SILVER RAMONA MINING COMPANY
(A Development Stage Company)

UNAUDITED FINANCIAL STATEMENTS

For quarter ended September 30, 1998


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CONTENTS




Balance Sheets      4

Statements of Operations      5

Statements of Stockholders' Equity (Deficit)      6

Statements of Cash Flows      7

Notes to the Financial Statements      9

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The following financial statements on an interim basis
were prepared by the company, and were not audited.
However, the Company believes that these statements are
in accord with generally accepted accounting principles
and fairly present the Company, an inactive business. 


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The accompanying notes are an integral part of these financial statements.


SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Balance Sheets


ASSETS

                    December 31,             June 30,
                         1997                     1998       

CURRENT ASSETS

     Cash on hand     $     -               $     -     

          TOTAL ASSETS     $     -               $     -     

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

LIABILITIES

     Accounts payable     $     500          $     500

          Total Current Liabilities          500         500

STOCKHOLDERS' EQUITY

     Common stock $0.10 par value; authorized
      3,000,000 shares; 1,907,984 shares issued
      and outstanding          190,798               190,798
     Additional paid-in capital (deficit)
                      (80,687     )          (78,687     )
     Deficit accumulated during the development stage 
                       (110,611     )          (112,611     )

 Total Stockholders' Equity (Deficit)
                        (500     )          (  500     )

          TOTAL LIABILITIES AND STOCKHOLDERS'
           EQUITY (DEFICIT)     $     -               $     -     
<PAGE>SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Operations


                                                        From        
                                                        Inception on  
                                                        May 25, 
                  For the Years Ended                   1967 Through 
                 December 31,                           June 30,
             1997        1996     1995                    1998     

REVENUES     $     -      $     -   $     -               $     -     

EXPENSES      (1,254   ) (3,959  )    -                    (112,611     )

NET (LOSS) FROM OPERATIONS
            (1,254   )   (3,959  )      -                  (112,611     )

NET (LOSS) $ (1,254  ) $ (3,959  )  $   -               $  (112,611     )

NET (LOSS) PER SHARE
     $     (0.00     )     $     (0.00     )     $     0.00     

WEIGHTED AVERAGE NUMBER
 OF SHARES OUTSTANDING  1,907,984   1,907,984             1,907,984
<PAGE>SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit)
From Inception on May 25, 1967 through December 31, 1997
                                                                                
                                                  Deficit       
                                                  Accumulated 
                                                  During the   
                             Common Stock         Development 
                    Shares         Amount         Stage      

Inception on May 25, 1967     -    $     -       $     -        $     -     
  
Common stock issued for mining
 claims recorded at predecessor
 cost of $0.00 per share
                 1,200,000      120,000    (120,000     )          -   

Common stock issued for
 services at $0.10 per share
                  10,000        1,000        -                    -       

Common stock issued for
 cash at approximately $0.15
 per share        697,984        69,798      34,600               -    

Net loss from inception on
 May 25, 1967 through
 December 31, 1993   -           -           -              (105,398     )

Balance, December 31, 1993
               1,907,984     190,798      (85,400     )     (105,398     )

Net loss for the year ended
 December 31, 1994      -        -           -                    -    

Balance, December 31, 1994
               1,907,984     190,798      (85,400     )      (105,398     )

Net loss for the year ended
 December 31, 1995   -            -          -                    -    

Balance, December 31, 1995
               1,907,984     190,798      (85,400     )       (105,398    )

Net loss for the year ended
 December 31, 1996   -          -            -                    (3,959  )

Balance, December 31, 1996
               1,907,984     190,798      (85,400     )       (109,357    )

Capital contributed by
 shareholder       -            -           4,713               -     

Net loss for the year ended
 December 31, 1997  -           -             -               (1,254     )

Balance, December 31, 1997
          1,907,984       $  190,798   $  (80,687     )     $ (110,611   )

Net loss for six months ended June 30, 1998
               -                -             -               (2,000     )

Balance, September 30, 1998
          1,907,984       $  190,798   $  (78,687     )     $ (112,611   )


SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows


                                                                 From        
                                                                 Inception 
                                                                 on May 25, 
                               For the Years Ended              1967 Through
                          December 31,                         December 31,
                    1997       1996      1995                    1997   

CASH FLOWS FROM OPERATING
  ACTIVITIES:

 Income (loss) from operations
        $     (1,254  )  $   (3,959 )   $     -             $ (110,611  )
     Adjustments to reconcile net (loss)
      to net cash (used) by operating
      activities:
   Stock issued for services
          -                -              -                    1,000
     Changes in operating liabilities:
          Increase (decrease) in accounts
           payable          
             (3,459   )   3,959           -                    500

         Net Cash (Used) by Operating Activities
             (4,713   )      -            -                 (109,111   )

CASH FLOWS FROM INVESTING ACTIVITIES:
               -              -           -                    -     

CASH FLOWS FROM FINANCING ACTIVITIES:
     Capital contributed by shareholder
              4,713           -           -                    4,713
     Issuance of common stock for cash
                -             -           -                  104,398

       Net Cash Provided by Financing Activities
              4,713           -            -                 109,111

INCREASE (DECREASE) IN CASH 
 AND CASH EQUIVALENTS -      -             -                    -     

CASH AND CASH EQUIVALENTS
 AT BEGINNING OF PERIOD -      -           -                    -     

CASH AND CASH EQUIVALENTS
 AT END OF PERIOD     
          $     -      $     -       $     -               $     -    
<PAGE>SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows (Continued)


                                                                 From        
                                                                 Inception 
                                                                on May 25,
                             For the Years Ended                1967 Through
                         December 31,                          December 31,
                    1997    1996        1995                    1997     

Cash Paid For:

     Interest   $     -    $     -     $   -               $     -     
     Income taxes $   -    $     -     $   -               $     -     

SUPPLEMENTAL SCHEDULE OF
 NON-CASH FINANCING
 ACTIVITIES:

     Stock issued for services
                $     -    $     -     $     -             $     1,000

<PAGE>SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Notes to the Financial Statements
December 31, 1997 and 1996


NOTE 1 -     ORGANIZATION AND DESCRIPTION OF BUSINESS

On May 25, 1967, Silver Ramona Mining Company was incorporated under the laws 
of Idaho with the purpose of developing mining claims.  On the date of 
incorporation, 3,000,000 shares of $0.10 par value common stock were 
authorized.

Operations were never commenced due to a lack of funding and all mining claims 
were lost.

     The Company has elected a calendar year end.

NOTE 2 -     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     a.  Accounting Method

The Company's financial statements are prepared using the accrual method of 
accounting.

     b.  Provision for Taxes

No provision for income taxes has been made due to the inactive status of the 
Company.

     c.  Cash Equivalents

The Company considers all highly liquid investments with a maturity of three 
months or less when purchased to be cash equivalents.

     d.  Use of Estimates

The preparation of financial statements in conformity with generally accepted 
accounting principles requires management to make estimates and assumptions 
that affect the reported amounts of assets and liabilities at the date of the 
financial statements and the reported amounts of revenues and expenses during 
the reporting period.  Actual results could differ from those estimates.

NOTE 3 -     GOING CONCERN

The Company's financial statements are prepared using generally accepted 
accounting principles applicable to a going concern which contemplates the 
realization of assets and liquidation of liabilities in the normal course of 
business.  The Company has not established revenues sufficient to cover its 
operating costs and allow it to continue as a going concern.  The Company is 
seeking a merger with an existing, operating company.  In the interim, 
management is committed to covering all operating and other costs until a 
merger is completed.
<PAGE>SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Notes to the Financial Statements
December 31, 1997 and 1996


NOTE 4 -     STOCK TRANSACTIONS

In July 1967, the Board of Directors issued 1,200,000 shares of $0.10 par 
value common stock for mining claims.  The claims were recorded at predecessor 
cost of $0.00 per share.

In July 1967, the Board of Directors issued 10,000 shares of $0.10 par value 
common stock for services rendered during the organization of the Company.  
The services were valued at $0.10 per share.

On April 30, 1969, the Board of Directors initiated a public offering in which 
697,984 shares of $0.10 par value common stock were sold at a gross price of 
approximately $0.15 per share.