UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

Form 10-K/A

X
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934


For the fiscal year ended December 31, 2001

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934


For the transition period  to

Commission File Number: 1-7525

The Goldfield Corporation        (Exact Name of Registrant as Specified in its Charter)



Delaware     
(State or other jurisdiction of
incorporation or organization)
88-0031580     
(IRS Employer
Identification Number)100 Rialto Place, Suite 500, Melbourne, Florida(Address of principal executive offices)
32901     (Zip Code)


(321) 724-1700       
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12 (b) of the Act:

Title of each classCommon Stock
Par Value $.10 per share
Name of each exchange on
which registeredThe American Stock Exchange


Securities registered pursuant to Section 12 (g) of the Act:
None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X    No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

On April 19, 2002, the aggregate market value (based upon the closing price on The American Stock Exchange) of the common stock held by nonaffiliates was approximately $13 million.

As of April 19, 2002, 27,446,079 shares of the Registrant's common stock were outstanding.

Documents Incorporated by Reference
None





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Reason for Amendment

This amendment is being filed to set forth the information required pursuant to Part III of the Form 10-K.  Part III of the Form 10-K will not be incorporated by reference from the Company's Proxy Statement for its 2002 annual meeting as disclosed in the Form 10-K filed on March 20, 2002.

PART III

Item 10.     Directors and Executive Officers of the Registrant.



The directors and executive officers of the Company are as follows:





Name and Business Address
Principal OccupationFor the Last Five Years
DirectorSince
OfficerSince
Age(1)Thomas E. Dewey, Jr.
McFarland Dewey & Co.,LLC
230 Park Avenue 
New York, NY 10169
Member of McFarland Dewey & Co., LLC, New York, NY (investment banking firm) since 1989.(2)
2002

69Harvey C. Eads, Jr.
The Goldfield Corporation
Suite 500, 100 Rialto Place
Melbourne, FL 32901
Retired; City Manager of Coral Gables, Florida between May 1988 and November 2001.
1999

56John P. Fazzini
Bountiful Lands, Inc.
101 East Stuart Avenue
Lake Wales, FL  33853
Real Estate Developer; President of Bountiful Lands, Inc. (real estate development corporation) since 1980.
1984

57Patrick S. Freeman
St. Cloud Mining Company
St. Cloud Mill Site
Winston, NM  87943
President of the Company's mining subsidiaries since 1988.

1991
55Robert Jones
Southeast Power Corporation
1805 Hammock Road
Titusville, FL  32796
President of the company's electrical construction subsidiary since 1995.

1995
54Danforth E. Leitner
The Leitner Company
528 North Main Street 
Hendersonville, NC  28792
Real Estate Broker; Real Estate Appraiser; President of The Leitner Company (real estate brokerage and appraisal corporation) since 1984.
1985

61Al Marino
A.M. Marino Design, Inc.
1483 Main Street
Weymouth, MA  02190
Architectural Designer; President of A.M. Marino Design, Inc. (architectural design firm) since 1986 (Mr. Marino is the son of Anthony J. Ford who owns 2,065,300 shares of the Company's Common Stock).
2001

44Dwight W. Severs
Titusville City Attorney
555 South Washington Avenue
Titusville, FL  32796
Secretary of the Company since 1999; City Attorney for City of Titusville, Florida since January 1999; Principal for the firm of Dwight W. Severs & Associates, P.A. since March 1998; a member of the law firm of Severs, Stadler & Harris, P.A. between January 1995 and March 1998.
1998
1999
58




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|Name and Business Address                                                                                                                                                                                                                                               | Principal OccupationFor the Last Five Years                                                                                                                  | DirectorSince | OfficerSince | Age(1)
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------- | ------------ | ------
|                                                                                                                                                                                                                                                                        |                                                                                                                                                              |               |              |       
|John H. Sottile
The Goldfield Corporation
Suite 500, 100 Rialto Place
Melbourne, FL  32901                                                                                                                                                                              | Chairman of the Board of Directors of the Company since May 1998; President of the Company since 1983 and Chief Executive Officer of the Company since 1985. | 1983          | 1983         | 54    
|Stephen R. Wherry
The Goldfield Corporation
Suite 500, 100 Rialto Place
Melbourne, FL  32901                                                                                                                                                                            | Vice President of the Company since 1992; Treasurer and Chief Financial Officer since 1988.                                                                  |               | 1988         | 43    
|                                                                                                                                                                                                                                                                        |                                                                                                                                                              |               |              |       
|(1)  As of December 31, 2001                                                                                                                                                                                                                                           
|(2)  Mr. Dewey also serves as a director of Northwest Natural Gas Company, Vysis, Inc. and Genelabs Technologies, Inc. as well as

      a trustee of The Scripps Research Institute and chairman emeritus of the board of trustees of Lenox Hill Hospital in New York.



Section 16(a) Beneficial Ownership Reporting Compliance



Section 16(a) of the Securities Exchange Act of 1934 requires the Company's directors and executive officers, and persons who beneficially own more than ten percent of a registered class of the Company's equity securities, to file with the SEC initial reports of ownership and reports of changes in ownership of Common Stock of the Company.  Copies of all such reports filed with the SEC are required to be furnished to the Company.  Based solely on the Company's review of the copies of such reports it has received, the Company believes that all of its executive officers, directors and greater than ten percent beneficial owners complied with all filing requirements applicable to them with respect to transactions during the year ended December 31, 2001.

Item 11.     Executive Compensation.

The following Summary Compensation Table sets forth the cash compensation for the Company's Chief Executive Officer and executive officers, including two executive officers of subsidiaries, whose compensation exceeded $100,000 during the years ended December 31, 2001, 2000 and 1999.  The information provided under the heading "Executive Compensation" is that required by "small business issuers" as defined by the rules of the SEC.

Summary Compensation Table

Annual
Compensation

Long-term
Compensation
AwardsName andPrincipal Position
Year
Salary  ($)(1)
Bonus($)(1)
All Other  
Compensation  ($)(2)
Stock
Options
(in shares)(3)John H. Sottile
2001
388,510
125,000
10,328
--Chairman, President and
2000
380,333
--
250,158
--Chief Executive Officer
1999
369,556
--
9,676
375,000Patrick S. Freeman
2001
112,500
18,336
5,375
--President of mining
2000
112,500
8,758
96,773
--subsidiaries
1999
112,500
18,000
4,989
125,000Robert L. Jones
2001
105,000
332,239
7,497
--President of electrical
2000
105,000
189,089
97,379
--construction subsidiary
1999
105,000
266,042
6,965
125,000Stephen R. Wherry
2001
125,000
40,000
6,132
--Vice President, Treasurer
2000
118,229
65,000
96,070
--and Chief Financial
     Officer
1999
108,750
24,000
4,693
125,000


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> (1)
> Amounts reported represent compensation earned for the year, some of which may have been paid in a subsequent year.(2)
> All other compensation for 2001 included (a) the economic benefit related to the insurance policies under the terminated Employee Benefit Agreements ($5,228 for Mr. Sottile; $1,737 for Mr. Freeman; $2,397 for Mr. Jones; and $1,032 for Mr. Wherry) and (b) Company contributions to the Company's Cash Deferred Profit Sharing Plan ($5,100 for Mr. Sottile; $3,638 for Mr. Freeman; $5,100 for Mr. Jones; and $5,100 for Mr. Wherry). Amounts for 2000 included (a) payments related to the termination of the Company's Employee Benefit Agreements ($240,000 for Mr. Sottile; $90,000 for Mr. Freeman; $90,000 for Mr. Jones; and $90,000 for Mr. Wherry), (b) the economic benefit related to the life insurance policies under the terminated Employee Benefit Agreements ($5,058 for Mr. Sottile; $1,673 for Mr. Freeman; $2,279 for Mr. Jones; and $970 for Mr. Wherry) and (c) Company contributions to the Company's Cash Deferred Profit Sharing Plan ($5,100 each for Messrs. Sottile, Freeman, Jones and Wherry).  Amounts for 1999 included (a) the economic benefit related to the insurance policies under the terminated Employee Benefit Agreements ($4,876 for Mr. Sottile; $1,614 for Mr. Freeman; $2,165 for Mr. Jones; and $906 for Mr. Wherry) and (b) Company contributions to the Company's Cash Deferred Profit Sharing Plan ($4,800 for Mr. Sottile; $3,375 for Mr. Freeman; $4,800 for Mr. Jones; and $3,787 for Mr. Wherry).(3)
> All stock option awards were made pursuant to The Goldfield Corporation 1998 Executive Long-term Incentive Plan.

OPTION EXERCISES IN 2001 AND YEAR-END OPTION VALUE

The following table provides information about the stock options exercised by the named executive officers during the year ended December 31, 2001
and held by them as of that date.

Shares
Acquired
Dollar Value
Number of Securities
Underlying Unexercised
Value of Unexercised
In-the-Money OptionsName
OnExercise
Realized onExercise
Options at End of 2001
at End of 2001(1)Exercisable
Unexercisable
Exercisable
Unexercisable(#)
($)
(#)
(#)
($)
($)John H. Sottile
250,000
72,813
--
125,000
--
37,656Patrick S. Freeman
83,333
24,271
--
41,667
--
12,552Robert L. Jones
83,333
24,271
--
41,667
--
12,552Stephen R. Wherry
83,333
24,271
--
41,667
--
12,552(1)  The value of the options is based upon the difference between the exercise price and the closing price per share on  December 31, 2001, $0.52.


On November 1, 2001, the Company entered into an amended and restated employment agreement with John H. Sottile.  This agreement superseded the prior employment agreement dated January 15, 1985 and the employment agreement made by a subsidiary of the Company as of January 1, 1986, both as subsequently amended.  This amended and restated employment agreement provides for continuous employment until January 31, 2005 and shall be extended automatically for three months on the last day of each three-month period following the effective date, November 1, 2001.  This contract currently entitles Mr. Sottile to a salary of $388,510, which salary may be increased; provided, however, that as a minimum, it shall be increased effective January 1 of each year by an amount equal to the percentage increase, if any, over the preceding twelve months in the Consumer Price Index for all urban consumers.  If Mr. Sottile's employment is terminated by the Company without cause, or if Mr. Sottile terminates his employment for good reason (as defined by the contract), Mr. Sottile is entitled to receive, in addition to other benefits, an amount equal to lump sum cash amount equal to 2.999 times his average W-2 compensation for the preceding five full calendar years.  In the event of his permanent disability, the Company may terminate Mr. Sottile's employment upon at least thirty days advance written notice. He or his estate will then be entitled to receive, in addition to other benefits, an amount equal to lump sum cash amount equal to one times his average W-2 compensation for the preceding five full calendar years.

Employee Benefit Agreements

Beginning in 1989, the Company entered into Employee Benefit Agreements (each, a "Benefit Agreement") with Messrs. Sottile, Jones, Freeman and Wherry
and certain employees of the Company. Under the terms of each Benefit Agreement,
the Company owned life insurance policies that accumulated cash surrender value
for the retirement of the employee, at age sixty-five, while also providing a
life insurance benefit for the employee. Under the terms of each Benefit
Agreement, the Company was entitled to a refund of the lesser of the previously
paid premiums or the cash surrender value of the insurance policy, either upon
retirement of the employee, the death of the employee or upon the



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termination of the Benefit Agreement. The Company had the
right to terminate the Benefit Agreement without any future obligation by giving
written notice to the employee. If the Benefit Agreement was terminated, the
Company was entitled to receive the lesser of the cash surrender value of the
insurance policy or the total of previously paid premiums. In 2000, the Board of
Directors reviewed the Benefit Agreements and related insurance policies and
decided it was in the best interest of the Company to terminate the Benefit
Agreements to eliminate the annual insurance premium obligations. During the
second quarter of 2000, the Company entered into Cancellation and Release
Agreements pursuant to which the Benefit Agreements were terminated. In
consideration of terminating the future retirement benefit associated with the
Benefit Agreements, the Company decided to compensate the affected employees.
The net expense to the Company was $425,311. Although the Company does not
anticipate making any further cash premium payments, the Company will continue
to own the policies and has granted each employee the right to name the
beneficiary for the death benefits in excess of premiums previously paid by the
Company, less any outstanding loans.



Item 12.     Security Ownership of Certain Beneficial Owners and Management.



The following table sets forth, as of April 19, 2002, certain stock ownership information regarding all stockholders known by the Company to be the beneficial owners of 5% or more of the outstanding shares of Common Stock of the Company and executive officers and directors of the Company.



Beneficial Owners
Amount
BeneficiallyOwned
Percent
ofClass (1)(2)
Percent of
VotingSecurities (3)(a) Holders of more than 5%
    (other than directors):
   Anthony J. Ford (4)
   33 Van Ripper Street
   Staten Island, NY  10302
2,065,300
7.52%
7.52%(b) Directors and Executive Officers:Thomas E. Dewey, Jr.
100
*
*Harvey C. Eads, Jr.
1,000
*
*John P. Fazzini
20,100
*
*Patrick S. Freeman
175,200
*
*Robert L. Jones
250,000
*
*Danforth E. Leitner
20,600
*
*Al Marino (5)
1,000
*
*Dwight W. Severs
42,000
*
*John H. Sottile (6)
1,038,288
3.77%
3.77%Stephen R. Wherry
135,000
*
*(c) All Executive Officers and  Directors
    
as a group (10 in number):
1,683,288
6.11%
6.11%




|*   | Less than 1%                                                                                                                                                                                                                                                                                                                                                   
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Includes holdings of spouses, minor children, relatives and spouses of relatives living in the same household, even if beneficial ownership is disclaimed.                                                                                                                                                                                                     
|(2) | All percentages have been determined as of April 19, 2002 in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended.  For purposes of this table, a person or group of persons is deemed to have "beneficial ownership" of any shares of Common Stock which such person has the right to acquire within 60 days after April 19, 2002.
|(3) | In accordance with the rules of the SEC, the percentage shown in this column opposite the name of each person has been computed assuming the exercise of any options held by such person or group and that no exercises by others have occurred.                                                                                                               
|(4) | Information as to shares beneficially owned by Mr. Ford based on information provided by Mr. Ford to the
Company.                                                                                                                                                                                                                                              
|(5) | Does not include 2,065,300 shares of the Company's Common Stock owned by Mr. Marino's father, Anthony J. Ford, as to which Mr. Marino disclaims beneficial ownership.                                                                                                                                                                                          
|(6) | Includes 140,400 shares of Common Stock owned by Mr. Sottile's wife, Ann Sottile, and 27,451 shares of Common Stock owned by Mr. Sottile's son, John Nicholas Sottile.                                                                                                                                                                                         

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Item 13.	Certain Relationships and Related Transactions.



In December, 2001, the Company retained McFarland Dewey & Co., LLC to assist the Company in its evaluation of strategic alternatives, which may include divestiture of the Company's mining operations.  During 2001, McFarland Dewey was paid a retainer of $50,000 and will be entitled to additional fees with respect to a transaction if and when a transaction is consummated.  Mr. Dewey is a member of McFarland Dewey.



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SIGNATURES



Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



THE GOLDFIELD CORPORATION



By

> /s/ John H. Sottile(John H. Sottile)
> 
> Chairman of the Board of Directors, President,
> Chief Executive Officer and Director

Dated:  April 29, 2002

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on April
29, 2002.

|Signature                                        | Title                                                                                                                         
|------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------
|/s/ John H. Sottile            (John H. Sottile) | Chairman of the Board of Directors,
President, Chief Executive Officer
and Director.                                          
|                                                 |                                                                                                                               
|/s/ Stephen R. Wherry        (Stephen R. Wherry) | Vice President, Finance and Chief
Financial Officer (Principal
Financial Officer), Treasurer and
Principal Accounting Officer.
|/s/ Dwight W. Severs         
(Dwight W. Severs) | Director and Secretary                                                                                                        
|_________*______________
(Thomas E. Dewey, Jr.)  | Director                                                                                                                      
|_________*______________
(Harvey C. Eads, Jr.)   | Director                                                                                                                      
|_________*______________
(John P. Fazzini)       | Director                                                                                                                      
|_________*______________
(Danforth E. Leitner)   | Director                                                                                                                      
|_________*______________
(Al Marino)             | Director                                                                                                                      

*By: /s/ John H. SottileJohn H. Sottile
Attorney-in-Fact

Pursuant to Powers of Attorney filed as Exhibit 24
    to original Report on Form 10K filed March 20, 2002.



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