<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
                        December 31, 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 
                   Coeur 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 4.   CHANGE OF REGISTRANTS CERTIFYING ACCOUNT.

     (a)  At its board meeting on December 22, 1998, the Board of
Directors of the Registrant engaged Williams & Webster, P.S.,
Certified Public Accountants, as its independent auditor for
1998.

     (b)  The accounting firm of Jones, Jensen & Company was
dismissed.  There were no disagreements with Jones, Jensen &
Company on any matter of accounting principles or practices,
financial disclosure, or auditing scope or procedure or any
reportable events other than as disclosed in paragraphs (e), (f),
(g) and (h) below.

     (c)  The former principal accountant's report on the
Company's financial statements during the last two years
contained no adverse opinions or disclaimer of opinions and were
not qualified or modified as to uncertainty, audit scope or
accounting principles. 

     (d)  During the last two fiscal years and during the
subsequent interim periods, there were no disagreements with the
former principal accountant on any matter of accounting
principles or practices, financial statement disclosures, or
auditing scope or procedures other than as disclosed in
paragraphs (e), (f), (g) and (h) below.

     (e)  Jones, Jensen & Company has provided a letter addressed
to the Securities and Exchange Commission dated December 28,
1998, stating its acknowledgment of their dismissal and: (1) that
they disagree with management of the Company as it relates to the
proposed accounting treatment of the capitalized mineral property
costs; and, (2) further, that they do not consent to the use of
their audit report dated November 26, 1997 as of and for the year
ended September 30, 1998 10-K filing.  A copy of which is filed
as Exhibit 16.1 to this Form 8-K.

     (f) The Company responded thereto with Exhibit 16.2 attached
hereto explaining the capitalization of the mineral costs among
other things.

     (g) Jones, Jensen & Company has provided a second letter to
the Securities and Exchange Commission, similar to the one set
forth in paragraph (e) however, the second letter deletes
reference to the disagreement with the proposed accounting
treatment of the capitalized mineral costs, but references
disagreements with representations of the Company without
explanation thereof.

     (h) Jones, Jensen & Company objects to the use of their
audit report in the Company's September 30, 1998 10-K for the
period ending September 30, 1997.  The Company believes it has an
unqualified right to use said audit report in the September 30,
1998 10-K and intends to do so.

<PAGE> 3

ITEM 7.   Financial Statements and Exhibits

     The following exhibits are hereby made part of this Form
8-K:

Exhibit No. 16.1    Letter from Jones, Jensen & Company to the
                    Securities and Exchange Commission.

Exhibit No. 16.2    Letter from the Company to Jones, Jensen &
                    Company. 

Exhibit No. 16.3    Letter from Jones, Jensen & Company to the
                    Securities and Exchange Commission.

                            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.

     Dated this 31st day of December, 1998.

                         GRAND CENTRAL SILVER MINES, INC. 



                         BY:  /s/ John P. Ryan 
                              John P. Ryan, President and a 
                              Member of the Board of Directors
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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
                        December 31, 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 
                   Coeur d'Alene, Idaho 83814 
      (Address of principal executive offices and Zip Code)

                          (208) 769-7340
       (Registrant's telephone number, including area code)
2  ITEM 4.   CHANGE OF REGISTRANTS CERTIFYING ACCOUNT.

     (a)  At its board meeting on December 22, 1998, the Board of
Directors of the Registrant engaged Williams & Webster, P.S.,
Certified Public Accountants, as its independent auditor for
1998.

     (b)  The accounting firm of Jones, Jensen & Company was
dismissed.  There were no disagreements with Jones, Jensen &
Company on any matter of accounting principles or practices,
financial disclosure, or auditing scope or procedure or any
reportable events other than as disclosed in paragraphs (e), (f),
(g) and (h) below.

     (c)  The former principal accountant's report on the
Company's financial statements during the last two years
contained no adverse opinions or disclaimer of opinions and were
not qualified or modified as to uncertainty, audit scope or
accounting principles. 

     (d)  During the last two fiscal years and during the
subsequent interim periods, there were no disagreements with the
former principal accountant on any matter of accounting
principles or practices, financial statement disclosures, or
auditing scope or procedures other than as disclosed in
paragraphs (e), (f), (g) and (h) below.

     (e)  Jones, Jensen & Company has provided a letter addressed
to the Securities and Exchange Commission dated December 28,
1998, stating its acknowledgment of their dismissal and: (1) that
they disagree with management of the Company as it relates to the
proposed accounting treatment of the capitalized mineral property
costs; and, (2) further, that they do not consent to the use of
their audit report dated November 26, 1997 as of and for the year
ended September 30, 1998 10-K filing.  A copy of which is filed
as Exhibit 16.1 to this Form 8-K.

     (f) The Company responded thereto with Exhibit 16.2 attached
hereto explaining the capitalization of the mineral costs among
other things.

     (g) Jones, Jensen & Company has provided a second letter to
the Securities and Exchange Commission, similar to the one set
forth in paragraph (e) however, the second letter deletes
reference to the disagreement with the proposed accounting
treatment of the capitalized mineral costs, but references
disagreements with representations of the Company without
explanation thereof.

     (h) Jones, Jensen & Company objects to the use of their
audit report in the Company's September 30, 1998 10-K for the
period ending September 30, 1997.  The Company believes it has an
unqualified right to use said audit report in the September 30,
1998 10-K and intends to do so.
3

ITEM 7.   Financial Statements and Exhibits

     The following exhibits are hereby made part of this Form
8-K:

Exhibit No. 16.1    Letter from Jones, Jensen & Company to the
                    Securities and Exchange Commission.

Exhibit No. 16.2    Letter from the Company to Jones, Jensen &
                    Company. 

Exhibit No. 16.3    Letter from Jones, Jensen & Company to the
                    Securities and Exchange Commission.

                            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.

     Dated this 31st day of December, 1998.

                         GRAND CENTRAL SILVER MINES, INC. 

                         BY:  /s/ John P. Ryan 
                              John P. Ryan, President and a 
                              Member of the Board of Directors