EXHIBIT 11
                            GOLD CAPITAL CORPORATION
                             EXHIBIT TO FORM 10-QSB


Computation of Weighted  Average Shares  Outstanding  Used in Earnings Per Share
Calculations for the three month periods ended March 31, 1997 and 1996



                                                       Three Months
                                                      Ended March 31,
                                                   1997             1996
                                                ----------        --------


Shares issued at beginning of period            9,073,653         5,042,514

Total weighted average shares
outstanding                                     9,073,653         5,042,514
                                                =========         =========


Fully  diluted  computation  not made as  effect  would be  antidilutive  in all
periods.