On March 12, 1997, at 1130 eastern standard time (est), a Grumman-American AG5B, N125VU, operated by a student pilot on initial solo, sustained substantial damage when on landing, the airplane departed runway 36 (4006' X 60') at Putnam County Airport, Greencastle, Indiana. The airplane subsequently went into a ravine and struck some trees before coming to rest. Visual meteorological conditions prevailed at the time of the accident. The personal flight was being conducted under 14 CFR Part 91. A flight plan was not on file. The student pilot reported no injuries. The flight originated at Vincennes, Indiana, at 1120 est. In his written statement, the student pilot said that on landing his airplane "bounced 10 to 20 feet above the runway surface." The pilot then realized that he was halfway down the length of the runway. He stated that he applied full power to initiate a go around. The left wing dropped and the left wingtip touched the runway. "The airplane then veered to the left, left the runway, and settled into a ravine which ran parallel to the runway." The Federal Aviation Administration (FAA) inspector who examined the wreckage at the accident site found the airplane resting upright in a ravine, in the mud, among some trees, 100 feet west of the runway. The engine mount was bent upward and to the right. The engine cowling was cracked. The nose gear was broken aft underneath the airplane. The right main landing gear was bent underneath the airplane and broken aft. The leading edge of both wings were crushed aft. The left wing tip was scraped. Both wing main spars were bent aft. Several of the ribs to both wings were bent outboard. One propeller blade was nicked near the tip. Flight control continuity was confirmed. No anomalies were found with the engine, engine controls, steering or other airplane systems.