<PAGE> 1



                SECURITIES AND EXCHANGE COMMISSION

                     Washington, D.C.  20549



                             FORM 8-K

                          CURRENT REPORT



              Pursuant to Section 13 or 15(d) of the
                  Securities Exchange Act of 1934


                          Date of Report
                          July 27, 1998


                 GRAND CENTRAL SILVER MINES, INC.
      (Exact name of registrant as specified in its charter)


                              Utah 
          (State or other jurisdiction of incorporation)


0-17048                                 87-0429204
(Commission File No.)                   (IRS Employer ID)



                       1010 Ironwood Drive
                            Suite 105
                   Couer d'Alene, Idaho   83814
      (Address of principal executive offices and Zip Code)



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









<PAGE> 2
ITEM 2.   ACQUISITION OR DISPOSITION OF ASSETS

     On April 28, 1998, Grand Central Silver Mines, Inc., (the
"Company") filed a civil action in the United States District
Court for the District of Utah, Central Division, Case No.
2:98cv00300S against Spenst Hansen, Keystone Survey, Inc., a Utah
corporation, West Tintic Mining Company, a Utah corporation,
South Iron Blossom Mining Company, a Utah corporation, and Axis
Development Corporation, a Utah corporation, Defendants.  The
civil action alleged that: 1) the defendants violated Section
16(b) of the Securities Exchange Act of 1934; 2) Spenst Hansen
breached the fiduciary duties owed to the Company; and, 3) Spenst
Hansen converted assets belonging to the Company.  The Company
seeks an accounting; recovery of short swing profits;
disgorgement of proceeds; return of stock; not less than $247,000
in actual damages; not less than $750,000 in punitive damages; an
injunction; and, costs and attorney's fees.  On May 5, 1998, the
court entered a temporary restraining order and on May 8, 1998,
the parties agreed to extend the temporary restraining order
indefinitely.  Mr. Hansen has not yet filed a response to the
allegations of the complaint.   

     On July 17, 1998, the Company settled the foregoing matter
pursuant to the terms and conditions of certain documents which
are attached hereto.  The explanation contained herein is
qualified by the exhibits attached hereto and the exhibits should
be reviewed in their entirety for a complete understanding of the
resolution of the litigation.  Further, the description contained
herein is qualified in its entirety by the said exhibits.

     In summary, the defendants agreed to purchase all of the
shares of common stock of Mammoth Mining Company and purchase
certain Tintic Mining District Patented Mining Claims in
consideration of 398,810 shares of the Company's common stock
currently owned by the defendants.  The Company will cancel and
retire the foregoing 398,810 shares of common stock upon receipt
thereof.  The Company will retain a 2% met smelter return from
such claims.  Further, the defendants will pay to the Company the
sum of $50,000 and assign all of their interest in and to certain
Utah State Metalliferous Minerals Leases located in Beaver
County, Utah.  Hansen will retain a 2% net smelter return royalty
from such leases.  

     In addition to the foregoing, for a period of five years
from July 17, 1998, neither Spenst Hansen nor any partner or
other business entity owned or controlled by Spenst Hansen in
whole or in part shall acquire, own control, operate or develop
any interest in real property used or useful in connection with
mining that is wholly or partially within a one mile radius of
the Company's properties located in Beaver County, Utah and
Churchill County, Nevada.  Further, the Company will occupy the
Centennial Eureka Building in Eureka, Utah for a period of four
months from July 17, 1998, at no cost to the Company.

<PAGE> 3


     In addition, the parties executed mutual releases of claims
and contracted for other miscellaneous items.

     On July 20, 1998, the parties dismissed the foregoing
litigation.


ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS

     The Company has not determined if it is required to file
financial statements pursuant to Item 7 of Form 8-K.  In the
event the Company is required to file such financial statements,
it will file the same within 60 days from July 31, 1998 as
required by Item 7(a)(4) of Form 8-K.

Exhibits:

10.1 Settlement Agreement and Release

10.2 Agreement and Release    


                            SIGNATURE

     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 hereunto duly authorized.

                              GRAND CENTRAL SILVER MINES, INC.



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

DATED: July 29, 1998
[{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 5038}]
{"company-data": {"conformed-name": "GRAND CENTRAL SILVER MINES INC", "cik": "0000836123", "assigned-sic": "6795", "irs-number": "870429204", "state-of-incorporation": "UT", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17048", "film-number": "98674244"}, "business-address": {"street1": "860 SOUTH 500 WEST STREET", "street2": "PO BOX 2365", "city": "SALT LAKE CITY", "state": "UT", "zip": "84110-2365", "phone": "8015341127"}, "mail-address": {"street1": "P.O. BOX 2365", "city": "SALT LAKE CITY", "state": "UT", "zip": "84110-2365"}, "former-company": [{"former-conformed-name": "CENTURION MINES CORP", "date-changed": "19940623"}, {"former-conformed-name": "CENTURION MINE CORP", "date-changed": "19940203"}]}
1

                SECURITIES AND EXCHANGE COMMISSION

                     Washington, D.C.  20549

                             FORM 8-K

                          CURRENT REPORT

              Pursuant to Section 13 or 15(d) of the
                  Securities Exchange Act of 1934

                          Date of Report
                          July 27, 1998

                 GRAND CENTRAL SILVER MINES, INC.
      (Exact name of registrant as specified in its charter)

                              Utah 
          (State or other jurisdiction of incorporation)

0-17048                                 87-0429204
(Commission File No.)                   (IRS Employer ID)

                       1010 Ironwood Drive
                            Suite 105
                   Couer d'Alene, Idaho   83814
      (Address of principal executive offices and Zip Code)

                          (208) 769-7340
       (Registrant's telephone number, including area code)
2
ITEM 2.   ACQUISITION OR DISPOSITION OF ASSETS

     On April 28, 1998, Grand Central Silver Mines, Inc., (the
"Company") filed a civil action in the United States District
Court for the District of Utah, Central Division, Case No.
2:98cv00300S against Spenst Hansen, Keystone Survey, Inc., a Utah
corporation, West Tintic Mining Company, a Utah corporation,
South Iron Blossom Mining Company, a Utah corporation, and Axis
Development Corporation, a Utah corporation, Defendants.  The
civil action alleged that: 1) the defendants violated Section
16(b) of the Securities Exchange Act of 1934; 2) Spenst Hansen
breached the fiduciary duties owed to the Company; and, 3) Spenst
Hansen converted assets belonging to the Company.  The Company
seeks an accounting; recovery of short swing profits;
disgorgement of proceeds; return of stock; not less than $247,000
in actual damages; not less than $750,000 in punitive damages; an
injunction; and, costs and attorney's fees.  On May 5, 1998, the
court entered a temporary restraining order and on May 8, 1998,
the parties agreed to extend the temporary restraining order
indefinitely.  Mr. Hansen has not yet filed a response to the
allegations of the complaint.   

     On July 17, 1998, the Company settled the foregoing matter
pursuant to the terms and conditions of certain documents which
are attached hereto.  The explanation contained herein is
qualified by the exhibits attached hereto and the exhibits should
be reviewed in their entirety for a complete understanding of the
resolution of the litigation.  Further, the description contained
herein is qualified in its entirety by the said exhibits.

     In summary, the defendants agreed to purchase all of the
shares of common stock of Mammoth Mining Company and purchase
certain Tintic Mining District Patented Mining Claims in
consideration of 398,810 shares of the Company's common stock
currently owned by the defendants.  The Company will cancel and
retire the foregoing 398,810 shares of common stock upon receipt
thereof.  The Company will retain a 2% met smelter return from
such claims.  Further, the defendants will pay to the Company the
sum of $50,000 and assign all of their interest in and to certain
Utah State Metalliferous Minerals Leases located in Beaver
County, Utah.  Hansen will retain a 2% net smelter return royalty
from such leases.  

     In addition to the foregoing, for a period of five years
from July 17, 1998, neither Spenst Hansen nor any partner or
other business entity owned or controlled by Spenst Hansen in
whole or in part shall acquire, own control, operate or develop
any interest in real property used or useful in connection with
mining that is wholly or partially within a one mile radius of
the Company's properties located in Beaver County, Utah and
Churchill County, Nevada.  Further, the Company will occupy the
Centennial Eureka Building in Eureka, Utah for a period of four
months from July 17, 1998, at no cost to the Company.
3

     In addition, the parties executed mutual releases of claims
and contracted for other miscellaneous items.

     On July 20, 1998, the parties dismissed the foregoing
litigation.

ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS

     The Company has not determined if it is required to file
financial statements pursuant to Item 7 of Form 8-K.  In the
event the Company is required to file such financial statements,
it will file the same within 60 days from July 31, 1998 as
required by Item 7(a)(4) of Form 8-K.

Exhibits:

10.1 Settlement Agreement and Release

10.2 Agreement and Release    

                            SIGNATURE

     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 hereunto duly authorized.

                              GRAND CENTRAL SILVER MINES, INC.

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

DATED: July 29, 1998