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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC  20549


                                   FORM 10-Q 

                Quarterly Report  Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

                 For the quarterly period ended September 30, 1998

                        Commission file number 001-03323

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

            IDAHO                                       82-6008727
(State or other jurisdiction of                    (IRS Employer
incorporation or organization)                     Identification Number)

                                 413 Cedar Street
                                  Wallace, Idaho
                     (Address of principal executive offices)

                                       83873
                                     (Zip Code)

                                  (208) 752-1131
               (Registrant's Telephone Number, Including Area Code)


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  ( )  No  (X)


APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer's classes of 
common stock as of September 30, 1998:                9,563,340















**************************************************************************
<PAGE>




PART I





ITEM      Statement of Financial Position as of September 30, 1998
          and December 31,1997

          Statement of Operations for the Three and Nine Month
          Periods Ended September 30, 1998 and 1997

          Statement of Changes in Stockholders' Equity for the
          Three Month Periods Ended September 30, 1998 and 1997

          Statement of Cash Flows for the Three and Nine Month
          Periods Ended September 30, 1998 and 1997

          Notes to Financial Statements as of September 30, 1998







































<PAGE>


PRINCETON MINING COMPANY
Statement of Financial Position as of
September 30, 1998, and December 31, 1997
(UNAUDITED)

<TABLE>

                                             September 30,     December 31,
                                                 1998              1997
                                             ____________      ____________
<C>                                          <S>               <S>
ASSETS

CURRENT ASSETS - Cash                         $      104          $     110


PROPERTY

    Mining claims                                 25,000             25,000
                                             ____________      ____________



TOTAL ASSETS                                  $   25,104         $   25,110
                                             ============      ============


LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES

   Accounts payable                           $   13,160         $   10,372
   Advances from shareholder                       4,100                -
                                             ____________      ____________

         Total Current Liabilities                17,260             10,372
                                             ____________      ____________
STOCKHOLDERS' EQUITY

   Preferred stock; $.10 par value;
      1,000,000 authorized; no shares
      outstanding                                    -                  -  
   Common stock; assessable; $.10 par 
      value; 29,000,000 shares authorized; 
      9,563,340 shares issued and outstanding    956,334            956,334  
   Discount on common stock                     (280,101)          (280,101)
   Accumulated deficit                          (668,389)          (661,495)
                                             ____________      ____________

         Total stockholders' equity                7,844             14,738
                                             ____________      ____________

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $   25,104        $    25,110
                                             ============      ============
</TABLE>

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


<PAGE>


PRINCETON MINING COMPANY
Statement of Operations for the Three and Six Month
Periods Ended September 30, 1998 and 1997
(UNAUDITED)

<TABLE>
                                  Three Month Periods           Nine Month Periods
                              ____________________________  ____________________________
                              September 30,  September 30,  September 30,  September 30,
                                  1998           1997           1998           1997
                              _____________  _____________  _____________  _____________
<C>                           <S>            <S>            <S>            <S>

REVENUES                      $      -      $        -      $       -      $       -   
                              _____________  _____________  _____________  _____________


OPERATING EXPENSES
  Loss on abandoned mining 
     claims                          -            45,000            -           275,688
  Interest                           281           6,454            659          18,606
  Office                           1,333             457          5,325           5,347
  Professional fees                  -               226            600             517
  Taxes and licenses                 -                 9            310             319
                              _____________  _____________  _____________  _____________

     Total Operating Expenses      1,614          52,146          6,894         300,477
                              _____________  _____________  _____________  _____________



NET (LOSS)                    $   (1,614)    $   (52,146)    $    (6,894)  $   (300,477)
                              =============  =============  =============  =============

NET (LOSS) PER SHARE          $     (NIL)    $    (0.005)   $      (NIL)   $       (.03)
                              =============  =============  =============  =============







</TABLE>













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


<PAGE>


PRINCETON MINING COMPANY
Statement of Changes in Stockholders' Equity for
the Three Month Period Ended June 30, 1998 and June 30, 1997
(UNAUDITED)

<TABLE>

                                     
                   Common Stock      Additional   
               ____________________  Paid-in        Accumulated
                 Shares     Amount   Capital        Deficit         Total
               _________  _________  ___________    ___________  ___________
<C>            <S>        <S>        <S>            <S>          <S>
Balances as 
of June 30, 
1997           3,000,000  $ 300,000  $   48,066     $ (591,987)  $ (243,921)

Net Loss             -          -           -          (52,146)     (52,146)
               _________  _________  ___________    ___________  ___________
Balances as 
of Sept. 30, 
1997           3,000,000  $ 300,000  $   48,066     $ (644,133)  $ (296,067)
               =========  =========  ===========    ===========  ===========
</TABLE>
<TABLE>
                   Common Stock      Additional   
               ____________________  Paid-in        Accumulated
                 Shares     Amount   Capital        Deficit         Total
               _________  _________  ___________    ___________  ___________
<C>            <S>        <S>        <S>            <S>          <S>
Balances as 
of June 30, 
1998           9,563,340  $ 956,334  $ (280,101)    $ (666,775)  $    9,458

Net (Loss)           -          -           -           (1,614)      (1,614)
               _________  _________  ___________    ___________  ___________

Balances as 
of Sept. 30, 
1998           9,563,340  $ 956,334  $ (280,101)     $ (668,389)  $    7,844
               =========  =========  ============    ===========  ===========

</TABLE>














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

<PAGE>


PRINCETON MINING COMPANY
Statement of Cash Flows for the Three and Six Month
Periods Ended June 30, 1998 and 1997
(UNAUDITED)

<TABLE>
                                   Three Month Periods           Nine Month Periods
                              ____________________________  ____________________________
                              September 30,  September 30,  September 30,  September 30,
                                  1998           1997           1998           1997
                              _____________  _____________  _____________  _____________
<C>                           <S>            <S>            <S>            <S>

CASH FLOWS FROM 
OPERATING ACTIVITIES
Net (Loss)                     $    (1,614)  $    (52,146)  $     (6,894)  $   (300,477)
  Add item not requiring 
    the use of cash:   
      Loss on abandoned 
        mining claims                  -           45,000            -          275,688
  Increase in 
    accounts payable                 1,582        (12,465)         2,788         (1,519)
  Increase (decrease) in 
    advances from 
    shareholders                        79         19,700          4,100         26,300
                              _____________  _____________  _____________  _____________


      Net cash flows used 
       from operating 
         activities                     47             89             (6)           (8)
                              _____________  _____________  _____________  _____________
NET INCREASE (DECREASE)
 IN CASH                                47             89             (6)           (8)

CASH AT BEGINNING OF PERIOD             57             11            110           108
                              _____________  _____________  _____________  _____________
CASH AT END OF PERIOD         $        104   $        100   $        104   $       100
                              =============  =============  =============  =============

















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

<PAGE>




PRINCETON MINING COMPANY                         Notes to Financial Statements
(UNAUDITED)                                      as of September 30, 1998     
______________________________________________________________________________

The financial statements of Princeton Mining Company included herein, have 
been prepared without audit, pursuant to the rules and regulations of the 
Securities and Exchange Commission.  Although certain information normally 
included in financial statements prepared in accordance with generally 
accepted accounting principles has been condensed or omitted, Princeton 
Mining Company believes that the disclosures are adequate to make the 
information presented not misleading.  These financial statements should be 
read in conjunction with the financial statements and notes thereto included 
in Princeton Mining Company's annual report on Form 10-K for the fiscal year 
ended December 31, 1997.

The financial statements included herein reflect all normal recurring 
adjustments that, in the opinion of management, are necessary for a fair 
presentation.  The results for interim periods are not necessarily 
indicative of trends or of results to be expected for a full year.









































<PAGE>


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


The Company currently maintains 10 unpatented mining claims east of 
Mullan, Idaho, in the Coeur d'Alene Mining District, Shoshone County, 
Idaho.  As of September 30, 1998, current liabilities exceeded current 
assets by $17,156.

During the quarter ended September 30, 1998, the Company had a net 
operating loss of $1,614, which was primarily due to a loss on abandoned 
mining claims.




PART II


ITEM 1     LEGAL PROCEEDINGS

          NONE

ITEM 2     CHANGES IN SECURITIES

          NONE

ITEM 3     DEFAULTS UPON SENIOR SECURITIES

          NONE

ITEM 4     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

          NONE

ITEM 5     OTHER INFORMATION

          NONE

ITEM 6     EXHIBITS AND REPORTS ON FORM 8-K

          NONE


















<PAGE>



*****************************************************************************

                                  SIGNATURES

*****************************************************************************



Pursuant to the requirements of Section 13 of the Securities and 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/     H. James Magnuson                       Date:      11/3/1998
____________________________________            __________________________
H. James Magnuson
President and Director 

/s/     Dennis O'Brien                          Date:      11/3/1998
____________________________________            __________________________
Dennis O'Brien
Secretary-Treasurer and Director 



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



                                                                 
/s/     H. James Magnuson                       Date:      11/3/1998
____________________________________            __________________________
H. James Magnuson
President and Director 

/s/     Dennis O'Brien                          Date:      11/3/1998
____________________________________            __________________________
Dennis O'Brien
Secretary-Treasurer and Director 











</TABLE>