BION ENVIRONMENTAL TECHNOLOGIES, INC.

                              Subsidiary List


     Bion Environmental Technologies, Inc. is the parent company to four
wholly owned subsidiaries, each incorporated under the laws of the State of
Colorado.

     1.  Bion Technologies, Inc.
     2.  BionSoil, Inc.
     3.  Bion International, Inc.
     4.  Bion Municipal, Inc.