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         SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C.  20549

                                 FORM 10-K

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                   OF THE SECURITIES EXCHANGE ACT OF 1934

                For the fiscal year ended December 31, 1997
                     Commission file number 1-4026

                          PRINCETON MINING COMPANY
            ______________________________________________________
            (Exact name of registrant as specified on its charter)

             IDAHO                                       82-6008727
_________________________________                  ______________________
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                     Identification Number)

         413 CEDAR STREET
           WALLACE, IDAHO                                  83873
    ___________________________                      ________________
      (Address of principal                             (Zip Code)
      executive offices)

Registrant's telephone number, including area code:   (208) 752-1131
                                                     ________________

Securities registered pursuant to Section 12(b) of the Act:
                                             Name of each exchange
     Title of Each Class                      on which registered
_______________________________              _____________________

    COMMON ASSESSABLE STOCK,
    PAR VALUE $.10 PER SHARE
                                                     NONE
    PREFERRED STOCK
    PAR VALUE $.10 PER SHARE

Securities registered pursuant to Section 12(g) of the Act:       NONE

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
                        ___________   _________

As of March 2, 1998, the aggregate market value of the voting stock held
by non-affiliates of the registrant was $94,118.

                  (APPLICABLE ONLY TO CORPORATE REGISTRANTS)
As of March 2, 1998, there were 9,563,340 shares outstanding of the
registrant's $.10 par value common stock.

                      DOCUMENTS INCORPORATED BY REFERENCE
The following documents are incorporated by reference in the indicated parts
of this Form 10-K:  None
                                      - 2 -
<PAGE>


              PRINCETON MINING COMPANY FORM 10-K ANNUAL REPORT

                   FOR THE YEAR ENDED DECEMBER 31, 1997
                            TABLE OF CONTENTS

Part I
                                                                     Page

Item     1.     Business . . . . . . . . . . . . . . . . . . . . .   4
Item     2.     Properties . . . . . . . . . . . . . . . . . . . .   5
Item     3.     Legal Proceedings      . . . . . . . . . . . . . .   5
Item     4.     Submission of Matters to a Vote of Security Holders  5

Part II

Item     5.     Market for the Registrant's Common Stock and
                Related Stockholder Matters  . . . . . . . . . . .   5-6
Item     6.     Selected Financial Data  . . . . . . . . . . . . .   6
Item     7.     Management's Discussion and Analysis of Financial
                Condition and Results of Operations  . . . . . . .   7
Item     8.     Financial Statements and Supplementary Data  . . .   7
Item     9.     Disagreements on Accounting and Financial Disclosure 7

                Index to Financial Statements  . . . . . . . . . .   8

Part III

Item 10.  Directors and Executive Officers of the Registrant . . .   13
Item 11.  Executive Compensation . .     . . . . . . . . . . . . .   14
Item 12.  Security Ownership of Certain Beneficial
          Owners and Management  .     . . . . . . . . . . . . . .   14
Item 13.  Certain Relationships and Related Transaction  . . . . .   15

Part IV

Item 14.  Exhibits, Financial Statement Schedules
          and Reports on Form 8-K          . . . . . . . . . . . .   15
          Signature Page . .     . . . .     . . . . . . . . . . .   16
          Exhibit Index  . .     . . . .     . . . . . . . . . . .   17
Schedule of Property, Plant and Equipment. . . . . . . . . . . . .   S-1
Schedule of Reserves for Depreciation, Depletion and
      Amortization of Property, Plant and Equipment. . . . . . . .   S-2

















                                       - 3 -
<PAGE>

                         PRINCETON MINING COMPANY
                          Form 10-K Annual Report

                   For the year ended December 31, 1997
                  ______________________________________

Item 1.  Business.

Princeton Mining Company (the "Company") was incorporated under the laws
of Idaho in September 1950. The Company is the owner of an interest in
thirty-eight unpatented mining claims situated east of the village of
Mullan in the Coeur d'Alene Mining District, Shoshone County, Idaho.
By agreement dated June 1, 1962 between the Company, James C. Young and
Kay Critchlow, the Company agreed to convey an undivided sixty percent
interest in its unpatented mining claims (the "Property") to Young and
Critchlow in return for the expenditure by them of $65,000 on exploration
and development of the Property or the discovery by them of commercial
ore on the Property. This agreement, including the right to acquire an
undivided sixty percent interest, was subsequently assigned by Young and
Critchlow to Magna Mining Company ("Magna"). Under the terms of the
agreement, Magna Mining Company, as the assignee of Young and Critchlow,
has the obligation to perform annual assessment work on the claims
comprising the Property at Magna's expense. Additionally, Magna has the
right to possession of the Property for purposes of performing exploration
or development work and extracting any ore found as a result thereof.
During 1991, Magna terminated the agreement.

To the knowledge of the Company, no commercial ore deposit has been
found as the result of any exploration work done to date on the Company's
Property. Consequently, there has been no production of ore from the
Property and the Company makes no claim to the existence of ore reserves
in the Property.  The Company has no patents, licenses, franchises or
concessions which are considered by the Company to be of importance.
The business is not of a seasonal nature. Since the potential products
are traded on the open market, the Company has no control over the
competitive conditions in the industry. There is no backlog of orders.
There are numerous Federal and State laws and regulations related to
environmental protection which have direct application to mining and
milling activities. The more significant of these laws deal with mined
land reclamation and waste water discharge from mines and milling
operations. The Company does not believe that these laws and regulations
as presently enacted will have a direct material adverse effect on its
operation.

The Company has no employees.














                                   - 4 -

<PAGE>


                         PRINCETON MINING COMPANY
                          Form 10-K Annual Report

                   For the year ended December 31, 1997
                  ______________________________________

Item 2.  Properties

The information regarding the Properties of the Company is set forth
under "Item 1. Business" of this report, and is incorporated by reference
in answer to this Item.

Item 3.  Legal Proceedings

On November 29, 1984, the Company declared an agreement executed in 1962
between James C. Young and Kay Critchlow and the Company and assigned
by Young and Critchlow to Magna Mining Company, had been forfeited and
terminated. On February 6, 1985, Magna Mining Company commenced an
action against the Company seeking a judgement declaring the agreement
in full force and effect. Reference is made to Note 2 of the Notes to
Financial Statements, page 12 of this report, for additional information
concerning this proceeding.

During 1989, the court ruled that Magna was not entitled to a deed to the
property and that Princeton was not entitled to a forfeit of the lease.
The relationship of the parties continued under the lease.

During 1991, Magna gave the Company notice of termination of the agreement.

Item 4.  Submissions of Matters to a Vote of Security Holders

On May 8, 1997 at a special shareholders meeting, the shareholders
approved increase in the capitalization of the Company to 30,000,000
non-assessable, ten cent par value shares consisting of 29,000,000
shares of common stock and 1,000,000 shares of preferred stock.

                                     Part II

Item 5.   Market for the Registrant's Common Equity and Related
          Stockholder Matters.

     (a)  The market price ranges of the Company's common stock during each
          quarter of the years 1997 and 1996 were as follows:
<TABLE>
                       1997                                1996
               ___________________________      ___________________________
                 High             Low                High           Low
               ___________   _____________      _____________   ___________
<C>            <S>           <S>                <S>             <S>

1st Quarter      .02             .02                 .03           .03
2nd Quarter      .01             .01                 .03           .03
3rd Quarter      .01             .01                 .03           .03
4th Quarter      .01             .01                 .03           .02

</TABLE>



                                       - 5 -
<PAGE>

                         PRINCETON MINING COMPANY
                          Form 10-K Annual Report

                   For the year ended December 31, 1997
                  ______________________________________

  (b)  Approximate Number of Equity Security Holders.

<TABLE>
    Title of Class (1)          Number of Record Holders December 31, 1996
    __________________________  __________________________________________
    <C>                         <S>
    Common assessable capital              Approximately 1,350 (1)
    stock, par value 10 cents
    per share

(1) Included in the number of shareholders of record are shares held in
"nominee" or "street" name.
</TABLE>

  (c)  No dividends were paid by the Company in 1997 or 1996.

Item 6.  Selected Financial Data

         Selected Income Statements Data:
<TABLE>
                   _____________________Year ended December 31,____________________
                         1993        1994          1995         1996        1997
                   ____________  ___________  ___________  ___________  ___________
<C>                <S>           <S>          <S>          <S>          <S>

Net revenues               -0-         -0-         -0-           -0-          -0-
Net income (loss)      (29,269)    (27,622)    (29,456)      (34,578)    (317,839)

Per share           (.98 cents) (.92 cents) (.98 cents)  (1.15 cents) (8.08 cents)
Cash Dividends
  Per share                -0-         -0-         -0-           -0-          -0-

Selected Balance Sheets Data:

</TABLE>
<TABLE>
                   _____________________Year ended December 31,____________________
                        1993        1994          1995         1996        1997
                   ____________  ___________  ___________  ___________  ___________
<C>                <S>           <S>          <S>          <S>          <S>
Current assets     $        98   $       74   $       57   $      108   $      110
Current liabilities    204,720      232,318      261,757      296,386       10,372
                   ____________  ___________  ___________  ___________  ___________

Working capital       (204,622)    (232,244)    (261,700)    (296,278)     (10,262)
Total Assets           300,786      300,762      300,745      300,796       25,110
Long-term debt             -0-          -0-          -0-          -0-          -0-
Stockholders' equity    96,066       68,444       38,988        4,410       14,738

</TABLE>





                                             - 6 -

<PAGE>


                         PRINCETON MINING COMPANY
                          Form 10-K Annual Report

                   For the year ended December 31, 1997
                  ______________________________________

Item 7.  Management's Discussion and Analysis of Financial Condition
         and Result of Operations.

The only activity at the Company's mining properties during 1997, 1996
and 1995 was performance of the assessment work on the Company's unpatented
mining claims. Expenses and income have remained relatively stable during all
three years in all categories, with the exception of the 1997 loss on
abandoned mining claims of $275,688.

The liquidity of the firm has decreased for the past three years, with
expenses exceeding income.

No major capital improvements are planned for the property in the
foreseeable future.

The Company has no long-term debt.

Item 8.  Financial Statements and Supplementary Data.

The Company's financial statements appear following Part II of the report.
See index to financial statements at page 8 of this report.

Item 9.  Disagreements on Accounting and Financial Disclosure.
          Not applicable.




























                                           - 7 -

<PAGE>

                                 PRINCETON MINING COMPANY
                               INDEX TO FINANCIAL STATEMENTS

                        Filed as part of the Annual Report Form 10-K
                                   December 31, 1997

                                                                          Page
FINANCIAL STATEMENTS:

     Balance Sheet, December 31, 1997 and 1996 . . . . . . . . . . . . .  9

     Income statement for the years ended
     December 31, 1997, 1996, and 1995 . . . . . . . . . . . . . . . . .  10

     Statement of accumulated deficit for the years
          ended December 31, 1997, 1996, and 1995  . . . . . . . . . . .  10

     State of cash flows for the year ended December 31, 1997,
          1996, and 1995     . . . . . . . . . . . . . . . . . . . . . .  11

     Notes to financial statements, December 31, 1997 and 1996 . . . . .  12




The Company's financial statements are unaudited in reliance upon
Section 210.3-11 of Regulations S-X adopted by the Securities and
Exchange Commission.































                                     - 8 -

<PAGE>
                                   (Unaudited)
                             PRINCETON MINING COMPANY

                         (A Development Stage Enterprise)
                                   BALANCE SHEET
                           December 31, 1997 and 1996

<TABLE>
                                               1997            1996
                                           ____________    ____________
<C>                                        <S>             <S>
ASSETS

CURRENT ASSETS
     Cash in bank                          $       110     $       108
MINING PROPERTY (Notes 1 & 3)
     Mining claims                              25,000         300,688
                                           ____________    ____________

          Total                            $    25,110     $   300,796
                                           ============    ============

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
     Accounts payable                      $    10,372     $   296,386

SHAREHOLDERS' EQUITY
     Capital stock, assessable, par value
     ten cents per share, authorized
     29,000,000 shares, of which 9,563,340
     and 3,000,000 are issued and
     outstanding at December 31, 1997 and
     1996, respectivelly                       956,334         300,000
     Paid-in surplus (deficit)                (280,101)         48,066
     Deficit accumulated during the
          exploration and development
          stage (Note 1)                      (661,495)       (343,656)
                                           ____________    ____________

                    Total                  $    25,110     $   300,796
                                           ============    ============


</TABLE>















                                     - 9 -

<PAGE>
                                  (Unaudited)
                            PRINCETON MINING COMPANY

                       (A Development Stage Enterprise)
                               INCOME STATEMENT
              For the years ended December 31, 1997, 1996, and 1995

<TABLE>
                                              1997           1996           1995
                                          ____________   ____________   ____________
<C>                                       <S>            <S>            <S>
INCOME
     Interest and miscellaneous income    $     -0-      $     -0-      $     -0-

EXPENSE
     Loss on abandonded mining claims        275,688            -              -
     Office and stock transfer services        4,238          4,460          3,900
     Office supplies and expenses              8,119          1,909          2,244
     Listing and filing fees                     359          3,450          3,050
     Miscellaneous                               10              10             10
     Interest expense                         20,480          22,737         19,619
     Legal                                       517           1,562            -
     Management and directors fees             6,000             -              -
     Geological and surface exploration        2,428             450            633
                                          ____________   ____________   ____________

          Total                              317,839          34,578         29,456
                                          ____________   ____________   ____________

NET (LOSS)                                $ (317,839)    $   (34,578)   $   (29,456)
                                          ============   ============   ============



                         STATEMENT OF ACCUMULATED DEFICIT

              For the years ended December 31, 1997, 1996, and 1995

</TABLE>
<TABLE>
                                              1997           1996           1995
                                          ____________   ____________   ____________
<C>                                       <S>            <S>            <S>
Deficit from inception to end of
     previous year                        $   343,656    $   309,078    $   279,622
Net charges for the year                      317,839         34,578         29,456
                                          ____________   ____________   ____________

Balance, December 31                      $   661,495    $   343,656    $   309,078
                                          ============   ============   ============
</TABLE>










                                         - 10 -


<PAGE>
                                (Unaudited)
                          PRINCETON MINING COMPANY

                        (A Development Stage Enterprise)
                            STATEMENT OF CASH FLOWS

             For the year ended December 31, 1997, 1996, and 1995
<TABLE>
                                              1997           1996           1995
                                          ____________   ____________   ____________
<C>                                       <S>            <S>            <S>
CASH FROM (USED FOR) OPERATING
   ACTIVITIES

     Net loss                             $  (317,839)   $   (34,578)   $   (29,456)
     Loss on abandonded mining claims         275,688            -              -
     Change in working capital items,
       excluding cash
          Accounts payable                   (286,014)        34,629         29,439
                                          ____________   ____________   ____________

FROM OPERATIONS                               328,165             51            (17)
                                          ============   ============   ============

CASH FROM FINANCING ACTIVITIES
     Issuance of capital stock                328,167             -             -
                                          ____________   ____________   ____________

CASH FROM FINANCIANG ACTIVITIES                   -               -             -
                                          ____________   ____________   ____________

INCREASE (DECREASE) IN CASH                         2             51           (17)

CASH BALANCE, beginning                           108             57           108
                                          ____________   ____________   ____________

CASH BALANCE, ending                      $       110    $       108    $      110
                                          ============   ============   ============





















                                         - 11 -


<PAGE>
                              (Unaudited)
                       PRINCETON MINING COMPANY

                    (A Development Stage Enterprise)
                     NOTES TO FINANCIAL STATEMENTS
                       December 31, 1997 and 1996

NOTE 1:  Summary of Significant Accounting Policies:

Prior to the year 1976, all expenses incurred were capitalized to the
development account, a policy generally followed by mining companies in
 the development stage.

Effective with the year 1976, pursuant to a pronouncement of the
Financial Accounting Standards Board, registrant restated the records
to reflect the development expenses incurred in prior periods as charges
to "Deficit accumulated during the exploration and development stage."

NOTE 2:  The mining property of the Company has been developed under the
terms of an agreement executed in 1962 with James C. Young and Kay
Critchlow. All or portions of the interests of Young and Critchlow under
that agreement had been assigned to the Magna Mining Company.

On November 29, 1984, Princeton declared that the agreement had been
forfeited and terminated. Magna Mining Company resisted forfeiture and
termination of the agreement, and on February 6, 1985, Magna commenced
an action in the First Judicial District of the State of Idaho, in and
for the County of Shoshone, against Princeton seeking a judgement
declaring that the 1962 agreement is in full force and effect. The
major issue in the litigation was the interpretation of the 1962
agreement and the extent of Magna's performance of obligations under
the agreement. In the event that Magna was successful in the litigation,
mining development would continue under the terms of the agreement
by Magna and Princeton would retain a 40% interest in the property.
In the event that Princeton was successful in the litigation, Princeton
would own all rights in the property free and clear of any rights claimed
by Critchlow, Young, or Magna.

During 1989, the Court ruled that Magna was not entitled to a deed to
the property and that Princeton was not entitled to a forfeit of the
lease. The relationship of the parties continued under the lease.

During 1991, Magna gave notice to the Company of their termination of
the agreement and intention not to do the assessment work for 1991.
Therefore, the Company has performed all the required assessments and
filings for the current year.














                                  -12-

<PAGE>

                         PRINCETON MINING COMPANY
                          Form 10-K Annual Report

                   For the year ended December 31, 1997
                  ______________________________________

                                   Part III

Item 10.  Directors and Executive Officers of the Registrant.
          (a), (b), and (e)

</TABLE>
<TABLE>

Name of Executive                               Principal Occupation,
Officers and Directors                          Five-Year Business
and Positions Held                      Age     History and Directorships
_____________________________________   ____    ______________________________
<C>                                     <S>     <S>
H. James Magnuson                        44     Attorney at Law for more
     Vice President and Director                than the past five years.

R. M. MacPhee                            67     Certified Public
     Secretary-Treasurer                        Accountant
     and Director for the past                  for more than five years
     five years                                 Director of Western
                                                Silver-Lead Corporation.

Donald H. Grismer                        66     Employed in mining for
     Director for more than the                 more than the past
     past five years                            five years

Dale B. Lavigne                          67     President, Osburn Drug
     Director for the past                      Company, Director
     three years                                Western Silver-Lead
                                                Company

Dennis O'Brien                           36     Certified Public
     Director                                   Accountant

</TABLE>

The bylaws of the Company provided that the Directors serve until the
next annual meeting of shareholders or until their respective successors
have been duly elected and qualified. The bylaws also provide that the
officers serve at the discretion of the Board of Directors.

          (c)  Not applicable
          (d)  Not applicable
          (f), (g)  Not applicable











                                     - 13 -

<PAGE>
                         PRINCETON MINING COMPANY
                          Form 10-K Annual Report

                   For the year ended December 31, 1997
                  ______________________________________

Item 11.  Executive Compensation.

(a)  The following table sets forth all cash compensation paid by the
Company during the fiscal year ended December 31, 1997 for services in
all capacities to all directors and executive officers of the Company.

<TABLE>
                 Cash and Non-Cash Compensation Table
                 _____________________________________
Name and Capacity in                        Cash and Non-Cash
Which Remuneration Received                 Compensation
___________________________                 ______________________
<C>                                         <S>
All executive officers and
directors as a group (five                  20,000 shares
persons in a group)                         of stock each
</TABLE>

(b)  No retirement, benefit, bonus or other remuneration plans are
in effect with respect to the Company's officers or directors.

(c)  The Company has no standard or other arrangements for compensating
directors.

(d), (e)  Not applicable

Item 12.  Security Ownership of Certain Beneficial Owners and Management

(a)  To the knowledge of the Company, the only person beneficially owning
more than five percent (5%) of any class of the Registrant's voting securities
as of March 2, 1997, is:

H. F. Magnuson                    6,423,940 shares         approximately 67% of
                                                           those outstanding

(b)  The following tabulation shows the beneficial ownerships of the
Company's officers and directors in the securities of the Company as of
January 17, 1996:
<TABLE>
                                Shares of                Approximate
                                Common Stock             Percentage of
Name                            Beneficially Owned       Class
____________________________    _____________________    ___________________
<C>                             <S>                      <S>
R. M. MacPhee                         20,500

Donald H. Grismer                     70,000                  1.0%
H. James Magnuson                     21,000
Dale B. Lavigne                       20,000
Dennis O'Brien                        20,000

All directors and executive officers of the Company as a group
(four persons in group) own 151,692 shares of approximately 1.59 percent
of the Company's oustanding voting securities.
</TABLE>
                                      - 14 -
<PAGE>

                         PRINCETON MINING COMPANY
                          Form 10-K Annual Report

                   For the year ended December 31, 1997
                  ______________________________________

Item 13.  Certain Relationships and Related Transaction

(a), (b), (c)  Not applicable

                                Part IV


Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K

(a)  1.  Financial Statements -- See index to Financial Statements at page 8
         of this report
     2.  Financial Statement Schedules
                                                                   Page
            I - Statement of Property, Plant and Equipment           S-1
           II - Reserves for Depreciation, Depletion and
                Amortization of Property, Plant and Equipment        S-2

Other schedules are omitted because of the absence of conditions under
which they are required, or because the required information is given
in the financial statements or notes thereto.

(b)  The Company filed report Form 8-K during the last quarter of 1989.

(c)  Exhibits

No additional exhibits are filed as a part of this report. The Exhibit
Index appears at page 17 of this report.


























                                 - 15 -

<PAGE>

                         PRINCETON MINING COMPANY
                          Form 10-K Annual Report

                   For the year ended December 31, 1997
                  ______________________________________


                               SIGNATURES

Pursuant to the requirement of Section 13 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.

PRINCETON MINING COMPANY
________________________________

Registrant

/s/ Dennis O'Brien                         /s/ H. James Magnuson
____________________________________       __________________________________
Dennis O'Brien                             H. James Magnuson
Secretary-Treasurer, and Director          President, Chief Administrative
(Principal Financial Officer)              Officer, and Director


Date :  3-11-98                            Date:   3-10-98
________________________                   _______________________

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and as of the date indicated.

H. James Magnuson                                     3-10-98
________________________________________     Date_________________________
H. James Magnuson, President,
Chief Administrative Officer, and
Director

/s/ Dennis O'Brien                                    3-11-98
________________________________________     Date___________________________
Dennis O'Brien, Secretary-Treasurer,
and Director

/s/ Donald H. Grismer                                 3-16-98
________________________________________     Date___________________________
Donald H. Grismer, Director

/s/ R. M. MacPhee                                     3-17-98
________________________________________     Date___________________________
R. M. MacPhee, Director

/s/ Dale B. Lavigne                                   3-16-98
________________________________________     Date___________________________
Dale B. Lavigne, Director





                                       - 16 -

<PAGE>

                         PRINCETON MINING COMPANY
                          Form 10-K Annual Report

                   For the year ended December 31, 1997
                  ______________________________________

Exhibits

3.1  Articles of Incorporation of Princeton Mining Company, as amended,
     incorporated herein by reference to the Registrant's Form 10-K for
     the year ended December 31, 1983.

3.2  Bylaws of Princeton Mining Company, as amended, incorporated herein
     by reference to Registrant's Form 10-K for the year ended December 31,
     1983.

10.1  Copy of Agreement dated June 1, 1962 between Princeton Mining Company,
      James C. Young and Kay Critchlow, incorporated herein by reference to
      Registrant's Form 10-K for the year ended December 31, 1983.








































                                       - 17 -

<PAGE>
                                Schedule V

                         PRINCETON MINING COMPANY

                     (A Development Stage Enterprise)

                     PROPERTY, PLANT AND EQUIPMENT

           For the years ended December 31, 1997, 1996, and 1995


The Company holds no property other than unpatented mining claims acquired
by issuance of capital stock in the amount of 3,000,000 shares.















































                                       S-1

<PAGE>
                                 Schedule VI
                             PRINCETON MINING COMPANY

                         (A Development Stage Enterprise)
             RESERVES FOR DEPRECIATION, DEPLETION AND AMORTIZATION
                        OF PROPERTY, PLANT AND EQUIPMENT

            For the three years ended December 31, 1997, 1996, and 1995




No provision has been made for the above charges since the Company is in
the development stage and all expenditures have been capitalized into the
development account. When and if production stage is reached, the cost of
the claims and development will be charged off over the estimated life of
the mine as the ore is extracted.







































                                        S-2

<PAGE>