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, 1997 
                                    
                                    
                                    
                     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 May 2, 1997, the Registrant had 20,003,160 shares of Common
Stock outstanding.


<PAGE>
                             TABLE OF CONTENTS

                                                            PAGE
          
PART I - FINANCIAL INFORMATION
 
Item 1 -  Financial Statements  

          Consolidated Balance Sheet 
               March 31, 1997 and December 31, 1996 . .. . . 1

          Consolidated Condensed Statement of Income 
          (Loss) and Deficit  
               Three Months Ended March 31, 1997 
               and 1996 .. . .. . .. . .. . .. . .. . .. . . 2

          Consolidated Statement of Mineral Property Costs
               Three Months Ended March 31, 1997 
               and 1996 .. . .. . .. . .. . .. . .. . .. . . 3

          Consolidated Statement of Cash Flow
               Three Months Ended March 31, 1997 
               and 1996 .. . .. . .. . .. . .. . .. . .. . . 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
        
<PAGE>
CONSOLIDATED BALANCE SHEET
Summo Minerals Corporation
(A Development Stage Company)
US Dollars                                        (Unaudited) 


                                   As of            As of
                                   March 31,      December 31,
                                   1997             1996
                                    
                                  ASSETS
Current Assets

  Cash                             $ 138,897      $  214,481
  Short term investments             360,537         636,342
  Accounts receivable                  2,145             813
  Prepaid expenses                     5,600           5,600

Total current assets                 507,179         857,236

Mineral property at cost           6,160,361       5,878,099

Plants, buildings and equipment 
 at cost, net of accumulated 
 depreciation of $21,330 and        
 $19,709 respectively                956,799         784,176

Total assets                     $ 7,624,339     $ 7,519,511      

                                                          
                    LIABILITIES & SHAREHOLDERS  EQUITY

Current Liabilities  

  Accounts payable and 
   accrued liabilities           $   130,111     $  130,309 

  Due to related party                   0            3,619 

Total current liabilities        $   130,111     $  133,928 


Shareholders equity

  Preferred shares, without 
   par value 100,000,000 
   authorized and none issued          --              --

  Common shares, without par 
   value 500,000,000 authorized, 
   20,003,160 and 19,623,160 
   issued and net of share 
   issuance costs of $12,519 and 
   $0 at March 31, 1997 and
   December 31, 1996, 
   respectively.                   9,352,581      9,011,388 

  Deficit- accumulated during 
   development stage              (1,858,353)    (1,625,805)

Total shareholder's equity         7,494,228      7,385,583 
                                                                  
Total liabilities & 
shareholder's equity            $  7,624,339  $   7,519,511 


                          See Accompanying Notes

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

                                                                  
                              For the Three Months Ending

                              Cumulative    March      March
                              from           31,       31,
                              Inception      1997      1996

Expenses

  General and admini-
   stration                   $1,846,434 $ 236,095  $ 179,539 
  Depreciation and 
   amortization                   30,663     5,340      2,466 
  Exploration expense             66,849         0      9,114 
  Interest and bank 
   charges, net                 (172,489)   (8,887)   (32,536)

Income (Loss) before the 
following                     (1,771,457) (232,548)  (158,583)

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

Net Income (Loss) for 
the period                    (1,858,353) (232,548)  (158,583)

 Deficit-Beginning of 
  period                            --  (1,625,805)  (763,081)
 Deficit- End of 
  period                     (1,858,353)(1,858,353)  (921,664)

Earnings (Loss) per Share                $   (0.01) $   (0.01)  
                     
                                             
                          See Accompanying Notes

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


                                            For the    For the
                                            Quarter    Quarter
                                            Ended      Ended
                              Cumulative    March      March
                              from          31,        31,
                              Inception     1997       1996

DIRECT

Lisbon Valley, Utah, USA

  Land costs              $   1,310,933   $ 11,154   $ 95,449
  Geophysical, 
   geological and 
   engineering                  220,898      1,083     15,282
  Drilling                      483,671        --       3,256
  Metallurgy                    349,729     15,218     18,344
  Feasibility                   488,612        --         --
  Legal                          68,048        --         --
  Taxes, licenses and 
   insurance                     14,072        --         --
  Assaying                       13,064        --         --
  Permitting                  1,372,131     98,048      1,400
  Support, accommo-
   dation and general
   costs                        636,868     55,951    221,470

                              4,958,026    181,454    355,201

Cashin, Colorado, USA

  Land costs                    411,485        763      3,998
  Geophysical, geolo-
   gical and engineering         50,347        100      2,674
  Drilling                      146,805        --          --
  Metallurgy                     24,370        --         628
  Legal                          15,574        --          --
  Taxes, licenses and 
   insurance                        609        --          --
  Permitting                     20,438        --          --
  Support, accommodation 
   and general costs             38,731        --       6,735

                                708,359        863     14,035
Champion, New Mexico, USA

  Land costs                    186,042      2,716     31,190
  Geophysical, geolo-
   gical and engineering         23,366      1,024      4,726
  Drilling                      166,657         --         --
  Metallurgy                      5,657        313      2,808
  Permitting                         69         --         --
  Support, accommodation 
   and general costs              2,223         75     (6,010)

                                384,014      4,128     32,714

Other, USA                      201,408     95,817        --

Costs for the period          6,251,807    282,262    401,950

Balance-beginning of 
 period                            --    5,878,099  4,012,012

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

Balance - end of 
 period                  $   6,160,361 $ 6,160,361 $4,413,962


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

                              For the Three Months Ending

                              Cumulative    March      March
                              from           31,       31,
                              Inception      1997      1996
                                                                  
Operating Activities

  Net income (loss)      $  (1,858,353) $ (232,548) $(158,583)

Reconciliation of net 
income (loss) to net cash:

  Depreciation and amorti-
   zation                       30,663       5,340     2,466 
  Impairment of mineral 
   properties at cost           91,446          --        --

  Change in  current assets
   & liabilities   
   - accounts receivable        (2,145)     (1,332)    2,698 
   - prepaid expenses           (5,600)         --     2,492 
   - accounts payable           75,838        (198)  (64,331)
   
Net cash used in operating 
activities                  (1,668,151)   (228,738) (215,258)

Investing Activities

  Mineral property cost     (6,257,421)   (282,262) (403,353)
  Less shares issued for 
   property                    495,792          --        --
  Increase in accounts 
   payable                      54,273          --        --
  Plant, buildings and 
   equipment                  (981,848)   (177,963)  (12,074)

Net cash used in 
investing activities        (6,689,204)   (460,225) (415,427)

Financing Activities

  Issuance of share 
   capital (net of 
   issue costs)              8,856,789     341,193      --
  Due to related party 
   - net                        --          (3,619) (119,777)

Net cash (used in) 
provided by financing 
activities                   8,856,789     337,574   (119,777)

Net Increase (decrease) 
in Cash                        499,434    (351,389)  (750,462)

Cash and cash equivalents 
 - beginning of period                     850,823  2,982,676

Cash and Cash Equivalents
 - end of period           $   499,434  $  499,434 $2,232,214 


                          See Accompanying Notes

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, 1996.  In the opinion of Management, all
adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have 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, 1996.  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

The Company received a Letter of Commitment from ING Capital and
Heller Financial, Inc. to provide a $45 million loan for Lisbon
Valley Project subject to the Company providing $13.2 million of
equity to the project and an additional $3 million of equity in
the Company.

The Company received the Final Environmental Impact Statement
from the BLM, which means the Company could now start
construction, if the financing were complete.

Cactus Property, California

The Company signed a six month Option to Purchase the Cactus Gold
Mine Property in California in January 1997.  Current exploration 
activity on this property includes title and environmental review 
and exploration drilling. 

3.   COMMITMENTS  

Common Shares Issuable

At March 31, 1997, a total of 6,244,680 shares of authorized
Common Shares were reserved for the following:

               Stock Options             1,612,500
               Warrants                  4,632,180
                                         6,244,680

On January 29, 1997, 280,000 warrants were exercised at a price
of $1.21 Cdn. 

On February 3, 1997, 100,000 warrants were exercised at a price
of $1.10 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 which
existed at March 31, 1996 would not be reflected as issued and
outstanding and would be excluded from loss per share
calculations.  No contingently cancelable escrow shares existed  
at March 31, 1997.

FINANCIAL STATEMENT PRESENTATION

                                        March 31, 1996

Weighted Average Number of Shares
          Canadian Basis                17,575,980
          U.S. Basis                    17,200,982

Income (Loss) Per Share
          U.S. Basis                          (.01)

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

Cautionary Statement for Purposes of the Safe Harbor Provisions
of the Private Securities Litigation Reform Act of 1995

The matters discussed in this report, when not historical
matters, are forward looking statements that involve a number of
risks and uncertainties that could cause actual results to differ
materially from projected results.

Such factors include, among other things, the speculative nature
of mineral exploration, commodity prices, production and reserve
estimates, environmental and governmental regulations,
availability of financing, force majeure events, and other risk
factors as described from time to time in the Company's filings
with the Securities and Exchange Commission.

The following discussion should be read in conjunction with the
Company's consolidated financial statements included in this
report.  All monetary figures discussed are in U.S. dollars.

Results of Operations

The Company reported a net loss of $0.23 million for the first
quarter 1997 as compared to a net loss of $0.16 million in 1996.

Expenses

General and administrative expenses increased $0.06 million to 
$0.24  million for the first quarter 1997 compared to $0.18 
million in 1996 due primarily to increased salary expenses  
($0.03 million) in addition to increased general office and  
professional expenses ($0.03 million). 

Interest income decreased $0.024 million to $0.009 million for
the first quarter 1997 as compared to $0.03 million for 1996 
reflecting the use of the Company's interest earning assets in  
daily operations.


Capital Resources and Liquidity

Cash Flow - The Company s net cash used in operating activities
increased  $0.02 million to $0.23 million in the first quarter
1997 as compared to $0.21 million in 1996 due to the use of cash
to decrease accounts payable and other accrued liability
balances.  

Net cash used in investing activities increased $0.04 million to 
$0.46  million in the first quarter 1997 compared to $0.42
million in 1996.   The difference is due to decreased development 
activity on the Lisbon Valley property (down $0.22 million);  the 
addition of new exploration activity on the Cactus Gold property  
($0.09 million) and increased capitalized investment in the  
Lisbon Valley Property; ($0.17 million).

Net cash provided by financing activities was  $0.34  million in
the first quarter 1997 compared to cash used in financing
activities of $0.12 million in 1996.  This was due to the
exercise of warrants in the amount of approximately $0.25 million 
and the exercise of options for $0.10 million.  These increases  
were offset by share issuance costs of approximately $0.01
million.   

The Company had $0.50 million in cash and cash equivalents and  
working capital of $0.38 million as of March 31, 1997 compared  
to $0.85 million of cash and cash equivalents and working capital 
of $0.72 million at December 31, 1996.

Outlook

The Company  is continuing efforts to establish a financing
package which will allow the Company to proceed with the final
engineering and construction of the Lisbon Valley project.   
This package may entail relinquishing part of the project in
return for a commitment to supply capital in the project.  
Pending successful completion of the Company s financing efforts,
the Company plans to start the construction of the Lisbon Valley
mine later in 1997.  The Company has insufficient cash on hand  
to meet its operating requirements if this capital raising is not 
completed.  In such a circumstance, the Company may have to sell  
additional shares for working capital, however no assurance can  
be given that this capital can be raised in the existing equity  
market.  

<PAGE>
PART II - OTHER INFORMATION

Item 6.   Exhibits filed with the Form 10-Q

          None

          Exhibits and Reports on Form 8-K

          None


                                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 May 10, 1996.   


Date: May 15, 1997            SUMMO MINERALS CORPORATION


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

                              By: /s/ James D. Frank
                                   Frank D. Frank, Vice-
                                   President of Finance 
                                   and Chief Financial Officer