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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, 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:                9,563,334














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


<PAGE>

PART I





ITEM 1

          Statement of Financial Position as of March 31, 1998

          and December 31,1997

          Statement of Operations for the Three Month Periods Ended
          March 31, 1998 and 1997

          Statement of Changes in Stockholders' Equity
          for the Three Month Periods Ended March 31, 1998, and 1997

          Statement of Cash Flows for the Three Periods Ended
          March 31, 1998 and 1997

          Notes to Financial Statements as of March 31, 1998







































<PAGE>

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

<TABLE>

                                               March 31,       December 31,
                                                 1998              1997
                                             ____________      ____________
<C>                                          <S>               <S>
ASSETS

CURRENT ASSETS - Cash                         $       42          $     110


PROPERTY

    Mining claims                                 25,000             25,000
                                             ____________      ____________



TOTAL ASSETS                                  $   25,042         $   25,110
                                             ============      ============


LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES

   Accounts payable                           $    6,700         $   10,372
   Advances from shareholder                       6,100                -
                                             ____________      ____________

         Total Current Liabilities                12,800             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                          (663,991)          (661,495)

                                             ____________      ____________

         Total stockholders' equity               12,242             14,738
                                             ____________      ____________

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $   25,042        $    25,110
                                             ============      ============
</TABLE>

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



<PAGE>
PRINCETON MINING COMPANY
Statement of Operations for the Three Month
Periods Ended March 31, 1998 and 1997
(UNAUDITED)

<TABLE>

                                             March 31,         March 31,
                                               1998              1997
                                           ____________      ____________

<C>                                        <S>               <S>
REVENUES                                   $      -          $      -
                                           _____________     ____________

OPERATING EXPENSES
    Loss on abandoned mining claims                -            230,688
    Interest                                       -              6,048
    Office                                       2,196            3,443
    Legal                                          -                291
    Taxes and licenses                             300              310
                                           _____________     ____________

            Total Operating Expenses             2,496          240,780
                                           _____________     ____________


NET (LOSS)                                 $    (2,496)      $ (240,780)
                                           =============     ============

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

WEIGHTED AVERAGE NUMBER OF SHARES            9,563,340        3,000,000
                                           =============     ============



</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, 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 December 31,
1996           3,000,000  $ 300,000  $   48,066                 $ (343,656)  $    4,410


Net (Loss)           -          -           -                     (240,780)    (240,780)
               _________  _________  ___________                ___________  ___________

Balances as 
of March 31, 
1997           3,000,000  $ 300,000  $   48,066                 $ (584,436)  $ (236,370)
               =========  =========  ===========                ===========  ===========

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
               =========  =========               ============  ===========  ===========

</TABLE>




















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

<PAGE>
PRINCETON MINING COMPANY
Statement of Cash Flows for the Three 
Periods Ended March 31, 1998 and 1997
(UNAUDITED)

<TABLE>

                                                      March 31,       March 31,
                                                        1998            1997
                                                     ____________   ___________
<C>                                                  <S>            <S>

CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss                                             $    (2,496)   $ (240,780)
  Add item not requiring the use of cash:   
    Loss on abandoned mining claims                          -         230,688
  Increase (decrease) in accounts payable                 (3,672)        6,642
  Increase in advances from shareholders                   6,100         3,400
                                                     _____________  ____________
 
      Net cash flows used from operating activities          (68)          (50)
                                                     _____________  ____________

NET DECREASE IN CASH                                         (68)          (50)

CASH AT BEGINNING OF PERIOD                                  110           108

                                                     _____________  ____________

CASH AT END OF PERIOD                                $        42    $       58
                                                     =============  ============





























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

<PAGE>

                         PRINCETON MINING COMPANY
                       Notes to Financial Statements
                          as of  June 30, 1997
                               (UNAUDITED)

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 maintains ten unpatented mining claims east of Mullan, Idaho, in 
the Coeur d'Alene Mining District, Shoshone County, Idaho.  As of March 31, 
1998, current liabilities exceeded current assets by $12,758

During the quarter ended March 31, 1998, the Company had a net operating loss 
of $2,496, which was primarily due to normal operating expenses.


















































<PAGE>


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:      5/11/1998
____________________________________            __________________________
H. James Magnuson
President and Director 

/s/     Dennis O'Brien                          Date:      5/11/1998
____________________________________            __________________________
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:      5/11/1998
____________________________________            __________________________
H. James Magnuson
President and Director 

/s/     Dennis O'Brien                          Date:      5/11/1998
____________________________________            __________________________
Dennis O'Brien
Secretary-Treasurer and Director 









</TABLE>