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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 March 31, 1999

                         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, 1999:                9,563,334











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


<PAGE>

PART I





ITEM 1

          Statement of Financial Position as of March 31, 1999
          and December 31,1998

          Statement of Operations for the Three Month
          Period Ended March 31, 1999

          Statement of Changes in Stockholders' Equity
          for the Three Month Period Ended March 31, 1999

          Statement of Cash Flows for the Three Month
          Period Ended March 31, 1999

          Notes to Financial Statements as of March 31, 1999








































<PAGE>


PRINCETON MINING COMPANY
Statement of Financial Position as of
March 31, 1999 and December 31, 1998
(UNAUDITED)

<TABLE>

                                               March 31,       December 31,
                                                 1999              1998
                                             ____________      ____________
<C>                                          <S>               <S>
ASSETS

CURRENT ASSETS - Cash                         $       83          $      72 


PROPERTY

    Mining claims                                 25,000             25,688
                                             ____________      ____________



TOTAL ASSETS                                  $   25,083         $   25,072
                                             ============      ============


LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES

   Accounts payable                           $   22,606         $   23,605
   Advances from shareholder                       3,900                -
                                             ____________      ____________

         Total current liabilities                22,606             23,605
                                             ____________      ____________
STOCKHOLDERS' EQUITY

   Common stock; assessable; 
   $.10 par value; 3,000,000
      shares authorized; 3,000,000 
      shares issued and outstanding              956,334            956,334

   Additional paid-in capital                   (280,101)          (280,101)
   Accumulated deficit                          (677,656)          (674,766)

                                             ____________      ____________

         Total stockholders' equity               (1,423)             1,467
                                             ____________      ____________

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $   25,083        $    25,072
                                             ============      ============

</TABLE>

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

<PAGE>
PRINCETON MINING COMPANY
Statement of Operations for the Three
Month Period Ended March 31, 1999
(UNAUDITED)

<TABLE>
                                                  March 31,          March 31,
                                                    1999               1998
                                                _____________       ____________
<C>                                             <S>
REVENUES                                        $      -            $      -   
                                                _____________       ____________

OPERATING EXPENSES

    Interest                                             400               -
    Office                                             2,480             2,196
    Taxes and licenses                                    10               300
                                                _____________       _____________

            Total Operating Expenses                   2,890             2,496
                                                _____________       _____________


NET (LOSS)                                      $     (2,890)       $   (2,496)
                                                =============       =============

NET (LOSS) PER SHARE                            $      NIL          $       NIL
                                                =============       =============
</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 March 31, 1999 and 1998
(UNAUDITED)

<TABLE>

                                           
                         Common Stock      Additional
                     ____________________  Paid-in      Accumulated
                       Shares     Amount   Capital      Deficit          Total
                     _________  _________  ___________  ____________  ___________
<C>                  <S>        <S>        <S>          <S>           <S>
Balances as of
December 31, 1997    9,563,340  $ 956,334  $ (280,101)  $  (661,495)  $   14,738

Net (Loss)                 -          -           -          (2,496)      (2,496)
                     _________  _________  ___________  ____________  ___________

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

Balances as of 
December 31, 1998    9,563,340  $ 956,334  $ (280,101)  $ (674,766)   $    1,467

Net (Loss)                 -          -           -          (2,890)      (2,890)
                     _________  _________  ___________  ____________  ___________

Balances as 
of March 31, 
19998                9,563,340  $ 956,334  $ (280,101)  $  (677,656)  $   (1,423)
                     =========  =========  ===========  ============  ===========


</TABLE>
























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

<PAGE>
PRINCETON MINING COMPANY
Statement of Cash Flows for the Three 
Month Period Ended March 31, 1999
(UNAUDITED)

<TABLE>

                                                             March 31,        March 31,
                                                               1999              1998
                                                         _______________  _______________
<C>                                                      <S>              <S>
CASH FLOWS FROM OPERATING ACTIVITIES

    Net (Loss)                                           $      (2,890)   $       (2,496)
    (Decrease) in accounts payable                                (999)           (3,672)
    Increase in advances from shareholders                       3,900             6,100
                                                         _______________  _______________

        Net cash flows used from operating activities               11               (68)
                                                         _______________  _______________


NET DECREASE IN CASH                                                11               (68)
CASH AT BEGINNING OF PERIOD                                         72               110

                                                         _______________  _______________

CASH AT END OF PERIOD                                    $          83    $           42
                                                         ===============  ===============

</TABLE>





























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

<PAGE>


                             PRINCETON MINING COMPANY
                         Notes to Financial Statements
                                  (UNAUDITED)
                             as of  March 31, 1997                 


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,  1998.

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  ten unpatented mining claims east of Mullan,
Idaho,  in the  Coeur d'Alene Mining  District,  Shoshone County, Idaho.   As of
March 31, 1999,  current  liabilities  exceeded  current  assets  by  $26,443.

During  the  quarter  ended March 31, 1999, the Company had a net operating loss
of  $2,890,  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:      May 11, 1999
____________________________________            __________________________
H. James Magnuson
President and Director 

/s/     Dennis O'Brien                          Date:      May 10, 1999
____________________________________            __________________________
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:      May 11, 1999
____________________________________            __________________________
H. James Magnuson
President and Director 

/s/     Dennis O'Brien                          Date:      May 10, 1999
____________________________________            __________________________
Dennis O'Brien
Secretary-Treasurer and Director