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: December 31, 1996

                        Commission File Number: 0-17048


                            CENTURION MINES CORPORATION
               (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 No.)
  

          331 South Rio Grande, Suite 201, Salt Lake City, Utah 84101
              (Address of Principal Executive Offices) (Zip Code)

                                 801-534-1120
              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 December 31, 1996: 27,196,102 shares

<PAGE>

                        PART I.  FINANCIAL INFORMATION

          ITEM 1.  FINANCIAL STATEMENTS OF CENTURION MINES CORPORATION
                   (Hereinafter referred to as Registrant or 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 December 31, 1996,
and September 30, 1996, and the results of operations and cash flows for
each of the three months ended December 31, 1996, and 1995, 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.

                                      -2-
<PAGE>
<TABLE>
                          CENTURION MINES CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                  (Unaudited)
<CAPTION>
ASSETS                                 As of            As of
------                              December        September
                                    31, 1996         30, 1996
                                    --------        ---------
<S>                              <C>               <C>
CURRENT ASSETS:
     Cash                        $    94,053       $  133,556 
     Accounts receivable               5,000            5,000 
     Advances to related
        parties                        4,378           28,842 
     Prepaid expenses                117,192           76,578 
     Marketable securities
        (Note 3)                     150,000          150,000 
                                  ----------       ----------
        Total current assets         370,623          393,976 
                                  ----------       ----------
MINERAL PROPERTIES                 9,121,404        8,849,485 
                                  ----------       ----------
PROPERTY AND EQUIPMENT:
   Leasehold improvements              8,845            8,845 
   Furniture and equipment           248,217          240,717 
   Vehicles                          125,151          125,151 
   Field equipment                   474,930          441,756
   Leased automobiles & equipment     84,620           84,620
     Less:  Accumulated
        depreciation and
        amortization                (425,940)        (385,412)
                                  ----------       ----------
   Total property and
        equipment                    515,823          515,677 
                                  ----------       ----------
OTHER ASSETS                                 
    Deposits                           4,752            4,752
    Other assets                       6,438            6,438
                                  ----------       ----------
   Total other assets                 11,190           11,190
                                  ----------       ----------
   TOTAL ASSETS                  $10,019,040       $9,770,328
                                 ===========       ==========
</TABLE>

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

                                      -3-
<PAGE>
<TABLE>
                          CENTURION MINES CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                  (Unaudited)
<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
                                       As of            As of
                                    December        September
                                    31, 1996         30, 1996
                                    --------        ---------
<S>                              <C>               <C>
CURRENT LIABILITIES:
   Accounts payable              $   294,162       $  206,622
   Accrued compensation payable       23,346           45,587  
   Payable to related party           19,793            6,074 
   Advances from shareholder           6,561            6,561
   Leases payable                     21,582           31,895
   Short-term note payable            30,149           80,542
                                 -----------       ----------
        Total current
            liabilities              395,593          377,281
                                 -----------       ----------
LONG TERM DEBTS:
   Leases payable                     32,445           32,445
   Note payable to related party      35,530           35,530
   Note payable                       38,461           38,461 
                                 -----------       ----------
        Total long term debt         106,436          106,436
                                 -----------       ----------
        Total liabilites             502,029          483,717
                                 -----------       ----------
MINORITY INTERESTS IN
      CONSOLIDATED SUBSIDIARIES       29,685           29,685
                                 -----------       ----------
SHAREHOLDERS EQUITY:
   Common stock - $.01 par
     value; 30,000,000 shares
     authorized; 27,196,102
     and 26,081,077 shares
     issued and outstanding,
     respectively                    271,961          260,811 
   Additional paid-in capital     20,432,168       19,673,873 
   Accumulated deficit           (11,193,553)     (10,654,508)
   Receivable related to sale
     of common stock                 (23,250)         (23,250)
                                 -----------      -----------
        Total shareholders'
            equity                 9,487,326        9,256,926
                                 -----------       ----------
TOTAL LIABILITIES AND
   SHAREHOLDER'S EQUITY          $10,019,040       $9,770,328
                                 ===========       ==========
</TABLE>
                                     
The accompanying Notes to Condensed Consolidated Financial Statements are an
         integral part of these condensed consolidated statements.

                                      -4-
<PAGE>
<TABLE>
                          CENTURION MINES CORPORATION
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
<CAPTION>
                                          Three Months Ended
                                              December 31,  
                                          -------------------
                                        1996              1995
                                  ----------        ----------
<S>                               <C>               <C>
REVENUES:                                                     
     Management and
      consulting fees             $       --        $    7,500 
                                  ----------        ----------
        Total revenues                    --             7,500
                                  ----------        ----------

OPERATING EXPENSES:
     General and administrative      432,522           406,818
     Cost of properties abandoned         --                --
   
     Mineral leases                   76,531            75,672
     Depreciation and amortization    40,528            29,484
                                  ----------        ----------
        Total operating expenses     549,581           511,974
                                  ----------        ----------
OTHER INCOME (EXPENSE):
     Other income                      2,155             3,196
     Interest expense                 (4,052)             (675)
     Gain on sale of assets           12,433            64,318 
                                  ----------        ----------
          Total other income          10,536            66,839 
                                  ----------        ----------
LOSS FROM OPERATIONS                (539,045)         (437,635)
                                  ----------        ----------
LOSS FROM DILUTION OF EQUITY
   INVESTMENT IN SUBSIDIARY               --                -- 
                                  ----------        ----------
LOSS BEFORE MINORITY INTERESTS      (539,045)         (437,635)

MINORITY INTERESTS IN LOSS
   (INCOME) OF CONSOLIDATED
   SUBSIDIARIES                           --               336
                                  ----------        ----------
NET LOSS                          $ (539,045)       $ (437,299)
                                  ==========        ==========
NET LOSS PER COMMON SHARE:
 (Note 2)                         $     (.02)       $     (.02)
                                  ==========        ==========
WEIGHTED AVERAGE COMMON
   SHARES OUTSTANDING             26,638,590        23,984,551 
                                  ==========        ==========
</TABLE>

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

                                      -5-
<PAGE>
<TABLE>
                          CENTURION MINES CORPORATION
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
                                  (Unaudited)

                          Increase (Decrease) in Cash
<CAPTION>                                                     
                                           Three Months Ended
                                               December 31,
                                           -------------------
                                            1996          1995
                                       ---------     ---------
<S>                                    <C>           <C>
CASH FLOWS FROM OPERATING
   ACTIVITIES:
   Net loss                            $(539,045)    $(437,635)
   Adjustments to reconcile
     net loss to net cash used in
     operating activities:
        Compensation and other
           expenses paid through
           issuance of common stock      246,445       257,974
        Depreciation and
           amortization                   40,528        29,484
   Minority interests                         --          (336)
   Change in assets and
     liabilities:
        Accounts receivable                   --            --
        Receivable from related party     24,464        14,474
        Prepaid expenses                 (40,614)       26,130
        Mineral properties              (271,919)      (82,870)
        Deposits                              --            --
        Accounts payable                  87,540       (51,732)
        Payable to related party          13,719            --
        Accrued compensation payable     (22,241)        1,279 
        Advances from shareholders            --         4,915 
        Leases payable                   (10,313)           --
        Notes payable                    (50,393)           --
                                       ---------     ---------
         Cash used in operating
            activities                  (521,829)     (238,317)
                                       ---------     ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of property and
      equipment                          (40,674)       (8,488)
                                       ---------     ---------
         Net cash used in investing
            activities                   (40,674)       (8,488)
                                       ---------     ---------
 CASH FLOWS FROM FINANCING ACTIVITIES:
   Issuance of common stock for cash     523,000       270,023 
                                       ---------     ---------
         Net cash provided by
           financing activities          523,000       270,023
                                       ---------     ---------
NET INCREASE (DECREASE) IN CASH          (39,503)       23,218

CASH, BEGINNING OF PERIOD                133,556        17,510 
                                       ---------     ---------
CASH, END OF PERIOD                    $  94,053     $  40,728
                                       =========     =========
</TABLE>                                          

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

                                      -6-
<PAGE>
                          CENTURION MINES CORPORATION
          Condensed Consolidated Statements of Cash Flows - Continued

Supplemental disclosure of noncash investing and financing activities:

During the three months ended December 31, 1996, the Company:

 - issued 61,750 shares of common stock valued at $60,286 for services of
     employees and contractors.

 - issued 38,500 shares of common stock valued at $43,784 for promotional
     services.

 - issued 58,950 shares of common stock valued at $47,375 in lieu of cash
     payments for outstanding debt.  Centurion also issued 43,400 shares of
     common stock for acquisition of mineral properties valued at $40,000.


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

                                      -7-
<PAGE>
                          CENTURION MINES CORPORATION
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               December 31, 1996

(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, 1996.

(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):

    Royal Silver Mines, Inc.                        COST              FMV
                                                    ----              ---
                                                $150,000       $1,462,282

    FMV is based on the closing or average price of Royal common stock of
    $.9375 per share on January 2, 1997, the first trading day following the
    quarter ended December 31, 1996.

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

                                      -8-
<PAGE>

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 December 31, 1996, there was a deficit working capital of ($24,970) compared
to a positive working capital at September 30, 1996, of $16,695.

At December 31, 1996, the Company owned 1,560,767 shares of Royal Silver Mines,
Inc. common stock, a related company, which was approximately 15 percent of the
total shares outstanding as of December 31, 1996.  The current market value of
this stock is about $.93 per share (Note 3). 

The Company's assets consist primarily of interests in mineral properties.  The
total assets increased from $8,849,485 on September 30, 1996, to $9,121,404 as
of December 31, 1996.  The increase in this asset is primarily due to the
exploration or development of mineral properties and the acquisition or
purchase of additional mineral rights.

                                      -9-
<PAGE>

During the three months ended December 31, 1996, the Company's operations used
$521,829 of cash as compared to $238,317 during the three months ended December
31, 1995.  This increase is primarily due to the additional development of
mineral properties.  During the three months ended December 31, 1996, cash
flows from operations included the issuance of common stock valued at
approximately $246,000 for compensation and services received by various
entities.

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%; Mazama Gold Corporation, Washington, 100%; Dotson
Exploration Company, Nevada, 100%; Mammoth Mining Company, Nevada, 81.8%; The
Gold Chain Mining Company, Utah, 61.1%; and Tintic Coalition Mines, Utah, 80%.

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 1992 that are currently
under exploration and development by larger mining companies.  

                                     -10-
<PAGE>

Results of Operation
--------------------

The Company had a loss for the three months ended December 31, 1996, of
$539,045 or $(0.02) per share compared with a loss for the three months ended
December 31, 1995, of $437,299, which was also $(0.02) per share. These losses
are the result of a decrease in the liquidation of Royal Silver Mines stock,
and an increase of depreciation expense due to the acquisition of equipment.


General and administrative costs increased by $25,704 to $432,522 for the
quarter ended December 31, 1996, from that of the same quarter of fiscal 1995.
The increase is the result of additional management personnel and employees.
Management is unable to assess the impact that this increase in cost may have
on the Company's operations.  Further, management is unable to assure that such
increases will not result in adverse consequences to the Company's financial
condition.

These changes have allowed the Company to concentrate use of its funds in the
areas of land acquisition and exploration, and in the rehabilitation of tunnels
and water systems in certain previously-producing mines.  Also, the Company
has been able to invest additional funds in equipment for exploration and
analysis of exploration data.  These equipment acquisitions will allow the
Company to continue its efforts to move toward use of Company personnel instead
of outside contractors.  Increases in lease expense for leased property and
increases in depreciation for the additional equipment partly offset the
decreases in operating expenses discussed above.

                                     -11-
<PAGE> 
                          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.
                                     -12-
<PAGE>
                                       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.

                                                CENTURION MINES CORPORATION

                                                By Its Chief Executive Officer:

Date: January 31, 1997                          /s/ Spenst Hansen
      ----------------                          -------------------------------
                                                Spenst Hansen, President
                                                Chief Executive Officer


                                                By Its Principal Financial and
                                                Accounting Officer:

Date: January 31, 1997                          /s/ Randy Sutherland
      ----------------                          -------------------------------
                                                Randy Sutherland, Treasurer/
                                                Assistant Secretary
                                                Principal Financial and
                                                Accounting Officer
                                     -13-
<PAGE>