<PAGE> 1

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               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:  June 30, 1998

       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 June 30, 1998: 7,312,068 shares


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<PAGE> 2

                  PART I.  FINANCIAL INFORMATION

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


  The condensed, consolidated financial statements of the
Registrant included herein have been prepared by the Registrant
from its own books and records.  In the opinion of management, the
financial statements included in this quarterly report present
fairly in all material respects, the financial position of
Registrant and subsidiaries as of June 30, 1998, and September 30,
1997, the results of operations for the three months and nine
months ended June 30, 1998 and 1997, and the cash flows for the
nine months ended June 30, 1998 and 1997, in conformance with
generally accepted accounting principles.

  As discussed in Item 2, 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 dependent 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.  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.
























<PAGE> 3
                 GRAND CENTRAL SILVER MINES, INC.
               CONDENSED CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
                           June
                           30, 1998       September
ASSETS                     (Unaudited)    30, 1997
<S>                        <C>            <C>
                           
CURRENT ASSETS                     
  Cash                     $     78,156   $    30,080 
  Accounts receivable           143,215            -
  Advances to related parties     5,865        26,312 
  Prepaid expenses                1,062        41,606 
  Marketable securities         199,000       150,000 
                           ------------   -----------
  Total current assets          427,298       247,998 
                           ------------   -----------
MINERAL PROPERTIES            8,339,729     9,648,747 
                           ------------   -----------
PROPERTY AND EQUIPMENT                    
  Leasehold improvements          7,517         7,517 
  Furniture and equipment       283,025       249,000 
  Vehicles                      149,271       125,151 
  Field equipment               521,795       580,999 
  Leased automobiles 
    and equipment                53,026        84,620 
  Less:  Accumulated depreciation 
    and amortization           (662,670)     (547,436)
                           ------------   -----------
Total property and equipment    351,964       499,851 
                           ------------   -----------
                           
OTHER ASSETS                       
  Investments                 1,188,329            -
  Deposits and other assets       1,790        15,478 
                           ------------   -----------
  TOTAL OTHER ASSETS          1,190,119        15,478 
                           ------------   -----------
  TOTAL ASSETS             $ 10,309,110   $10,412,074 
                           ============   ===========
</TABLE>






The accompanying Notes to Condensed Consolidated Financial 
       Statements are an integral part of these condensed 
                     consolidated statements.

                                1

<PAGE> 4
                 GRAND CENTRAL SILVER MINES, INC.
               CONDENSED CONSOLIDATED BALANCE SHEET

LIABILITIES AND SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>
                                June
                                30, 1998       September
                                (Unaudited)    30, 1997  
<S>                             <C>            <C>
CURRENT LIABILITIES 
  Accounts payable              $   494,414    $     295,301 
  Accrued expenses                   24,425           24,029 
  Payable to related party            1,000              476 
  Advances from shareholder          40,850           84,315 
  Leases payable - current portion    5,876           30,835 
  Notes payable - current portion   450,000               -
                               ------------     ------------
  Total current liabilities       1,016,565          434,956
                               ------------     ------------
LONG TERM DEBT
  Leases payable                     13,001           22,041 
  Note payable                       71,004           71,004 
                               ------------     ------------
  Total long term debt               84,005           93,045 
                               ------------     ------------
  
TOTAL LIABILITIES                 1,100,570          528,001 
                               ------------     ------------
MINORITY INTERESTS IN
CONSOLIDATED SUBSIDIARIES            32,724           32,724
                               ------------     ------------
SHAREHOLDERS' EQUITY
 Common stock - $.01 par value;
  40,000,000 shares authorized;
  7,312,068 and 3,057,580 shares
  issued and outstanding, 
  respectively                       73,121           30,576
 Additional paid-in capital      30,073,831       22,146,656
 Accumulated deficit            (20,463,319)     (12,314,383)
 Receivable related to sale 
  of common stock                  (507,817)         (11,500)
                               ------------     ------------
TOTAL SHAREHOLDERS' EQUITY        9,175,816        9,851,349
                               ------------     ------------
TOTAL LIABILITIES AND 
  SHAREHOLDERS' EQUITY         $ 10,309,110     $ 10,412,074
                               ============     ============
</TABLE>
The accompanying Notes to Condensed Consolidated Financial 
       Statements are an integral part of these condensed 
                     consolidated statements.

                                2
<PAGE> 5

                 GRAND CENTRAL SILVER MINES, INC.
         CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                           (Unaudited)
<TABLE>
<CAPTION>
                          Three Months Ended        Nine Months Ended
                               June 30,                  June 30,
                         1998           1997        1998          1997
<S>                      <C>            <C>         <C>           <C>
REVENUES
  Operating revenue      $        -     $   20,000  $         -   $     20,000
                         ------------   ----------  ------------  ------------ 
Total revenues                              20,000                      20,000
                         ------------   ----------  ------------  ------------
OPERATING EXPENSES
  General and 
    administrative            791,196      343,192     1,623,294     1,188,278 
  Cost of property disposals       -            -          6,989         5,859 
  Mineral leases               10,181       54,665        67,564       196,492 
  Depreciation and 
   amortization                40,669       43,970       121,534       126,363 
                         ------------   ----------  ------------  ------------
                                     
Total operating expenses      842,046      441,827     1,819,381     1,516,992 
                         ------------   ----------  ------------  ------------
LOSS FROM OPERATIONS         (842,046)    (421,827)   (1,819,381)   (1,496,992)
                                     
OTHER INCOME (EXPENSE)                              
  Interest and other 
   income                       2,312      103,508        23,210       112,931 
  Interest expense            (10,516)      (4,590)      (22,287)      (12,815)
  Gain on sale of assets          964       17,158        12,424       219,471 
  Loss on impairment 
    of assets              (5,000,000)          -     (7,000,000)           -
                         ------------   ----------  ------------  ------------
Total other income 
  (expense)                (5,007,240)     116,076    (6,986,653)      319,587
                                     
NET LOSS BEFORE MINORITY 
 INTERESTS                 (5,849,286)    (305,751)   (8,806,034)   (1,177,405)

MINORITY INTERESTS IN 
 LOSS (INCOME) OF CONSOLIDATED 
 SUBSIDIARIES                      -            -             -             -
                         ------------   ----------  ------------  ------------
                                     
NET LOSS                 $ (5,849,286)  $ (305,751) $ (8,806,034) $ (1,177,405)
                         ============   ==========  ============  ============
                                     
NET LOSS PER 
COMMON SHARE             $      (0.90)  $    (0.11) $      (1.89) $      (0.42)
                         ============   ==========  ============  ============
WEIGHTED AVERAGE COMMON 
SHARES OUTSTANDING          6,469,867    2,892,979     4,659,619     2,788,799 
                            =========    =========     =========     =========
</TABLE>
The accompanying Notes to Condensed Consolidated Financial 
       Statements are an integral part of these condensed 
                     consolidated statements.

                                3
<PAGE> 6
                 GRAND CENTRAL SILVER MINES, INC.
   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
<TABLE>
<CAPTION>
                                                  Nine Months    Nine Months
                                                  Ended          Ended
                                                  June 30, 1998  June 30, 1997
<S>                                               <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss                                        $ (8,806,034)  $ (1,177,405)
  Adjustments to reconcile net loss to
   net cash used in operating activities:
   Compensation and other expenses paid 
    through issuance of common stock                   823,373        942,622 
   Write-off of mineral properties                   7,000,000             -
   Depreciation and amortization                       121,534        126,363 
  Change in assets and liabilities:
   Accounts receivable                                (143,215)         5,000 
   Receivable from related party                        20,447        (93,255)
   Prepaid expenses                                     40,554        (14,283)
   Other assets                                         13,688          8,062 
   Accounts payable                                    199,113        226,721 
   Payable to related party                                524         (5,474)
   Accrued expenses                                        396        (15,589)
   Advances from shareholders                          (43,465)        (5,226)
   Leases payable                                      (33,999)       (24,607)
   Notes payable                                      (100,000)       (89,489)
                                                  ------------   ------------
Net cash used in operating activities                 (907,084)      (116,560)
                                                   -----------   ------------
CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of property and equipment                   (61,145)      (101,716)
  Acquisition of mineral properties                 (3,633,995)      (877,168)
  Acquisition of investments                        (1,237,329)            -  
                                                   -----------   ------------
Net cash used in investing activities               (4,932,469)      (978,884)
                                                   -----------   ------------
CASH FLOWS FROM FINANCING ACTIVITIES 
  Issuance of promissory notes                         750,000             -
  Issuance of common stock for notes                   200,000             -
  Issuance of common stock for 
    mineral properties                               3,070,000             -
  Issuance of common stock 
    for investments                                  1,149,550             -
  Issuance of common stock for cash                    100,896      1,010,600 
  Receivable related to sale of 
   common stock                                        617,183          9,400 
                                                   -----------   ------------
Net cash provided by financing activities            5,887,629      1,020,000 
                                                   -----------   ------------
NET INCREASE (DECREASE) IN CASH                         48,076        (75,444)
CASH, BEGINNING OF PERIOD                               30,080        133,556 
                                                   -----------   ------------
CASH, END OF PERIOD                                $  78,156     $     58,112
                                                   ===========   ============
</TABLE>

The accompanying Notes to Condensed Consolidated Financial 
       Statements are an integral part of these condensed 
                     consolidated statements.

                                4
<PAGE> 7

SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING
ACTIVITIES:

During the three months ended June 30, 1998, the Company:

* Issued 79,600 shares of common stock valued at $185,426 for
  services of employees and contractors.
* Issued 12,500 shares of common stock valued at $25,250 for cash.
* Issued 25,000 shares of common stock valued at $50,000 as fees
  for bridge financing.
* Issued 940,000 shares of common stock valued at $1,645,000 to
  acquire a group of mineral properties.
* Issued 10,000 shares of common stock valued at $25,000 and cash
  of $24,000 to acquire an interest in a minerals company.
* Issued 271,051 shares of common stock valued at $203,287 for
  conversion of debt to common stock and payment of accrued
  interest.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1.   The condensed consolidated financial statements included
     herein have been prepared by the Company, without audit, in
     accordance with generally accepted accounting principles for
     interim financial information and pursuant to the rules,
     regulations and instructions of the Securities and Exchange
     Commission pertaining to Form 10-Q and Article 10 of
     Regulation S-X.  These condensed consolidated financial
     statements reflect all adjustments which, in the opinion of
     management, are necessary to present fairly the results of
     operations for the interim period presented.  All adjustments
     are of a normal recurring nature.  Certain information,
     footnotes and disclosures normally included in complete
     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 following disclosures are adequate.  It is
     suggested that these condensed consolidated financial
     statements be read in conjunction with the consolidated
     financial statements and the notes thereto included in the
     Company's annual report on Form 10-K for the year ended
     September 30, 1997.
2.   Net loss per common share is based on the weighted average
     number of common shares outstanding during the period.
3.   The Company carries its marketable securities at the lower of
     cost or market value (FMV):

                                   COST      FMV
  Royal Silver Mines, Inc.         $ 150,000 $218,253
  Summit Silver Mines, Inc.        $  49,000 $241,666
  
  Fair market value is based on the closing or average price per
  share of common stock on June 30, 1998.

<PAGE> 8
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
  
4.   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 3,765,417
     shares of common stock outstanding.  All disclosures
     concerning stock have been restated for all periods presented.
5.   On April 12, 1998, the Company entered into an option
     agreement with Arizuma Resources, Inc.  Under the terms of the
     five-month agreement expiring September 2, 1998, Arizuma
     granted an option to the Company to enter into a joint venture
     with Arizuma for the exploration and development of certain
     mining properties in the Wonder Mining District, Churchill
     County, Nevada.  The option agreement calls for an initial
     option payment of $5,000 by the Company.  At the end of the
     option period, the Company can exercise its option to acquire
     a 70% interest in the joint venture by paying an additional
     $5,000 to Arizuma, spending $1,200,000 over a four-year period
     (including $100,000 in calendar 1998) on project work
     commitments, and by making staggered payments to Arizuma
     totalling $90,000 during the same four-year period.
6.   On June 19, 1998, the Company issued 940,000 shares of its
     common stock valued at $1,645,000 to acquire a group of
     mineral properties under common control from an outside
     entity.  Properties acquired included patented mining claims
     in Beaver County, Utah and in Mohave County, Arizona.  In the
     transaction, the Company also acquired mineral rights to
     sixty-three claims in the Cripple Creek area of Teller County,
     Colorado.
7.   On June 30, 1998, the Company recorded a loss on impairment of
     assets by the writedown of $5,000,000 of mineral properties,
     primarily in the Tintic District, considered by management to
     have less value than their recorded cost. On July 20, 1998,
     the Company negotiated a settlement with a former
     officer/director wherein the former employee agreed to
     transfer to the Company $50,000 in cash and 398,810 shares of
     his stock in Grand Central in exchange for certain mining
     properties in the Tintic District.  The Company retained a 2%
     net smelter royalty interest on these properties in addition
     to full indemnification against related, prospective
     environmental liabilities.
8.   Minority interest in consolidated financial statements is
     adjusted based upon annual financial information only.










<PAGE> 9

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATION

Financial Condition, Liquidity and Capital Resources.

Since inception on June 21, 1984, the Company has been engaged in
exploration, acquisition, and development of mineral properties
primarily through joint ventures.  The Company's principal capital
resources have been acquired through issuance of common stock,
through joint venture operations, and through sales of various
properties.  The Company has primarily relied upon joint venture
partners to finance the on-going costs of holding and developing
properties.

At June 30, 1998, there was deficit working capital of $638,267
compared to deficit working capital of $186,958 at September 30,
1997.  This change is primarily the result of a build-up in
accounts payable and short-term debt, coupled with decreased sales
of the Company's stock for cash.

At June 30, 1998, the Company owned 1,091,267 shares of Royal
Silver Mines, Inc. common stock, which was approximately seventeen
percent of the total shares outstanding as of June 30, 1998.  The
current market value of this stock is about $ .20 per share (see
Note 3).  At June 30, 1998, the Company owned 483,333 shares of
Summit Silver Mines, Inc., whose stock was then valued at $.50 per
share.

The Company's total assets consist primarily of interests in
mineral properties.  This asset decreased from $9,648,747 at
September 30, 1997, to $8,339,729 as of June 30, 1998.  The
decrease is due primarily to the recognition of $7,000,000 of asset
impairment ($2,000,000 in the quarter ending March 31, 1998 and
$5,000,000 in the quarter ending June 30, 1998).  These write-downs
were partially offset by the acquisition of certain Coeur d'Alene
silver properties and patented mining claims and a working interest
in a joint venture and the purchase in June 1998 of $1,645,000 of
patented mining claims in Colorado, Utah and Arizona.

During the nine months ended June 30, 1998, the Company's
operations used $907,084 of cash, as compared to using $116,650 of
cash during the same period in the preceding year.  Approximately
half ($823,373) of the Company's G & A expenses of $1,623,294 were
paid through the issuance of common stock during the first nine
months of fiscal 1998 as compared to $942,622 of G & A expenses
(totalling $1,188,278) being funded in the prior fiscal year by
stock issuance.  There were substantially more acquisitions of
mineral properties and investments in 1998, almost all of which
were financed by the issuance of common stock (which aggregated
$4,725,717) and to a smaller extent by promissory notes ($750,000). 
By contrast, there was no funding 

<PAGE> 10

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATION (CONTINUED)

in the first nine months of 1997 from notes or lenders, although
cash generated by stock sales was $1,010,600 in the first nine
months of 1997 as opposed to only $100,896 in the corresponding
period of fiscal year 1998.  There was a receivable of $1,125,000
generated in March of 1998 from the sale of common stock, with cash
funding of $617,183 from this transaction received in the quarter
ending June 30, 1998.

The Company does not have sufficient capital to fully explore and
develop its mineral properties, nor does the Company currently have
continuing revenues.  The Company plans to continue financing its
exploration activities through joint ventures, production
activities, equity or debt funding, or by selling properties and
retaining royalty interests.  In addition, the Company holds
royalty interests on properties sold during fiscal years 1992 and
1997 that are currently under exploration and development by other,
larger mining companies.

Results of Operations

The Company posted losses of $5,849,286 and $8,806,034 for the
three months and nine months ending June 30, 1998, respectively. 
The principal component of each loss was the write-down in June
1998 of $5,000,000 and in March 1998 of $2,000,000 of mineral
properties considered by management to have less value than
originally recorded cost.  There were virtually no revenues during
the first nine months of fiscal 1997 or fiscal 1998.

Operating expenses for the nine months ending June 30, 1998 were
$1,819,381, up almost $302,000 from the corresponding period of the
prior year primarily as a result of increased general and
administrative expenditures. General and administrative expenses
for the first nine months of fiscal 1998 included severance and
compensation expense for terminated employees unlike the same
period of the preceding year.

These condensed consolidated financial statements include the
following companies, with the state of incorporation and percentage
of ownership as shown:  Centurion Mines Corporation, Utah, 100%;
Centurion Exploration Incorporated, Utah, 100%; Dotson Exploration
Company, Nevada, 100%; Mammoth Mining Company, Nevada, 81.8%; The
Gold Chain Mining Company, Utah, 61.1% and Tintic Coalition Mines
Corporation, Utah, 80%.







<PAGE> 11

                   PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.                      None.

ITEM 2.  CHANGES IN SECURITIES.                  None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.        None.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
                                                 None.

ITEM 5.  OTHER INFORMATION.                      None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.       None.


                            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 13th day of August, 1998.

GRAND CENTRAL SILVER MINES, INC.

By Its Chief Executive Officer:


/s/ John P.  Ryan
    John P. Ryan, President