SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                              _________________

                                  FORM 10-Q


[  X  ] Quarterly report pursuant Section 13 or 15 (d) of the Securities 
        Exchange Act of 1934

 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1997
                                -----------------

OR

[     ] Transition report pursuant section 13 or 15 (d) of the Securities 
        Exchange Act of 1934

[  X  ]


                        COMMISSION FILE NUMBER 0-14136

                                 CASMYN CORP.
           (Exact name of registrant as specified in Charter)


                                  COLORADO
                (State or other jurisdiction of incorporation)


                                 84-0987840
                      (IRS Employer Identification No.)

                         1335 GREG STREET, UNIT #104
                             SPARKS, NEVADA 89431
                               (702) 331-5524
        (Address and Telephone Number of Principal Executive Offices)


        Check whether the issuer (1) filed all reports required to be filed by
section  13 or 15 (d) of the Securities Exchange Act during the past 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  [     ].

As of February 10 , 1998, 30,507,354 shares of the issuer's common stock were
outstanding.

     This report contains 15 pages.

<PAGE>


                                 CASMYN CORP.
                                  FORM 10-Q
                                    INDEX


                                                                         Page
PART I.   FINANCIAL INFORMATION:                                         No.
                                                                         --- 

          Item 1.  Financial Statements

          Condensed Consolidated Balance Sheets - December 31, 1997
           and September 30, 1997                                        3

          Condensed Consolidated Statements of Operations - Three Months
           ended December 31, 1997 and 1996                              4

          Condensed Consolidated Statements of Cash Flows - Three Months
           ended December  31, 1997 and 1996                             5

          Notes to Condensed Consolidated Financial Statements           7

          Item 2. Management's Discussion and Analysis of Financial
                   Condition and Results of Operations                   10

PART II.  OTHER INFORMATION:

          Item 6.  Exhibits and Reports on Form 8-K                      15

          Signatures                                                     15

<PAGE>

PART I.   FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS
                                 CASMYN CORP.
                          CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
<S>                                            <C>             <C>
                                                DECEMBER 31,   SEPTEMBER 30,
                                                   1997            1997

                                    ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                    $  12,487,174   $    18,185,515 
  Restricted cash                                  5,089,192         5,074,659 
  Marketable securities                            2,053,343         2,096,704 
  Accounts receivable                                933,250           511,135 
  Inventories                                        885,228           751,299 
  Prepaid expenses and other assets                   22,192           247,560
                                              --------------  ---------------- 
     Total current assets                         21,470,379        26,866,872 
INVESTMENT IN AND ADVANCES TO AFFILIATES           4,574,368         4,574,368 
PROPERTY AND EQUIPMENT, NET                       17,665,128        16,676,347 
OTHER ASSETS                                         135,955           155,792 
                                              --------------  ----------------
TOTAL ASSETS                                   $  43,845,830   $    48,273,379 
                                              ==============  ================


LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------                                  
CURRENT LIABILITIES:
  Accounts payable                             $   1,004,892   $     1,108,944 
  Line of credit                                   4,910,056         4,966,160 
  Accrued taxes from acquisition                     792,801           792,801 
  Accrued liabilities                                 84,636         2,156,704 
  Current portion of long-term debt                        -            58,418
                                              --------------  ---------------- 
     Total current liabilities                     6,792,385         9,083,027
                                              --------------  ----------------
DIVIDEND PAYABLE                                   4,574,368         4,574,368
                                              --------------  ---------------- 
Total Liabilities                                 11,366,753        13,657,395 
                                              --------------  ----------------
MINORITY INTEREST                                    104,077           144,220 
                                              --------------  ---------------- 



STOCKHOLDERS' EQUITY:
  Preferred stock, $.10 par value; 
  20,000,000 shares authorized; 
  1,387,394 and 1,406,962 shares 
  issued and outstanding, liquidation 
  preference $40,679,119                            138,739           140,697 
  Common stock, $.04 par value; 300,000,000 
  shares authorized; 13,950,370 and 13,376,714 
  shares issued and outstanding                     558,015           535,069 
  Additional paid-in capital                     69,321,854        66,486,227 
  Accumulated deficit                           (31,575,508)     ( 28,453,840)
  Foreign currency translation adjustment       ( 3,123,508)     (  3,328,954)
  Treasury stock at cost, 583,937 and 
  181,437 shares                                ( 2,944,592)     (    907,435)
                                             --------------    --------------
       Total stockholders' equity                32,375,000        34,471,764 
                                             --------------    --------------
LIABILITIES AND STOCKHOLDERS' EQUITY          $  43,845,830     $  48,273,379 
                                             ==============    ==============
</TABLE>

SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

<PAGE>

                               CASMYN CORP.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
          FOR THE THREE MONTHS ENDED DECEMBER 31, 1997 AND 1996

<TABLE>
<CAPTION>
<S>                                            <C>              <C>
                                                     1997           1996 
                                               --------------   ------------  
REVENUES:
Precious metals                                      $977,030       $622,506
                                               --------------   ------------   
COSTS AND EXPENSES:
Mineral operations                                    649,186        816,846
General and administrative expenses                   536,339        567,971
Compensatory stock option expense                           -         74,042
Professional services                                  36,401              -
Depreciation, depletion and amortization              157,275        113,573
Mineral exploration expense                            83,118        418,975
Mergers and acquisitions                               46,547        113,822
                                               --------------   ------------
                                                    1,508,866      2,105,229
                                               --------------   ------------
LOSS FROM OPERATIONS                              (   531,836)    (1,482,723)
                                               --------------   ------------
OTHER INCOME (EXPENSE):
Equity in net loss of affiliate                             -       (277,068)
Minority interest in net loss of 
 consolidated subsidiary                               40,143              -
Foreign exchange loss                            (     76,626)             - 
Interest income, net                                  301,669         27,256
Gain on sale of investment                                  -        126,000   
                                               --------------   ------------
Other income (expense), net                           265,186       (123,812)
                                               --------------   ------------
NET LOSS                                            $(266,650)   $(1,606,535)
                                               ==============   ============

BASIC LOSS PER COMMON SHARE
Net loss                                            $(266,650)   $(1,606,535)
Less:  dividends on convertible 
        preferred stock                          (    686,425)             -
Less:  amortization of discount 
        on convertible preferred stock            ( 2,168,593)             -
                                               --------------   ------------
NET LOSS APPLICABLE TO COMMON SHARES             $( 3,121,668)   $(1,606,535)
                                               ==============   ============

BASIC LOSS PER SHARE                                   $(0.23)        $(0.13)
                                               ==============   ============

WEIGHTED AVERAGE COMMON 
SHARES OUTSTANDING                                 13,552,060     12,624,508
                                               ==============   ============

</TABLE>

SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.


<PAGE>

                                    CASMYN CORP.
                   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED DECEMBER 31, 1997 AND 1996
<TABLE>
<CAPTION>
<S>                                       <C>               <C>   
                                                 1997              1996 
                                          --------------   ------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                $      (266,650)      $   (1,606,535)
Adjustments to reconcile net loss to 
  net cash used in operating activities:
     Depreciation, depletion and amortization   157,275              113,573 
     Equity in net loss of affiliate                  -              277,068 
     Minority interest in net loss of 
      consolidated subsidiary                   (40,143)                   - 
     Compensatory stock option expense                -               74,042 
     Amortization of debt issue costs                 -               15,000 
     Gain on sale of investment                       -             (126,000)
     Other non-cash expense                           -               56,640 
     Increase in accounts receivable           (422,115)            (352,750)
     Increase in inventories                   (133,929)            (159,409)
     Decrease (increase) in prepaid 
      expenses and other assets                 245,205              (23,641)
     Increase in accounts payable              (104,052)              67,950 
     Increase (decrease) in accrued 
      liabilities                               (18,726)            (243,225)
     (Increase) decrease in amounts 
       due from related parties                                       22,388 
                                        ---------------     ----------------
          Net cash used in operating 
           activities                          (583,135)          (1,884,899)
                                        ---------------     ----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
     Investment in marketable securities     (2,053,343)                   - 
     Proceeds from sale of assets                     -              900,000 
     Decrease in long-term deposits                   -                4,958 
     Investment in and advances to affiliates         -             (708,379)
     Purchase of property and equipment        (988,781)          (2,685,732)
                                        ---------------     ----------------
         Net cash used in investing 
          activities                         (3,042,124)          (2,489,153)
                                        ---------------     ----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
     Issuance of common stock                         -            1,410,500 
     Issuance of common stock for 
      exercise of stock options                                      198,340 
     Borrowings under line of credit                                       - 
     Increase in restricted cash                (14,533)                   - 
     Purchase of treasury stock              (2,037,157)                   - 
     Repayments of long-term debt                (2,314)             (29,750)
                                         --------------     ----------------
          Net cash provided by financing 
           activities                        (2,054,004)           1,579,090 
                                         --------------     ----------------
EFFECT OF EXCHANGE RATE CHANGES ON 
  CASH AND CASH EQUIVALENTS                     (19,078)            (451,689)
                                         --------------     ----------------  
NET INCREASE (DECREASE) IN CASH AND 
  CASH EQUIVALENTS                           (5,698,341)          (3,246,651)
CASH AND CASH EQUIVALENTS, BEGINNING 
  OF PERIOD                                  18,185,515            4,046,194 
                                        ---------------    -----------------
CASH AND CASH EQUIVALENTS, END OF PERIOD  $  12,487,174       $      799,543 
                                        ===============    =================

</TABLE>

(CONTINUED)

SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

<PAGE>

                                    CASMYN CORP.
                  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE THREE MONTHS ENDED DECEMBER 31, 1997 AND 1996
                                    (CONTINUED)

<TABLE>
<CAPTION>
<S>                                             <C>           <C>
                                                        1997           1996 
                                                ------------  ------------- 
CASH PAID FOR INTEREST                          $    107,752  $      22,528 
                                                ============  =============

NON-CASH INVESTING AND FINANCING ACTIVITIES:

  Issuance of common stock for services         $          -  $     226,561 
  Conversion of common stock to preferred stock       21,349              - 
  Issuance of preferred shares for payment of 
    dividend                                         686,425              - 
  Amortization of discount on convertible 
    preferred stock                                2,168,593              - 
  Receipt of investment for sale of asset                  -          1,000 
  Reduction of payable to joint venture and 
    investment in joint venture                            -        623,000 

</TABLE>
<PAGE>
                                 CASMYN CORP.
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.     BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The  accompanying  condensed  consolidated financial statements are unaudited;
however, in the opinion of management, such statements include all adjustments
(which  are  of  a normal, recurring nature) necessary for a fair presentation 
of the results for the interim periods. The financial statements included herein
have  been  prepared by Casmyn Corp. (the "Company") pursuant to the rules and
regulations  of  the  Securities and Exchange Commission.  Certain information
and footnote disclosures normally included in financial statements prepared in
accordance  with  generally accepted accounting principles have been condensed
or  omitted  pursuant  to  such  rules  and  regulations, although the Company
believes  that  the  disclosures  included  herein  are  adequate  to make the
information not misleading.

The  organization and business of the Company, accounting policies followed by
the  Company and other information are contained in the notes to the Company's
consolidated financial statements filed as part of the Company's September 30,
1997  Form  10-K.    The  Form  10-K  should  be read in conjunction with this
quarterly report.

INCOME (LOSS) PER SHARE

The  Company  adopted  the  provisions  of  Statement  of Financial Accounting
Standards  No. 128 ("SFAS 128") in the quarter ended December 31, 1997 and has
calculated  the  basic  loss per share information as prescribed by SFAS 128. 
The  calculation  of  the  diluted  loss per share has been omitted as the
assumed  conversion,  exercise or contingent issuance of securities would have
an antidilutive effect on loss per share.

RECENTLY ISSUED ACCOUNTING STANDARDS

The  Financial Accounting Standards Board recently issued Statement of 
Financial Accounting Standards No. 130 ("SFAS  130"),  Reporting  Comprehensive
Income, which is effective for fiscal years  beginning  after December 15, 1997.
SFAS 130 establishes standards for reporting and displaying comprehensive 
income and its components in a full set of  general-purpose  financial  
statements. The  Company will adopt the new statement  for  its  fiscal  year  
beginning  October  1,  1998,  and does not anticipate  that  adoption  will 
have a significant impact on its consolidated financial  statements.    Under  
the new statement the Company will report the change  in  the  foreign  
currency  translation  adjustment  as a component of comprehensive income.

The  FASB  recently  issued Statement of Financial Accounting Standard No. 131
("SFAS  131"),  Disclosure  About  Segments  of  an  Enterprise  and  Related
Information, which is also effective for fiscal years beginning after December
15,  1997.    SFAS  131  establishes  standards  for  segment reporting in the
financial  statements.   It also establishes standards for related disclosures
about  products  and  services,  geographic  areas  and  major customers.  The
Company  will adopt the new statement for its fiscal year beginning October 1,
1998  and  does not anticipate that providing required disclosures will result
in  significantly  different  information  from  that which is currently being
disclosed.

<PAGE>

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.

FOREIGN CURRENCY TRANSLATION

Prior to September 30, 1997, the functional currency of the Company's Zimbabwe 
operations had been the Zimbabwean dollar. Accordingly, balance sheet 
accounts were translated to US dollars using current exchange rates in effect 
at the balance sheet date while revenue and expense accounts were translated
using the weighted average exchange rate during the reported period.  The gains
or losses resulting from such translation were recorded in the foreign currency
translation adjustment account included as part of stockholders' equity.  
During the period ended December 31, 1997, the Zimbabwean currency experienced
devaluation in excess of 44%.  This level of devaluation is expected to have
significant impacts on Zimbabwe's annual rate of inflation such that the 
country may be classified as highly inflationary.  As a result, US dollar was
adopted as the functional currency for the Company's Zimbabwe operations,
effective October 1, 1997.  Existing non-monetary assets and liabilities are
measured using exchange rates in effect as at October 31, 1997 and any gains 
or losses from holding monetary assets and liabilities are reflected in the 
statement of operations for the period. Revenue and expense accounts are 
continued to be translated using the weighted average exchange rate during the 
period.
<PAGE>

2.     SUMMARY OF STOCKHOLDERS' EQUITY TRANSACTIONS

During  the three months ended December 31, 1997, the Company has recorded the
following activity in its stockholders' equity accounts:

<TABLE>
<CAPTION>
<S>                            <C>            <C>              <C>       
                               Number of       Common Stock    Number of 
                               Common Shares                   Preferred 
                                                               Shares       
Description
Balances September 30, 1997       13,376,714   $    535,069     1,406,962 
Exercise of stock options             39,923          1,597             - 
Preferred stock dividend                   -              -        27,457 
Conversion of preferred shares       533,733         21,349       (47,025)
Conversion discount on
  convertible preferred stock              -              -             - 
Purchase of treasury stock                 -              -             - 
Foreign currency
   translation adjustment                  -              -             - 
Net loss                                   -              -             - 
                              --------------  -------------  ------------
Balances at December 31, 1997     13,950,370   $    558,015     1,387,394 
                              ==============  =============  ============

                                Preferred     Foreign Currency Treasury
                                Stock         Translation      Stock
                                              Adjustment
Description
Balances September 30, 1997     $    140,697  $ (3,328,954)  $ ( 907,435)
Exercise of stock options                  -              -             - 
Preferred stock dividend               2,746              -             - 
Conversion of preferred shares        (4,704)             -             -   
Conversion discount on
  convertible preferred stock              -              -             - 
Purchase of treasury stock                 -              -   ( 2,037,157)
Foreign currency
   translation adjustment                  -        205,446             - 
Net loss                                   -              -   
                                ------------   ------------   -----------
Balances at December 31, 1997   $    138,739   $ (3,123,508)  $(2,944,592)
                                ============   ============   ===========

                                Accumulated    Additional     Total
                                Deficit        Paid-in        Stockholders'
                                               Capital        Equity
Description
Balances September 30, 1997     $(28,453,840)  $ 66,486,227   $34,471,764
Exercise of stock options                  -              -         1,597
Preferred stock dividend            (686,425)       683,679             -
Conversion of preferred shares             -   (     16,645)            -
Conversion discount on
  convertible preferred stock     (2,168,593)     2,168,593             -
Purchase of treasury stock                 -              -    (2,037,157) 
Foreign currency
   translation adjustment                  -              -       205,446
Net loss                            (266,650)             -      (266,650)  
                                ------------   ------------   -----------
Balances at December 31, 1997   $(31,575,508)  $ 69,321,854   $32,375,000
                                ============   ============   ===========
</TABLE>

The  Convertible  Preferred  stock  is convertible at a discount to the Common
Stock  ranging  from  8.5% to 39% depending upon the date on which such shares
are converted.  The discount is considered to be an additional preferred stock
dividend.    At  December  31, 1997, the Company recorded a charge to retained
earnings  and  a  corresponding  increase  to  additional  paid-in  capital of
$2,168,593  ($0.16  per common share) which represents the discount amount for
the  period  October  1,  1997  to  December  31,  1997.  This amount has been
recognized  as  a   return to the preferred shareholders and as a reduction of
income available to common shareholders.  The Company issued a total of 27,457
shares of Convertible Preferred stock as payment of the 8% dividend due on the
Convertible Preferred stock on December 31, 1997.

<PAGE>

    ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSISOF FINANCIAL CONDITION AND
                            RESULTS OF OPERATIONS

Certain  statements  and  information  contained  in  this  Report  constitute
"forward  looking  statements" within the meaning of the United States Federal
securities  laws.    Such statements involve risks and uncertainties which may
cause  actual  results,  performance,  or  achievements  of  the Company to be
materially  different  from  results,  performance, or achievements implied by
such  forward  looking  statements.   Factors which could affect the Company's
financial  results  are  described  below  and  in the Company's latest Annual
Report  on Form 10-K filed with the Securities and Exchange Commission for the
year  ended  September  30,  1997.    Readers are cautioned not to place undue
reliance  on these forward looking statements, which speak only as of the date
hereof.    The  Company  undertakes no obligation to release the result of any
revisions  to  these  forward  looking  statements that may be made to reflect
events or circumstances after the date hereof or to reflect the occurrences of
unanticipated events.

OVERVIEW

The  business  activities  of  the  Company  center  around  mineral  resource
development.    The  primary  focus  to  date  has  been  the  acquisition and
exploration  of  precious  mineral resource properties in Zimbabwe, Zambia and
South Africa.  The Company has acquired a prospecting license in Zambia and is
presently conducting mining operations at the Zimbabwe mining properties.

SUBSEQUENT EVENTS

As of February 10, 1998, the Company had issued an aggregate of 17,158,682 
shares of Common Stock upon conversion of 186,352 shares of Convertible 
Preferred Stock.

As of January 29, 1998, the Company had suspended the use of the prospectus
covering the resale of the Common Shares underlying the Convertible Preferred
Stock.

As of January 30, 1998, the trading in the Company's Common Stock had been
halted pending submission of certain information requested by Nasdaq.  As of
February 10, 1998, trading of the Company's Common Stock had not resumed.

RESULTS OF OPERATIONS

THREE  MONTHS  ENDED  DECEMBER  31,  1997  COMPARED  TO THE THREE MONTHS ENDED
DECEMBER 31, 1996

Revenues  for  the three months ended December 31, 1997 were $977,030 compared
to  $622,506  for  the  three months ended December 31, 1996.  The increase of
$354,524  was  due  to  the  sale of approximately 3,357 ounces of gold in the
three  months  ended  December 31, 1997 compared to approximately 1,713 ounces
sold  in  the three months ended December 31, 1996.  The average selling price
of  gold  for  the three months ended December 31, 1997 was approximately $291
per  ounce compared to an average price of approximately $363 per ounce in the
three  month  period  ended  December  31,  1996.   Fixed and variable mineral
operations  expenses  related  to  gold production were $649,186 for the three
months  ended  December 31, 1997.  As a result, revenues exceeded direct costs
of  production  by $327,844 for the three months ended December 31, 1997. This
reflects  the  Company  settling  its  gold  sales in US dollars while mineral
operation costs are paid in local Zimbabwe currency which declined in value in
excess  of  45%  over the three month period ended December 31, 1997.  For the
three  months  ended  December  31, 1996, fixed and variable mineral operations
expenses  of $816,846 exceeded revenues from gold sales by $194,340.  Expenses
exceeded revenues in the three month period ended December 31, 1996 due to low
production  levels  caused by the Company completing the commissioning process
of its new "state of the art" production circuits so as to provide sustainable
production capacities.

Total  costs and expenses excluding the expenditure related to gold production
were  $859,680  for  the  three  months  ended  December 31, 1997, compared to
$1,288,333  for  the  three  months  ended  December  31, 1996, a decrease of
$428,653.

General  and  administrative expenses were $536,339 for the three months ended
December 31, 1997 compared to $567,971 for the three months ended December 31,
1996,  a decrease of $31,632.  Compensation and benefits decreased $90,533 due
to a reduction in personnel costs in the Company's headquarters as well as the

<PAGE>

Zimbabwe  operations.    Travel expenses decreased $20,337 in the three months
ended  December  31, 1997 compared to the three months ended December 31, 1996
due  mainly  to  expenses  incurred  by  the Company in the three months ended
December  31,  1996  related to a tour of its Zimbabwe mining operations for a
group  of  twelve  mining analysts. These costs were not repeated in the three
months  ended  December 31, 1997.  These decreases were partially offset by an
increase  in  rent  expense  of $31,351 in the three months ended December 31,
1997  compared  to 1996 from the Company's Canadian offices and the offices of
Casmyn  International  Inc.  in the Commonwealth of Independent States.  Other
general  and  administrative  expenses  increased $79,519 for the three months
ended  December  31, 1997 compared to the three months ended December 31, 1996
due to expansion of the Company's worldwide operations, primarily in Zimbabwe.

Compensatory stock option expense decreased $74,042 for the three months ended
December  31,  1997 compared to the three months ended December 31, 1996 since
there  were  no  compensatory  options  outstanding  in the three months ended
December 31, 1997.

Mineral  exploration expenses were $83,118 for the three months ended December
31,  1997 compared to $418,975 for the three months ended December 31, 1996, a
decrease  of  $335,857.    This  decrease  is due to the lower expenses in the
current  period  related  to  the Company's mineral exploration program at the
Luswishi Property located in the Zambian Copperbelt.

Merger  and acquisition related expenses decreased $67,275 in the three months
ended  December  31,  1997  to  $46,547  due  to the Company's higher level of
activity  in developing new business opportunities around the world in 1996 as
compared to 1997.

Total  other income was $265,186 for the three months ended December 31, 1997,
compared  to  a total loss of $123,812 for the three months ended December 31,
1996,  an  increase  of $388,998.  This increase was due to a reduction in the
equity  in  the  net  loss of WPUR of $277,068 caused by the Company no longer
having  an  equity  interest  in  WPUR,  an  increase  in investment income of
$274,413 and $40,143 in income related to the 45% minority interest in the net
loss for the period of Casmyn International Inc.   These increases were offset
by  a  foreign  exchange loss of $76,626 due to recent currency devaluation in
Zimbabwe.

OUTLOOK

The  Company anticipates that revenues from the sale of gold from the Zimbabwe
mines  will  exceed expenditures from operation of the mines commencing in the
fiscal quarter ended March  31, 1998, based upon the current gold price and the
continued  ability of the Company to deliver and process ore at its mills.  It
is  also  anticipated that a portion of the capital improvement budget will be
postponed  until  improvement  in  gold  prices  is  experienced.  The Company
intends  to produce gold from the tailings dumps and the surface materials and
delay  higher  cost  underground  production  until  gold  prices  increase.  
Additionally,  the  Company anticipates that expense levels experienced in the
three  months  ended December 31, 1997 relating to active exploration programs
will  continue.    The  Company  charges  to  expense  all  mineral  resource
exploration  and  development  costs  until the mineral property to which they
relate  is  determined  to  have  resources for which recovery is economically
feasible.  Costs are then capitalized until the mineral property to which they
relate  is placed into production, sold, abandoned or written down where there
is  an  impairment  in  value.   Capitalized costs are to be charged to future
operations  on  a  unit-of-production  basis.  The Company estimates the total
proven  and  probable  gold  reserves  at  the Zimbabwe Properties  at 502,499
ounces.    Independent  engineering  studies  are currently underway which may
cause  this  estimate  to  change.  Should gold prices continue to change, the
proven  and  probable  gold  reserves  will  also  change.    In addition, the
continued  exploration program being undertaken by the Company along with gold
production  will  result  in  adjustments to the Company's proven and probable
reserves.  The gold occurs in sulfides, oxides and old mill tailings.

<PAGE>

LOSS PER COMMON SHARE

The net loss per common share for the year ended December 31, 1997 was $(0.23)
per share.  This loss per share is comprised of the following:


<TABLE>
<CAPTION>

<S>                                                <C>
Net Income                                         $(  0.02)
Dividend on Convertible Preferred Stock              ( 0.05)
Amortization of discount on Convertible Preferred
     Stock                                            (0.16)
Net Loss Per Common Share                          $  (0.23)

</TABLE>

The  amortization  of  the  discount  on  the  convertible  preferred stock is
recognized  as  a  return  to the preferred shareholders and as a reduction of
income  available  to  common  shareholders  (see  Note  1 to the Notes to the
Condensed Consolidated Financial Statements).

CAPITAL RESOURCES AND LIQUIDITY

At  December  31,  1997,  the  Company  had working capital of $14,608,168 (or
$9,518,976  excluding restricted cash), including $12,487,174 in cash and cash
equivalents.    Management  anticipates that the net use of cash by operations
will  decrease  compared  to  amounts  used  in  the  three month period ended
December  31,  1997 due to the profitability of the Zimbabwe mining operation,
reduced  mineral  exploration  expenditures  and  decreased  costs  related to
corporate  staff activities.  In addition, the Company used $2,037,157 in
cash  during  the  three  month period ended December 31, 1997 to purchase its
common  stock. The  Company does not anticipate similar purchases in the near
term.    The  Company  expects  to  spend  approximately $2,000,000 during the
remainder of the fiscal year ending September 30, 1998 on capital expenditures
related  to  refurbishment  and construction as well as on projects related to
power supply, water supply and housing.  The Company will use current cash and
cash  equivalents  to  fund  the  on-going  projects  in  the  short  term and
anticipates  that  it  will  be  able  to secure additional debt and/or equity
financing to fund longer term projects although there can be no assurance that
any such financing will be secured or the amounts thereof.

On April 14, 1997, the Company completed the initial placement of 751,200 shares
of  Convertible Preferred stock for cash proceeds of approximately $16,759,000
(after  cash  fees  to the placement agent and the Company's financial advisor
and  estimated  transaction  expenses);  an additional 83,467 preferred shares
were  issued  to  Societe Generale in exchange for $2,086,675 principal amount
(less  $84,000  unamortized  debt  issue  costs)  of  pre-existing convertible
debentures.    Societe  Generale  also  converted  the  remaining  $2,913,325
principal  balance  (less  unamortized  debt  issue  costs of $116,000) of its
convertible debenture in exchange for 594,856 common shares.  The Company also
issued  3,637  preferred  shares  for  interest  accrued  on  the  convertible
debenture  through the date of conversion.  In addition, on September 2, 1997,
the Company completed an additional placement of 533,885 shares of Convertible
Preferred  stock  for  cash  proceeds  of  approximately $12,423,000 including
accrued  interest  at  8% per annum from April 14, 1997 to the date of closing
and  after  cash  fees  to  the  placement  agents  and  estimated transaction
expenses.    The subscription price for the placements was $25 per share.  The
preferred  shares  carry  an  8%  dividend  to be paid in additional shares of
preferred  stock  and  convert into common stock over a five year period at an
increasing  discount  to  the  market price of the common stock at the time of
conversion,  subject  to  certain adjustments.  The Company has the ability to
force  mandatory  conversion if the common stock exceeds certain trading price
and  volume  targets.   The number of shares that can be converted by a holder
over  a  ten month period beginning in July, 1997 is limited to 10% per month,

<PAGE>

cumulative.    The underlying common stock is also restricted for sale subject
to  daily  volume  limitations.    The  placement  agents  received  warrants
exercisable  for  a  period  of  five  years to purchase 172,725 shares of the
Convertible Preferred stock at $25 per share.

During February 1997, the Company negotiated a $5,000,000 credit facility with
Barclays  Bank  of  Zimbabwe.  At September 30, 1997, the Company had borrowed
$4,966,160  against  this  facility.  Also during the year ended September 30,
1997,  the  Company  negotiated  a  $40,000,000 project finance agreement with
Barclays Bank, London which has since expired due to the Company's strategy of
minimizing  debt  at  the present low gold prices.  At September 30, 1997, the
Company had not financed any projects under that agreement.

In addition to the above, on November 8, 1996, the Company completed a private
placement  of  155,000  units for total net proceeds of $1,410,500.  Each unit
consisted  of  one  common  share plus one warrant; two warrants plus $10 will
entitle  the  holder  to  purchase  one  share of the Company's common stock. 
During  the  fiscal  year  ended  September  30,  1995,  the Company completed
placement  of  a  $5,000,000,  2.5%,  unsecured, convertible debenture for net
proceeds  of  $4,700,000.    This  debenture was converted to a combination of
common  and  preferred stock in the year ended September 30, 1997 as discussed
above.    Additionally,  in  the  year  ended  September  30, 1996 the Company
received  $12,975,683,  net  of  commissions and other expenses related to the
transactions,  through issuance of 1,159,091 units, consisting of warrants and
shares of restricted common stock in exempt private transactions.

Net  Cash Used in Operating Activities.  Net cash used in operating activities
was $583,135 for the three months ended December 31, 1997 due to net cash used
in  operations of $556,044 from increases in accounts receivable and inventory
offset  by  net  cash  provided  by operations of $122,427 due to increases in
accounts  payable  and  accrued liabilities and a decrease in prepaid expenses
and  other  assets.    Depreciation  and  minority interest in the net loss of
Casmyn  International Inc. accounted for the remainder of the net cash used in
operating  activities.    Net cash used in operating activities was $1,884,899
for  the  three  months  ended  December  31,  1996  due  to  net loss (before
depreciation  and  other  non-cash  items)  of  $1,196,212;  net  cash used in
operations  of  $779,025  from  increases  in  accounts receivable, inventory,
prepaid  expenses  and other assets, and decreases in accrued liabilities; and
net  cash  provided  by  operating  activities  of $90,338 due to increases in
accounts payable and decreases in amounts due to related parties.

Net  Cash Used in Investing Activities.  Net cash used in investing activities
was  $3,042,124  for  the  three  months  ended  December  31, 1997 due to the
investments  in  marketable  securities of $2,053,343 and purchase of property
and  equipment  of  $988,781 primarily at the Zimbabwe mining properties.  Net
cash  used  in  investing activities was $2,489,153 for the three months ended
December  31,  1996  due  to  investments  in  and  advances  to affiliates of
$708,379,  purchases  of  property  and  equipment of $2,685,732, and net cash
provided  of  $900,000  from  the sale of assets of $900,000 and $4,958 due to
decreases in long-term deposits.

Net  Cash  Used in  Financing  Activities.    Net  cash used in financing
activities  was $2,054,004 for the three months ended December 31, 1997 due to
the  Company  purchasing  $2,037,157 of the Company's common stock in the open
market,  an  increase in restricted cash of $14,533 and repayment of long-term
debt  of $2,314.  Net cash provided by financing activities was $1,579,090 for
the three months ended December 31, 1996 due to the receipt of $1,410,500 from
the  issuance  of common stock, and $198,340 from the exercise of common stock
options offset by repayment of long-term debt of $29,750.

<PAGE>

PART II.  OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

A.  Exhibits

    Exhibit 27 -- FINANCIAL DATA SCHEDULE (EDGAR filing only)

B.  Forms 8-K

    1.  The  Company  filed  Form  8-K  on  October  10,  1997, reporting that 
        effective September  30,  1997,  it  restructured  its  interest  in  
        WaterPur International, Inc. ("WPUR") by converting its debt and 
        equity holding in WPUR into 7,900,004 shares of convertible preferred 
        stock.  In addition, the Company received  warrants to purchase up to 
        3,300,000 WPUR common shares, exercisable for a three year period.

SIGNATURES

Pursuant  to  the  requirements  of  the  Securities Exchange Act of 1934, the
registrant  has  duly  caused  this  report  to be signed on its behalf by the
undersigned hereunto duly authorized.

                                   Casmyn Corp.

                                         /s/ Al-Karim Haji
February 11,  1998                 By _____________________________
                                   Al-Karim Haji, Chief Financial Officer