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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 June 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  (X)  No  ( )


APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer's classes of 
common stock as of  March 31, 1998:                9,563,340
















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

                               PRINCETON MINING COMPANY
                                      FORM 10Q
                                   JUNE 30, 1998


PART I





ITEM 1

          Statement of Financial Position as of June 30, 1998

          and December 31,1997

          Statement of Operations for the Three and Six Month Periods Ended
          June 30, 1998 and 1997

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

          Statement of Cash Flows for the Three and Six Month Periods Ended
          June 30, 1998 and 1997

          Notes to Financial Statements as of June 30, 1998



































<PAGE>
PRINCETON MINING COMPANY
Statement of Financial Position as of
June 30, 1998, and December 31, 1997
(UNAUDITED)

<TABLE>

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

CURRENT ASSETS - Cash                         $       57          $     110


PROPERTY

    Mining claims                                 25,000             25,000
                                             ____________      ____________



TOTAL ASSETS                                  $   25,057         $   25,110
                                             ============      ============


LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES

   Accounts payable                           $   11,578         $   10,372
   Advances from shareholder                       4,021                -
                                             ____________      ____________

         Total Current Liabilities                15,599             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                          (666,775)          (661,495)

                                             ____________      ____________

         Total stockholders' equity                9,458             14,738
                                             ____________      ____________

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $   25,057        $    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 June 30, 1998 and 1997
(UNAUDITED)

<TABLE>
                                            June 30, 1998            June 30, 1997
                                    __________________________  ________________________
                                       Three          Six          Three         Six
                                       Months        Months        Months       Months
                                    ____________  ____________  ___________  ___________
<C>                                 <S>           <S>           <S>          <S>

REVENUES                            $      -      $      -      $      -     $      -   
                                    ____________  ____________  ___________  ___________

OPERATING EXPENSES
  Loss on abandoned mining claims          -             -             -        230,688
  Interest                                 378           378         6,104       12,152
  Office                                 1,796         3,992         1,447        4,890
  Professional fees                        600           600           -            291
  Taxes and licenses                        10           310           -            310
                                    _____________  ____________  ___________  ___________

     Total Operating Expenses            2,784         5,280         7,551      248,331
                                    _____________  ____________  ___________  ___________


NET (LOSS)                          $   (2,784)    $  (5,280)    $  (7,551)   $(248,331)
                                    =============  ============  ===========  ===========

NET (LOSS) PER SHARE                $     (NIL)    $    (NIL)    $   (NIL)    $     (.08)
                                    =============  ============  ===========  ===========






</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   Discount
               ____________________  Paid-in      On Common     Accumulated
                 Shares     Amount   Capital      Stock         Deficit         Total
               _________  _________  ___________  ____________  ___________  ___________
<C>            <S>        <S>        <S>          <S>           <S>          <S>
Balances as 
of March 31,
1997           3,000,000  $ 300,000  $   48,066                 $ (584,436)  $ (236,370)


Net (Loss)           -          -           -                       (7,551)      (7,551)
               _________  _________  ___________                ___________  ___________

Balances as 
of June 30, 
1997           3,000,000  $ 300,000  $   48,066                 $ (591,987)  $ (243,921)
               =========  =========  ===========                ===========  ===========




Balances as 
of March 31,
1998           9,563,340  $ 956,334               $ (280,101)   $ (663,991)  $   12,242


Net (Loss)           -          -                         -         (2,784)      (2,784)
               _________  _________               ____________  ___________  ___________

Balances as 
of June 30, 
1998           9,563,340  $ 956,334               $ (280,101)   $ (666,775)  $    9,458
               =========  =========               ============  ===========  ===========

</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>
                                   June 30, 1998                  June 30, 1997
                             __________________________  _________________________
                                 Three          Six        Three          Six
                                 Months        Months      Months        Months
                             ____________   ___________  ___________   ___________
<C>                          <S>            <S>          <S>           <S>

CASH FLOWS FROM 
OPERATING ACTIVITIES
Net Loss                     $    (2,784)   $   (5,280)  $   (7,551)   $ (248,331)
  Add item not requiring 
    the use of cash:   
      Loss on abandoned 
        mining claims                -             -            -         230,688
  Increase in 
    accounts payable               4,878         1,206        4,304        10,946
  Increase (decrease) in 
    advances from 
    shareholders                  (2,079)        4,021        3,200         6,600
                             _____________   ___________  ___________   ___________
 
      Net cash flows used 
       from operating 
         activities                   15           (53)         (47)          (97)
                             _____________  ____________  ___________   ___________

NET INCREASE (DECREASE)
 IN CASH                              15           (53)         (47)          (97)

CASH AT BEGINNING OF PERIOD           42           110           58           108

                             _____________  ____________  ___________   ___________

CASH AT END OF PERIOD        $        57    $       57    $      11     $      11
                             =============  ============  ===========   ===========



















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

<PAGE>

                             PRINCETON MINING COMPANY
                          Notes to Financial Statements
                                  (UNAUDITED)               
                             as of  June 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>

                               PRINCETON MINING COMPANY
                                      FORM 10Q
                                   JUNE 30, 1998



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


The Company currently maintains ten unpatented mining claims east of Mullan, 
Idaho, in the Coeur d'Alene Mining District, Shoshone County, Idaho.  As of 
June 30, 1998, current liabilities exceeded current assets by $15,542.

During the quarter ended June 30, 1998, the Company had a net operating loss 
of $2,784, which was primarily due to normal operating expenses.



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:      8/19/1998
____________________________________            __________________________
H. James Magnuson
President and Director 

/s/     Dennis O'Brien                          Date:      8/19/1998
____________________________________            __________________________
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:      8/19/1998
____________________________________            __________________________
H. James Magnuson
President and Director 

/s/     Dennis O'Brien                          Date:      8/19/1998
____________________________________            __________________________
Dennis O'Brien
Secretary-Treasurer and Director 









</TABLE>