<PAGE> 1

______________________________________________________________________
_______________________________________________________________________

                    SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549

                              FORM 10-Q

[ X ]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
          SECURITIES EXCHANGE ACT OF 1934
          FOR THE QUARTERLY PERIOD ENDED:  March 31, 1999

[   ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
          SECURITIES EXCHANGE ACT OF 1934
          FOR THE TRANSITION PERIOD FROM:                         
          
                 ----------------------------------
                 Commission File Number:    0-17048
                 ----------------------------------
                                  
                  GRAND CENTRAL SILVER MINES, INC.
       (Exact name of registrant as specified in its charter)

UTAH                                         87-0429204
(State or other jurisdiction of              (I.R.S. Employer
Incorporation or organization)               Identification Number)

                       1010 Ironwood Drive  
                             Suite 105
                    Coeur d'Alene, Idaho   83814
   (Address of Principal Executive Offices, including Zip Code.)

                           (208) 769-7340
       (Registrant's telephone number, including area code.)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.

                    Yes    [ X ]            No [   ]

The number of shares outstanding at March 31, 1999: 1,513,207 shares

______________________________________________________________________
_______________________________________________________________________








<PAGE> 2


PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS OF GRAND CENTRAL SILVER MINES, INC.
         (Hereinafter referred to as Registrant or Company)

Consolidated financial statements, and an accompanying independent
accountants' report, are filed as part of this Quarterly Report at
pages 3-29.  In management's opinion, these financial statements
present fairly in all material respects Registrant's financial
condition and changes in condition as of March 31, 1999 and September
30, 1998, and the results of operations, stockholders' equity and cash
flows for the six months and three months ended March 31, 1999, and
March 31, 1998 in conformance with generally accepted accounting
principles.

The accompanying financial statements consolidate the financial
statements of Grand Central Silver Mines, Inc. and its subsidiaries. 
All significant intercompany accounts and transactions have been
eliminated. 

As discussed in greater detail under Item 2 below, a substantial
portion of Registrant's assets consist of investments in mineral
properties for which additional exploration is required to determine if
they contain ore reserves that are economically recoverable.  The
realization of these investments is contingent to large extent upon the
success of Registrant's property transactions as a whole, the existence
of economically recoverable reserves, the ability of the Company to
obtain financing or make other arrangements for development, and upon
future profitable production.  Accordingly, the accompanying financial
statements make no provision for any asset impairment or other
adjustment that might result from the outcome of this uncertainty.























<PAGE> 3

The Board of Directors
Grand Central Silver Mines, Inc.
New York, New York

                     ACCOUNTANT'S REVIEW REPORT


We have reviewed the accompanying balance sheet of Grand Central Silver
Mines, Inc. as of March 31, 1999, and the related statements of
operations, stockholders' equity, and cash flows for the three months
and six months ended March 31, 1999.  The review was conducted in
accordance with Statements on Standards for Accounting and Review
Services issued by the American Institute of Certified Public
Accountants.  All information included in these financial statements is
the representation of the management of Grand Central Silver Mines,
Inc.

A review consists principally of inquiries of Company personnel and
analytical procedures applied to financial data.  It is substantially
less in scope than an audit in accordance with generally accepted
auditing standards, the objective of which is the expression of an
opinion regarding the financial statements taken as a whole. 
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications
that should be made to the accompanying financial statements in order
for them to be in conformity with generally accepted accounting
principles.

The balance sheet for the year ended September 30, 1998 was audited by
us and we expressed an unqualified opinion on it in our report dated
January 12, 1999.  We have not performed any auditing procedures since
that date.

The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern.  As discussed in the last
note to the financial statements, the Company's significant operating
losses raise substantial doubt about its ability to continue as a going
concern.  The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.


Williams & Webster, P.S.
Certified Public Accountants
Spokane, Washington
May 11, 1999









<PAGE> 4
                                  
                  GRAND CENTRAL SILVER MINES, INC.
                    CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                        March 31,      September 30,
                                        1999           1998
                                        (Unaudited)    (Audited) 

                               ASSETS
<S>                                     <C>            <C>       
CURRENT ASSETS                          
  Cash                                  $      8,605   $     16,926
  Prepaid mining leases and expenses          14,000         16,515
  Marketable securities                      132,404        113,784
                                        ------------   ------------
     TOTAL CURRENT ASSETS                    155,009        147,225
                                        ------------   ------------
MINERAL PROPERTIES                         5,790,046      5,875,046 
                                        ------------   ------------
INVESTMENTS                                1,132,304      1,330,643
                                        ------------   ------------
PROPERTY AND EQUIPMENT
  Construction in progress                        -          53,026 
  Furniture and office equipment             269,389        269,389
  Field equipment                            217,278        400,266
  Leasehold improvements                       7,517          7,517
  Vehicles                                        -          82,651
  Leased automobiles and equipment                -          66,620
  Less-accumulated depreciation                                  
   and amortization                         (357,681)      (623,222)
                                        ------------   ------------
     Total Property and Equipment            136,503        256,247
                                        ------------   ------------
OTHER ASSETS                                   6,790          6,790
                                        ------------   ------------
     TOTAL ASSETS                       $  7,220,652   $  7,615,951
                                        ============   ============
</TABLE>
 The accompanying notes are an integral part of these consolidated
                       financial statements.
                                  
                                F-2














<PAGE> 5
                  GRAND CENTRAL SILVER MINES, INC. 
                    CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                        March 31,      September 30,
                                        1999           1998
                                        (Unaudited)    (Audited) 

                LIABILITIES AND STOCKHOLDERS' EQUITY
<S>                                     <C>            <C> 
CURRENT LIABILITIES
Accounts payable                        $   238,204    $  1,918,810
Accrued expenses                             33,000          14,298
Advances from shareholder                        -            1,500
Accrued interest                             20,000          37,106 
Notes payable                               201,527         171,004
Notes payable - related party                    -          350,000
Leases payable - current portion              7,574          12,759
                                        -----------    ------------
     TOTAL CURRENT LIABILITIES              500,305       2,505,477

LONG-TERM DEBT
Leases payable                                9,142           9,142
                                        -----------    ------------
     TOTAL LIABILITIES                      509,447       2,514,619
                                        -----------    ------------
MINORITY INTEREST IN CONSOLIDATED 
 SUBSIDIARIES                                13,968          13,968
                                        -----------    ------------
COMMITMENTS AND CONTINGENCIES                    -               - 
                                        -----------    ------------
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value; 
 40,000,000 shares authorized, 
 1,513,207 and 8,060,868 shares
 issued and outstanding, respectively        15,132         80,609
Additional paid-in capital               33,561,262     31,408,493
Accumulated deficit                     (26,367,657)   (25,890,238)
Receivable related to sale of 
 common stock                              (511,500)      (511,500)
                                        -----------    -----------
     TOTAL STOCKHOLDERS' EQUITY           6,697,237      5,087,364
                                        -----------    -----------
TOTAL LIABILITIES AND STOCKHOLDERS' 
 EQUITY                                 $ 7,220,652    $ 7,615,951
                                        ===========    ===========
</TABLE>
                                  
                                  
 The accompanying notes are an integral part of these consolidated
                       financial statements.
                                  
                                F-3




<PAGE> 6

                  GRAND CENTRAL SILVER MINES, INC.
               CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
                          Three Months Ended         Six Months Ended        
                               March 31,                 March 31,      
                         1999        1998           1999        1998      
<S>                      <C>         <C>            <C>         <C>
REVENUES
 Operating revenue       $       -   $         -    $       -   $         -
                         ----------   -----------   ----------  ------------
     Total Revenues              -             -            -             -
                         ----------   -----------   ----------  ------------
OPERATING COSTS
 General and 
  administrative            238,726       515,666      580,772       832,098   
 Cost of property disposals      -          6,989           -          6,989
 Mineral leases                  -         31,256       61,450        57,383
 Depreciation and
  amortization               22,646        37,542       45,796        80,865
                         ----------   -----------   ----------  ------------ 
Total Operating Expenses    261,372       591,453      688,018       977,335
                         ----------   -----------   ----------  ------------
LOSS FROM OPERATIONS       (261,372)     (591,453)    (688,018)     (977,335)
                          ---------   -----------   ----------  ------------
OTHER INCOME (EXPENSE)
 Interest and other income       19         6,942        4,019        20,898
 Interest expense           (16,719)       (5,585)     (23,777)      (11,771)
 Gain on sale of assets          -          5,460           -         11,460
 Gain on debt forgiveness   230,357            -       230,357         
 Loss on impairment of 
  assets                         -     (2,000,000)          -     (2,000,000)
                          ---------   -----------   ----------  ------------ 
Total Other Income          213,657    (1,993,183)     210,599    (1,979,413)
                          ---------   -----------   ----------  ------------ 
NET LOSS BEFORE MINORITY 
 INTEREST                   (47,715)   (2,584,636)    (477,419)   (2,956,748)
          
MINORITY INTERESTS IN LOSS 
(INCOME) OF CONSOLIDATED 
SUBSIDIARIES                     -             -            -             -    
                          ---------   -----------   ----------  ------------
NET LOSS                  $ (47,715)  $(2,584,636)  $ (477,419) $ (2,956,748)
                          =========   ===========   ==========  ============
NET LOSS PER COMMON SHARE $ (0.0168)  $   (0.1688)  $  (0.0728) $    (0.1207)
                          =========   ===========   ==========  ============
WEIGHTED AVERAGE NUMBER OF                                  
COMMON SHARES OUTSTANDING 2,837,143    15,311,572    6,556,784    24,503,272 
                          =========   ===========   ==========  ============
</TABLE>





                                  
                                  
                                  
                                  
                                  
                                  
 The accompanying notes are an integral part of these consolidated
                       financial statements.
                                  
                                F-4
<PAGE> 7
                  GRAND CENTRAL SILVER MINES, INC
          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
                                                       Additional
                              Common Stock             Paid-in             
                         Shares         Amount         Capital        
<S>                      <C>            <C>            <C>       
Balance forward
  September 30, 1997     30,575,796     $ 305,758      $ 21,871,474
Issuance of shares for 
  mineral properties at 
  $0.30 per share         5,000,000        50,000         1,450,000
Issuance of shares to
  employees, officers and
  consultants for services
  at prices ranging from
  $0.10 to $0.38            574,133         5,741           124,100
Issuance of shares to
  officers and directors
  at $0.17 per share        450,000         4,500            72,000
Issuance of shares for cash
  at prices ranging from $0.15
  to $0.30 per share        254,219         2,542            41,346
Issuance of shares in lieu of
  debt at prices ranging from
  $0.15 to $0.19 per share   470,000        4,700            70,245
Issuance of shares to
  employees, officers and
  consultants for services
  at prices ranging from
  $0.15 to $0.25 per share   272,550        2,726            49,544
Issuance of shares for cash
  at prices ranging from
  $0.13 to $0.19 per share    57,200          572             8,741
Reverse stock split      (33,888,508)    (338,885)          338,885
Issuance of shares due to
  round up following reverse
  stock split                     27            0                 0
Issuance of shares for 
  minerals joint venture
  interest at $1.94 per 
  share                      735,000        7,350         1,418,550
Issuance of shares for 
  cash at prices ranging 
  from $1.00 to $2.25 
  per share                  191,000        1,910           221,140
                         -----------    ---------      ------------
Balance forward            4,691,417    $  46,914      $ 25,666,025
                         -----------    ---------      ------------


    The accompany notes are an integral part of these financial
                            statements.
                                  
                                F-5a
<PAGE> 8

                  GRAND CENTRAL SILVER MINES, INC
          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                                  
                                                       Receivable 
                                                       Related 
                                        Accumulated    to Sale of               
                                        Deficit        Common Stock        
<S>                                     <C>            <C>
Balance forward
  September 30, 1997                    $(12,314,383)  $ (11,500)
Issuance of shares for 
  mineral properties at 
  $0.30 per share                                 -           - 
Issuance of shares to
  employees, officers and
  consultants for services
  at prices ranging from
  $0.10 to $0.38                                  -           -
Issuance of shares to
  officers and directors
  at $0.17 per share                              -           -
Issuance of shares for cash
  at prices ranging from 
  $0.15 to $0.30 per share                        -           -
Issuance of shares in lieu of
  debt at prices ranging from
  $0.15 to $0.19 per share                        -           -            
Issuance of shares to
  employees, officers and
  consultants for services
  at prices ranging from
  $0.15 to $0.25 per share                        -           -  
Issuance of shares for cash
  at prices ranging from
  $0.13 to $0.19 per share                        -           -
Reverse stock split                               -           -
Issuance of shares due to
  round up following reverse
  stock split                                     -           -
Issuance of shares for 
  minerals joint venture
  interest at $1.94 per 
  share                                           -           -
Issuance of shares for 
  cash at prices ranging 
  from $1.00 to $2.25 
  per share                                       -           -
                                        ------------   ---------
Balance forward                         $(12,314,383)  $ (11,500)
                                        ------------   ---------
</TABLE>
 The accompanying notes are an integral part of these consolidated
                       financial statements.
                                  
                                F-5b
<PAGE> 9

                  GRAND CENTRAL SILVER MINES, INC
          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
                                                       Additional
                              Common Stock             Paid-in             
                         Shares         Amount         Capital        
<S>                      <C>            <C>            <C>  
Balance forward          4,691,417      $ 46,914       $ 25,666,025
Issuance for investment 
  in San Miguel Mining 
  Company at $2.94 per 
  share                    382,500         3,825          1,120,725
Issuance of shares for
  subscription receivable
  at $1.25 per share       900,000         9,000          1,116,000
Issuance of shares to
  employees and consultants
  for services at prices
  ranging from $2.19 to
  $2.56 per share           79,600           796            184,630
Issuance of shares for
  investment in Summit
  Silver Mines Stock
  at $2.50 per share        10,000           100             24,900
Issuance of shares for 
  cash at $2.02 per 
  share                     12,500           125             25,125
Issuance of shares for
  mineral properties at
  $1.75 per share          940,000         9,400          1,635,600
Issuance of shares for
  conversion of bridge loan
  debt at $0.75 per 
  share                    271,051         2,711            200,576
Issuance of shares for
  late issuance of Form SB2
  at $2.00 per share        25,000           250             49,750
Issuance of shares to
  employees, officers, and    
  consultants for services
  at prices ranging from
  $0.75 to $1.75 per 
  share                     91,300           913            590,737             
Issuance of shares for cash
  at prices ranging from
  $1.00 to $1.81 per 
  share                    197,500         1,975            316,525
                         ---------      --------       ------------             
Balance forward          7,600,868      $ 76,009       $ 30,930,593
                         ---------      --------       ------------

  The accompanying notes are an integral part of these consolidated
                       financial statements.
                                 F-6a
<PAGE> 10

                  GRAND CENTRAL SILVER MINES, INC
          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

                                                       Receivable 
                                                       Related 
                                        Accumulated    to Sale of               
                                        Deficit        Common Stock        
<S>                                     <C>            <C>
Balance forward                         $(12,314,383)  $   (11,500)
Issuance for investment 
  in San Miguel Mining 
  Company at $2.94 per 
  share                                      -                  -
Issuance of shares for
  subscription receivable
  at $1.25 per share                         -          (1,125,000)
Issuance of shares to
  employees and consultants
  for services at prices
  ranging from $2.19 to
  $2.56 per share                            -                  -
Issuance of shares for
  investment in Summit
  Silver Mines Stock
  at $2.50 per share                         -                  -
Issuance of shares for 
  cash at $2.02 per share                    -                  -
Issuance of shares for
  mineral properties at
  $1.75 per share                            -                  -
Issuance of shares for
  conversion of bridge loan
  debt at $0.75 per share                    -                  -
Issuance of shares for
  late issuance of Form SB2
  at $2.00 per share                         -                  -
Issuance of shares to
  employees, officers, and    
  consultants for services
  at prices ranging from
  $0.75 to $1.75 per share                   -                  -
Issuance of shares for cash
  at prices ranging from
  $1.00 to $1.81 per share                   -                  -
                                   ------------       ------------             
Balance forward                    $(12,314,383)      $ (1,136,500)
                                   ------------       ------------
</TABLE>
 The accompanying notes are an integral part of these consolidated
                        financial statements
                                  
                                F-6b
<PAGE> 11

                  GRAND CENTRAL SILVER MINES, INC
          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
                                                       Additional
                              Common Stock             Paid-in             
                         Shares         Amount         Capital        
<S>                      <C>            <C>            <C>  
Balance forward           7,600,868     $ 76,009       $30,930,593
Issuance of shares for
  outstanding debt at    
  $1.00 per share            50,000          500            49,500
Payments received for
  stock subscription 
  receivable                     -           -                  -  
Issuance of shares for
  acquisition of mineral
  properties at prices 
  ranging from $1.00 
  to $1.75 per share        380,000        3,800           398,700
Issuance of shares for 
  services at $1.00 per 
  share                      30,000          300            29,700
Net loss for the year 
  ended 09/30/98                -             -                 -               
                         ----------     ---------      ------------
Balance,
  09/30/98                8,060,868        80,609        31,408,493

Issuance of shares to
  employees, officers, 
  and consultants for 
  services at prices 
  ranging from $0.22 to
  $0.63 per share           715,035         7,150           278,132
Issuance of shares in
  payment of accounts 
  payable for acquisition 
  of mineral property at 
  $0.73 per share         2,310,000        23,100         1,657,125
Reverse stock split      (9,699,996)      (97,000)           97,000
                         ----------     ---------      ------------
Balance forward           1,385,907     $  13,859      $ 33,440,750
                         ----------     ---------      ------------







 The accompanying notes are an integral part of these consolidated
                       financial statements.
                                  
                                F-7a
<PAGE> 12
                                  
                  GRAND CENTRAL SILVER MINES, INC
          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                    

                                                       Receivable 
                                                       Related 
                                        Accumulated    to Sale of               
                                        Deficit        Common Stock        
<S>                                     <C>            <C> 
Balance forward                         $(12,314,383)  $(1,136,500)

Issuance of shares for
  outstanding debt at    
  $1.00 per share                            -                  -
Payments received for
  stock subscription 
  receivable                                 -             625,000
Issuance of shares for
  acquisition of mineral
  properties at prices 
  ranging from $1.00 
  to $1.75 per share                         -                  -
Issuance of shares for 
  services at $1.00 per 
  share                                      -                  -
Net loss for the year 
  ended September 30, 
  1998                                   (13,575,855)           -
                                        ------------   -----------
Balance,
 09/30/98                                (25,890,238)     (511,500)

Issuance of shares to
  employees, officers, 
  and consultants for 
  services at prices 
  ranging from $0.22 to
  $0.63 per share                                 -             -   
Issuance of shares in
  payment of accounts 
  payable for acquisition 
  of mineral property at 
  $0.73 per share                                 -             -
Reverse stock split                               -             -
                                        ------------   -----------
Balance forward                         $(25,890,238)  $  (511,500)
                                        ============   ===========

</TABLE>

 The accompanying notes are an integral part of these consolidated
                        financial statement.
                                  
                                F-7b
<PAGE> 13

                  GRAND CENTRAL SILVER MINES, INC
          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
                                                       Additional
                              Common Stock             Paid-in             
                         Shares         Amount         Capital        
<S>                      <C>            <C>            <C>  
Balance forward           1,385,907     $ 13,859       $ 33,440,750

Issuance of shares for
  outstanding debt at
  prices ranging from
  $0.047 to $0.81 per
  share                      16,000          160              8,257
Issuance of shares to
  employees, officers,
  and consultants for
  services at prices 
  ranging from $0.25 
  to $1.25 per share         81,300          813            100,812
Issuance of shares for
  cash at $0.50 per 
  share                      30,000          300             14,700
Stock issuance costs             -            -              (3,257)
Net loss for the period
 ended 03/31/99                  -            -                  -
                         ----------     --------       ------------
Balance 03/31/99          1,513,207     $ 15,132       $ 33,561,262
                         ==========     ========       ============





















 The accompanying notes are an integral part of these consolidated
                       financial statements.
                                  
                                F-8a
<PAGE> 14
                                  
                  GRAND CENTRAL SILVER MINES, INC
          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                    

                                                       Receivable 
                                                       Related 
                                        Accumulated    to Sale of               
                                        Deficit        Common Stock        
<S>                                     <C>            <C>   
Balance forward                         $ (25,890,238) $ (511,500)

Issuance of shares for
  outstanding debt at
  prices ranging from
  $0.047 to $0.81 per
  share                                            -           -
Issuance of shares to
  employees, officers,
  and consultants for
  services at prices 
  ranging from $0.25 
  to $1.25 per share                               -           -
Issuance of shares for
  cash at $0.50 per 
  share                                            -           -
Stock issuance costs                               -           -
Net loss for the period
 ended 03/31/99                              (477,419)         -
                                        -------------  ----------
Balance 03/31/99                        $ (26,367,657) $ (511,500)
                                        =============  ==========          

</TABLE>

















 The accompanying notes are an integral part of these consolidated
                       financial statements.
                                  
                                F-8b
<PAGE> 15

                  GRAND CENTRAL SILVER MINES, INC.
               CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (Unaudited)
<TABLE>
<CAPTION>
                                        Six Months     Six Months
                                        Ended          Ended
                                        March 31,      March 31,
                                        1999           1998
<S>                                     <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                $ (477,419)    $ (2,956,748)
Adjustments to reconcile net loss to
 net cash used in operating activities:
 Gain on forgiveness of debt              (230,357)              -
 Compensation and other expenses paid
  through issuance of common stock         386,907          584,660 
 Write-off of mineral properties                -         2,000,000
 Depreciation and amortization              45,796           80,865
Change in assets and liabilities:
 Accounts receivable                            -            (8,562)
 Receivable from related party                  -           (56,876)
 Prepaid expenses                            2,515           27,704
 Other assets                                   -            13,688
 Accounts payable                            8,140          113,429
 Payable to related party                       -               524
 Accrued expenses                           25,759          (13,536)
 Advances from shareholders                     -           (83,785)
 Leases payable                             (5,185)         (40,887)
                                        ----------     ------------
Net cash used in operating activities     (243,844)        (339,524)
                                        ----------     ------------
CASH FLOWS FROM INVESTING ACTIVITIES                   

Purchase of property and equipment              -           (57,508)
Disposal (acquisition) of mineral 
 properties                                 40,000       (1,843,388)
Disposal (acquisition) of investments      150,000       (1,125,830)
                                        ----------     ------------ 
Net cash used in investing activities   $  190,000     $ (3,026,726)
                                        ----------     ------------

</TABLE>








 The accompanying notes are an integral part of these consolidated
                       financial statements.
                                  
                                F-9
<PAGE> 16

                  GRAND CENTRAL SILVER MINES, INC.
               CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (Unaudited)
<TABLE>
<CAPTION>
                                        Six Months     Six Months
                                        Ended          Ended
                                        March 31,      March 31,
                                        1999           1998
<S>                                     <C>            <C>
CASH FLOWS FROM FINANCING ACTIVITIES
 Short-term borrowings                  $ 30,523       $        -
 Issuance of promissory notes                 -            750,000
 Issuance of common stock for 
  mineral properties                          -          1,425,000
 Issuance of common stock for 
  investments                                 -          1,124,550
 Issuance of common stock for cash        15,000            75,646
Receivable related to sale of 
 common stock                                 -                 -
                                        --------       -----------
Net cash provided by financing 
  activities                              45,523         3,375,196
                                        --------       -----------
NET INCREASE (DECREASE) IN CASH           (8,321)            8,946
CASH, BEGINNING OF PERIOD                 16,926            55,623
                                        --------       -----------
CASH, END OF PERIOD                     $  8,605       $    64,569
                                        ========       ===========    
</TABLE>
     
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash paid during the period for:        
  Income taxes                          $         -    $       -
  Interest                              $         -    $       -

SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:

During the quarter ended December 31, 1998, the Company issued
2,310,000 shares of common stock valued at $1,680,225 in settlements of
accounts payable incurred for the acquisition of mineral properties.

During the year ended September 30, 1998, the Company issued 7,055,000
shares of common stock valued at $6,293,308 for the acquisition of
mineral properties, issued 392,500 shares of common stock valued at
$1,149,550 for investments, and also issued 520,000 shares of common
stock valued at $124,945 in lieu of cash payments for outstanding debt.



 The accompanying notes are an integral part of these consolidated
                       financial statements.
                                  
                                F-10

<PAGE> 17             GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                           MARCH 31, 1999

NOTE 1   ORGANIZATION AND DESCRIPTION OF BUSINESS

Centurion Mines Corporation was incorporated on June 21, 1984 under the
laws of the State of Utah.  As of January 30, 1998, the Company changed
its name to Grand Central Silver Mines, Inc.  Grand Central and its
subsidiaries (collectively the "Company") operate as a mineral resource
company actively engaged in the acquisition and exploration of mineral
properties containing gold, silver, copper and other metals.  The
Company conducts its business as a "junior" natural resource company,
meaning that it intends to receive income from property sales or joint
ventures with larger companies.

A majority of the $5,790,046 of mineral properties included in the
accompanying consolidated balance sheet as of March 31, 1999 is related
to exploration properties.  The Company has not determined whether the
exploration properties contain ore reserves that are economically
recoverable.  The ultimate realization of the Company's investment in
exploration properties is dependant upon the success of future property
sales, the existence of economically recoverable reserves, the ability
of the Company to obtain financing or make other arrangements for
development and upon future profitable production.  The ultimate
realization of the Company's investment in exploration properties cannot
be determined at this time and, accordingly, no provision for any asset
impairment that may result, in the event the Company is not successful
in developing or selling these properties, has been made in the
accompanying consolidated financial statements.  See Note 3.

The Company has incurred operating losses from inception to date and as
of March 31, 1999 has an accumulated deficit of $26,367,657.  During
the quarter and six months ended March 31, 1999, the Company lost
$47,715 and $477,419 respectively.  The Company's cash was provided from
the sale of its common stock.  At March 31, 1999, the Company had a
negative working capital of $345,296.  The Company is seeking
additional capital and management believes its properties can
ultimately be sold or developed to enable the Company to continue its
operations.  However, there are inherent uncertainties in mining
operations and management cannot provide assurances that it will be
successful in this endeavor.  Furthermore, the Company has not realized
any significant revenues from its planned operations.

NOTE 2   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying consolidated financial statements include the accounts
of Grand Central and its subsidiaries, Centurion Exploration
Incorporated ("CEI") and Dotson Exploration Company ("DEC"), wholly-
owned subsidiaries; Mammoth Mining Company ("MMC"), an 81.8 percent-
owned subsidiary until July 20, 1998; The Gold Chain Mining Company
("GCMN"), a 61.1 percent-owned subsidiary until July 20, 1998; and
Tintic Coalition Mines Corporation ("TCM"), an 80 percent-owned
subsidiary.  All significant intercompany transactions and accounts
have been eliminated in consolidation.  

<PAGE> 18
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 2   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Grand Central completely disposed of its interest in MMC and GCMN in
July 1998.  For related information, see Notes 3, 4, and 10.

Accounting Method

The company's financial statements are prepared using the accrual method
of accounting.  The Company has elected a September 30 year end.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of
three months or less when purchased to be cash equivalents.

Mineral Properties

Costs of acquiring, exploring and developing mineral properties are
capitalized by project area.  Costs to maintain the mining mineral
rights and leases are expensed as incurred.  When a property reaches
the production stage, the related capitalized costs will be amortized,
using the units of production method on the basis of periodic estimates
of ore reserves.  Mineral properties are assessed at least annually to
determine if a property has been disposed or should be abandoned based
on other economic factors.  The assessment is based on the Company's
evaluation of the geological information gathered on the property and
management's evaluation of the property's future expectation of
profitability.  Should a property be disproved or abandoned, its
capitalized costs are charged to operations.  The Company charges to
operations the allocable portion of capitalized costs attributable to
properties sold.  Capitalized costs are allocated to properties sold
based on the proportion of claims sold to the remaining claims within
the project area.

Property and Equipment

Property and equipment are recorded at cost.  Major additions and
improvements are capitalized, while minor replacements, maintenance and
repairs that do not increase the useful life of the assets are expensed
as incurred.

Depreciation of property and equipment is determined using the
straight-line method over the expected useful lives of the assets as
follows:

          Description                   Useful Lives
          Furniture and equipment       5 years
          Field equipment               5 years
          Leasehold improvements        Life of lease
          Vehicles                      5 years
                                 F-12

<PAGE> 19
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 2   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Capitalized Interest

Interest costs that relate to the acquisition and development of mining
properties that are not in production are capitalized.  Interest costs
related to operations are expensed as incurred.  During the quarter and
six months ended March 31, 1999, the Company capitalized no interest
cost to mineral properties and expensed $16,719 and $23,777
respectively.  

Net Loss Per Common Share

Net loss per common share has been calculated based on the weighted
average number of shares of common stock outstanding during the period. 
Common stock options and other common stock equivalents were excluded
from the calculation of the weighted average number of shares
outstanding since they were antidilutive.  No material dilution
resulted from common stock equivalents outstanding for the six months
or quarter ended March 31, 1999.

Stock Split

On February 4, 1998, the Company effected a 1 for 10 reverse stock
split of the Company's common shares.  On January 13, 1999, the Company
effected a 1 for 8 reverse stock split of the Company's common shares.

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 and disclosure of contingent 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.


NOTE 3   MINERAL PROPERTIES

The following summarizes the Company's investments in significant
mineral properties as of March 31, 1999 and September 30, 1998 and
briefly describes the properties and activity related to each property.







                                 F-13

<PAGE> 20
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 3   MINERAL PROPERTIES (Continued)
          
                              March 31,           September 30,
                              1999                1990
Utah Properties                            
  Beaver County (new)         $1,675,225          $1,675,225   
Colorado Properties            1,018,750           1,018,750
Arizona Properties               631,250             631,250
Idaho Properties                   
  Sunset Mine                    575,000             575,000
  CDA Syndicate & Mullan       1,485,000           1,500,000
Other                            404,821             474,821
                              ----------          ----------
                              $5,790,046          $5,875,046
                              ==========          ==========
Utah Properties

During the year ended September 30, 1998, the Company issued common
stock shares to acquire a group of patented mining claims under common
control in Beaver County, Utah while expending no funds on the
exploration of these properties.

In the second and third quarters of its fiscal year ended September 30,
1998, the Company recorded losses on impairment of assets by the
writedown of $7,000,000 of almost all mineral properties, acquired in
prior years, considered by management to have less value than their
recorded cost.

In the last four months of its fiscal year ended September 30, 1998,
the Company negotiated the sale of its OK Copper Mine area property to
Nevada Star Resource Corporation in exchange for Nevada Star common
stock.  Also in the last few months of the fiscal year ended September
30, 1998, the Company negotiated a settlement with a former officer
wherein this individual transferred to the Company cash and stock in
Grand Central in exchange for all of the Company's stock in two
subsidiaries, which together owned $1,414,138 of mineral properties,
primarily in the Tintic Districts.  See Note 4 and Note 10.

The Company's negotiations also resulted in the retention of both a 12%
net profits interest in the property transferred to Nevada Star and a
2% net smelter royalty interest on properties transferred to its former
employee.  In February 1999 this agreement was sold to Dotson
Exploration Company.

Colorado Properties

In July 1998, the Company issued common stock to acquire mineral rights
on patented mining claims under common control in Teller County, near
the town of Cripple Creek, while expending no funds on the exploration
of these properties.
                                 F-14

<PAGE> 21
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 3   MINERAL PROPERTIES (Continued)

Arizona Properties

In connection with the acquisition of properties in Beaver County, Utah
and Teller County, Colorado, the Company issued common stock to acquire
mineral rights on four patented mining claims under common control in
Mohave County, Arizona.  The Company has expended no funds on the
exploration of these properties.

Idaho Properties

During the quarter ended March 31, 1999, the Company transferred
unpatented mining claims valued at $15,000 to Royal Silver Mines, Inc.
as part of a debt settlement agreement. (See Note 8.)

In December 1997, the Company issued 5,000,000 shares of common stock
to acquire patented mining claims near the town of Wallace and Mullan,
Idaho.

In July 1998, the Company issued 350,000 shares of common stock to
acquire mineral rights on six patented mining claims commonly known as
the "Sunset Mine" in Shoshone County.  To date, the Company has
expended no funds on the exploration of its Idaho properties.

Mexican Joint Venture

During the three months ended March 31, 1998, the Company issued
735,000 shares of common stock valued at $1,425,900 and a promissory
note for $350,000 to acquire an interest in a Mexican minerals joint
venture.  Subsequent to year-end, management determined that it was in
the Company's best interest to withdraw from this venture.  Accordingly,
the Company recorded a loss on its joint venture of $1,775,900 in the
fourth quarter of its fiscal year.

Other Mineral Properties

During the quarter ended March 31, 1999, the Company transferred
patented mining claims valued at $30,000 to Royal Silver Mines, Inc. as
part of a debt settlement agreement. (See Note 8.)










                                 F-15

<PAGE> 22
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 4   INVESTMENTS IN SUBSIDIARIES AND OTHER MINING COMPANIES

Grand Central's wholly owned subsidiaries include Dotson Exploration
Company and Centurion Exploration Incorporated, both of which are
dormant.  Grand Central also owns 80% of the stock of Tintic Coalition
Mines Corporation, whose principal holdings are mineral properties
(whose values were written down to $0) in the Tintic Mining District of
Utah.  During the quarter ended March 31, 1999, these claims were
transferred to Royal Silver Mines, Inc. as part of a debt settlement
agreement.  (See Note 8.)

Until July 20, 1998, the Company also owned 81.8% of Mammoth Mining
Company, which has land and lease ownership in the Tintic Mining
district.  At that date, the Company's interest in Mammoth Mining
Company (including Mammoth's ownership of a separate subsidiary company,
the Gold Chain Mining Company) was sold at a loss of $1,361,566 to a
former officer/director.  See Note 3 and Note 10.


NOTE 5   MARKETABLE SECURITIES

The Company owned 1,264,267 shares of Royal Silver Mines, Inc. (Royal)
common stock as of September 30, 1998, a related company, which was
approximately 6.7% of the total outstanding shares at September 30,
1998.  During the quarter ended March 31, 1999, 450,000 shares were
returned to Royal as part of a debt settlement agreement.  (See Note
8.)  173,000 shares of the total amount owned were purchased during
fiscal year end 1998 at a cost of $40,676.  The Company carries these
marketable securities at the lower of cost or market value.

During the quarter ended December 31, 1998, the Company sold its
2,000,000 shares of Nevada Star Resource Corporation common stock,
which was acquired in June 1998.  The acquisition cost of $150,000
approximates its market value ($0.075 US) at the date of sale and no
gain or loss was realized on this transaction.

The Company owned 493,614 shares of Summit Silver, Inc. common stock as
of September 30, 1998, which was acquired throughout 1998.  During the
quarter ended March 31, 1999, 425,000 shares were transferred to Royal
as part of a debt settlement agreement.  (See Note 8.)  The acquisition
cost of $56,143 exceeds its market value at September 30, 1998 and
March 31, 1999.

NOTE 6   INVESTMENTS

In March 1998 the Company acquired 485,500 common stock shares of a
privately held British Virgin Islands Corporation, San Miguel Mining
Corporation.  The investment was acquired in exchange for 382,500
shares of the Company's stock, then valued at $1,124,550.

                                 F-16

<PAGE> 23
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 7   INCOME TAXES

As of March 31, 1999, the Company had net operating loss
carryforwards available to offset future taxable income of
approximately $26,325,000.  For federal income tax purposes, only a
portion of the tax net operating loss can be utilized in any given
year if the company which generated the loss has had a more than 50
percent change in ownership or if such a change occurs in the future
as defined in the Internal Revenue Code.

The following summarizes the periods for which the net operating loss
carryforwards will expire for the next ten years:

        Expiration Date
          1999                          $    178,000
          2000                               101,000
          2001                               230,000
          2002                               346,000
          2003                               457,000
          2004                               727,000
          2005                               534,000
          2006                                    -
          2007                               141,000
          2008                             1,027,000


NOTE 8   NOTES PAYABLE

Notes payable consisted of the following at March 31, 1999 and
September 30, 1998:

                                        March 31,      September 30,
                                        1999           1998
Note payable to Royal Silver Mines, 
Inc., a related party, bearing interest 
at 8%, uncollateralized, one year 
maturity, due February 1999             $ -0-          $  350,000
                                        -----          ----------
     Total Notes Payable Related Party    -0-             350,000
                         
     Less:  Current Portion               -0-            (350,000)
                                        -----          ----------
     Long Term Debt Related Party       $  -           $       -   
                         






                                 F-17

<PAGE> 24
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 8   NOTES PAYABLE (Continued)

Note payable to R.J. Hafen, non-interest bearing, 
collateralized by mining claims, 7.35% interest, 
past due  (See Note 11.)                $ 101,527      $  71,004
                    
Note payable to Kokopelli Developments, L.L.C. 
collateralized by timber and mining claims in 
Shoshone County, Idaho, 10% interest, 
past due                                  100,000        100,000
                                        ---------      ---------
Total Notes Payable                       201,527        171,004
Less:  Current Portion                    201,527        171,004
                                        ---------      ---------
Long-Term Debt                          $      -       $      -  
                                        =========      =========

During the quarter ended March 31, 1999, the Company transferred
equipment and vehicles, patented and unpatented mining claims, 425,000
shares of Summit Silver, Inc. common stock to Royal as well as
returning 450,000 shares of Royal's common stock in full settlement of
the debt owed.  (See Notes 3, 4 and 5.)  This resulted in a gain on
debt forgiveness of $230,357.

NOTE 9   LEASES PAYABLE

The Company leases certain equipment and vehicles.  Obligations under
these capital leases have been recorded in the accompanying
consolidated financial statements at the present value of future
minimum lease payments.  The capitalized cost of $67,051 less
accumulated depreciation of $36,726 is included in property and
equipment in the accompanying consolidated financial statements. 
Depreciation expense for these assets for the quarter and six months
ended March 31, 1999 was $2,893 and $5,851, respectively.

Leases payable consisted of the following at March 31, 1999 and
September 30, 1998:
                                        March 31,      September 30, 
                                        1999           1998
Lease payable to a leasing company, secured by 
property, interest at 11.5%, payable in monthly 
installments of $462, final payment due 
July 2001                               $  13,157      $  15,107

Lease payable to a leasing company, secured by 
automobiles, interest at 11.5%, payable in 
monthly installments of $835, final payment 
due August 1999.                            3,559          6,794
                                        ---------      ---------
Total Leases Payable (carried   
forward)                                $  16,716      $  21,901

<PAGE> 25
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 9   LEASES PAYABLE (Continued)

Total Leases Payable (brought forward)  $  16,716      $  21,901

Less:  Current Portion                     (7,574)       (12,759) 
                                        ---------      ---------
   Long-Term Leases Payable             $   9,142      $   9,142 
                                        =========      =========

The future minimum lease payments under these capital leases and the
net present value of the future minimum lease payments are as follows:

          Year Ending
          September 30,                           Amount
               
          1999                                    $ 8,204
          2000                                      5,544
          2001                                      5,103
          2002 and thereafter                          -
                                                  -------
Total future minimum lease payments                18,851

Less, amount representing interest                 (2,135)
                                                  -------
Present value of future minimum lease payments    $16,716
                                                  =======

NOTE 10   RELATED PARTY TRANSACTIONS

The Company paid compensation to officers, directors and others by
issuing, on certain occasions, restricted shares of its common stock. 
The value of the restricted shares issued as compensation has been
recorded at 67 percent of the quoted market value of the trading common
stock on the date the shares were issued.

Officers and directors of the Company were issued common stock for
compensation as follows:

                                   March 31,      September 30,
Compensation                       1999           1998

Value of common shares issued      $ -0-          $  76,500
                                   =====          =========
Number of shares                     -0-            450,000      
                                   =====          =========

The Company has received advances from an officer, director, and
principal shareholder of the Company in order to pay minimal operating
expenses.  As of September 30, 1998, $1,500 was due from the Company as
a result of these advances.  
                                 F-19

<PAGE> 26
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 10   RELATED PARTY TRANSACTIONS (Continued)

During the year ended September 30, 1998, the Company issued 431,419
shares of its common stock to related parties for $75,645 in cash
(average price of $0.18 per share).

During 1998, the Company leased certain buildings and offices located
at the Main Tintic Project Mine from a related company owned and
operated by a former officer/director and principal shareholder of the
Company for $6,000 per month.  The transaction was not negotiated at
arms-length.  Total lease payments during the year ended September 30,
1998 was $24,000.  In 1998, this lease was cancelled.

During 1998, the Company in an arms-length transaction traded used
field equipment in exchange for the lease of commercial space from the
aforementioned party at the Tintic Mine site.  This prepaid rent
expired in November 1999.

During the year ended September 30, 1998, the Company purchased mineral
properties in Idaho valued at $1,500,000 from Royal Silver Mines, Inc.
in exchange for 5,000,000 shares of its common stock at $0.30 per
share.  The Company also issued 735,000 shares of its common stock for
$1,425,900 ($1.94 per share) plus a note payable for $350,000 to Royal
Silver Mines, Inc. in exchange for a mineral joint venture interest in
Mexico.  During the quarter ended March 31, 1999, the note payable was
settled in full through the transfer of various assets in a debt
settlement agreement.  (See Note 8.)  Royal is not considered a related
party in the period subsequent to this settlement.

In recent years, the Company has leased certain equipment and vehicles
from a sole proprietorship operated by a former officer/director.  Upon
reviewing these transactions and others involving this individual, the
Company filed in 1998 a civil lawsuit against this person.  In July,
1998, this matter was settled out of court when the former officer paid
the Company $50,000 in cash and transferred Grand Central stock back to
the Company.  In turn, the Company transferred all of its stock
holdings in Mammoth Mining Company and The Gold Chain Mining Company to
this individual, who then assumed responsibility for any prospective
environmental problems associated with these companies' mineral
properties and also granted the Company a royalty interest in these
same properties.  See Notes 3 and 4.

NOTE 11   COMMITMENTS AND CONTINGENCIES

In 1998, the Company, its former president and others were named in a
lawsuit filed in Nevada by Midas Joint Venture, which sought damages
for mining claim irregularities.  The matter was settled out of court
in September 1998 and, as a result of the settlement, the Company
assigned to Midas's owners certain royalties on selected properties in
Utah (Millar, Juab and Utah counties) and in Teller County, Colorado.
                                 F-20

<PAGE> 27
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 11   COMMITMENTS AND CONTINGENCIES (Continued)

The Company is a defendant in a lawsuit alleging that the Company
failed to pay fees incurred by the plaintiff in connection with a
private placement.  The suit asks for invoiced charges of $78,153 plus
attorneys' fees.  Although the Company believes that this suit is
largely without merit and intends to vigorously defend its position,
the Company has accrued the amount of the invoiced charges.

During the quarter ended March 31, 1999 default judgements were awarded
against the Company totaling $109,845.  Of this amount $101,527 is
included in notes payable (Note 8) and $8,318 is included in accounts
payable.


NOTE 12   COMMON STOCK AND OPTIONS

Stock Option and Stock Award Plan

On April 19, 1991, Centurion's shareholders approved the 1991 Stock
Option and Stock Award Plan (the Plan).  The purpose of the Plan is to
enable Centurion to attract and retain experienced and able directors,
officers and employees.  The Plan will provide incentives to directors,
officers and employees to extend their best efforts for the Company and
its shareholders.  Under the provisions of the Plan, the Board of
Directors may grant incentive stock options or stock awards only to
eligible directors, officers or employees.  As of September 30, 1998,
the shareholders have approved 5,000,000 shares of stock to be issued
and administered under the Plan and the Company has filed a Form S-8
registration statement and amendments covering the 5,000,000 shares. 
As of March 31, 1999, 817,734 shares of common stock have been awarded
under the Plan.

Stock Options and Warrants

As of March 31, 1999, options to purchase 69,000 shares of common stock
remained exercisable.  The options are exercisable through September
30, 2000, or six months after the option holder ceases to be a
director, officer or consultant to the Company.  Stock option activity
consisted of the following:

                                        Number         Price
                                        of Shares      per Share 

Outstanding at September 30, 1997       69,000         $  15.00
Granted during the year                     -                -
Exercised during the year                   -                -   
                                        ------         --------
Outstanding at September 30, 1998
(carried forward)                       69,000         $  15.00       
                                        ------         --------
                                 F-21

<PAGE> 28
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 12   COMMON STOCK AND OPTIONS (Continued)

Outstanding at September 30, 1998
(brought forward)                       69,000         $  15.00       

Granted during the six months               -                -   
Exercised during the six months             -                -        
                                        ------         --------
Outstanding at March 31, 1999           69,000         $  15.00       
                                        ======         ========

Private Placements

The Company's Board of Directors has, from time to time, authorized
private placements of restricted shares of its common stock.  During
fiscal year 1998, the Company sold 712,419 shares of common stock to
individual investors for $620,001 at prices ranging from $0.13 to $2.25
per share (average price of $0.87 per share).  During the quarter ended
March 31, 1999, the Company sold 30,000 shares of common stock to
individual investors for $15,000 at $0.50 per share.

Common Stock Issuances

In 1998, the Company issued common stock to purchase numerous mineral
properties under common control in Utah, Colorado and Arizona.  The
purchase agreement provided that, in the event of a sustained, short-
term decrease in the value of the stock conveyed, the Company would be
obligated to tender additional common stock to the seller.  At
September 30, 1998, the Company recorded a liability of $1,680,225 in
accounts payable for this obligation, which was settled in October 1998
by the issuance of 2,240,300 shares of its common stock to the seller.

In current and prior years, the Company has issued restricted shares of
common stock to employees, officers and consultants for services
provided.  The shares issued have been valued based on other issuances
of restricted shares for cash during the periods.


NOTE 13   SUBSCRIPTIONS RECEIVABLE

On March 30, 1998, the Company issued 900,000 shares of common stock to
Pines Resort International ("PRI") in exchange for a short-term, non-
interest bearing receivable of $1,125,000.  PRI subsequently made
payments of $625,000 against this receivable, leaving a balance of
$511,500 in stock subscriptions receivable from PRI at March 31, 1999.





                                 F-22

<PAGE> 29
                  GRAND CENTRAL SILVER MINES, INC.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1999
NOTE 14   STOCK SPLIT

On February 4, 1998, the Company declared a 1-for-10 reverse stock
split.  Before the split, the Company had 37,653,898 outstanding shares
of common stock.  After effecting the stock split and adjusting for
rounding, the Company had 3,765,390 shares of common stock outstanding.

On January 13, 1999, the Company declared a 1 for 8 reverse stock
split. Before the split, the Company had 11,085,903 outstanding shares
of common stock.  After effecting the stock split and adjusting for
rounding, the Company had 1,385,739 shares of common stock outstanding.


NOTE 15   GOING CONCERN

As shown in the financial statement, the Company incurred a net loss of
$47,715 and $477,419 for the quarter and six months ending March 31,
1999 and an accumulated deficit of $26,367,657 since inception.  At
March 31, 1999, certain notes payable were delinquent.  (See Note 8.)

These factors indicate that the Company may be unable to continue in
existence.  The financial statements do not include any adjustments
related to the recoverability and classification of recorded assets, or
the amounts and classification of liabilities that might be necessary
in the event the Company cannot continue existence.  The Company's
management has strong beliefs that significant and imminent private
placements will generate sufficient cash for the Company to operate for
the next few years.






















                                 F-23

<PAGE> 30
 
ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
          AND RESULTS OF OPERATIONS

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES.  

     There is considerable risk in any mining venture, and there can be
no assurance that the Company's operations will be successful or
profitable.  Exploration for commercially minable ore deposits is
highly speculative and involves risks greater than those involved in
the discovery of mineralization.  Mining companies use the evaluation
work of professional geologists, geophysicists, and engineers in
determining whether to acquire an interest in a specific property, or
whether or not to commence exploration or development work.  These
estimates are not always scientifically exact, and in some instances
result in the expenditure of substantial amount of money on a property
before it is possible to make a final determination as to whether or
not the property contains economically minable ore bodies.  The
economic viability of a property cannot be finally determined until
extensive exploration and development work, plus a detailed economic
feasibility study, has been performed.  Also, the market prices for
mineralization produced are subject to fluctuation and uncertainty,
which may negatively affect the economic viability of properties on
which expenditures have been made.  During the Company's history, it has
accumulated a deficit of $26,367,657.

     At March 31, 1999, $5,790,046 of the Company's total assets of
$7,220,652 were investments in mineral properties.  Additional
exploration is required to substantiate or determine whether these
mineral properties contain ore reserves that are economically
recoverable.  The realization of these investments is dependent upon
the success of future property sales, the existence of economically
recoverable reserves, the ability of the Company to obtain financing,
the Company's success in carrying out its present plans or making other
arrangements for development, and upon future profitable production. 
The ultimate outcome of these investments cannot be determined at this
time; accordingly, no provision for any asset impairment that may
result, in the event the Company is not successful in developing or
selling these properties, has been made in the Company's financial
statements.

LIQUIDITY AND CAPITAL RESOURCES.  

     The Company currently has no revenues and, as explained above, has
an accumulated deficit.  Because it has sustained recurring losses from
operations, the Company cannot assure that it will be able to fully
carry out its plans as budgeted without additional operating capital. 
At March 31, 1999, the Company had negative working capital of
$345,296.  This amount is a significant improvement in liquidity and
capital resources from its negative working capital position of
$2,358,252 at September 30, 1998 but represents some deterioration from
negative working capital of $186,958 at September 30, 1997.  The
largest single element of working capital is accounts payable totaling
$238,204 at March 31, 1999 and $1,918,810 at September 30, 1998.  While
sales of the Company's stock have traditionally constituted its primary
<PAGE> 31

source of cash generation, depressed metals prices in 1998 and 1999
have lessened the Company's recent ability to obtain cash from sales of 
its stock.  Company sales of its stock generated the following cash
amounts:  $0 in the quarter ending December 31, 1998, $15,000 in the
quarter ending March 31, 1999, $620,001 in the year ending September
30, 1998; and $1,219,559 in the year ending September 30, 1997.  In
adjusting to smaller cash resources, the Company has substantially
decreased its expenses for office, personnel and compensation, and
consulting expenses.

     In the first half of fiscal 1999, the Company greatly decreased
its accounts payable by $1,680,606 while also reducing notes payable by
almost $320,000.  The primary transaction in the first half of 1999
affecting working capital was the issuance of 2,310,000 shares of
common stock in full payment of $1,680,000 of accounts payable. 
Accordingly, the Company's current liabilities moved from $2,505,477 at
September 30, 1998 to $500,305 at March 31, 1999.  The Company's long-
term debt at September 30, 1998 and at March 31, 1999 was under
$10,000.

     The Company has estimated that it will need minimal capital
resources of approximately $40,000 per month to meet its estimated
expenditures for fiscal 1999. The Company expects to raise most of its
financing from private placement of its shares.  The Company is also
exploring various other alternatives to raise capital.

     The Company plans to fund any increases in general and
administrative expense principally from joint venture revenues or funds
it may receive or savings it may realize through corporate
restructuring or business combination arrangements.  Funds required to
finance the Company's exploration and development of mineral properties
are expected to come primarily from the contributions of its joint
venture participants, and from the funds generated from such joint
ventures and other lease or royalty arrangements.

     The Company currently is seeking alternate sources of working
capital sufficient to increase the funding of additional general and
administrative expenses that may become necessary as the Company's
business plan develops, and to continue meeting its ongoing payment
obligations for its leases to governmental entities.  

RESULTS OF OPERATIONS

Comparison of the six months ended March 31, 1998 and March 31, 1999,
respectively.

     General and administrative expenses decreased from $832,098 during
the first half of fiscal 1998 to $580,772 during the first half of
fiscal 1999.  This decrease is principally due to reduced legal and
consulting expenditures and less mineral lease expenses.  In addition,
the Company recorded a loss on impairment of assets of $2,000,000 in
the first half of 1998 while avoiding this form of loss in 1999.  In
the second quarter of 1999, the Company recorded a gain of $230,357
from a favorable negotiation on forgiveness of a $350,000 promissory 

<PAGE> 32

note payable.  As a result, during the first half of fiscal 1998
compared to the first half of 1999, the net loss decreased from
$2,956,748 to $477,419 while the net loss per share moved from a loss
of $0.12 to a loss of $0.07.

     The Company is unable to fully determine the impact of future
transactions on its operating capital.  Hence, the Company has
determined not to incur and does not have any commitments or plans for
material capital expenditures during the remainder of its current
fiscal year for which it does not have a reasonably available source of
payment.

     While the Company continues to seek a joint venture participant
and additional sources of capital for financing operations during the
remainder of its current fiscal year, the Company will continue to
carefully monitor its capital expenditures.

PART II.  OTHER INFORMATION

     Item 1.   Legal Proceedings.

     The Officers and Directors of the Company certify that to the best
of their knowledge, neither the Company nor any of its Officers and
Directors are parties to any legal proceeding or litigation other than
as described below:

     The Company was named in a lawsuit filed on October 23, 1998, in
the Third Judicial District Court, Salt Lake City, State of Utah,
entitled Ralph Hafen v. West Hills Excavating, LLC and Grand Central
Silver Mines, Inc., Civil No. 9709055264CN.  The Plaintiff alleges
breach of contract claiming that the Plaintiff was entitled to but
never received $80,000 worth of free trading stock of the Company under
various agreements signed with West Hills Excavating, which the Company
allegedly agreed to perform.  The Company has not filed an answer to
the claims and is seeking a settlement with the Plaintiff.

     Item 2.   Changes in Securities.
               None.

     Item 3.   Defaults upon Senior Securities.
               None.

     Item 4.   Submission of Matters to a Vote of Security Holders.
               None.

     Item 5.   Other Information.
               None.

     Item 6.   Exhibits and Reports on Form 8-K.
(a)  Exhibits

Exhibit
Number         Description
27             Financial Data Schedule

<PAGE> 33

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                              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. 

     Dated this 7th day of May, 1999.

                              GRAND CENTRAL SILVER MINES, INC


                              BY:  /s/ James Young
                                   James Young, President, Treasurer,
                                   and a member of the Board of
                                   Directors