UNITED STATES
             SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C.  20549
                              
                         FORM 10-QSB
                              
(Mark One)
     [x]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

     For the quarterly period ended September 30, 1998.

     [  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

     For the transition period from ________to__________

           Commission File Number:        0-23737

                SILVER RAMONA MINING COMPANY
     (Exact name of registrant as specified in charter)
                              
                            IDAHO
                         82-0290939
               ------------------------------
                  -------------------------
               State or other jurisdiction of
                 (I.R.S. Employer I.D. No.)
          incorporation or organization
                              
   211 West Elder Avenue, Kellogg, Idaho            83837
          (Address of principal executive offices)
                         (Zip Code)
                              
 Issuer's telephone number, including area code:  (208) 786-
                            7527

     Securities registered pursuant to section 12(b) of the
Act:

Title of each class
Name of each exchange on which registered

     None                               N/A

Securities registered pursuant to section 12(g) of the Act:

Title of each class
Name of each exchange on which registered

     Common stock, par value $0.10 per share
None

     Check whether the Issuer (1) filed all reports required
to be filed by section 13 or 15(d) of the Exchange Act
during the past 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. (1) Yes [ ] No [X ]  (2) Yes [X]  No  [  ]

     The Company has 1,907,784 shares of its common stock
outstanding, of which 708,284 shares are held by
nonaffiliates.



Item 1 - FINANCIAL STATEMENTS

     The unaudited financial statements of the Company are
set forth immediately following the signature page to this
form 10-QSB.

Item 2 - MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

      The  Company is considered a development stage company
with  no assets or capital and with no operations or  income
since  approximately 1974. The costs and expenses associated
with   the  preparation  and  filing  of  this  registration
statement and other operations of the Company have been paid
for  by  shareholders  and  a  consultant  of  the  Company,
specifically  Dale  B. Lavigne and H.  D.  Williams.  It  is
anticipated  that  the  Company will  require  only  nominal
capital  to maintain the corporate viability of the  Company
and  necessary  funds will most likely be  provided  by  the
Company's   existing  shareholders  or  its   officers   and
directors  in  the  immediate future.  However,  unless  the
Company  is able to facilitate an acquisition of  or  merger
with  an operating business or is able to obtain significant
outside  financing,  there is substantial  doubt  about  its
ability to continue as a going concern.

      During  the  next  twelve  months,  the  Company  will
actively   seek   out  and  investigate  possible   business
opportunities with the intent to acquire or merge  with  one
or  more business ventures. Because the Company lacks funds,
it may be necessary for the officers and directors to either
advance  funds  to the Company or to accrue  expenses  until
such  time  as  a successful business consolidation  can  be
made.  Management intends to hold expenses to a minimum  and
to  obtain  services on a contingency basis  when  possible.
Further,   the   Company's   directors   will   forego   any
compensation until such time as an acquisition or merger can
be  accomplished  and  will  strive  to  have  the  business
opportunity  provide  their remuneration.  However,  if  the
Company  engages  outside advisors  or  consultants  in  its
search  for business opportunities, it may be necessary  for
the  Company to attempt to raise additional funds. As of the
date  hereof,  the Company has not made any arrangements  or
definitive agreements to use outside advisors or consultants
or  to raise any capital. In the event the Company does need
to  raise  capital most likely the only method available  to
the  Company  would be the private sale of  its  securities.
Because of the nature of the Company as a development  stage
company, it is unlikely that it could make a public sale  of
securities  or  be able to borrow any significant  sum  from
either  a  commercial or private lender.  There  can  be  no
assurance that the Company will be able to obtain additional
funding  when  and  if  needed, or  that  such  funding,  if
available,  can  be  obtained on  terms  acceptable  to  the
Company.

      The Company does not intend to use any employees, with
the  possible exception of part-time clerical assistance  on
an  as-needed basis. Outside advisors or consultants will be
used  only if they can be obtained for minimal cost or on  a
deferred payment basis. Management is confident that it will
be able to operate in this manner and to continue its search
for business opportunities during the next twelve months.

Item 6 - EXHIBITS AND REPORTS ON FORM 8-K

     a.   Exhibits: No exhibits are included herein.

      b.    Reports on Form 8-K:     No reports on Form  8-K
were filed during the quarter.











                         SIGNATURES

     Pursuant to the requirements of the Securities Exchange
Act of 1934, as amended, this report has been signed below
by the following person on behalf of the Registrant and in
the capacities and on the dates indicated:

                         SILVER RAMONA MINING COMPANY
                                        (Registrant)


                           By:    __         /s/_Robert   S.
Turnbow
Date:      October 19, 1998              Robert S.  Turnbow,
President                                                and
Director, Principal Executive Officer