguay.  Under
                terms of this agreement Big Pony Gold's share of costs and
                proceeds was 16% for diamonds and 24% for gold.  These terms
                did not apply to any properties covered by the preceding two
                joint venture agreements.  In February 1996, the agreement was
                terminated.


NOTE 10 - INCOME TAX

       The amounts and expiration dates of net operating loss carryforwards
       and investment tax credits at January 31, 1997 are detailed in the
       following summary:

                              Federal         State
                           Net Operating  Net Operating   Invest.
        Expiration Date         Loss           Loss      Tax Credit
       -----------------   -------------  -------------  ----------
       December 31, 1996   $      --      $   216,911    $      270 
       October 31, 1997           --          569,296           --
       October 31, 1998           --           15,927           --
       October 31, 1999           --          674,075           --
       October 31, 2001           --          184,956           --
       October 31, 2003     1,477,109         467,153           --
       December 31, 2003        1,391             --            --
       October 31, 2004       675,277             --            --
       December 31, 2004      332,153             --            --
       October 31, 2005     1,106,261             --            --
       December 31, 2005      408,740             --            --
       October 31, 2006       762,506             --            --
       October 31, 2007       568,726             --            --
       October 31, 2008        16,027             --            --
       October 31, 2009       673,421             --            --


Page 15
<PAGE>
<PAGE>
                         GOLD STANDARD, INC.
        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                January 31, 1997 and October 31, 1996
                             (Unaudited)


NOTE 10 - INCOME TAX (Continued)


                              Federal         State
                           Net Operating  Net Operating   Invest.
        Expiration Date         Loss           Loss      Tax Credit
       -----------------   -------------  -------------  ----------
       October 31, 2010       185,357             --          
       October 31, 2011       467,553             --            -- 

                           $6,674,521     $ 2,128,318     $     296



NOTE 11 - COMMITMENTS

     To guarantee future reclamation commitments in Uruguay, the Company has
     obtained a standby letter of credit in the amount of $1,000,000.  The
     benefits of this letter of credit have been extended to the subsidiary,
     Big Pony Gold, Inc., and its subsidiary, Tormin S.A.

NOTE 12 - LITIGATION

     In 1986, the Company filed a lawsuit against American Barrick Resources
     Corporation, Getty Oil Company, and Texaco, relative to party's interest
     on the Mercur gold mine located in Tooele County, Utah.  The lawsuit
     alleges breach of contract, breach of fiduciary duty and several other
     causes of action related to the operating agreement between the Company
     and the defendants or their successors in interest to the Mercur gold
     mine.  Under the action the Company sought the return of the Mercur
     property, monetary damages and other appropriate relief.

     In April 1993, the Company accepted an out-of-court cash settlement with
     American Barrick Resources Corporation, one of the defendants in the
     action, for a total of $5,225,000.

     The lawsuit against the other defendants went to trial in July 1993. 
     Following a seven week trial the jury returned a verdict in favor of the
     Company on September 3, 1993, and awarded the Company $404,164,000 in
     damages.  Subsequently, the judge set aside the jury verdict, thereby
     denying the Company the jury's award.  The Company appealed the judge's
     decision to the Supreme Court of the 




Page 16
<PAGE>
<PAGE>
                         GOLD STANDARD, INC.
        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                January 31, 1997 and October 31, 1996
                             (Unaudited)


NOTE 12 - LITIGATION (Continued)

     State of Utah.  On January 11, 1996, the Supreme Court announced its
     decision to uphold the trial judge's directed verdict for the defendants
     in the case.  As a result of the unsuccessful appeal, the Company must
     pay approximately $48,000 in court costs.  These costs have been accrued
     in the January 31, 1997 financial statements.

     In May 1996 the Company was notified that a Writ of Reconsideration filed
     with the Utah Supreme Court was denied.  The Company has decided to no
     longer continue its efforts in the lawsuit.

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

                           INTRODUCTION

     Gold Standard, Inc. and its subsidiaries (the Registrant) are principally
engaged in the acquisition, exploration, and if warranted, development of
producing or potentially productive gold properties.  Its activities are
concentrated, for the most part, in southern Uruguay, Brazil and west central
Utah.

     A significant factor  effecting the Registrant's operations for years was
its lawsuit against the operators and former operators of the Mercur Gold Mine
in Tooele County, Utah.  A January, 1996 ruling against the Registrant, and a
subsequent denial for reconsideration has ended the Registrant's efforts in
the case.

                      RESULTS OF OPERATIONS

     The Registrant holds a 40% royalty interest in a joint venture property
in Southern Uruguay known as the San Juan Hills property.  Its joint venture
partner, American Resources, Inc., funded exploration on this property. 
Mining from one deposit, the San Carlos Mine, resulted in royalty revenue of
$339,726 for the Registrant during the twelve month period ended October 31,
1996.  In March 1996 the deposit was fully depleted and surface mining was
completed.

      The Registrant had no operating revenue during the three month period
ended January 31, 1997 and had no properties under production.  The
Registrant does not expect to generate operating revenue from any of its
properties during 1997.  The Registrant's operating activities have been

Page 17
<PAGE>
<PAGE>
solely exploration related and have been concentrated on their Uruguay,
Brazil, and western Utah properties.  Exploration related expenses for the
three month period ended January 31, 1997 were $328,467 ($82,027 for the three
month period ended January 31, 1996).  Exploration costs incurred during the
three month period ended January 31, 1997 are summarized as follows:


                    Uruguay   $138,963
                    Brazil     183,020
                    Utah         6,483
                               -------

                              $328,467
                               =======

     Exploration expenses have been significantly higher in 1997 than in 1996
because of the Registrant's increased activity in its properties in Brazil and
Uruguay.  The Registrant is currently working on funding for the Uruguay
properties through it's subsidiary, Big Pony Gold.
     
     The Registrant's general and administrative expenses, excluding legal
expenses totaled $88,249 for the three month period ended January 31, 1997
($107,489 for the three month period ended January 31, 1996).  The two most
significant general and administrative expense categories during the three
month period ended January 31, 1997 were (a) professional and consulting fees
($18,810) and (b) wages and salaries ($38,000).   The balance of general and
administrative expenses includes office supplies and expenses, office rent,
travel, etc.


                 LIQUIDITY AND CAPITAL RESOURCES

     In the absence of income from operations the Registrant will continue to
rely on funds received in prior years for its operations.  These funds include
royalty revenues, lawsuit settlements, equity funding, and proceeds from sales
of securities.

     The Registrant has no material capital commitments or agreements which
would require significant outlays of capital during the remaining nine months
of the year.

     Expenses in 1997 should remain close to the 1996 level.  In the short
term, the Registrant has sufficient cash reserves to fund operations.  In the
long-term it will look to the issuance of additional equity capital and
increased production from its properties.


                            INFLATION

     The impact of inflation on the Registrant's operations will vary.  The


Page 18
<PAGE>
<PAGE>
future price of gold and the level of future interest rates could directly
effect the Registrant's future operating revenue.

     Serious increases in inflation could increase general and administrative
expenses for the Registrant and make it difficult to remain within budget. 
However, management does not expect any material increases in the inflation
rate during the near future.


               ENVIRONMENTAL RULES AND REGULATIONS

     The Registrant is not aware of any noncompliance with environmental rules
and regulations, nor has the Registrant been cited by any local, state or
national agency either in the United States or South America for noncompliance
with environmental rules and regulations.

     The Registrant has obtained a standby letter of credit in the amount of
$1,000,000 which is pledged as security against future potential reclamation
costs of mineral properties under exploration in Uruguay.  Furthermore, the
Registrant is not aware of any potential reclamation costs.  Except for the
above, the Registrant has no actual or potential involvement in environmental
remediation activities.


                  PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS.  Not Applicable

ITEM 2.     CHANGES IN SECURITIES.  Not Applicable

ITEM 3.     DEFAULTS UPON SENIOR SECURITIES.  Not Applicable

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
            No items were presented for a vote of security holders
            during the period ended January 31, 1997.


ITEM 5.     OTHER INFORMATION.  Not Applicable

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K.  

      (a)   List of Exhibits
            
            27.0     Financial Data Schedule
         
      (b)   Reports on Form 8-K
            
            Not applicable





Page 19
<PAGE>
<PAGE>





                            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.

                                     Gold Standard, Inc.

Date    21 March 1997               By:/s/ Scott L. Smith



                               Exhibit Index
                               -------------

Exhibit No.       Description
-----------       -----------

   27             Financial Data Schedule.

























Page 20
<PAGE>