SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549
                                
                                
                                FORM 10-Q
                                
                                
                                (Mark One)
                                
                                 
   [x]  Quarterly Report Pursuant to Section 13 or 15(d) of the
   Securities Exchange Act of 1934
   
   For the quarterly period ended          June 30, 1997           
   
                               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 - 1-7525
                                
                                
                          THE GOLDFIELD CORPORATION              
           (Exact name of registrant as specified in its charter)
                                
                                
             Delaware                                 88-0031580           
   (State or other jurisdiction of        (IRS Employer Identification No.)
    incorporation or organization)
   
   
   100 Rialto Place, Suite 500, Melbourne, Florida              32901  
        (Address of principal executive offices)              (Zip Code)
   
   
                               (407) 724-1700                  
            (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 (or
   for such shorter period that the registrant was required to file
   such reports), and (2) has been subject to such filing requirements
   for the past 90 days.   Yes    X       No         
   
   There were 26,854,748 shares of common stock, par value $.10 per
   share, of The Goldfield Corporation outstanding as of June 30, 1997.
                                
<TABLE>
                       PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements
                          THE GOLDFIELD CORPORATION
                               and Subsidiaries
                                
                         CONSOLIDATED BALANCE SHEETS
                                 (Unaudited)
                                
                                
                                                June 30,      December 31,
                                                  1997           1996
                                
<S>                                          <C>               <C>
ASSETS

Current assets
  Cash and cash equivalents                  $ 4,262,550       $ 4,610,198 
  Accounts receivable and accrued billings     2,437,868         1,420,270 
  Current portion of notes receivable             76,875            39,771 
  Inventories (Note 3)                           221,961           228,049 
  Costs and estimated earnings in excess
    of billings on uncompleted contracts         370,143           600,302 
  Prepaid expenses and other current assets      279,513            63,794 
    Total current assets                       7,648,910         6,962,384 

Properties, net                                4,166,150         4,187,288 

Notes receivable, less current portion           854,831           875,100 

Deferred charges and other assets
  Deferred income taxes (Note 2)                 628,000           860,000 
  Repurchased royalty at cost, less accumulated      
    amortization of $197,757 in 1997 and 
    $184,718 in 1996                             121,693           134,732 
  Cash surrender value of life insurance         637,439           632,739 
    Total deferred charges and other assets    1,387,132         1,627,471 

Total assets                                  $14,057,023      $13,652,243 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
  Accounts payable and accrued liabilities    $ 1,008,542      $   954,366 
  Billings in excess of costs and estimated          
    earnings on uncompleted contracts              13,149           74,071 
  Income taxes payable (Note 2)                    31,000               -- 
    Total current liabilities                   1,052,691        1,028,437 

Deferred gain on installment sales                180,286          180,400 

Total liabilities                               1,232,977        1,208,837 

Stockholders' equity
  Preferred stock, $1 par value per share, 
    5,000,000 shares authorized; issued 
    and outstanding 339,407 shares of 
    Series A 7% voting cumulative  
    convertible stock                             339,407          339,407 
  Common stock, $.10 par value per share, 
    40,000,000 shares authorized; issued 
    26,872,106 shares                           2,687,211        2,687,211 
  Capital surplus                              18,369,860       18,369,860 
  Retained earnings (deficit)                  (8,553,712)      (8,934,352)
    Total                                      12,842,766       12,462,126 
Less common stock in treasury, 17,358 
  shares, at cost                                  18,720           18,720 
    Total stockholders' equity                 12,824,046       12,443,406 

Total liabilities and stockholders' equity    $14,057,023      $13,652,243 

See accompanying Notes to Consolidated Financial Statements
</TABLE>

<TABLE>
                           THE GOLDFIELD CORPORATION
                               and Subsidiaries
                                
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
                                   
                                

                                Three Months Ended        Six Months Ended
                                     June 30,                 June 30,
                           
                                1997          1996       1997          1996
<S>                          <C>         <C>          <C>         <C>

Revenue
  Electrical construction    $3,559,162  $ 2,171,484  $6,292,688  $ 5,049,546 
  Mining                        514,367      388,346   1,029,937      736,332 
  Royalty income                  5,000           --       5,000           -- 
  Other income, net              79,589       88,416     175,564      188,186 
    Total revenue             4,158,118    2,648,246   7,503,189    5,974,064 

Costs and expenses
  Electrical construction     2,613,665    2,353,568   4,908,943    4,985,139 
  Mining                        425,091      354,843     835,726      671,513 
  Depreciation and 
    amortization                246,507      229,493     481,530      462,709 
  General and administrative    319,340      278,855     621,471      572,965 
    Total costs and expenses  3,604,603    3,216,759   6,847,670    6,692,326 

Income (loss) from operations   
  before income taxes           553,515     (568,513)    655,519     (718,262)

Income taxes (Note 2)           239,000           --     263,000           -- 

Net income (loss)               314,515     (568,513)    392,519     (718,262)

Preferred stock dividends         5,940        5,940      11,879       11,879 

Income (loss) available to      
  common stockholders        $  308,575  $  (574,453) $  380,640  $  (730,141)

Income (loss) per share of      
  common stock (Note 4)      $     0.01  $     (0.02) $     0.01  $     (0.03)

Weighted average number of
  common shares outstanding  26,854,748   26,854,748   26,854,748  26,854,748 

 See accompanying Notes to Consolidated Financial Statements
</TABLE>

<TABLE>
                         THE GOLDFIELD CORPORATION
                             and Subsidiaries
                                
                   CONSOLIDATED STATEMENT OF CASH FLOWS
                                (Unaudited)



                             Three Months Ended           Six Months Ended
                                  June 30,                    June 30,
                             1997          1996           1997        1996      

<S>                      <C>          <C>           <C>          <C>
Cash flows from operating 
   activities
     Net income(loss)     $ 314,515    $(568,513)    $  392,519   $ (718,262)
Adjustments to reconcile 
   net income (loss) to 
   net cash provided from
   (used by) operating 
   activities                                                       
Depreciation and 
   amortization             246,507      229,493        481,530      462,709 
Deferred income taxes       208,000           --        232,000           -- 
Deferred gain on 
   installment sales            (56)     (10,150)          (114)     (14,210)
Loss (gain) on sale of 
   property and equipment    (9,607)       2,575        (38,244)      (2,691)
Increase (decrease) in:
  Accounts receivable 
    and accrued billings   (444,846)    (190,086)    (1,017,598)      99,339 
  Inventories               (16,286)     (12,570)         6,088      (42,461)
  Costs and estimated 
    earnings in excess of 
    billings on uncompleted  
    contracts               510,406       46,396        230,159     (273,417)
  Prepaid expenses and 
    other current assets    (68,842)      74,287       (215,719)      51,077 
  Cash surrender value of 
    life insurance               --           --         (4,700)      (4,701)
Increase (decrease) in:
  Accounts payable and 
    accrued liabilities     (86,065)     (74,818)        54,176      (69,133)
  Billings in excess of 
    costs and estimated 
    earnings on uncompleted  
    contracts               (46,652)     (34,870)       (60,922)     (33,162)
  Income taxes payable       31,000           --         31,000           -- 
  Total adjustments         323,559       30,257       (302,344)     173,350 
    Net cash provided from 
      (used by) operating 
      activities            638,074     (538,256)        90,175     (544,912)
                                                                 
Cash flows from investing 
  activities
    Proceeds from the 
      disposal of fixed  
      assets                 10,500        1,700         76,637        8,008 
  Loans granted             (23,568)     (10,726)       (33,566)     (30,726)
  Collections from notes 
    receivable               12,316      134,828         16,731      153,923 
  Purchases of fixed 
    assets                 (347,936)     (93,416)      (485,746)    (290,504)
  Payments made to acquire 
    fixed assets of Fiber 
    Optic Services               --           --             --     (173,138)
      Net cash used 
        by investing       
        activities         (348,688)      32,386       (425,944)    (332,437)
                                                                 
Cash flows from financing              
  activities
  Payments of preferred 
    stock dividends          (5,940)      (5,940)       (11,879)     (11,879)
      Net cash used by 
        financing       
        activities           (5,940)      (5,940)       (11,879)     (11,879)
                                                                 
Net increase (decrease) in 
  cash and cash 
  equivalents               283,446     (511,810)      (347,648)    (889,228)
Cash and cash equivalents
  at beginning of period  3,979,104    4,070,392      4,610,198    4,447,810 
Cash and cash equivalents 
  at end of period       $4,262,550   $3,558,582     $4,262,550   $3,558,582 
                                
 See accompanying Notes to Consolidated Financial Statements
</TABLE>
                                
                             
                         THE GOLDFIELD CORPORATION
                             and Subsidiaries
                             
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               June 30, 1997
                             
     Note 1 - Basis of Presentation
                             
     In the opinion of the management, the accompanying unaudited interim
     consolidated financial statements include all adjustments necessary
     to present fairly the financial position of the Company, the results
     of its operations and changes in cash flows for the interim periods
     reported.  These adjustments are of a normal recurring nature.  All
     financial statements presented herein are unaudited.  However, the
     balance sheet as of December 31, 1996, was derived from the audited
     consolidated balance sheet.  These statements should be read in
     conjunction with the financial statements included in the Company's
     annual report on Form 10-K for the year ended December 31, 1996. 
     The results of operations for the interim periods shown in this
     report are not necessarily indicative of results to be expected for
     the fiscal year. 
      
     Note 2 - Income Taxes
     
     The income tax provision (benefit) consists of the following:

<TABLE>
                               Three Months      Three Months
                               Ended June 30,    Ended June 30,
                                   1997              1996
    <S>                        <C>                     <S>
    Current
        Federal                $  5,000                --     
        State                    26,000                --     
                                 31,000                --     
     Deferred
        Federal                 175,000                --     
        State                    33,000                --     
     Total                     $239,000                --     
     
                              Six Months           Six Months
                             Ended June 30,      Ended June 30,
                                 1997                1996
     Current
        Federal                $  5,000                --     
        State                    26,000                --     
                                 31,000                --     
     Deferred
        Federal                 195,000                --     
        State                    37,000                --     
     Total                     $263,000                --     
</TABLE>
     
                        
     Temporary differences and carryforwards which give rise to deferred
     tax assets and liabilities as of June 30, 1997 and December 31, 1996
     are as follows:

<TABLE>
                             
                                           June 30,          December 31,
                                            1997                1996
    <S>                                  <C>                 <C>
    Deferred tax assets
      Depletion, mineral rights and
        deferred development and
        exploration costs                $  324,000          $   325,000 
      Accrued workers' compensation
        costs                                49,000               62,000 
      Accrued vacation and bonus             64,000               11,000 
        principally due to differences
        in depreciation and valuation
        write-downs                         325,000              340,000 
      Contingent salary payments
        recorded as goodwill for tax
        purposes                              6,000                   -- 
      Net operating loss carryforwards    2,445,000             2,881,000 
      Investment tax credit
        carryforwards                       239,000               264,000 
      Alternative minimum tax credit
        carryforwards                       261,000               256,000 
                                          3,713,000             4,139,000 
                                                     
    Valuation allowance                  (3,085,000)           (3,279,000)
      Total net deferred tax assets         628,000               860,000 
    Deferred tax liabilities                     --                    -- 
    Net deferred tax assets              $  628,000           $   860,000 

</TABLE>
                                                     
                                                       
     The Company has recorded a valuation allowance to reflect the
     estimated amount of deferred tax assets which may not be realized. 
     In assessing the realizability of deferred tax assets, management
     considers whether it is more likely than not that some portion or
     all of the deferred tax assets will not be realized.  The ultimate
     realization of deferred tax assets is dependent upon the generation
     of future taxable income during the periods in which those temporary
     differences become deductible.  Management considers the projected
     future taxable income and tax planning strategies in making this
     assessment.  The Company decreased the valuation allowance for net
     deferred tax assets by approximately $194,000 for the six months
     ended June 30, 1997 and decreased the valuation allowance $146,000
     for the quarter ended June 30, 1997.
     
     At June 30, 1997, the Company had tax net operating loss
     carryforwards of approximately $7,000,000 available to offset future
     regular taxable income, which if unused, will expire from 2000
     through 2011.
     
     Additionally, the Company at June 30, 1997 had investment tax credit
     carryforwards of approximately $239,000 available to reduce future
     Federal income taxes, which if unused, will expire from 1998 through
     2000.  In addition, the Company has alternative minimum tax credit
     carryforwards of approximately $261,000 which are available to
     reduce future Federal income taxes over an indefinite period.
     
     Note 3 - Inventories
     
     Inventories are summarized as follows:
<TABLE>
                                      June 30,            December 31, 
                                        1997                  1996
     <S>                             <C>                    <C>
     Materials and supplies          $101,374               $ 106,672  
     Industrial mineral products       53,581                  62,983
     Ores in process                   67,006                  58,394  
     Total inventories               $221,961               $ 228,049  
</TABLE>
     
     Note 4 - Earnings (Loss) Per Share of Common Stock
     
     Earnings (loss) per common share, after deducting dividend
     requirements on the Company's Series A Stock of $11,879 in each of
     the six month periods ended June 30, 1997 and 1996, were based on
     the weighted average number of shares of Common Stock outstanding,
     excluding 17,358 shares of Treasury stock for each of the periods
     ended June 30, 1997 and 1996.  The inclusion of Common Stock
     issuable upon conversion of Series A Stock has not been included in
     the per share calculations because such inclusion would not have a
     material effect on the earnings (loss) per common share.
     
     Item 2.  Management's Discussion and Analysis of Financial Conditions 
              and Results of Operations.             
     
     
     Results of Operations - Six Months Ended June 30, 1997 Compared to
     Six Month Ended June 30, 1996.
     
     Net Income (Loss)
     
     The Company had pretax earnings of $655,519 and net income of
     $392,519  for the six months ended June 30, 1997, compared to a net
     loss of $718,262 for the six months ended June 30, 1996.  Net income
     for the six months ended June 30, 1997 includes an income tax expense 
     of $263,000, substantially all of which is not payable due to net 
     operating loss carryforwards.
     
     Revenues
     
     Total revenues for the six months ended June 30, 1997 were
     $7,503,189, compared to $5,974,064 in the like 1996 period.  The
     increase in revenues was primarily attributable to a higher level of
     activity in electrical construction operations.
     
     Electrical construction revenue increased by 25% in the six months
     ended June 30, 1997 to $6,292,688 from $5,049,546 for the six months
     ended June 30, 1996.  The increase in electrical construction
     revenues was primarily due to a higher level of activity.
     
     Revenue from mining operations for the six months ended June 30,
     1997 increased by 40% to $1,029,937 from $736,332 for the six months 
     ended June 30, 1996.   The increase in revenue from mining
     for 1997 was primarily a result of new off-site construction contracts 
     utilizing existing mining personnel and equipment.  
     
     Operating Results
     
     Electrical construction operations had operating profit of
     $1,091,876 during the six months ended June 30, 1997, compared to an
     operating loss of $222,984 for the six months ended June 30, 1996. 
     The increase in operating results was due to a higher level of
     construction activity and generally improved profit margins.  The
     varying magnitude and duration of electrical construction projects
     may result in substantial fluctuation in the Company's backlog from
     time to time.  At June 30, 1997, the approximate value of
     uncompleted contracts was $5,900,000, compared to $ 4,000,000 at
     February 14, 1997 and $2,300,000 at June 30, 1996.
     
     During the six months ended June 30, 1997, operating income from
     mining operations was $32,550, compared to an operating loss of
     $91,299 during the six months ended June 30, 1996.  Operating
     profit(loss) includes royalty income and depreciation expense.  The
     improvement in operating results from mining operations in the
     second quarter of 1997 was primarily a result of new construction
     contracts.  Royalty income for the second quarter of 1997 was $5,000
     as compared to no royalty income for the second quarter of 1996. 
     During 1995, the lessee suspended mining operations at Harlan Fuel
     Company.  The original royalty agreement provided that the Company
     was to receive annual minimum royalties in the amount of $150,000. 
     During the year ended December 31, 1996, the Company did not receive
     any 1996 minimum royalty payments.  Effective February 14, 1997, the
     agreement was amended to provide for a payment of $20,000 and
     monthly minimum payments of $5,000 until all minimum royalties are
     collected.  The expiration date of the royalty agreement will be
     extended beyond 2002 to the extent necessary to permit payments of
     the $150,000 per year minimum royalties.  Such annual minimum
     royalties will be recognized when realization of the income is
     assured.  The Company is continuing to amortize the royalty interest
     on a straight line basis over the period ending January 2002.  
     
     The St. Cloud Mining Company, a wholly-owned subsidiary of the
     Company ("St. Cloud"), sold 7,941 tons of natural zeolite during the
     six months ended June 30, 1997, compared to 7,200 tons during the
     six months ended June 30, 1996.
     
     Surface and underground mining of base and precious metals have been
     halted at St. Cloud since the third quarter of 1991 and the first
     quarter of 1992, respectively, due to declining prices and mine
     grades.  St. Cloud's viability is sensitive to the future price of
     base and precious metals, particularly silver.
     
     During the six months ended June 30, 1997, The Lordsburg Mining
     Company, a wholly-owned subsidiary of the Company ("Lordsburg"),
     sold 15,970 tons of construction aggregate material, compared to
     10,269 tons sold during the six months ended June 30, 1996.   During
     the six months ended June 30, 1996, Lordsburg sold 7,095 tons of
     barren siliceous flux to copper smelters.  Lordsburg did not sell
     any barren siliceous flux during the six months ended June 30, 1997.
     
     Production from underground mining at Lordsburg, which was suspended
     in February 1994, had previously been intermittent due to low ore
     grade and inconsistent smelter demand.  The ore produced from the
     mine was used by nearby copper smelters as precious metal bearing
     siliceous flux.  Future demand for underground ores cannot be
     determined at this time.
     
     Although the Company has continued limited production of
     construction aggregates and siliceous flux at Lordsburg, a final
     decision with respect to the future operations at Lordsburg has not
     been reached.  
     
     Costs and Expenses
     
     Total costs and expenses and the components thereof remained
     relatively constant during the six months ended June 30, 1997 as
     compared to the like period in 1996.
     
     Electrical construction costs were $4,908,943 and $4,985,139 for the
     six months ended June 30, 1997 and June 30, 1996, respectively.
     
     Depreciation and amortization was $481,530 in the six months ended
     June 30, 1997, compared to $462,709 in the six months ended June 30,
     1996.
     
     General corporate expenses of the Company were $644,471 in the six
     months ended June 30, 1997, compared to $592,165 in the six months
     ended June 30, 1996.
     
     Results of Operations - Three Months Ended June 30, 1997 compared to
     Three Months Ended June 30, 1996
                             
     Net Income(Loss)
     
     The Company had pretax earnings of $553,515, and net income of
     $314,515 for the three months ended June 30, 1997, compared to a net
     loss of $568,513 for the three months ended June 30, 1996.  Net
     income for the three months ended June 30, 1997 includes an income
     tax expense of $239,000.
     
     Revenues
     
     Total revenues for the three months ended June 30, 1997 were
     $4,158,118, compared to $2,648,246 in the like 1996 period.  The
     increase in revenues was primarily attributable to electrical
     construction operations.
     
     Electrical construction revenue increased by 64% in the three months
     ended June 30, 1997 to $3,559,162 from $2,171,484 for the three
     months ended June 30, 1996.  The increase in electrical construction
     revenues was primarily due to increased level of construction
     activity.
     
     Revenue from mining operations for the three months ended June 30,
     1997 increased by 32% to $514,367 from $388,346 for the second
     quarter for 1996.   The increase in revenue from mining for 1997 was
     primarily a result of new off-site construction contracts.  
     
     Operating Results
     
     Electrical construction operations had operating profit of $796,135
     during the three months ended June 30, 1997, compared to an
     operating loss of $326,735 for the three months ended June 30, 1996. 
     The increase in operating results was due to a higher level of
     activity and generally improved profit margins.  The varying
     magnitude and duration of electrical construction projects may
     result in substantial fluctuation in the Company's backlog from time
     to time.
     
     During the three months ended June 30, 1997, mining operations had
     income of $9,131, compared to an operating loss of $41,739 during
     the three months ended June 30, 1996.  Operating profit(loss)
     includes royalty income and depreciation expense.  The increase in
     operating results from mining operations in the second quarter of
     1997 was primarily due to new construction contracts.
     
     St. Cloud sold 3,941 tons of natural zeolite during the three months
     ended June 30, 1997, compared to 3,164 tons during the three months
     ended June 30, 1996.
     
     During the three months ended June 30, 1997, Lordsburg sold 8,707
     tons of construction aggregate material, compared to 7,040 tons sold
     during the three months ended June 30, 1996. During the three months
     ended June 30, 1996, Lordsburg sold 4,979 tons of barren, siliceous
     flux to copper smelters.  Lordsburg did not sell any barren,
     siliceous flux during the three months ended June 30, 1997.
     
     Costs and Expenses
     
     Electrical construction costs were $2,613,665 and $2,353,568 for the
     three months ended June 30, 1997 and June 30, 1996, respectively. 
     The increase during the 1997 period resulted from the higher level
     of activity.
     
     Depreciation and amortization was $246,507 in the three months ended
     June 30, 1997, compared to $229,493 in the three months ended June
     30, 1996.
     
     General corporate expenses of the Company were $331,340 in the three
     months ended June 30, 1997, compared to $288,455 in the three months
     ended June 30, 1996. 
     
                     Liquidity and Capital Resources
                              
     Cash and cash equivalents as of June 30, 1997 were $4,262,550,
     compared to $4,610,198 as of December 31, 1996.  Working capital at
     June 30, 1997 was $6,596,219, compared to $5,933,947 at December 31,
     1996.  The Company's ratio of current assets to current liabilities
     was 7.3 to 1 at June 30, 1997, compared to 6.8 to 1 at December 31,
     1996.  
     
     The Company paid cash dividends on its Series A Preferred Stock in
     the amount of $11,879 in each of the six month periods ended June
     30, 1997 and 1996.  No cash dividends have been paid by the Company
     on its Common Stock since 1933, and it is not expected that the
     Company will pay any cash dividends on its Common Stock in the
     immediate future.
     
     Pursuant to an unsecured line of credit agreement between Southeast
     Power and SunTrust Bank of Central Florida, N.A. (guaranteed by the
     Company), Southeast Power may borrow up to $1,000,000 at the bank's
     prime rate of interest.  This credit line expires April 30, 1998, at
     which time the Company expects to renew it for an additional year. 
     No borrowings were outstanding under this line of credit during the
     six months ended June 30, 1997 and 1996.  However, beginning in 1996
     $100,000 of this line of credit was reserved for a standby letter of
     credit.
     
     The Company's capital expenditures for the six months ended June 30,
     1997 were $485,746, compared to $463,642 for the six months ended
     June 30, 1996.  The capital expenditures for 1996 include the
     acquisition of the fixed assets of Fiber Optic Services for
     $173,138.
     
                             
                         PART II.  OTHER INFORMATION
                              
     Item 4.    Submission of Matters to a Vote of Security-Holders.
     
     (a)   The Annual Meeting of Stockholders was held on June 3, 1997.
     
     (b)   This information is omitted pursuant to instruction 3.
     
     (c)   At the Annual Meeting of Stockholders, the stockholders
           elected 5 Directors.  Set forth below are the votes cast
           for the election of Directors:
<TABLE>
     
                                     For      Withheld
           <S>                    <C>         <C>
           John P. Fazzini        19,793,006  1,221,826
           Danforth E. Leitner    19,797,356  1,217,476
           James Sottile          19,742,451  1,272,381
           John H. Sottile        19,819,276  1,195,556
           John M. Starling       19,808,908  1,205,924
</TABLE>
           
           The stockholders also voted to approve the appointment of
           KPMG Peat Marwick LLP as Independent Accountants.  Votes
           cast in favor were 20,362,458, against were 444,822 and
           abstaining were 207,552.
     
     (d)   Not applicable.
     
     Item 6.    Exhibits and Reports on Form 8-K
     
     (a)   Exhibits in accordance with the provisions of Item 601 of   
           Regulation S-K
     
           10-6(d) Amendment dated July 18, 1997 to Promissory Note
           dated April 12, 1993 between The San Pedro Mining
           Corporation, Royalstar Resources Ltd., and Royalstar
           Southwest (now assumed by Royalstar Washington, Inc.).
     
     (b)   Reports on Form 8-K
     
           No Current Report on Form 8-K was filed during the quarter
           ended June 30, 1997.
     
     
                               SIGNATURES
                              
     
     Pursuant to the requirements of the Securities and Exchange Act of
     1934, the registrant has duly caused this report to be signed on its
     behalf by the undersigned thereunto duly authorized.
     
                                          
                                            THE GOLDFIELD CORPORATION
                                                   (Registrant)
     
     
     
     Date:   August 14, 1997                  /s/ John H. Sottile              
                                                (John H. Sottile)
                                               President and Chief
                                                Executive Officer
      
     Date:   August 14, 1997                /s/ Stephen R. Wherry  
                                            (Stephen R. Wherry, C.P.A.) 
                                             Vice President, Treasurer
                                            and Chief Financial Officer
                             
                             
                     SECURITIES AND EXCHANGE COMMISSION
                             
                             
                          Washington, D.C.  20549
                             
                             
                             
                                             
                             
                             
                             
                                Form 10-Q
                             
                             
                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
                  OF THE SECURITIES EXCHANGE ACT OF 1934
                             
                             
     For the Quarter Ended June 30, 1997       Commission File No. 1-7525
                             
                             
                             
                                             
                             
                             
                             
                         THE GOLDFIELD CORPORATION
                             
                             
                             
                                  EXHIBITS
                             
                             
                             
                             
                             
                             
                             
                             
                             
                             
                             
                             
                             
                              August 14, 1997
                             
                             
                              
                             
     Royalstar
     Resources Ltd.
     
     Please respond to:
     1019 8th Street, Suite 3095
     Golden, Colorado 80401
     Phone 303-277-1222
     Fax 303-277-0006
     
                               July 18, 1997
                                  Revised
                              
     Mr. John H. Sottile, President
     Florida Transport Corporation            VIA FAX & MAIL
     100 Rialto Place, Suite #500             407-724-1703
     Melbourne, Florida 32901
     
            Re:  Promissory Note dated April 12, 1993 executed by The
                 San Pedro Mining Corporation, Royalstar Resources
                 Ltd., and Royalstar Southwest (now assumed by 
                 Royalstar Washington, Inc.) In favor of Florida 
                 Transport Corporation in the original amount of 
                 $1,170,000.
     
     Dear Mr. Sottile:
     
     In the last two weeks you and I have engaged in several telephone
     discussions related to the obligation of San Pedro Mining
     Corporation, et al under the above-mentioned Promissory Note (the
     "Note") dated April 12, 1993 executed by the San Pedro Mining
     Corporation, Royalstar Resources Ltd., and other Royalstar
     affiliates (jointly "Royalstar") in favor of Florida Transport
     Corporation (hereinafter "Florida Transport").
     
     Your accountant has informed Royalstar that as of July 12, 1997
     Royalstar is delinquent on the above-mentioned Note in the amount of
     US$44,254.63.  An additional payment of approximately $15,000 is due
     August 12, 1997 bringing the total amount due August 12th to
     $59,254.63 plus interest accrued from July 12, 1997.
     
     In addition, on February 18, 1997 Royalstar agreed to and signed a
     Letter Agreement with Florida Transport and a Bill of Sale in favor
     of Florida Transport, attached hereto as Exhibit A, for a certain
     list of equipment then owned by San Pedro and located at the San
     Pedro facilities near Santa Fe, New Mexico in payment of $150,000
     then due to Florida Transport.  That Letter Agreement provided an
     option for Royalstar to repurchase the equipment listed in the Bill
     of Sale from Florida Transport for $150,000 at any time on or before
     April 18, 1997.  That date was later extended by Florida Transport
     until June 30, 1997.  Royalstar did not exercise its right to
     repurchase that equipment because of certain financial difficulties.
     
     As you are aware Royalstar Resources Ltd. has entered into a
     Contract with Globex Mining Enterprises, Inc. (Globex) for the sale
     of Royalstar's interest in Gold Capital Corporation (Tonkin Springs
     Project, Nevada).  This sale is scheduled to close on or before
     August 30, 1997.  Globex has informed Royalstar that all issues
     leading toward closing are on schedule and they expect to close on
     or before the end of August.  Upon Closing, Royalstar will receive
     approximately Cdn$5.8 million which will be used, in large part, to
     pay outstanding bills - including that owed to Florida Transport.
     
     As we discussed earlier this week Royalstar proposes, with your
     concurrence, to settle the Florida Transport account in the
     following manner:
     
          1.  Following Closing of the Globex Arrangement and on or 
              before September 12, 1997 Royalstar will bring the existing 
              account outstanding up to date.  We anticipate this will amount
              to the existing amount due through, and including September 12,
              1997, of US$74,254.63 plus interest from June 12, 1997;
     
          2.  On or before September 12, 1997 Royalstar will also repurchase 
              the list of equipment covered by the February 18, 1997 Bill of
              Sale to Florida Transport for a total price of $150,000;
     
          3.  Royalstar will pre-pay $50,000 in payments to Florida Transport
              on or before September 12, 1997.  This pre-payment is to be 
              retained and applied by Florida Transport against the final 
              three monthly payments under the Promissory Note;
     
          4.  Royalstar will establish a policy to make monthly payments 
              required by the above-mentioned Note on a prompt and timely 
              basis; and
     
          5.  This settlement proposal is subject to: a) a timely Closing of
              the Globex Arrangement; and b) concurrence of the Board of 
              Directors of Royalstar, such concurrence is anticipated.  In 
              the event the Globex Arrangement does not conclude in a timely
              fashion, Royalstar will promptly advise Florida Transport and 
              the parties will attempt to resolve all outstanding matters in
              a businesslike fashion.
     
     Mr. Sottile, as the new management of Royalstar I certainly
     understand your past problems with Royalstar on this account and
     appreciate your willingness to work with new management to resolve
     the situation on an equitable basis.  If this proposal meets with
     your agreement, please indicate to me your concurrence and have your
     Mr. Wherry provide me, prior to August 30, 1997, the correct amount
     of principal and interest due through September 12, 1997.
     
     If you have any questions or concerns related to this proposed
     settlement, please feel free to contact me at your convenience.
     
     Royalstar looks forward to re-establishing a good working
     relationship with Florida Transport.
     
     Sincerely,
     ROYALSTAR RESOURCES LTD.
     
     
     
     /s/ Paul C. Jones                        
     Paul C. Jones
     Executive Vice President
     
     
     
     
     
     Agreed and Accepted:
     FLORIDA TRANSPORTATION CORPORATION
     
     /s/ John H. Sottile                                             
     John H. Sottile, President
     
     
     Enclosure
     
          Appendix A - Letter Agreement and Bill of Sale dated February
          18, 1997 between Royalstar and Florida Transport.