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:     July 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
       ------                   ---------------------------------
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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.




































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                     PART I.  FINANCIAL INFORMATION


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







                           GOLD STANDARD, INC.

               UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                    FOR INCLUSION IN QUARTERLY REPORT
                               ON FORM 10-Q






















                              July 31, 1997












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                              July 31, 1997

                            GOLD STANDARD, INC.
                        CONSOLIDATED BALANCE SHEETS
                     July 31, 1997 and October 31, 1996

                                      July 31, 1997         October 31, 1996
                                      -------------         ----------------
                                       (Unaudited)
          ASSETS
          ------
CURRENT ASSETS
     Cash and cash equivalents        $   4,869,833           $   6,078,321
     Accrued interest                           324                   7,123
     Prepaid expenses                        10,389                   6,579
                                      -------------           -------------
          TOTAL CURRENT ASSETS            4,880,546               6,092,023

PROPERTY AND EQUIPMENT
     Equipment and leasehold
       improvements                         182,722                 197,568
                                      -------------           -------------
                                            182,722                 197,568
OTHER ASSETS
     Securities available for sale          283,407                 244,034
     Deferred offering costs                 90,997                  77,954
     Deposits                                   740                     690
                                      -------------           -------------
                                            375,144                 322,678
                                      -------------           -------------
                                      $   5,438,412           $   6,612,269
                                      =============           =============



















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          LIABILITIES AND EQUITY
          ----------------------
CURRENT LIABILITIES
     Accounts payable - trade         $      52,473           $      87,344
     Accrued liabilities                        678                   1,103
     Income tax payable                         100                     300
                                      --------------          --------------
          TOTAL CURRENT LIABILITIES          53,251                  88,747

LONG-TERM LIABILITIES                                                          
     Deferred liabilities                    61,000                  61,000
                                      --------------          --------------
          TOTAL LIABILITIES                 114,251                 149,747

MINORITY INTEREST                              -                    101,902

STOCKHOLDERS' EQUITY                                                           
     Common stock                            18,698                  18,698
     Additional paid-in capital on       13,515,927              13,515,927
     Unrealized holding gain (loss)
       on securities available for
       sale                                  29,987                 (20,888)
     Accumulated deficit                 (8,240,451)             (7,153,117)
                                      --------------          --------------
          TOTAL STOCKHOLDERS' EQUITY      5,324,161               6,360,620
                                      --------------          --------------
                                      $   5,438,412           $   6,612,269
                                      ==============          ==============
























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                            GOLD STANDARD, INC.
                        CONSOLIDATED INCOME STATEMENT
          Three and six month periods ended July 31, 1997 and 1996

                            Three months ended         Nine months ended
                                 July 31,                  July 31,
                          -----------------------   -----------------------
                             1997         1996         1997         1996
                          ----------   ----------   ----------   ----------
                         (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
INCOME FROM OPERATIONS
     Royalty income       $    -       $    -      $     -       $ 339,726

EXPENSES
     Depreciation            12,547       11,116       37,640       25,893
     Leasehold exploration                                                      
     and carrying cost      312,529      194,967    1,023,396      398,276
     General and administrative:
       Legal                  1,428       17,093       10,148       32,499
       Other                 71,037      103,278      272,355      278,555
                          ----------   ----------  -----------   ----------
          NET LOSS FROM
           OPERATIONS      (397,541)    (326,454)  (1,343,539)    (395,497)

OTHER INCOME (EXPENSES)
     Interest income         58,682       55,462      175,773      105,515
     Gain (loss) on disposal
       of assets               -          10,200       (9,969)     310,200
     Gain (loss) from
       investments             -        (194,688)     (11,503)      41,494
                          ----------   ----------  -----------  -----------
                           (338,859)    (455,480)  (1,189,238)      61,712

NET LOSS MINORITY INTEREST     -            -         101,902         -
                          ----------   ----------  -----------  -----------
NET INCOME (LOSS)         $(338,859)   $(455,480) $(1,087,336)  $   61,712
                          ==========   ========== ============  ===========
Net income (loss) per
  common share            $   (0.02)   $   (0.03) $     (0.06) $     0.01














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                            GOLD STANDARD, INC.
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
          Three and six month periods ended July 31, 1997 and 1996

                             Three months ended         Nine months ended
                                   July 31,                  July 31,
                            -----------------------   -----------------------
                              1997          1996         1997         1996
                            ---------    ----------   ----------   ----------
                           (Unaudited)   (Unaudited)  (Unaudited)  (Unaudited)
CASH USED IN OPERATING                                                         
 ACTIVITIES
  Net income (loss)         $(338,859)   $(455,480)  $(1,087,336) $   61,712
  Add (deduct) adjustments
     to cash basis:
       Depreciation            12,547       11,116        37,640      25,893
       Services provided
         in exchange for
         stock                   -          25,000          -         25,000
       Net investment
         (gains) losses          -         204,918        11,503      28,647
       Gain (loss) on sale
         of                      -         (10,200)         -       (310,200)
       Net loss - minority
         interest                -            -         (101,902)       -
       Decrease (increase) in:                                                 
         Accounts receivable     -         (12,321)         -        114,398
         Accrued interest       6,362         -            6,799        -
         Prepaid expenses      (1,491)      (1,130)       (3,810)      1,975
         Deposits                -            -              (50)       -
         Deferred costs        (2,012)      (6,890)      (13,043)    (10,597)
       Increase (decrease) in:                                                 
         Accounts payable      (4,606)       2,746       (34,870)     (4,968)
         Accrued liabilities     -           1,690          (625)      2,011
                           -----------   ----------  ------------ -----------
          NET CASH USED IN
            OPERATING
            ACTIVITIES       (328,059)    (240,551)   (1,185,694)    (66,129)














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CASH USED IN INVESTMENT
  ACTIVITIES
     Equipment purchased         -         (88,203)      (50,262)    (89,261)
     Disposal of assets          -            -           27,468        -
     Proceeds from sales of                                                    
       trading securities        -          37,525          -        293,802
     Purchase of options         -            -             -       (308,300)
     Bonuses on sales of
       assets                    -            -         (100,000)

          NET CASH USED IN
            INVESTMENT
            ACTIVITIES           -         (50,678)      (22,794)   (203,759)
                           -----------   ----------  ------------ -----------

CASH PROVIDED BY FINANCING                                                    
   ACTIVITIES
     Issuance of stock
       warrants                  -       4,100,000          -      4,287,500
                           -----------  -----------   ----------- -----------
          NET CASH PROVIDED
            BY FINANCING
            ACTIVITIES           -       4,100,000          -      4,287,500

NET INCREASE (DECREASE)
  IN CASH                    (328,059)   3,808,771    (1,208,488)  4,017,612

CASH BALANCE AT BEGINNING
  OF PERIOD                 5,197,892    2,674,821     6,078,321   2,465,980
                           -----------  -----------   ----------- -----------
CASH BALANCE AT END
  OF PERIOD                $4,869,833   $6,483,592    $4,869,833  $6,483,592
                           ===========  ===========   =========== ===========



















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                             GOLD STANDARD, INC.
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                      July 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 July 31, 1997, have been made.  All such adjustments were of a
normal, recurring nature.

Principles of Consolidation
---------------------------
     The accompanying consolidated financial statements at July 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 are either put into production, sold or abandoned.  As of
July 31, 1997 there were no geological areas under production.





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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 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 April 30 1997, the Company realized
gains on the sale of this stock in the amount of $107,436.  At July 31, 1997,
the remaining 49,000 shares with a cost of $4.00 per share were valued at
$4.64 per share.

NOTE 3 - EXCHANGE TRADED OPTIONS
--------------------------------

     The Company has invested in options to purchase gold.  The options expire
in May 1998.  Through July 31, 1997 the Company has recorded a cumulative
realized loss related to these instruments of $301,300.


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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.

NOTE 5 - MINING PROPERTIES
--------------------------

     The Company holds directly or through its subsidiary companies, mineral
and exploration rights to property located in Western Utah, Southern Uruguay,
Brazil and other South American locations.  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 nine month period ended July 31,
1997 are summarized as follows:

                      Uruguay               $  402,584
                      Brazil                   599,520
                      Other South America        9,436
                      United States             11,856
                                            ----------
                      Total                 $1,023,396
                                            ==========

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.






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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 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 July 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.

     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.

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     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 July 31, 1997 the Company
had receivables from these companies of $427,748, $513,695, and $1,234,554
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).

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



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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 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
--------------------






















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     The amounts and expiration dates of net operating loss carryforwards and
investment tax credits at July 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               --             --
     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.





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     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 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 July 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.





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     The Registrant had no operating revenue during the nine month period
ended July 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 solely
exploration related and have been concentrated on their Uruguay, Brazil, and
western Utah properties.  Exploration related expenses for the three and nine
month periods ended July 31, 1997 were $312,529 and $1,023,396 ($194,967 and
$398,276 for the three and nine month periods ended July 31, 1996). 
Exploration costs incurred during the nine month period ended July 31, 1997
are summarized as follows:

                    Uruguay               $  402,584
                    Brazil                   599,520
                    Other South America        9,436
                    Utah                      11,856
                                          ----------
                                          $1,023,396
                                          ==========

     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 $71,037 and $272,355 for the three and nine month periods
ended July 31, 1997 ($103,278 and $278,555 for the three and nine month
periods ended July 31, 1996).  The two most significant general and
administrative expense categories during the nine month period ended July 31,
1997 were (a) professional and consulting fees ($82,409) and (b) wages and
salaries ($104,096).   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 three months
of the year.

     Expenses in the remaining three months of 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.



Page 17
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<PAGE>
                            INFLATION
                            ---------

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


























Page 18
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<PAGE>
                     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 July 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



                             SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant had duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                      Gold Standard, Inc.

Date     September 13, 1997           By:/s/ Scott L. Smith