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


Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
                                    
                   For the Quarter Ended March 31, 1996 
                                    
                                    
                                    
                      Commission File Number 0-27272
                                    
                        SUMMO MINERALS CORPORATION
                    (incorporated in British Columbia)
                                    
                      1776 Lincoln Street, Suite 1100
                          Denver, Colorado 80203
                              (303) 861-5400

     
     
     Indicate by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

     Yes [ X ] No [    ]


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

     As of November 5, 1996, the Registrant had 18,390,980 shares of
Common Stock outstanding.







TABLE OF CONTENTS

                                                         PAGE
          
PART I - FINANCIAL INFORMATION
 

Item 1 -  Financial Statements  

          Consolidated Balance Sheet 
              September 30, 1996 and December 31, 1995. . . . 1

          Consolidated Condensed Statement of Income 
          (Loss) and Deficit         
               Three Months and Nine Months Ended
               September 30, 1996 and 1995                    2

          Consolidated Statement of Mineral Property Costs
               Nine Months Ended September 30, 1996 and 1995  3

          Consolidated Statement of Cash Flow
               Nine Months Ended September 30, 1996 and 1995  4


Item 2 -  Management's Discussion and Analysis of 
          Financial Condition and Results of Operations       7



PART II - OTHER INFORMATION

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


CONSOLIDATED BALANCE SHEET
Summo Minerals Corporation
(A Development Stage Company)
US Dollars                                         (Unaudited) 



                                    
                                    
        ASSETS                        As of          As of 
                                    September       December
                                     30, 1996       31, 1995
                                    
                                    
Current
     Cash                          $   69,344     $  527,725
     Short term investments           439,710      2,454,951
     Accounts receivable               67,833          6,115
     Prepaid expenses                       0          2,492

Total current assets                  576,887      2,991,283

Mineral property at cost            5,402,183      4,012,012

Plants, buildings and 
     equipment at cost,
     net of accumulated 
     depreciation                     688,489         16,424

Total assets                       $6,677,559     $7,019,719      
                                                          

LIABILITIES & SHAREHOLDERS  EQUITY

Current Liabilities  
   Accounts payable and 
     accrued liabilities           $  136,528     $   87,123
   Due to related party                     0        130,261
Total current liabilities             136,528        217,384

Shareholders equity
  Preferred shares, without 
     par value 100,000,000
     authorized and none issued         -                -
  Common shares, without par value 
     500,000,000 authorized, 
     17,575,980 issued at
     March 31, 1996 and 
     December 31, 1995.             7,993,531      7,565,416
  Deficit- accumulated during 
     development stage             (1,462,500)      (763,081)

Total shareholder's equity          6,531,031      6,802,335
                                                                  

Total liabilities & 
shareholder's equity               $6,677,559     $7,019,719


                  See Accompanying Notes

CONSOLIDATED CONDENSED STATEMENT OF INCOME (LOSS) AND DEFICIT
Summo Minerals Corporation
(A Development Stage Company)
US Dollars                                        (Unaudited)

                         
                              Three Months         Nine Months
                                 Ending                Ending
            Cumulative         September 30,       September 30, 
          from Inception      1996    1995        1996      1995

Expenses
General and administration
            $1,453,994   $286,567  $178,839  $748,107  $380,943
Depreciation and amortization 
                19,011      5,411     4,558    11,779     4,812
Exploration Expense
                57,066        717    26,272    11,433    26,272
Interest and Bank Charges, net
              (154,467)   (16,675)  (16,954)  (71,900)  (56,724)
Income(Loss) Before the following
            (1,375,604)  (276,020) (192,715) (699,419) (355,303)

Impairment of mineral property cost
               (91,446)       -         -         -         -
Gain on sale of mineral property
                 4,550        -         -         -         -

Net Income(Loss) for the period
            (1,462,500)  (276,020) (192,715) (699,419) (355,303)
Deficit - Beginning of period
                    -  (1,186,480) (424,762) (763,081) (262,174)
Deficit - End of Period
            (1,462,500)(1,462,500) (617,477)(1,462,500)(617,477)

Earnings(Loss) Per Share
                         $(0.02)   $ (0.02)  $  (0.04)   $(0.03)

               See Accompanying Notes
     



CONSOLIDATED STATEMENT OF MINERAL PROPERTY COSTS
Summo Minerals Corporation
(A Development Stage Company)
US Dollars                                                        
                                            (Unaudited)

                                        For the        For the 
                                        9 months       9 months
                                        Ending         Ending
                    Cumulative          Sept. 30,      Sept. 30,
                    from Inception       1996          1995


DIRECT

Lisbon Valley, Utah, USA

 Land acquisition, 
 staking, lease 
 & rental           $1,190,343          $137,973    $596,413



 Permitting            836,999           514,582      70,737

 Geophysical, 
 geological and
 engineering           522,961            25,987     124,289

 Drilling              451,861             3,256      88,313

 Metallurgy            349,215            57,244     126,178

 Feasibility           243,670            58,088     180,528

 Legal                  71,301             3,253      22,939
   
 Taxes, licenses 
 and insurance          14,072               -          -

 Assaying               13,064               -          -

 Support, accommo-
 dation and general 
 costs                 659,553           246,294     264,836


                     4,353,039          1,046,677  1,474,233


Cashin, Colorado,USA

 Land acquisition, 
 staking, lease & 
 rental                399,097           121,229     116,883

 Geophysical, 
 geological and
 engineering            69,686             5,697      14,261

 Drilling              124,433                75      84,236

 Metallurgy              8,459             2,951       5,464

 Legal                  16,454               880         751

 Taxes, licenses 
 and insurance             609                -           -

 Support, accommodation 
 and general costs      73,513            20,677      11,089

                       692,251           151,509     232,684


Champion, New Mexico, USA

 Land acquisition, 
 staking, lease & 
 rental                159,632            81,899      79,306

 Geophysical, 
 geological and 
 engineering            27,485             8,964      12,439

 Drilling              164,648            99,539         645

 Metallurgy              2,808             2,808           -

 Legal                     200               200         363 

 Support, accommodation 
 and general costs       2,120            (1,425)        314


                       356,893           191,985      93,067

Other, USA              91,446              -          2,622
 
Cost for the period  5,493,629         1,390,171   1,802,606
Balance-beginning 
of period                    -         4,012,012   1,695,871

Less: Write-off of 
mineral property       (91,446)             -          -

Balance - End 
of Period           $5,402,183        $5,402,183  $3,498,477

 
                         See Accompanying Notes
                                    
CONSOLIDATED STATEMENT OF CASH FLOW
Summo Minerals Corporation
(A Development Stage Company)
US Dollars                                                        
                                             (Unaudited)

                                                                  
                                       For the Nine Months Ending
                    Cumulative          Sept. 30,      Sept. 30,
                    from Inception        1996           1995

Operating 
Activities

 Net income (loss)  $(1,462,500)      $ (699,419)    $ (355,303)

Reconciliation
of net income
loss) to net cash:

 Depreciation and
 amortization            19,011           11,779           4,812

 Impairment of
 mineral properties
 at cost                 91,446              -               -

 Change in current
 assets and liabi-
 lities 

   accounts receivable  (67,833)         (61,718)            773
   prepaid expenses           -            2,492            (969)
   accounts payable      22,429          (10,421)        497,643

Net cash (used in)
provided by operating
activities           (1,397,447)        (757,287)        146,956

Investing Activities

 Mineral property 
 cost                (5,493,629)      (1,390,171)     (1,802,606)

 Less shares issued
 for property           495,792            -              58,369

 Increase in accounts
 payable                114,099           59,826            -

 Plant, buildings
 and equipment         (707,500)        (683,844)        (21,236)


Net cash used in
investing 
activities           (5,591,238)      (2,014,189)     (1,765,473)

Financing
Activities

 Issuance of share
 capital (net of
 issue costs)         7,497,739          428,115       2,618,859

 Proceeds of loan
 from related party     285,144

 Payments of loan
 from related party    (285,144)

 Due to related
 party - net                  -         (130,261)       (182,229)

Net cash provided 
by financing activi-
ties                  7,497,739          297,854       2,436,630

Net increase 
(decrease) in cash      509,054       (2,473,622)        818,113

Cash and cash
equivalents -
beginning of period                    2,982,676         176,961

Cash and cash
equivalents -
end of period        $ 509,054       $   509,054      $  995,074



                    See Accompanying Notes


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.   GENERAL

The Company, which is organized in British Columbia, presents all
financial statements in U.S. dollars unless otherwise indicated
in Canadian (Cdn.) dollars under accounting principles generally
accepted in Canada.  

Except as disclosed herein, there has been no material change in
the information disclosed in the Notes to Consolidated Financial
Statements included in the Annual Report on Form 10-K of Summo
Minerals Corporation and Subsidiary (the Company) for the year
ended December 31, 1995.  In the opinion of Management, all
adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation has been included.  Operating
results for the periods presented are not necessarily indicative
of the results that may be expected for the full year.  

The accounting policies followed by the Company are set forth in
Note 2 to the Company's financial statements in Form 10-K for the
year ended December 31, 1995.  It is suggested that these
financial statements be read in conjunction with the financial
statements and notes included in the Form 10-K.


2.   MINERAL PROPERTY COSTS

Lisbon Valley, Utah

During the first nine months of 1996, the Company acquired the
200 acre Wilcox ranch situated within the boundaries of the
Lisbon Valley property for $50,000. 

Champion Property, New Mexico

The Company has completed staking an additional 176 unpatented
mining claims surrounding this property to allow additional space
for facility siting and project permitting.


3.   COMMITMENTS

Common Shares Issuable

At September 30, 1996, a total of  7,872,500 shares of authorized
Common Shares were reserved for the following:

               Stock Options             1,522,500
               Warrants                  6,350,000

                                         7,872,500

On February 1, 1996, the Company issued an additional 510,000
options to officers and directors of the Company at an exercise
price of $1.20 Cdn.

On March 26, 1996, the Board of Directors issued an additional
360,000 performance based options to officers of the Company at
an exercise price of $1.10 Cdn.

On April 22, 1996, the Board of Directors issued an additional
7,500 options to an employee of the Company at an exercise price
of $1.75 Cdn. 

On April 30, 1996, the Board of Directors issued an additional
150,000 options to Directors of the Company at an exercise price
of $1.51 Cdn.

On May 29, 1996, the Board of Directors issued an additional
150,000 options to Directors of the Company at an exercise price
of $2.50 Cdn.

On June 9, 1996, the Board of Directors issued an additional
50,000 options to Directors of the Company at an exercise price
of $2.10 Cdn.

On July 7, 1996, the Board of Directors issued an additional
20,000 options to an employee of the Company at an exercise price
of $1.90 Cdn.

4.   DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY
     ACCEPTED ACCOUNTING PRINCIPLES

These consolidated financial statements are prepared in
accordance with accounting principles generally accepted in
Canada.  The U.S. Securities and Exchange Commission ( SEC )
requires that financial statements of certain foreign companies
contain a reconciliation presenting the statements on the basis
of accounting principles generally accepted in the United States. 
For SEC purposes the Company is in the development stage as
defined by Statement of Financial Accounting Standards No. 7,
 Accounting and Reporting by Development Stage Enterprises.   For
periods prior to January 1, 1995, the Company's reporting
currency was the Canadian dollar. As a result of the change in
status of its US mineral property base, the reporting currency
was changed to the US dollar.  The Company's financial statements
were translated into US dollars using a translation of
convenience.  US GAAP requires translation in accordance with the
current rate method.  The Company's restatement of the prior year
accounts is not materially different from the translation of
convenience.  Any other differences in accounting principles as
they pertain to the accompanying consolidated financial
statements are not material except as follows:  
     
a)   Contingent Shares.   Under U.S. generally accepted
accounting principles, the contingently cancelable  escrow shares
would not be reflected as issued and outstanding and would be
excluded from loss per share calculations.


                     FINANCIAL STATEMENT PRESENTATION

               
                                      Sept. 30,         Sept. 30, 
                                        1996               1995


Weighted average number of shares
     Canadian Basis                17,882,221          11,813,540
     U.S. Basis                    17,607,221          11,063,545

Income (Loss) Per Share
     U.S. Basis                         (.04)               (.03)



 
b)   Tax Disclosure.   Federal income tax expense differs from
the amount that would be provided by applying the statutory rate
primarily due to a full valuation allowance for net operating
loss carry-overs.  

c)    Cash Flow.   For Canadian GAAP financial statements the
consolidated statement of cash flows presents non-cash items.  US
GAAP allows only supplemental disclosure of non-cash items.  For
US GAAP purposes, the investing portion of the consolidated cash
flow statement would present mineral property costs net of the
shares issued for property.

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


Results of Operations
The Company reported a net loss of $0.7 million for the first
nine months of 1996 as compared to a net loss of $0.36 million in
1995.


Expenses
General and administrative expenses increased $0.37 million to
$0.75 million for the first six months of  1996 compared to $0.38
million in 1995 due primarily to increased salary expenses ($0.30
million) and other G & A expenses attributable to setting up
offices in Denver, Colorado.

Exploration expenses increased $0.01 million for the first nine
months of 1996 compared to $0.03 for 1995 due to increased
activity in evaluating additional exploration targets.

Interest income increased $0.02 million to $0.07 million for the
first nine months of 1996 as compared to $0.05 million for 1995
reflecting the additional time the Company had to invest funds
received from private placement stock offerings.


Capital Resources and Liquidity
Cash Flow  -   The Company's net cash used in operating
activities increased $0.90 million to $0.76 million in the first
nine months of  1996 as compared to ($0.15) million in 1995, due
to a general increase in accounts payable in 1995 and an
increase in G & A expenses in 1996.

Net cash used in investing activities increased by $0.25 to $2.01
million in the first nine months of 1996 compared to $1.77
million in 1995.  The difference is due to increased development
activity and an increased exploration activity on the Champion
property ($0.10 million) and investment in plant, building and
equipment  ($0.68 million), which includes the initial
engineering on Lisbon Valley planned construction. 

Net cash used in financing activities was $0.30 million in the
first nine months of 1996 compared to cash provided by financing
activities of $2.44 million in 1995.  The Company's primary use
of cash in this area was the reduction of amounts owed to related
parties in 1996.

The Company had $0.51 million in cash and cash equivalents and
working capital of $0.80 million as of September  30, 1996
compared to $2.98 million of cash and cash equivalents and
working capital of $2.77 million at December 31, 1995.

The Company will complete a $1 million Private Placement in
November 1996 to increase working capital.

Outlook

Pending availability of financing, the Company plans to start the
construction of the Lisbon Valley mine in 1997.  The Company
will seek financing of approximately $48 million through a
combination of a senior debt facility, a subordinated debt
agreement, a new equity issue of stock in the Company, or a sale
of equity in the project.  Management believes the Company has
sufficient cash on hand, with the above private placement, to
meet its operating requirements until mid 1997, at which time it
may  have to sell additional stock for working capital, if it
does not complete a project financing as indicated above.






                       PART II - OTHER INFORMATION
                                    

Item 6 .  Exhibits filed with the Form 10-Q

     *    10.31    Wilcox Ranch Purchase Agreement
          
          Exhibits and Reports on Form 8-K

          The registrant filed a current report on Form 8-K dated
          January 25, 1996 to report a change in accountants.





      *    Incorporated by reference from 10-Q filed May 3, 1996.

      *    Incorporated by reference from 10-Q filed August 9,1996.


                       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,
effective November 6,  1996.


SUMMO MINERALS CORPORATION
    

By: /s/ Gregory A. Hahn                               
         Gregory A. Hahn     
    President and Chief Executive Officer


By: /s/ James D. Frank                                  
         James D. Frank
    Vice President - Finance & CFO