SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10QSB

[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
	SECURITIES EXCHANGE ACT OF 1934
	For the fiscal quarter ended  June 30, 1996

	OR

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF 
	THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _________ to _________

	Commission File No. 0-9297


	CRONUS CORPORATION
	


	NEVADA						36-3880744
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)	Identification Number)


7660 E. BROADWAY #210, TUCSON, ARIZONA 	   	85710
( Address of principal executive offices)	(Zip Code)


Registrant's telephone number, including area code (520) 
885-1220


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.[X] Yes[  ] No


Indicate the number of shares outstanding of each of the 
registrant's classes of common stock, as of the latest 
practicable date.

	 Class 			Outstanding as of March 31, 1997
$.001 PAR VALUE			11,453,106  SHARES
COMMON STOCK

		DOCUMENTS INCORPORATED BY REFERENCE:
1.  Reorganization Stock Exchange Agreement with Perimeter 
Bicycling Association of America, Inc.  8-K November 30, 
1995.
2.  Reorganization Stock Exchange Agreement with Amateur 
Golf 
Association of America, Inc.  8-K November 30, 1995.
3.  Reorganization Stock Exchange Agreement with TGI Inc.  
8-K 
December 13, 1995.
4.  Purchase Agreement with Black Diamond Mining 
Corporation.  8-K 
May 23, 1996.
5.  Reorganization Agreement with Black Diamond Mining 
Corporation.  8-K July 31, 1996.
6.  Asset Purchase Agreement with El Tour de Tucson, Inc.  
8-K 
July 31, 1996.
7.  Termination of Reorganization Agreement with Black 
Diamond 
Mining Corporation.  8-K December 20, 1996.
8.  Audited Financial Statements for the years ended 
December 31, 
1995 and 1994, dated March 28, 1997.  10-KSB April 2, 1997.

	
	PART 1

ITEM 1.  Financial Statements

J. Dennis Bartlett, P.C.
Certified Public Accountant
2421 E. 6th Street
Tucson, Arizona  85716


Cronus Corporation
Tucson, Arizona


 	I have compiled the accompanying balance sheet of 
Cronus Corporation as of June 30, 1996 and the related 
Profit and Loss statement for the three and six months 
then ended, in accordance with standards established by 
the American Institute of Certified Public Accountants. 
 

	A compilation is limited to presenting in the form 
of financial statements information that is the 
representation of management.  I have not audited or 
reviewed the accompanying financial statements and, 
accordingly, do not express an opinion or any other 
form of assurance on them.

	Management has elected to omit substantially all 
of the disclosures and the statement of cash flows 
required by generally accepted accounting principles.  
If the omitted disclosures and statement of cash flows 
were included with the financial statements, they might 
influence the user's conclusions about  the Company's 
financial position, results of operations, and cash 
flows.  Accordingly, these financial statements are not 
designed for those who are not informed about such 
matters.


/s/
J. Dennis Bartlett, P.C.
June 30, 1996




J. Dennis Bartlett, P.C.
Certified Public Accountant
2421 E. 6th Street
Tucson, Arizona  85716



We hereby consent to the inclusion of our report dated 
June 30, 1996, in the quarter report of Cronus 
Corporation on Form 10-QSB for the period ended June 
30, 1996.


/s/
J. Dennis Bartlett, P.C.
Tucson, Arizona
June 30, 1996

CRONUS CORPORATION
BALANCE SHEET
AS OF JUNE 30, 1996

ASSETS
 Current Assets
  Checking/Savings
   Cash
   Bank of America                  630.00
   Checking-JR                  139,203.63
  Total Cash                        139,833.63

  Total Checking/Savings            139,833.63

  Other Current Assets
   Prepaid comp                   2,000.00
  Total Other Current Assets          2,000.00

 Total Current Assets               141,833.63

 Other Assets
 Investments
   PBAA                          51,000.00
 Total Investments                   51,000.00

 Security deposits                  700.00
 Total Other Assets                  51,700.00

TOTAL ASSETS                        193,533.63

LIABILITIES & EQUITY
 Liabilities
  Current Liabilities
   Other Current Liabilities
    Accrued expenses
    Accrued comp                 29,166.00
   Total Accrued expenses            29,166.00

   Liab not discharged ..     2,930,134.00
   Loan RK                          250.00
  Total Other Current Li..        2,959,550.00
  Total Current Liabilities       2,959,550.00

 Long Term Liabilities
  Loans payable
   JR LOAN                        3,200.00
   Kalav Loan                   262,400.00
   Karten Loan                   35,327.52
   Sherlock Loan - 1              2,850.00
   Sherlock Loan - 2              3,550.00
   Sherlock Loan - 3              5,500.00
   Sherlock Loan - 4              3,100.00
   Sherlock Loan - 5              5,500.00
  Total Loans payable               321,427.52

 Total Long Term Liabilities        321,427.52

Total Liabilities                 3,280,977.52

Equity
 Net Income                        -198,709.89
  Stockholders' Equity(Def)
   Capital Stock                 11,390.00
   Paid in capital(deficit)     156,215.00
   Retained Earnings         -3,053,225.00
  Total Stockholders' Equity     -2,885,620.00

 Treasury Stock                      -3,114.00
 Total Equity                    -3,087,443.89

TOTAL LIABILITIES & EQUITY          193,533.63

CRONUS CORPORATION
Profit and Loss YTD
April through June 1996

                         Apr - Jun '96  Jan - Jun '96
Ordinary Income/Expense
 Expense
  Bank Service Charge          91.60          109.60
  Fees                      3,061.96        4,956.96
  Marketing                   980.46        1,066.44
  Professional Fees
   Accounting           15,000.00       15,000.00
   Consulting                0.00      155,250.00
   Legal Fees           25,000.00       25,000.00
  Total Professional    40,000.00      195,250.00

  Promotion                     0.00           13.90
   Supplies
    Office                   0.00           76.99
   Total Supplies               0.00           76.99

  Total Expense            44,134.02      201,473.89

 Net Ordinary Income      -44,134.02     -201,473.89

 Other Income/Expense
  Other Income                  0.00        3,114.00
   Gain on Sale                 0.00        3,114.00
  Total Other Income

  Other Expense
   Other Expenses             250.00          350.00
 Total Other Expense          250.00          350.00

 Net Other Income            -250.00        2,764.00

 Net Income               -44,384.02     -198,709.89


Please see Audited Financial Statements and Notes for 
the years ended December 31, 1995 and 1994, dated March 
28, 1997, filed as an exhibit to the Company's 1995 10-
KSB on April 2, 1997.

ITEM 2.  Management's Discussion and Analysis or Plan 
of Operation.

The Company had no operational history from 1988, and 
from December 1995 has had limited operations, 
consisting primarily of acquiring assets via mergers.  
All risks inherent in new and inexperienced enterprises 
are inherent in the Company's business. Based on 
current economic and regulatory conditions, management 
believed that it is possible, if not probable, for a 
company like the Company, without significant assets 
and liabilities, to negotiate a merger or acquisition 
with a viable private company.  The opportunity arises 
principally because of the high legal and accounting 
fees and the length of time associated with the 
registration process of "going public".

The Company was incorporated as TR-3 Industries, Inc. 
in 1979.  Together with its subsidiary, TR-3 Chemical 
Corporation, TR-3 Industries was involved in the 
manufacture and sale of TR-3 Resin Glaze, a cleanser 
and polisher for automobiles.  The products were sold 
internationally through mass marketing distributors.  
TR-3 Industries, Inc. filed a registration statement on 
Form 10 with the Securities and Exchange Commission for 
the purpose of registering its common stock under 
Section 12(g) of the Securities Exchange Act of 1934, 
as amended (the "Act").  Such registration was filed on 
June 23, 1980.

In  1982, TR-3 Industries, Inc. and its wholly owned 
subsidiary TR-3 Chemical Corporation, filed a Chapter 
11 proceeding in the U.S. Bankruptcy Court, Central 
District of California, Docket Number SA82-3767.  The 
case was converted to a proceeding under Chapter 7 of 
the Bankruptcy Code in January, 1986.  The proceedings 
were concluded and the bankruptcy case was closed 
pursuant to an order issued by the U.S. Bankruptcy 
Court on June 11, 1992.  In connection therewith, the 
assets of TR-3 Industries and TR-3 Chemical Corporation 
were liquidated and applied to satisfy liabilities to 
the extent of available assets.  Because liabilities of 
a corporation cannot be discharged pursuant to a 
Chapter 7 proceeding, the unsatisfied liabilities of 
TR-3 Industries, Inc. and TR-3 Chemical Corporation 
remained outstanding after the closing of the Chapter 7 
bankruptcy case.

The unsatisfied liabilities of TR-3 Industries, Inc. 
and TR-3 Chemical Corporation may have been assumed by 
the Company, as successor to TR-3 Industries, Inc.  
Current management of the Company only has limited 
information regarding the amount and nature of 
unsatisfied liabilities of TR-3 Industries Inc. and TR-
3 Chemical Corporation, and is unable to quantify the 
amount of such unsatisfied liabilities that may now 
constitute liabilities of the Company.  However, 
management of the Company notes that the liabilities of 
TR-3 Industries, Inc. and TR-3 Chemical Corporation, as 
scheduled in their Chapter 11 reorganization petition, 
amounted to approximately $4,500,000 of secured and 
unsecured debt, held by 248 holders, and various 
unquantified contingent liabilities, including ten 
pending lawsuits, and that, as set forth in the final 
accounting of the Chapter 7 case, the assets of TR-3 
Industries, Inc. and TR-3 Chemical Corporation were 
applied to satisfy approximately $30,000 of such debt. 
TR-3 Chemical Corporation was suspended under 
California law on July 2, 1984.

On June 14, 1995, the Company changed its name to 
Diversified American Industries, Inc.  On November 13, 
1995 the Company changed its name to Thunderstone Group 
Inc.

On November 30, 1995 all of the outstanding stock of 
the Amateur Golf Association of America, Inc. ("AGAA"), 
a company involved in promoting and staging amateur 
golf tournaments, was acquired by the Company through a 
reorganization stock exchange agreement.  The assets of 
AGAA included franchise rights, trademarks, tournament 
rights, capital assets and membership list.  The 
Shareholders of AGAA were issued 614,000 shares of the 
Company's Common Stock in exchange for 100% of AGAA's 
outstanding stock.  

On December 5, 1995 all of the outstanding stock of the 
Perimeter Bicycling Association of America, Inc. 
("PBAA"), a company involved in international bicycle 
event promoting, staging and publications, was acquired 
by the Company through a reorganization stock exchange 
agreement.  The assets of PBAA included the rights to 
four bicycling events, a monthly and annual 
publication, capital assets and membership list.  The 
principal shareholders of PBAA were issued 750,000 
shares of the Company's Common Stock in exchange for 
100% of PBAA's outstanding stock. 

On December 13, 1995 all of the outstanding stock of 
TGI Inc. ("TGII"), a niche marketing company providing 
goods and services in the entertainment industry, was 
acquired through a reorganization stock exchange 
agreement.  TGII held various video, radio and 
recording assets.  The shareholders of TGII were issued 
a total of 2,000,000 shares of the Company's Common 
Stock in exchange for 100% of TGII's outstanding stock. 

On February 27, 1996 the Company sold all of the stock 
of both AGAA and TGII, to Applied Logic Inc., pursuant 
to an Assignment and Release Agreement, in exchange for 
3,114,000 shares of the Company's Common Stock.  Such 
3,114,000 shares of Common stock consisted of (i) the 
614,000 shares previously issued to the former 
shareholders of AGAA, (ii) 2,000,000 shares previously 
issued to the former shareholders of TGII, and (iii) 
500,000 shares previously issued in payment of 
consulting fees in connection with the original 
acquisition of TGII, all of which were transferred by 
the holders thereof to Applied Logic, Inc., and then by 
Applied Logic, Inc. to the Company, pursuant to the 
Assignment and Release Agreement.  Also pursuant to the 
agreement, Applied Logic, Inc. issued shares of its 
common stock to the former shareholders of AGAA and 
TGII.  In addition, AGAA, TGII and their former 
shareholders agreed to release the Company from all 
liabilities the Company might have to any of them in 
connection with the matters arising prior to the date 
of the Assignment and Release Agreement, and the 
Company agreed to release AGAA, TGII and their former 
shareholders from all liability any of them might have 
to the Company in connection with matters arising prior 
to the date of such agreement.  Pursuant to such 
agreement, the Company received a note for $500,000.00 
and 500,000 shares of Applied Logic, Inc. common stock 
for those assets.

On March 4, 1996, the Company changed its name to 
Cronus Corporation.

On March 31, 1996 the Company entered into an agreement 
with the Black Diamond Mining Corporation to purchase 
the Lelan-Dividend Mine Group assets.  The Company 
agreed to issue 2,250,000 shares of its Common Stock 
for the purchase of the Lelan-Dividend Mine Group 
assets owned by Black Diamond Mining Corporation.  
Subsequently, while waiting for the appraisal and 
audited financial statements, a new agreement was 
negotiated.  The new agreement consisted of a 
Reorganization and Stock Exchange Agreement between 
Cronus Corporation and Black Diamond Mining Corporation 
which was signed May 23, 1996.  While this agreement 
was in effect, the parties formulated a second 
reorganization agreement on July 8, 1996 in the form of 
a reverse triangular merger for tax purposes.  Pursuant 
to the merger agreement, the shareholders of Black 
Diamond Mining Corporation's sole shareholder were to 
have acquired shares of the Company's Common Stock 
constituting 80% of the outstanding Common Stock of the 
Company..

On July 19, 1996 PBAA, then a wholly owned subsidiary 
of Cronus Corporation, sold substantially all of its 
assets, other than shares of the Company's Common Stock 
held by PBAA,  to EI Tour De Tucson, Inc., a Arizona 
non-profit corporation, as provided for in an Asset 
Purchase Agreement.  As consideration for such sale, El 
Tour de Tucson, Inc. assumed PBAA's outstanding 
obligations.  On August 7, 1996, Perimeter Bicycling 
Association of America, Inc. changed its name to 
Sunorc, Inc.

On December 11, 1996, the Company and Black Diamond 
Mining Corporation agreed to terminate the 
reorganization Agreement, due to questions that had 
arisen regarding the appraisals of the Leland-Dividend 
Mine Group assets.  Subsequently, share certificates 
previously delivered to Black Diamond Mining 
Corporation's shareholders pending closing of the 
merger were returned to the Company and certain 
affiliates of Black Diamond Mining Corporation 
transferred their interests in certain mining claims to 
the Company as consideration for certain testing and 
development expenditures made by the Company in 
connection with the Leland-Dividend mine Group assets. 
The mining claims transferred to the Company consist of 
the Black Diamond Lode Mining Claims and Gila Gold 
Placer Claims.

TITLE TO MINING PROPERTIES

Cronus Corporation's only significant assets as of 
March 15, 1997, consists of its possessory interest in 
the Black Diamond group of mining claims and the Gila 
Gold Placer mining claims, all of which consist of 
unpatented mining claims.  The validity of all 
unpatented mining claims is dependent upon various 
inherent uncertainties and conditions that may prevent 
a fee title in the usual sense from existing or 
vesting.

Unpatented mining claims, when properly is located, 
staked and posted according to regulation, give the 
claimant possessory right only.  Possessory title to an 
unpatented claim, when validly initiated, endures 
unless lost through abandonment or through a forfeiture 
which results from an adverse location made while the 
prior location is in default with respect to the 
performance of annual assessment work.  Because many of 
these factors involve findings of fact, title validity 
cannot be determined solely from an examination of the 
record.

The continued validity of the Black Diamond and Gila 
unpatended mining claims is subject to many 
contingencies, including the available of land for the 
location at the time location is made, the making of 
valid mineral discoveries within the boundary of each 
claim, the compliance with all regulations, both state 
and federal, for locating claims, and the performance 
of annual assessment work which is currently in the 
amount of $100.00 per claim.  Failing satisfaction of 
the requirements, the claims are subject to 
cancellation by the United States upon finding of no 
valid discovery and, perhaps, upon failure to perform 
annual assessment work.  Failure to perform annual 
assessment work subjects the claimant to the risk of  
forfeiture of rights through valid subsequent locations 
by others or through cancellation by the government 
agency involved.

In addition, the Company acquired its possessory 
interests in the Black Diamond and Gila Gold Placer 
claims through quit-claim deeds.  Pursuant to a quit-
claim deed, the transfer of an interest in property 
transfers whatever right, title and interest it may 
have in and to the property without representation or 
warranty as the extent of such right, title and 
interest or as to the absence of adverse claims.  Thus, 
the Company's claims is dependent upon the validity, 
extent and quality of the transferor's right, title and 
interest in and to such claims.  The Company does not 
have any information regarding the nature of its 
transferor's right, title and interest in and to the 
Black Diamond and Gila Gold Placer claims, nor has the 
Company received any warranties of title, title 
opinions or policies of title insurance.  As a result, 
the legal status of the Company's right, title and 
interest, if any, in and to these claims is currently 
uncertain.

Plan of Operation.

In 1997, Cronus Corporation intends to asses the 
feasibility of potential future mining projects, 
involving (1) its Gila Gold Placer mining claims, (2) 
its Black Diamond group of claims, and (3) other 
possible projects.  The steps the Company intends to 
take to assess the feasibility of these projects is 
described below.

1.	Gila Association Placer Mine Project. 

Gila Gold Placer Project:
The Company plans to verify and confirm the existence, 
extend and grade of placer gold located at the Gila 
Gold Placer claims.  First, it intends to asses the 
presence and tenor of placer gold as described in 
engineering reports of past exploration efforts.  Next, 
the Company will analyze the economic viability of such 
deposit by determining optimal production rate and 
stripping-sorting ratios, defining a mining and 
reclamation technique, generating a flow sheet, and 
isolating processing, mining, capital, reclamation and 
general overhead cost factors.

The Company plans to conduct a seismic survey 
consisting of a 5-line, 25 feet spacing, 9000 lineal foot, 
segmented survey.  This survey will be complimented 
with computer enhanced calculations, storage, retrieval 
and printout capabilities.  This survey will provide 
definitions of the alluvial-bedrock contact.  From this 
information, cross-sectional views will be generated to 
define ore reserve volume, assist in mine planning and 
describe mining technique.

The Company also plans to conduct a bulk sampling, 
intended to ascertain the following:  value recoverable 
per cubic yard, concentrating ratio, concentrating 
technique, and general ground conditions and boulder 
contact, nature of interbeds, slope stability, reject 
swell and nature of backfill material.  The 
accumulation of data from this sampling project will 
provide the baseline to confirm ore reserves and 
feasibility of the mining project.	

2.	Black Diamond Mining Project.

Black Diamond Project:
The Company intends to evaluate the Black Diamond 
mining claims as follows.
First, the Company plans to gather data from Exxon 
Corporation regarding past exploration work performed 
by Humble Oil.  Next, it intends to assess other 
geological, geophysical and geochemical data gathered 
on the subject property.  Finally, it will formulate a 
development plan and seek a possible joint venture 
partner.


There is considerable competition for mining prospects 
on federal lands.  Costs of exploration, testing and 
mining, milling, transportation, labor and other costs 
have risen dramatically.  These costs would be a factor 
in determining whether the discovery of minerals, if 
any, would be commercial or not, and could render a 
discovery unprofitable, even if made.

Commencing in 1972, various federal, state and local 
environmental laws and regulations began to have a 
significant impact on the mining industry in Arizona, 
where the Black Diamond and Gila Gold Placer properties 
are located, and elsewhere in the Western States.

In addition to the uncertainty surrounding the eventual 
development of commercial mineralization on the 
Company's properties, the success of any mining 
operation which might be conducted is dependent upon 
the price of minerals on the domestic and world 
markets, which is subject to fluctuations, in part as a 
result of actions by central banks and government 
policies.

PART II

ITEM 1.  Legal Proceedings.

Cronus, d.b.a. TR-3Industries, Inc. was in Chapter 7 
bankruptcy from 1982 through 1991. The Company had no 
operations and substantially no assets or liabilities 
through November 1995. During 1997, legal counsel 
informed management that liabilities previously 
believed to be discharged in bankruptcy had not been 
discharged.  These liabilities relate to the operations 
of the Company prior to 1982.  The Company has recorded 
a correction of an error in the accompanying financial 
statements and, accordingly has restated retained 
earnings (accumulated deficit) at December 31, 1993.  
The adjustment had no effect on net income, net income 
after taxes, or earnings per share for the years ended 
December 31, 1995, 1994 or 1993.  Management is 
currently investigating the possibility of the 
expiration of the statute of limitations relating to 
these liabilities; however, the full amount of the 
undischarged debts have been included in current 
liabilities in the accompanying balance sheet.

The Company is subject to a number of lawsuits and 
claims (some of which involve substantial amounts) 
arising out of the conduct of its business prior to 
1982.  Although the Company does not currently possess 
sufficient information to reasonably estimate the 
amounts of liabilities to be recorded, they may be 
significant to the results of operations.  

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.

During the second quarter of 1996 ending on June 30, 
1996, one reports on form 8-K was filed, May 23, 1996.

The 8-K report contained the following Items:

Item 1. Changes in Control of Registrant.
Item 2. Acquisition or Disposition of Assets.
Item 5. Other Events.
Item 7. Financial Statements and Exhibits.


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.


CRONUS CORPORATION
DATE: April 15, 1997	By:

__/s/____________________
Jonathan Roberts,
President and Director