SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                              _________________
                                  FORM 10-Q


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

 FOR THE QUARTERLY PERIOD ENDED    MARCH 31, 1998 
                                   --------------   

OR

[     ]   Transition report under section 13 or 15 (d) of the Exchange Act


                        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 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  May  11,  1998, 141,543,350 shares of the issuer's common stock were
outstanding.

     This report contains 18 pages.

<PAGE>


                                 CASMYN CORP.
                                  FORM 10-Q
                                    INDEX
                                                                   Page
PART I.   Financial Information:                                   No.
                                                                   ---        

    Condensed Consolidated Balance Sheets - March 31, 1998
     and September 30, 1997                                          3

    Condensed Consolidated Statements of Operations - Three Months
     and Six Months ended March 31, 1998 and 1997                    4

    Condensed Consolidated Statements of Cash Flows - Six Months
     ended March 31, 1998 and 1997                                   5

    Notes to Condensed Consolidated Financial Statements             7

    Management's Discussion and Analysis of Financial
     Condition and Results of Operations                            12

PART II.    Other Information:

    Item 6 - Exhibits and Reports on Form 8-K                       18

    Signatures                                                      18

<PAGE>
                                 CASMYN CORP.
                    CONDENSED CONSOLIDATED BALANCE SHEETS

                                   ASSETS
                                   ------
<TABLE>
<CAPTION>

                                           MARCH 31, 1998    SEPTEMBER 30, 1997
                                            (UNAUDITED)          (AUDITED)
                                          --------------------------------------
CURRENT ASSETS:
<S>                                       <C>               <C>
     Cash and cash equivalents            $     11,441,149  $         18,185,515
     Restricted cash                                     -             5,074,659
     Marketable securities                       1,935,146             2,096,704
     Accounts receivable, net                      810,914               511,135
     Inventories                                   705,317               751,299
     Prepaid expenses and other assets              20,515               247,560
                                          --------------------------------------
          Total current assets                  14,913,041            26,866,872
INVESTMENT IN AND ADVANCES TO AFFILIATES         4,574,368             4,574,368
PROPERTY AND EQUIPMENT, NET                     18,853,773            16,676,347
OTHER ASSETS                                       325,955               155,792
                                          --------------------------------------
          TOTAL ASSETS                    $     38,667,137  $         48,273,379
                                          ======================================

                   LIABILITIES AND STOCKHOLDERS' EQUITY
                   ------------------------------------                                        

CURRENT LIABILITIES:
     Accounts payable                     $      1,336,187  $         1,108,944
     Accrued taxes from acquisition                627,835              792,801
     Accrued liabilities                            41,134            2,156,704
     Line of credit                              4,981,463            4,966,160
     Current portion of long-term debt                   -               58,418
                                          --------------------------------------
          Total current liabilities              6,986,619            9,083,027
DIVIDEND PAYABLE                                 4,574,368            4,574,368
                                          --------------------------------------
          Total Liabilities                     11,560,987           13,657,395
                                          --------------------------------------
MINORITY INTEREST                                   62,677              144,220
                                          --------------------------------------
STOCKHOLDERS' EQUITY:
     Preferred stock, $.10 par value; 
     20,000,000 shares authorized; 1,185,861
     and 1,406,962 shares issued and outstanding;
     liquidation preference $27,919,725
                                                  111,680               140,697
     Common stock, $.04 par value; 300,000,000
     shares authorized; 111,959,619
     and 13,376,714 shares issued and 
     outstanding                                4,478,385               535,069
     Additional paid-in capital                67,865,553            66,486,227 
     Accumulated deficit                      (39,067,806)          (28,453,840)
     Foreign currency translation adjustment  ( 3,399,747)          ( 3,328,954)
     Treasury stock-at cost, 583,937 and 
      181,437 shares                          ( 2,944,592)           (  907,435)
                                       -----------------------------------------
       Total Stockholders' Equity              27,043,473            34,471,764
                                       -----------------------------------------
          TOTAL LIABILITIES AND 
            STOCKHOLDERS' EQUITY              $38,667,137           $48,273,379
                                       ========================================= 

SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                                    CASMYN CORP.
                    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
          FOR THE THREE MONTHS AND SIX MONTHS ENDED MARCH 31, 1998 AND 1997
                                    (UNAUDITED)
                                                     FOR THE THREE MONTHS
                                                        ENDED MARCH 31,
                                                     1998                1997
                                              -------------------------------
REVENUES:
<S>                                            <C>                   <C>  
Precious metals                                $1,224,376            $874,645
Cost of production                                775,724             609,584  
                                               ------------------------------
GROSS PROFIT                                      448,652             265,061
                                              -------------------------------

COSTS AND EXPENSES:
 General and administrative expenses              630,908             512,352
 Compensatory stock option expense
                                                        -               9,043
 Professional services                            147,145             111,254 
Depreciation, depletion and
amortization                                      150,691             111,290  
Mineral exploration expense                        16,520              63,760
Mergers and acquisitions                           12,638              79,518
                                              -------------------------------  
                                                  957,902             887,217
                                              -------------------------------
LOSS FROM OPERATIONS                             (509,250)           (622,156)
                                              -------------------------------
OTHER INCOME (EXPENSE):
 Equity in net loss of affiliate                        -            (208,642)      
Minority interest in net loss of
consolidated subsidiary                            41,400                   -
Interest (expense) income, net                    273,884             (40,460)
Gain on sale of investment                              -                   -
Other income (expense), net                    (4,862,522)             12,843 
                                              -------------------------------
Other expense, net                             (4,547,238)           (308,259)
                                              -------------------------------   
NET LOSS                                      $(5,056,488)          $(930,415)
                                              ===============================

BASIC LOSS PER COMMON SHARE
Net loss                                      $(5,056,488)          $(930,415) 
Less: dividends on
convertible preferred stock                      (539,150)                  -
Less: amortization of
discount on convertible
preferred stock                                (1,896,660)                  -
                                              -------------------------------
NET LOSS APPLICABLE TO
COMMON SHARES                                 $(7,492,298)          $(930,415)
                                              ===============================

NET LOSS PER COMMON SHARE                          $(.24)               $(.07)
                                              ===============================
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
                                              30,914,485           12,786,279
                                              ===============================

SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
                                      CASMYN CORP.
                     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
           FOR THE THREE MONTHS AND SIX MONTHS ENDED MARCH 31, 1998 AND 1997
                                      (UNAUDITED)
CONTINUED
                                                     FOR THE SIX MONTHS
                                                       ENDED MARCH 31,
                                                     1998           1997
                                              -------------------------------
REVENUES:
<S>                                            <C>                 <C>
Precious metals                                $2,201,406          $1,497,151 
Cost of production                              1,424,910           1,423,430
                                              -------------------------------
GROSS PROFIT                                      776,496              73,721
                                              -------------------------------

COSTS AND EXPENSES:
 General and administrative expenses            1,167,247           1,080,323
 Compensatory stock option expense                      -              83,085
 Professional services                            183,546             173,411
Depreciation, depletion and
amortization                                      307,966             224,863 
Mineral exploration expense                        99,638             482,735
Mergers and acquisitions                           59,185             193,340  
                                              -------------------------------
                                                1,817,582           2,237,757
                                              -------------------------------
LOSS FROM OPERATIONS                           (1,041,086)         (2,164,036)
                                              -------------------------------
OTHER INCOME (EXPENSE):
 Equity in net loss of affiliate                        -            (557,710)   
Minority interest in net loss of
consolidated subsidiary                            81,543                   -
Interest (expense) income, net                    575,553             (14,618)
Gain on sale of investment                              -             126,000     
Other income (expense), net                    (4,939,148)             14,257
                                              -------------------------------
Other expense, net                             (4,282,052)           (432,071)
                                              -------------------------------
NET LOSS                                      $(5,323,138)         $(2,596,107)
                                              ===============================

BASIC LOSS PER COMMON SHARE
Net loss                                      $(5,323,138)         $(2,596,107)     
Less: dividends on
convertible preferred stock                    (1,225,575)                   - 
Less: amortization of
discount on convertible
preferred stock                                (4,065,253)                   -
                                              --------------------------------
NET LOSS APPLICABLE TO
COMMON SHARES                                $(10,613,966)         $(2,596,107)
                                              ===============================

NET LOSS PER COMMON SHARE                           $(.48)               $(.20)
                                              ================================
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING                             22,138,838           12,701,362
                                              ===============================

SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                                   CASMYN CORP.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                FOR THE SIX MONTHS ENDED MARCH 31, 1998 AND 1997
                                   (UNAUDITED)
                                                  1998             1997
                                              ------------------------------
<S>                                           <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                      $(5,323,138)       $(2,596,107)
Adjustments to reconcile net loss to net 
  cash used in operating activities:
     Depreciation, depletion and amortization     307,966            224,863
     Equity in net loss of affiliate                    -            557,710                     
     Compensatory stock option expense                  -             83,085
     Amortization of debt issue costs                   -             30,000
     Gain on sale of investment                         -           (126,000)
     Minority interest in net loss of
       consolidated subsidiary                    (81,543)                 - 
     Other non-cash expense                             -            171,499
     Increase in accounts receivable             (299,779)          (735,877)
     (Increase) decrease in inventories            45,982           (371,857)
     Decrease (increase) in prepaid expenses 
       and other assets                            56,882            108,947
     Increase in accounts payable                 227,243            155,339
     Decrease in accrued liabilities           (2,280,536)          (307,892)
     Increase (decrease) in amounts due from
       related parties                                  -            156,903
                                             -------------------------------                                       
          Net cash used in operating 
           activities                          (7,346,923)        (2,649,387)
                                             -------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Proceeds from sale of assets                       -           900,000
     Decrease in long-term deposits                     -            60,731
     Investment in and advances to affiliates           -        (1,244,570)
     Proceeds from sale of marketable 
       securities                                 161,558                 - 
     Purchase of property and equipment        (2,485,392)       (4,581,349) 
                                             ------------------------------ 
         Net cash used in investing 
           activities                          (2,323,834)       (4,865,188)
                                             ------------------------------   

CASH FLOWS FROM FINANCING ACTIVITIES:
     Private placement of common stock and units        -         1,410,500
     Issuance of common stock for exercise of  
       stock options                                2,797           201,540
     Proceeds from line of credit                  15,303         3,976,605 
     Decrease in restricted cash                5,074,659                 -  
     Purchase of treasury stock                (2,037,157)                -
     Repayments of long-term debt                 (58,418)          (10,344)
                                             ------------------------------
          Net cash provided by financing 
            activities                          2,997,184         5,578,301
                                             ------------------------------

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND 
     CASH EQUIVALENTS                             (70,793)       (1,054,176)
                                             ------------------------------

NET (DECREASE) INCREASE IN CASH AND CASH 
     EQUIVALENTS                               (6,744,366)       (2,990,450)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 18,185,515         4,046,194
                                             ------------------------------
CASH AND CASH EQUIVALENTS, END OF PERIOD      $11,441,149        $1,055,744
                                             ==============================
                                                                (CONTINUED)

SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENT
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                                     CASMYN CORP.
                  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                 FOR THE SIX MONTHS ENDED MARCH 31, 1998 AND 1997

                                                 ----------------------------
                                                    1998             1997
                                                 ----------------------------
<S>                                              <C>                  <C>
CASH PAID FOR INTEREST                           $232,090            $ 83,658
                                                 ============================
NON-CASH INVESTING AND FINANCING ACTIVITIES:

  Issuance of common stock for services          $      -            $226,561
  Issuance of common stock for payment of 
    interest                                            -              58,219
  Conversion of preferred stock to common 
    stock                                       3,906,600                   -
  Issuance of preferred stock dividend          1,225,575                   -
  Amortization of discount on convertible       
    preferred stock                             4,065,253                   -
  Reduction of payable to joint venture and
     investment in joint venture                        -             623,000
-----------------------------------------------------------------------------
<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 statement 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  earnings per share has been omitted as the
assumed  conversion,  exercise or contingent issuance of securities would have
an antidilutive effect on earnings per share.

RECENTLY ISSUED ACCOUNTING STANDARDS

The  FASB  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 quarter ended December 31, 1997, the Zimbabwean currency
experienced  devaluation  in  excess  of    40%.  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,
the  US  dollar  has been adopted as the functional currency for the Company's
Zimbabwe  operations,  effective  October  1, 1997.  Pre-existing non-monetary
assets  and  liabilities  are  measured  using  exchange rates in effect as at
October  1,  1997  and  any  gains  or losses from holding monetary assets and
liabilities  are  reflected  in  the  statement  of operations for the period.
Amortization  and  charges  related  to  non-monetary items are recorded using
exchange  rates  at  the  time  such  items  arose.  Other Revenue and expense
accounts  are  continued  to be translated using the weighted average exchange
rate during the reported period.

2.  RESTRICTED CASH

As  at  year  end September 30, 1997, the Company had $5,074,659 of restricted
cash  (including  accrued  interest  of  $74,659) which was deposited with two
financial  institutions  under  the Company's guarantee of short term loans to
unrelated  third  parties.  Under agreements with the unrelated third parties,
the  loans were secured by certain investment accounts, which contained common
shares  of  the  Company.  During  the  three months ended March 31, 1998, the
significant  decline in the Company's share price had created an impairment in
the value of the security.  As a result, the lenders of the loans proceeded to
call the guarantee provided by the Company resulting in a loss  of $4,978,424 
to the Company.

3.  COMMITMENTS AND CONTINGENCIES

On  February  16,  1998, the  Company  entered  into an agreement with Salomon
Brothers Inc. and Smith Barney Inc. ( collectively, "Salomon Smith Barney") to
render  certain  financial  advisory  and  investment  banking services to the
Company.  Included  in  the  services  to  be provided was advice on strategic
alternatives  and  implementation  of  the proposed restructuring of the First
Convertible  Preferred  Stock.  The Company paid a retainer fee of $150,000 on
execution  of  the agreement and must pay additional monthly fees of $40,000. 
In  addition,  the Company  may be liable for a success fee of $1,000,000 plus
7.5% of the post restructuring if the Total Enterprise Value of the Company is
between  $30,000,000  and $75,000,000 and 10% of the Total Enterprise Value in
excess  of $75,000,000. ; and an additional  $1,000,000 if the average closing
stock price, before adjusting for stock splits is greater than $1.00 per share
plus $100,000 for every $0.25 the per share stock price exceeds $1.00.

The  Total  Enterprise  Value  of  the  Company  referred  to  in the previous
paragraph  is  a defined term in the agreement with Salomon Smith Barney which
means  the  market values of all sources of capital used to fund the assets of
the  Company  including,  but  not  limited  to,  all forms of debt, preferred
securities,  warrants, stock purchase rights, convertible securities, minority
interest,  all  forms  of  equity  including  common  equity  and dividends or
distributions  paid  after  January  31,  1998, less cash.  The details of the
agreement are included in Exhibit 10.12.

<PAGE>

3.  SUMMARY OF STOCKHOLDERS' EQUITY TRANSACTIONS
               (Unaudited)

During  the  six  months  ended  March  31, 1998, the Company has recorded the
following activity in its stockholders' equity accounts:


</TABLE>
<TABLE>
<CAPTION>

                                  Number of                   Number of
                                  Common      Common          Preferred
Description                       Shares      Stock           Shares
<S>                               <C>         <C>             <C>
Balances September 30, 1997       13,376,714  $     535,069   1,406,962 
Exercise of stock options             69,923          2,797           - 
Preferred stock dividend                   -              -      49,023 
Conversion of preferred shares    98,512,982      3,940,519    (339,196)
Conversion discount on
  convertible preferred stock              -              -           - 
Purchase of treasury stock                 -              -           - 
Foreign currency
   translation adjustment                  -              -           - 
Net loss                                   -              -           - 
                                 --------------------------------------
Balances at March 31, 1998       111,959,619  $   4,478,385   1,116,789 
                                 ======================================

<PAGE>
3.  SUMMARY OF STOCKHOLDERS' EQUITY TRANSACTIONS CONTINUED
                                                                                                          (Unaudited)
During  the  six  months  ended  March 31, 1998, the Company has recorded the
following activity in its stockholders' equity accounts:

</TABLE>

<TABLE>
<CAPTION>

                                                Additional
                                 Preferred      Paid-in        Accumulated
Description                      Stock          Capital        Deficit
<S>                              <C>            <C>           <C>
Balances September 30, 1997      $    140,697   $66,486,227   $(28,453,840)
Exercise of stock options                   -             -              - 
Preferred stock dividend                4,902     1,220,673     (1,225,575)
Conversion of preferred shares      (  33,919) (  3,906,600)             - 
Conversion discount on
  convertible preferred stock               -     4,065,253     (4,065,253)
Purchase of treasury stock                  -             -              - 
Foreign currency
   translation adjustment                   -             -              - 
Net loss                                    -             -     (5,323,138)
                                 -----------------------------------------
Balances at March 31, 1998       $    111,680   $67,865,553   $(39,067,806)
                                 =========================================
</TABLE>

<PAGE>

3.  SUMMARY OF STOCKHOLDERS' EQUITY TRANSACTIONS CONTINUED
                            (Unaudited)
During  the six months ended March 31, 1998, the Company has recorded the 
following activity in its stockholders' equity accounts:

<TABLE>
<CAPTION>

                                 Foreign 
                                 Currency                   Total
                                 Translation  Treasury      Shareholders'
Descprition                      Adjustment   Stock         Equity
<S>                             <C>           <C>           <C>
Balances September 30, 1997     $(3,328,954)  $  (907,435)  $ 34,471,764 
Exercise of stock options                 -             -          2,797 
Preferred stock dividend                  -             -              - 
Conversion of preferred shares            -             -              - 
Conversion discount on
  convertible preferred stock             -             -              - 
Purchase of treasury stock                -    (2,037,157)    (2,037,157)
Foreign currency
   translation adjustment           (70,793)            -        (70,793)
Net loss                                  -                   (5,323,138)
                                ----------------------------------------
 Balances at March 31, 1998     $(3,399,747)  $(2,944,592)  $ 27,043,473 
                                ========================================
</TABLE>
<PAGE>

4.        SUBSEQUENT  EVENTS

(i)   On April 2, 1998, the Company received a notice from Nasdaq that its
      Common Stock is subject to delisting because the current stock price is
      below the minimum price of $1.00.  The Company has until July 1, 1998, to
      achieve compliance.  The Company intends to hold a special meeting of the
      Common  Shareholders to obtain approval for a reverse split (see (iii)
      below).

(ii)  On April 23, 1998, the Company received a notice from Nasdaq that its
      Common Stock is subject to delisting because it has failed to maintain
      the minimum number of active market makers for trading of its shares. 
      The Company was provided a thirty-day (30) period to achieve compliance.

(iii) On  March 11, 1998 and March 20, 1998 the Company disclosed the
      proposed and subsequently revised amendment to the terms of the
      preferred instruments as contained in a proxy statement to the preferred
      shareholders.The majority of the preferred shareholders did not approve
      the proposed amendment in a special shareholders meeting held on March
      31, 1998. ( See  Forms 8-K  dated March 11, 1998 and March 20, 1998)

      On May 6, 1998, the Company presented  a new proposal to the Company's
      Convertible  Preferred  Shareholders  seeking  approval  for  a  revised
      restructuring proposal as follows:

  (1)  To establish a fixed conversion price of $0.04 per Common Share for
       all  conversion notices received after the proposal is approved by the
       Preferred Shareholders;
  (2)  To  grant  to  the  Preferred Shareholders voting rights on an as
       converted basis, subject to approval by the Company's Common 
       Shareholders; and
  (3)  To permit the Company to redeem the Preferred Stock at the following
       redemption prices plus accrued and unpaid dividends, if redeemed during
       the  twelve  months  beginning  January  1, 1998 - $25; 1999 - $32.50;
       2000-$35; 2001-$40; and $40 per share thereafter.

       If the Preferred Shareholders approve the restructuring proposal, the
       Company  intends  to  send  out a proxy statement to its Common Share-
       holders seeking their approval of the above voting rights for the 
       Preferred Shareholders and a fifty-to-one reverse split of the Common 
       Stock (subject to adjustment on approval of the Board of Directors).  
       The fixed conversion price will only remain in effect if the Common 
       Shareholders approval is received within 60 days of the Preferred 
       Shareholders approval.
 
       Two of the present members of the Board of Directors will resign if the
       restructuring proposal is approved at the meeting of the Preferred
       Shareholders.  The two remaining members will then elect three persons
       designated by the Preferred Shareholders as Directors of the Company.  
       Thus, the majority of the Board will be made up of persons designated by
       the Preferred Shareholders. The three new directors will resign 
       immediately should the Common Shareholders not approve the reverse split
       of the Common Stock and the authorization for voting rights for the 
       Preferred Shareholders.

(iv)   As  of  May  11,  1998,  the Company has reached an agreement in
       principle, subject to documentation,  related to the sale of its equity
       interest in Casmyn International Inc.(CII), a 55% owned subsidiary, to
       WaterPur International Inc. ("WaterPur"). CII has been involved with the
       development of business opportunities for the Company in the 
       Commonwealth of Independent States.  The Company is related to WaterPur 
       through certain common directors and officers.  Under the terms of the 
       sale arrangement, the Company will receive gross proceeds of  $55,000, 
       which will be paid by WaterPur issuing cash or an equivalent number of  
       common shares at the time the transaction is concluded.   WaterPur's 
       common stock is traded publicly in the over-the-counter market and is 
       listed on the Bulletin Board maintained by Nasdaq under the symbol "WPUR"

<PAGE>

(v)    As of May 11, 1998, the Company had an aggregate 141,543,350  Common
       shares  issued and     outstanding compared to 111,959,619 Common shares
       as at March  31, 1998. The additional 29,583,731 Common Shares issued
       subsequent to the six months ended March 31, 1998, were due to the 
       conversion of 18,892 shares of Convertible Preferred Stock.

(vi)   On  April  22,  1998,  the Company renewed its short term credit
       facility. The $5,000,000 facility  is fully utilized and bears interest
       at  LIBOR  plus  2.25%. After twelve months from the date of initial
       drawdown, the borrowings under the facility are repayable upon demand.
       The terms of the facility are the same as in the prior year except for
       the  security  provided  by the Company is a cash sum of 120% of the
       facility  which  is  held in an account under a pledge agreement and
       supporting  security  agreement.  The Bank will release the previous
       security relating to the Company's assets in Zimbabwe.

<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS
               OF 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 certain mineral properties in South
Africa,  a  prospecting  license  in Zambia and is presently conducting mining
operations at the Zimbabwe mining properties.

In  response  to the recent decline in gold prices, the Board of Directors had
adopted a policy to curtail non-mining activities until an improvement in gold
prices  occurs.    The  overall  objective  is  to preserve the Company's cash
resources  and  capital  base  while  maintaining  its  gold  production  at a
sustainable  profit.      The  most  immediate  effects  of  this  policy  are
significant  reduction  in  such  expenses  as  exploration  and  mergers  &
acquisitions    (M&A).   In addition, the Company  has reached an agreement in
principle,  subject  to  documentation,    related  to  the sale of its equity
interest  in  Casmyn  International  Inc.,  ("CII") a 55% owned subsidiary, to
WaterPur  International  Inc.  ("WaterPur").   The primary focus of CII  is to
pursue  projects  in  mining  and  water  infrastructure  development  in  the
Commonwealth of Independent States ("CIS").

RESULTS OF OPERATIONS

SIX  MONTHS  ENDED  MARCH  31, 1998 COMPARED TO THE SIX MONTHS ENDED MARCH 31,
1997

Revenues  for the six months ended March 31, 1998 were $2,201,406 representing
sales  of  approximately 7,395 ounces of gold produced in Zimbabwe compared to
$1,497,151 for the six month period ended March 31, 1997 representing the sale
of approximately 4,300 ounces of gold.  The increase in gold production during
the  current  period  over  the  same  period  in 1997 was consistent with the
Company's  overall  plan  for  production  ramp-up.    The Company anticipates
continued  increase  in  its gold output for the remainder of the fiscal year.
The average selling price of gold for the six months ended March 31, 1998, was
$298  per  ounce compared to an average price of $348 per ounce during the six
months ended March 31, 1997.

The  cost of production incurred for mineral operations amounted to $1,424,910
(or  approximately  $193  per ounce of gold produced) for the six months ended
March  31,  1998  compared  to $1,423,430  (or approximately $331 per ounce of
gold  produced)  for  the  same period ended March 31, 1997. The significantly
lower  average  cost  of  production  during  the current period  reflects the
Company's  decision,  in  response  to  the  recent decline in gold prices, to
extract  gold  from  surface  ores  and tailings that require lower processing
costs.    The  Company  believes  this  strategy will allow it to continue its
mining operations with profitability in the foreseeable future.

<PAGE>

General  and  administrative (G&A) expenses were $1,167,247 for the six months
ended  March  31, 1998, compared to $1,080,323  for the six months ended March
31,  1997,  an  increase  of  $86,924.  The increase is mainly attributable to
activities related to Casmyn International Inc., (CII) a 55% owned subsidiary,
which  was  formed  during  1997  to  explore  business  opportunities  in the
Commonwealth of Independent States (CIS).  The increase of $179,336 in CII was
due  primarily  to travel and salary expenses incurred for the newly recruited
staff  in  the  CIS  during  the six-month period ended March 31, 1998.  These
expenses  are  not expected to recur in future quarters due to the sale of the
Company's  interest  in CII. In addition, investor relations expense increased
$46,309  during the six months ended March 31, 1998 compared to the six months
ended March 31, 1997 due to more frequent inquiries from current and potential
investors  during the period.  Salaries and wages increased $52,815 during the
six  months  ended  March  31, 1998 compared to the same period in 1997 due to
adjustments  to  salary levels. On the other hand, certain expenses have shown
significant  decreases,  partly  due to the Company's adopted policy to reduce
costs.    Travel expenses decreased $116,616 during the six months ended March
31,  1998  compared  to  the same period ended March 31, 1997. Travel expenses
during  the  six  months ended March 31, 1997, included a tour of the Zimbabwe
mining  operations  for  a group of twelve mining analysts, as part of the due
diligence  process  for  the  preparation  of  independent  research reports. 
Insurance  expense  decreased  $35,448  during  the  current  period  due  to
consolidation  of  the  Company's   world-wide insurance coverage. The Company
continues in its efforts to reduce G & A costs in the future.

There  was no compensatory stock option expense for the six months ended March
31,  1998,  compared  to  $83,085  for  the six months ended March 31, 1997.  
Compensatory stock options, which are granted to senior staff, are vested over
a  predetermined  multi-years  period.    There had been no options granted or
vested during the current period.

Professional  services  expenses,  consisting of accounting, audit and tax and
legal  expenses  increased  $10,135    in the six months ended March 31, 1998,
compared to the six months ended March 31, 1997, mainly due to increased legal
fees.

Mineral  exploration  expenses  decreased $383,097 during the six months ended
March  31,  1998,  compared  to    the  same  period ended March 31, 1997.  In
addition,  expenses  related  to  mergers  and acquisitions decreased $134,155
during  the  six months ended March 31, 1998 compared to the same period ended
March  31, 1997.   These significant decreases reflect the Board's decision to
curtail non-mining activities until an improvement in gold prices occurs.

With respect to non-operating activities, the Company no longer accrued a loss
from  WaterPur  as  a  result  of  divesting  its  debt and equity holdings in
WaterPur  at  September  30,  1997.    The  Company consolidates the financial
results of Casmyn International Inc., a 55% owned subsidiary, which incurred a
loss  of  $181,207  for  the  six  months  ended March 31, 1998.  Accordingly,
minority  interest's  share  of  the Subsidiary's loss amounted to $81,543 (or
45%).    During  the  six  months  ended  March  31,  1998, the Company earned
investment income of $575,553 from its cash and marketable securities balances
compared  to  an  interest expense of $14,618 during the same period in 1997. 
Included  in the Other Income (Expense) account was a restricted cash drawdown
for  a  loan  guarantee  loss of $4,978,424.  The loss related to a guarantee 
provided by the Company for certain unrelated third parties' short term loans.
The  loans were advanced to the third parties in May 1997 by two independent
financial  institutions and were secured by certain investment accounts, which
contained  common  shares of the Company.  During the three months ended March
31,  1998, the significant decline in the Company's share price had created an
impairment  in  the  value  of  the security.  As a result, the lenders of the
loans  proceeded  to call the guarantee provided by the Company resulting in a
loss to the Company.

<PAGE>

THREE MONTHS ENDED MARCH 31, 1998 COMPARED TO THE THREE MONTHS ENDED MARCH 31,
1997

Revenues  for  the  three  months  ended  March  31,  1998  were  $1,224,376
representing  the  sale  of  approximately  4,038  ounces  of gold produced in
Zimbabwe  compared to $874,645 for the three month period ended March 31, 1997
representing  the  sale  of  approximately  2,500 ounces of gold produced.  As
discussed  above,  the increase in gold output was the result of the Company's
production  ramp-up  program.  The average selling price of gold for the three
months  ended March 31, 1998 was $303 per ounce compared to an average selling
price of $350 per ounce in the three months ended March 31, 1997.

Costs  associated  with  mineral  operations  amounted  to  $775,724  (or
approximately  $192  per  ounce  of gold) for the three months ended March 31,
1998  compared  to  $609,584 (or approximately $244 per ounce of gold) for the
same period in 1997.  In addition, on a three month basis, the cost of mineral
operations increased $166,140 (or 27%) while gold sales increased $349,731 (or
40%).  The comparison highlights the result of the Company's decision to focus
on  extracting  gold  from  surface  ores  and  tailings that require lower
processing costs.

General  and administrative expenses (G&A)  were $630,908 for the three months
ended  March  31,  1998, compared to $512,352 for the three months ended March
31,  1997,  an  increase  of  $118,556.   The increase is partially due to G&A
expenses  of  $92,000  incurred  during the three month period ended March 31,
1998, in Casmyn International Inc., (CII) a 55% owned subsidiary. The increase
related  to  travel  and  salary expenses for the new staff at the Subsidiary.
These expenses are not expected to recur in future quarters due to the sale of
the  Company's  interest  in  CII.    Other  items  contributed to the overall
increase  in  G&A  expenses for the current period include: salaries and wages
which  increased  $125,758  due  to adjustments to salary levels; and investor
relations  expenses,  which  increased  $18,750 due to the increased number of
queries  from  current and potential investors. On the other hand, certain G&A
items  decreased during the three months ended March 31, 1998, compared to the
same  period  ended  March 31, 1997.  Travel expenses decreased $81,723 during
the  current  period compared to the same period in 1997 due to a reduction in
business  development  activities.    In addition, insurance expense decreased
$28,723 as a result of savings generated from coverage consolidation.

Professional  services  expenses,  consisting of accounting, audit and tax and
legal  expenses  increased  $35,891  in  the three months ended March 31, 1998
compared  to  the three months ended March 31, 1997 mostly due to higher legal
advisory expenses.

Costs associated with mineral exploration and mergers & acquisitions decreased
$47,240  and  $66,880,  respectively,  during the three months ended March 31,
1998,  compared  to  the  same  period  in 1997.  As discussed previously, the
decreases  were  due  to  the adopted policy of curtailing costs in non-mining
activities until an improvement in gold prices occurs.

With  respect to non-operating activities for the three months ended March 31,
1998,  minority interest share of Casmyn International Inc.'s loss amounted to
$41,400, representing a 45% share of the total loss of $92,000 incurred by the
Subsidiary.

The  Company earned investment income of $273,884 from its cash and marketable
securities balances compared to an interest expense of $40,460 during the same
period  in  1997.    Included  in  the  Other  Income  (Expense) account was a
restricted cash drawdown for a loan guarantee loss of $4,978,424 (as described
in the previous section).

<PAGE>

CAPITAL RESOURCES AND LIQUIDITY

At  March  31,  1998,  the  Company  had  a  net  working  capital  balance of
$7,926,422.    Management anticipates the net use of cash will diminish in the
Zimbabwean  operating  activities  as  the  gold  operations  approaches
profitability.    As  at  March 31, 1998, the Company spent approximately $2.5
million  on  the  current  phase  of  expansion  and  anticipates  spending
approximately  $1.5 million during  the  remainder  of  the  fiscal  year ended
September  30,  1998,  on  capital  expenditures  related to refurbishment and
construction  of  the  mining and mineral processing facilities, as well as on
projects  related  to power supply, water supply and housing. The Company will
use  current  cash and cash equivalents to fund other 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.  As
discussed  previously,  the Company has adopted a policy to curtail non-mining
activities  until improvements in gold prices occur.  As a result, future cash
requirements  for  such  activities as exploration, mergers & acquisitions and
travel expenses are expected to be lower than in prior periods.

With  respect  to  non-recurring  use  of cash, the Company used $2,037,157 to
purchase 405,500 shares of its common stock  and used $4,978,424 in connection
with  a  restricted  cash  drawdown  for  a loan guarantee loss during the six
months ended March 31, 1998.

Net  Cash Used in Operating Activities.  Net cash used in operating activities
was $7,346,923 for the six months ended March 31, 1998.  The amount included a
restricted  cash  drawdown for a loan guarantee loss of $4,978,424 and was net
of  a  charge  of  $226,423  related  to  such non-cash items as depreciation,
depletion  &  amortization.    Use  of cash as a result of  changes in working
capital  accounts  during  the  current  period  included: $299,779, due to an
increase  in  the  accounts  receivable  balance  in Zimbabwe; and $2,280,536,
primarily  due  to  settlements  of certain marketable securities purchased at
last year end.  Other working capital accounts provided a total cash source of
$330,107, majority of which was due to increase in accounts payable balance in
Zimbabwe during the period.

Net  Cash Used in Investing Activities.  Net cash used in investing activities
was  $2,323,834 for the six months ended March 31, 1998 due to the purchase of
property  and  equipment  of  $2,485,392  primarily  at  the  Zimbabwe  mining
properties.   In addition, the Company received proceeds of $161,558 from sale
of  marketable  securities  as  part  of  its  on-going  portfolio  investment
activities.

Net  Cash  Provided  by  Financing Activities.  Net cash provided by financing
activities  was  $2,997,184  for  the  six  months ended March 31, 1998.   The
Company  received  $5,074,659 from the release of the restricted cash account,
which  was  set  up as collateral for its guarantee in connection with certain
unrelated third parties' loans.  As discussed previously, the Company recorded
a  corresponding  restricted  cash  drawdown  for  a  loan  guarantee  loss of
$4,978,424  during  the  current  period.    In  addition,  the  Company  used
$2,037,157  to  buy  back  its  common shares during the first three months in
1998.

OTHER

On  February  16,  1998  the  Company  entered  into an agreement with Salomon
Brothers Inc. and Smith Barney Inc. ( collectively, "Salomon Smith Barney") to
render  certain  financial  advisory  and  investment  banking services to the
Company.  Included  in  the  services  to  be provided was advice on strategic
alternatives  and  implementation  of  the proposed restructuring of the First
Convertible  Preferred  Stock.  The Company paid a retainer fee of $150,000 on
execution  of  the agreement and must pay additional monthly fees of $40,000. 
In  addition,  the Company  may be liable for a success fee of $1,000,000 plus

<PAGE>

7.5% of the post restructuring if the Total Enterprise Value of the Company is
between  $30,000,000  and $75,000,000 and 10% of the Total Enterprise Value in
excess  of $75,000,000. An additional $1,000,000 if the average closing stock
price,  before adjusting for stock splits is greater than $1.00 per share plus
$100,000 for every $0.25 the per share stock price exceeds $1.00.

The  Total  Enterprise  Value  of  the  Company  referred  to  in the previous
paragraph  is  a defined term in the agreement with Salomon Smith Barney which
means  the  market values of all sources of capital used to fund the assets of
the  Company  including,  but  not  limited  to,  all forms of debt, preferred
securities,  warrants, stock purchase rights, convertible securities, minority
interest,  all  forms  of  equity  including  common  equity  and dividends or
distributions  paid  after  January  31,  1998, less cash.  The details of the
agreement are included in Exhibit 10.12.

As  of  May  11, 1998, the Company had an aggregate 141,543,350  Common shares
issued  and  outstanding compared to 111,959,619 Common shares as at March 31,
1998.  The  additional  29,583,731  Common Shares issued subsequent to the six
months  ended  March  31, 1998, were due to the conversion of 18,892 shares of
Convertible Preferred Stock.


On  April  2,  1998, the Company received a notice from Nasdaq that its Common
Stock  is  subject  to  delisting because the current stock price is below the
minimum  price  of  $1.00.    The  Company  has until July 1, 1998, to achieve
compliance.    The  Company  intends  to  hold a special meeting of the Common
Shareholders  to  obtain  approval  for  a  reverse  split (see  Restructuring
Proposal below).

On  April  23, 1998, the Company received a notice from Nasdaq that its Common
Stock  is  subject  to delisting because it has failed to maintain the minimum
number  of  active  market  makers for trading of its shares.  The Company was
provided a thirty-day (30) period to achieve compliance.

Restructuring Proposal

On  March  11, 1998 and March 20, 1998 the Company disclosed the proposed  and
subsequently  revised  amendment  to the terms of the preferred instruments as
contained  in  a proxy statement to the preferred shareholders.The majority of
the preferred shareholders did not approve the proposed amendment in a special
shareholders meeting held on March 31, 1998. ( See  Forms 8-K  dated March 11,
1998 and March 20, 1998)

On  May  6,  1998,  the  Company  presented    a new proposal to the Company's
Convertible  Preferred  Shareholders  seeking  approval  for  a  revised
restructuring proposal as follows:

  (1)   To establish a fixed conversion price of $0.04 per Common Share for
        all  conversion notices received after the proposal is approved by the
        Preferred Shareholders;
  (2)   To  grant  to  the  Preferred Shareholders voting rights on an as
        converted basis, subject to approval by the Company's Common 
        Shareholders; and
  (3)   To permit the Company to redeem the Preferred Stock at the following
        redemption prices plus accrued and unpaid dividends, if redeemed during
        the  twelve  months  beginning  January  1, 1998 - $25; 1999 - $32.50;
        2000-$35; 2001-$40; and $40 per share thereafter.

If  the Preferred Shareholders approve the restructuring proposal, the Company
intends to send out a proxy statement to its Common Shareholders seeking their
approval  of  the  above  voting  rights  for the Preferred Shareholders and a
fifty-to-one  reverse  split  of  the  Common  Stock (subject to adjustment on
approval  of  the  Board  of Directors).  The fixed conversion price will only
remain  in  effect  if  the Common Shareholders approval is received within 60
days of the Preferred Shareholders approval.

<PAGE>

Two  of  the  present  members  of  the  Board of Directors will resign if the
restructuring  proposal  is  approved  at  the  meeting  of  the  Preferred
Shareholders.    The  two  remaining  members  will  then  elect three persons
designated  by  the Preferred Shareholders as Directors of the Company.  Thus,
the  majority  of  the  Board  will  be  made  up of persons designated by the
Preferred  Shareholders.    The  three  new  directors will resign immediately
should  the  Common  Shareholders  not approve the reverse split of the Common
Stock and the authorization for voting rights for the Preferred Shareholders.

Sale of Subsidiary

As of May 11, 1998, the Company has reached an agreement in principle, subject
to  documentation  related  to  the  sale  of  its  equity  interest in Casmyn
International  Inc.,  a  55%  owned subsidiary, to WaterPur International Inc.
("WaterPur").    CII  has  been  involved  with  the  development  of business
opportunities  for  the Company in the Commonwealth of Independent States. The
Company is related to WaterPur through certain common directors and officers. 
Under  the  terms  of  the  sale  arrangement,  the Company will receive gross
proceeds  of    $55,000,  which  will  be  paid by WaterPur issuing cash or an
equivalent number of  common shares at the time the transaction is concluded. 
 WaterPur's common stock is traded publicly in the over-the-counter market and
is listed on the Bulletin Board maintained by Nasdaq under the symbol "WPUR".

Renewal of Credit Facility

On  April  22,  1998,  the Company renewed its short term credit facility. The
$5,000,000 facility  is fully utilized and bears interest at LIBOR plus 2.25%.
After  twelve  months  from the date of initial drawdown, the borrowings under
the facility are repayable upon demand. The terms of the facility are the same
as in the prior year except for the security provided by the Company is a cash
sum  of  120%  of  the  facility  which  is  held in an account under a pledge
agreement  and  supporting  security  agreement.  The  Bank  will  release the
previous security relating to the Company's assets in Zimbabwe.

<PAGE>

PART II.  OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K



A.                                        Exhibits

    Exhibit 10.12 Agreement with Salomon Brothers Inc. and Smith Barney Inc. 
      and Casmyn Corp.

    Exhibit 27 -- FINANCIAL DATA SCHEDULE (EDGAR only)

B.  Forms 8-K


1.  The Company filed Form 8-K on March 11, 1998 disclosing details of the
    proposed amendment to the terms of the preferred instruments as contained
    in  a  proxy  statement  to  the  preferred  shareholders.  The proposal
    established,  among other things, a fixed range of conversion prices for
    conversion  of  the remaining preferred shares.  The proxy statement was
    revised (see below) prior to the scheduled special shareholders meeting.

2.  The Company filed Form 8-K on March 20, 1998 revising the details of
    the  proposed  amendment  to  the  terms of the preferred instruments as
    contained in a proxy statement to the preferred shareholders.  The proposal
    established, among other things, a fixed conversion price for conversion of
    the remaining preferred shares.  A majority of the preferred shareholders
    did not approve the proposed amendment in a special shareholders meeting
    held on March 30, 1998.


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 thereunto duly authorized.

                                   Casmyn Corp.

                                               /s/ Debbie Barfurth-Wood
May 11, 1998                             By _____________________________
                                             Debbie Barfurth-Wood, Controller
                           (Duly authorized and Principal Accounting Officer)