SECURITIES AND EXHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-KSB

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


               For  the  fiscal  year  ended:  December 31, 2001
                           Commission  File #001-08429

                           THUNDER MOUNTAIN GOLD, INC.
             (Exact name of Registrant as specified in its charter)

         State  of  Idaho                            91-1031075
(State  or  other  jurisdiction  of           (IRS  identification  NO.)
incorporation  or  organization)

            3605 E. 16th Avenue
           Spokane,  Washington                                   99223
(Address  of  Principal  Executive  Officers)                  (Zip  Code)

                                 (509) 535-6092
                       (Telephone  Number  of  Registrant)

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

Title  of  each  Class                         Name  of  Exchange
                                               on  which  Registered
-------------------------                      ------------------------
$0.05  par  Value  Common                                None
Non-Assessable  Stock

Securities  registered  under  Section  12(b)  of  the  Exchange  Act:  None

Check  whether  the issuer (1) filed all reports required by Section 13 or 15(d)
of  the  Exchange Act during the past 12 months (or for 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[  ]

Check  if there is no disclosure of delinquent filers in response to Item 405 of
Regulations  S-B  is  met  contained  in  this  form,  and no disclosure will be
contained,  to  the  best  of the registrant's knowledge, in definitive proxy or
information  statements incorporated by reference in Part III of the Form 10-KSB
or  any  amendment  to  this  Form  10-KSB.  [ ]  Not  Applicable  [X]

The  aggregate  market  value  of the voting stock held by non-affiliates of the
Registrant  as  of  December  31,  2001  was  $289,325.  This figure is based on
estimated  bid  price  of  $0.04.

Issued  and  outstanding  common  capital  stock  as  of  December  31,  2001.

9,727,852  shares  of  common  $0.05  par  value  stock  non  -assessable.

No  documents  are  Incorporated  by  reference.

Transitional  small  business  disclosure  format:  Yes  [   ]  No  [X]


<page>



                                     PART 1
ITEM  1.  DESCRIPTION  OF  BUSINESS

(a)     GENERAL  DEVELOPMENT  OF  BUSINESS.

The  Company was originally incorporated under the laws of the State of Idaho on
November  9,  1935 under the name of Montgomery Mines, Inc.  In August 1985, the
Company's  shareholders  approved  an  increase  in the authorized common stock,
$0.05  par value, from 7,500,000 shares to 12,000,000 shares.  Quotations of the
bid and ask prices for the stock are published by the Spokane Quotations Service
of  Spokane,  Washington.

The  Company  was  originally incorporated with the goal to consolidate, explore
and  to develop (or seek a larger mining company to develop under an arrangement
favorable  to  the Company) its primary property located in the Thunder Mountain
Mining  District  in  central  Idaho.  A  number  of  exploration  companies had
conducted exploration activities on the Company's claims prior to and subsequent
to  incorporation, including Homestake Mining, Nevex Ltd., Placer Amex, Superior
Mining,  Phillips  Petroleum  and  Coeur  'd  Alene  Mines.

The  Company's precious metal property at Thunder Mountain ultimately was placed
into  operation  in  1986  by  Coeur  'd  Alene  Mines  with production from the
Sunnyside  Deposit  reported  at  85,000  ounces  of  gold and 116,000 ounces of
silver.  Coeur  'd  Alene ceased production in 1990 and relinquished their lease
on  the  claims.  Subsequently  the  area  was leased to and explored by several
other  exploration/mining companies, including Kennecott and USMX/Dakota Mining.
A joint venture between the Company and Dewey Mining unified the mining district
during  this period, and USMX/Dakota Mining expended approximately $5 million to
explore  the  district and define a measured mineral resource1 of 5,390,000 tons
averaging 0.047 ounces per ton gold (using a then-current gold price of $400 per
ounce)  hosted in a volcanic caldera sequence on the Dewey property.  Bankruptcy
by  Dakota  Mines  provided  an  opportunity for the Company and Dewey Mining to
acquire  the  consolidated  district for future development.  USMX/Dakota Mining
had  initiated  an   Environmental   Impact   Statement  and   other  permitting
requirements to develop the measured mineral resource, and the Company and Dewey
Mining  continued  these  efforts  for  a  period  of  time.

During  2000, the Company and Dewey Mining entered into an Option Agreement with
Trust  for  Public Lands to purchase the consolidated mining district. The Trust
for  Public  Lands  is a nonprofit organization dedicated to the preservation of
nature for human enjoyment and well being.  The Thunder Mountain Mining District
is  located  on  a  "cherry-stem"  within  the  Frank  Church River of No Return
Wilderness  that was specifically outlined to allow continued development of the
historic  mining  area.  Due  to  its location, the Company's land position is a
candidate  for purchase by the United States Forest Service through the Land and
Water  Conservation Funds.  The Option recognizes a minimum acceptable value for
the  measured  mineral  resource  and real property, and if this is not met, the
Company  maintains  the  ability  to  continue development of the property.  All
permitting  efforts  have  been,  for the time being, placed on hold pending the
completion  of  the  initial  appraisal.  The Option Agreement has been extended
beyond  the original specified timeframe due to delays in securing an appraiser.
It  is  anticipated  that  the  initial  appraisal  review  will be completed by
mid-2002.

The  Company also conducted minimal exploration for precious minerals outside of
the  Thunder  Mountain  Mining  District  in  the western states during 2001.  A
platinum group metals exploration level property in Nevada was maintained during
the  year.

<page>
1A  measured  mineral  resource  is  that  part  of a mineral resource for which
quantity,  grade  or  quality, densities, shape, physical characteristics are so
well  established that they can be estimated with confidence sufficient to allow
the  appropriate  application  of  technical  and economic parameters to support
production  planning  and  evaluation  of the economic viability of the deposit.

PRECIOUS  MINERALS  PROPERTIES
------------------------------

THUNDER  MOUNTAIN  AND  DEWEY  MINING  COMPANY  JOINT  VENTURE  LAND  POSITION:

1.   The  Registrant  and  Dewey  Mining  Company,  through  their joint venture
agreement,  own  outright a total of 50-patented lode-mining claims (735.5 acres
total)  and  272 unpatented lode claims (5,245 acres total).  With the exception
of  one  small claim block within the Frank Church River of No Return Wilderness
(their  location  pre-dated  the  wilderness designation), all of the claims are
within  the  "cherry-stem"  that forms a corridor into the wilderness.   Mineral
development  within  this  cherry-stem   is  subject  to  the  same   regulatory
stipulations  as  the  United States Forest Service managed land surrounding the
wilderness.  Some of the Registrants claims within the cherry stem are partially
within  the  wilderness  area,  but  these  were,  for the most part, located as
protection  of the land position more central to the cherry-stem that either has
mineral  resources  or  exploration  potential.

2.     The  Registrant has lease with an option to purchase on 4 patented and 40
unpatented  lode  claims  in  the  Goodsprings  Mining District in Clark County,
Nevada.  Platinum,  palladium  and  gold  have historically been produced in the
area,  and  the  land position was secured because of its exploration potential.
Efforts  are  ongoing  to  interest  a  larger platinum group metals exploration
company  in  the  holdings.

THUNDER  MOUNTAIN  AND  DEWEY  MINING  COMPANY  JOINT  VENTURE  LAND  POSITION:
-------------------------------------------------------------------------------

(b)     FINANCIAL  INFORMATION  ABOUT  INDUSTRY  SEGMENTS.

        The  Registrant  has  no  other  industry  segments.

(c)     NARRATIVE  DESCRIPTION  OF  BUSINESS.

Refer  to ITEM: 1 Description of Business (supra) Subparagraph (i) through (xii)
are  not  applicable  to  the  Registrant.

(d)     FINANCIAL  INFORMATION  ABOUT FOREIGN AND DOMESTIC OPERATIONS AND EXPORT
SALES.

        This  paragraph  is  not  applicable  to  the  Registrant.

ITEM  2:  PROPERTIES

     For  continuity  and  clarity,  this  information  was  included  in  the
information  set  in  Item  1.










<page>
ITEM  3:  LEGAL  PROCEEDINGS.

     The  Company,  along  with  other  impacted  entities, including companies,
municipalities  and  various  irrigation districts, has been involved in a legal
protest  against  the  Federal  Government's  claims  for certain reserved water
rights  for  Wild  and  Scenic  Rivers Act purposes.  The matter is in the Idaho
State  District  Court  assigned  to  handle  the Snake River Basin water rights
adjudication.  A  settlement  has  been tentatively reached that is favorable to
the  Company, and will be a settlement that would maintain sufficient vested and
future  water  rights  appropriation  for  any  mining and processing operation.
These  water  rights  would  also  be  a  valuable part of the ongoing appraisal
process  by  Trust  for  Public  Lands.

     The  Registrant is involved in no civil rights negotiations or proceedings.

ITEM  4:  SUBMISSION  OF  MATTERS  TO  VOTE  ON  SECURITY  HOLDERS.

     No  matters  were  submitted  to  vote of the Registrant's security holders
during  2001.

                                     PART 11

ITEM  5:  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

(a)     MARKET  INFORMATION.

The  common  stock  of  the  Registrant  is  traded over-the-counter in Spokane,
Washington  and  its  bid  and  asked  prices are quoted on a daily basis by the
Spokane  Quotation  Service,  Spokane,  Washington.

The  bid prices for the Registrant's stock for the years  2001 and 2000  were as
follows:

2000                       HIGH               LOW
                         --------          ---------
First  Quarter            $ 0.10            $ 0.04
Second  Quarter           $ 0.10            $ 0.10
Third  Quarter            $ 0.10            $ 0.10
Fourth  Quarter           $ 0.10            $ 0.10

2001                       HIGH               LOW
                         --------          ---------
First  Quarter            $ 0.10           $ 0.03
Second  Quarter           $ 0.08           $ 0.04
Third  Quarter            $ 0.08           $ 0.05
Fourth  Quarter           $ 0.05           $ 0.03

(b)     APPROXIMATE  NUMBER  OF  EQUITY  SECURITY  HOLDERS:

Title  of  Class                 No.  of  Record  Holders
----------------------------     ------------------------------------
$0.05  Par  Value                2,250  as  of  December  31,  2001
Common Stock Non-Assessable

(c)     DIVIDEND  HISTORY  AND  RESTRICTIONS

The Registrant has not paid any  dividends, and  does not plan to do so  in  the
foreseeable  future  as  it  plans  to  use  its  capital to finance  the search
for additional mineral  properties  of  potential  commercial value.



<page>
ITEM  6: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF  OPERATION.

(a)     FULL  FISCAL  YEAR.

Liquidity:  The Company has a positive cash-position and has invested funds in a
cash  management  mutual  fund.   The  Company's  cash  and  liquid  assets  are
considered adequate to meet its current and foreseeable obligations.  The market
value  of  some  of  the stock mutual funds decreased substantially during 2001,
representing  a  significant  loss.

Expenses  for  the  ensuing  year  will  be  incurred  for  continued search and
exploration  for   additional   properties,  and   for   management   fees   and
administrative costs.  The Company's required claim maintenance will be paid for
its  unpatented  claims  by  the  Company.  It is anticipated that Directors and
managerial  fees  will  be  minimal during the upcoming year due to the low cash
position  of  the  Company.   Please  refer  to  the  financial  statements  for
additional  costs  and  expenditures  and  other  financial  information.

Capital  Resources:  The  Company  presently does not intend to make any capital
expenditures  from  its  funds.  The Company  also  does  not presently have any
plans to raise capital through debt  or  equity  financing.

Results  of Operations:  The Company had no production from operations for 2001.
Although  additional  production  units  are likely, it is impossible to predict
with  any  certainty  when and where the next production unit will be developed.
For  that  reason,  it  is  impossible  to  predict the future production units.

The Company entered into a purchase option agreement with Trust for Public Lands
(TPL)  in  2000.  Appraisal  work  commenced  late  in  2001  and  a preliminary
appraisal should be completed by mid-2002.  The agreement with TPL provides them
with an option to acquire both the Company's and Dewey Mining Company's land and
mineral  position  in  the  Thunder  Mountain  Mining  District,  subject  to an
appraised  amount that is acceptable to both entities.  The appraisal will value
both  the  private  land, unpatented mining claims, mineral value of the defined
resource, mineral potential of the Company's holdings, timber, and water rights.
The  purchaser  of  the  properties  would  be  the United State Forest Service,
brokered through TPL.  In the event that the appraised amount is acceptable, the
Company may determine that it would be in the best interests of the shareholders
to  move  ahead  with  the sale.  The appropriate shareholder approvals would be
solicited.  If the properties are sold, it is possible that some of the proceeds
could  be  forthcoming  late  in  2002.

There  were  no  revenues  generated  by  the  Company  in  2001.


















<page>
ITEM  7:  FINANCIAL  STATEMENTS  AND  SUPPLEMENTAL  DATA





                           THUNDER MOUNTAIN GOLD, INC.
                         (An Exploration Stage Company)

                               FINANCIAL STATEMENT
                                       AND
                      REPORT  OF  INDEPENDENT  AUDITORS

                                DECEMBER 31, 2001







                           THUNDER MOUNTAIN GOLD, INC.
                         (An Exploration Stage Company)


                        INDEX TO THE FINANCIAL STATEMENTS


CONTENTS


Report  of  Independent  Auditors                                     1

Balance  Sheet  at  December  31,  2001  and  2000                    2

Statement  of  Operations  for  the  Years  Ended
     December  31,  2001,  2000,  and  1999                           3

Statement  of  Cash  Flows  for  the  Years  Ended
     December  31,  2001,  2000,  and  1999                           4

Statement  of  Changes  in  Stockholders'  Equity  for  the
     Years  Ended  December  31,  2001,  2000,  and  1999             5

Notes  to  Financial  Statements                                    6-9

Report  of  Independent  Auditors  on  Supplemental  Schedules       11


Supplemental  Schedules                                           12-16












<page>







                         REPORT OF INDEPENDENT AUDITORS
                         ------------------------------


Board  of  Directors
Thunder  Mountain  Gold,  Inc.
Spokane,  Washington

    We  have  audited  the  accompanying   Balance  Sheets of  Thunder  Mountain
Gold, Inc., (An Exploration Stage Company) as of December 31, 2001 and 2000, and
the  related  Statements  of Operations, Cash Flows and Changes in Stockholders'
Equity  for  each  of  the  three years ended December 31, 2001, 2000, and 1999.
These  financial  statements are the responsibility of the Company's management.
Our  responsibility is to express an opinion on these financial statements based
on  our  audit.

     We  conducted  our  audits  in accordance with auditing standards generally
accepted  in the United States of America.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements  are free of material misstatements.  An audit includes examining, on
a  test  basis, evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable  basis  for  our  opinion.

    In  our  opinion,  the   financial  statements  referred  to  above  present
fairly,  in  all  material  respects, the financial position of Thunder Mountain
Gold, Inc., (An Exploration Stage Company) as of December 31, 2001 and 2000, and
the  results  of  its operations, cash flows and changes in stockholders' equity
for each of the three years ended December 31, 2001, 2000 and 1999,in conformity
with  accounting  principles generally accepted in the United States of America.

    The  accompanying  financial statements have been prepared assuming that the
Company  will  continue  as  a  going  concern.  As  discussed  in Note 6 to the
financial  statements, the Company has suffered recurring losses from operations
that  raise  substantial doubt about its ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note 5.  The
financial  statements  do not include any adjustments that might result from the
outcome  of  this  uncertainty.

    As discussed in Note 3 to the financial statements, the financial statements
for  the  years  ended  December 31, 2000, 1999, and 1998, have been restated to
reflect  the  expensing  of  mining  claims.

/s/ MOE  O'SHAUGHNESSY  &  ASSOCIATES,  P.S.


April  24,  2001
Spokane,  Washington





<page>
THUNDER  MOUNTAIN  GOLD,  INC.
(An  Exploration  Stage  Company)

Balance  Sheet
December  31,  2001  and  2000


ASSETS

                                                  2001          2000
                                              ------------  ------------
                                                            (Restated -
                                                            See NOTE 3)
CURRENT  ASSETS:
     Cash  and Cash Equivalents               $     5,275   $     7,599
     Prepaid  Expenses                                300           300
     Investments                                   84,142       231,923
                                              ------------  ------------
          Total  Current  Assets                   89,717       239,822
                                              ------------  ------------

INVESTMENTS  -  Non-Current                           170          170
                                              ------------  ------------

PROPERTY  AND  EQUIPMENT:
     Office  Equipment                              7,141         7,141
     Mining  Claims                                   -             -
                                              ------------  ------------
          Total  Property  and  Equipment           7,141         7,141
     Less:  Accumulated  Depreciation               6,970         6,856
                                              ------------  ------------
          Net  Property  and  Equipment               171           285
                                              ------------  ------------

TOTAL  ASSETS                                 $    90,058   $   240,277
                                              ============  ============
























The accompanying notes are an integral part of these financial statements.

<page>
THUNDER  MOUNTAIN  GOLD,  INC.
(An  Exploration  Stage  Company)

Balance  Sheet
December  31,  2001  and  2000


LIABILITIES  AND  STOCKHOLDERS'  EQUITY


                                                  2001          2000
                                              ------------  ------------
                                                            (Restated -
                                                            See NOTE 3)
CURRENT  LIABILITIES:
     Accounts payable                         $     9,860   $       -
     Accrued Directors and Management Fees            -          16,000
                                              ------------  ------------
               Total  Current  Liabilities          9,860        16,000
                                              ------------  ------------

STOCKHOLDERS'  EQUITY:
     Common  Stock,  $0.05  Par  Value;
          12,000,000  Shares  Authorized;
          9,727,852  and  9,727,852
          Shares  Issued  Respectively            486,392       486,392
     Additional  Paid-in  Capital                 254,222       254,222
     Less:  11,700  Shares  of  Treasury
          Stock,  At  Cost                        (24,200)      (24,200)
     Accumulated Other Comprehensive
          Income (Loss)                           (69,562)      (47,265)
     Retained  Earnings/ (Deficit)               (566,654)     (444,872)
                                              ------------  ------------
               Total  Stockholders'  Equity        80,198       224,277
                                              ------------  ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $    90,058   $   240,277
                                              ============  ============























The accompanying notes are an integral part of these financial statements.

<page>
THUNDER  MOUNTAIN  GOLD,  INC.
(An  Exploration  Stage  Company)

Statement  of  Operations
For  the  Years  Ended  December  31,  2001,  2000,  and  1999

                                       2001          2000          1999
                                   ------------  ------------  ------------
                                                 (Restated -   (Restated -
                                                  See NOTE 3)   See NOTE
INCOME:
     Royalties                     $       -     $       -    $        -
                                   ------------  ------------  ------------
EXPENSES:
     Exploration and Development        74,614       134,572        24,781
     Depreciation  and  Depletion          114         1,830         4,145
     Directors'  Fees  and
     Professional  Services              6,000        18,000        25,000
     Legal  and  Accounting             14,703         6,635        12,340
     Management  and
       Administrative                    5,200         9,388        23,501
                                   ------------  ------------  ------------
          Total  Expenses              100,631       170,425        89,767
                                   ------------  ------------  ------------
(LOSS)  FROM  OPERATIONS              (100,631)     (170,425)      (89,767)
                                   ------------  ------------  ------------
OTHER  INCOME:
Interest  and  Dividend
     Income                                439        16,198         7,654
     Gain  (Loss)  on  Sale  of
       Securities  and  Assets         (21,589)       51,625       119,163
                                   ------------  ------------  ------------
                                       (21,150)       67,823       126,817
                                   ------------  ------------  ------------
INCOME  (LOSS)  BEFORE  FEDERAL
     INCOME  TAXES                   (121,781)      (102,602)       37,050
PROVISION  FOR  INCOME  TAXES:
     Tax At Statutory Rates               -              -             -
     Tax  Benefit                         -              -             -
                                   ------------  ------------  ------------

NET  INCOME  (LOSS)                   (121,781)     (102,602)       37,050

OTHER  COMPREHENSIVE  INCOME
  Net  of  Income  Tax:
  Unrealized  Holding Gain (loss)      (22,297)     (196,873)      (24,030)
                                   ------------  ------------  ------------

COMPREHENSIVE  INCOME  (LOSS)      $  (144,078)  $  (299,475)  $    13,020
                                   ============  ============  ============

EARNINGS  (LOSS)  PER  SHARE:
     Basic                         $     (0.01)  $     (0.01)  $       -
                                   ============  ============  ============
     Diluted                       $     (0.01)  $     (0.01)  $       -
                                   ============  ============  ============




The accompanying notes are an integral part of these financial statements.

<page>
THUNDER  MOUNTAIN  GOLD,  INC.
(An  Exploration  Stage  Company)


Statement  of  Cash  Flows
For  the  Years  Ended  December  31,  2001,  2000,  and  1999

                                       2001          2000          1999
                                   ------------  ------------  ------------
                                                 (Restated -   (Restated -
                                                  See NOTE 3)   See NOTE
CASH FLOWS PROVIDED (USED) BY
     OPERATING  ACTIVITIES:
     Net  Income  (Loss)           $  (121,781)  $  (102,602)  $    37,050
     Non-Cash  Expenses,  Revenues,
       Losses And Gains Included
       in  Income:
       Depreciation and Amortization       114         1,830         4,145
       Gain on sale of securities
         and assets                        -         (51,625)     (119,163)
       Loss on sale of securities
         and  assets                    21,589           -             -
       Net (Decrease) in payables       (6,140)      (11,706)       (2,993)
                                   ------------  ------------  ------------
Net Cash Flows Provided (Used)
    By  Operating  Activities         (106,218)     (164,103)      (80,961)
                                   ------------  ------------  ------------

CASH  FLOWS  PROVIDED  (USED)  BY
     INVESTING  ACTIVITIES:
     Purchase  Of  Investments         (18,622)      (14,019)     (204,886)
     Purchase Of Property
       and Equipment                       -             -            (594)
     Proceeds from Disposition
       of  Investments                 122,516       142,481       244,950
     Proceeds from Disposition
       of Assets                           -           7,000           -
                                   ------------  ------------  ------------
Net Cash Flows Provided (Used)
     By  Investing  Activities         103,894       135,462        39,470
                                   ------------  ------------  ------------

CASH  FLOWS  (USED)  BY  FINANCING
     ACTIVITIES
     Net  cash  flows  (used)  by
          financing  activities            -             -             -
                                   ------------  ------------  ------------

NET INCREASE (DECREASE) IN CASH         (2,324)      (28,641)      (41,489)

CASH  AND  CASH  EQUIVALENTS,
     BEGINNING  OF  PERIOD               7,599        36,240        77,729
                                   ------------  ------------  ------------

CASH  AND  CASH  EQUIVALENTS,
     END  OF PERIOD                $     5,275   $    7,599    $    36,240
                                   ============  ============  ============

                                             (Continued)

The accompanying notes are an integral part of these financial statements.

<page>
THUNDER  MOUNTAIN  GOLD,  INC.
(An  Exploration  Stage  Company)


Statement  of  Cash  Flows
For  the  Years  Ended  December  31,  2001,  2000,  and  1999

                                       2001          2000          1999
                                   ------------  ------------  ------------
                                                 (Restated -   (Restated -
                                                  See NOTE 3)   See NOTE

SUPPLEMENTAL  SCHEDULE  OF
  NONCASHINVESTING  ACTIVITIES

  Exchange of automobile for
    Accrued directors fee payable  $       -     $     7,000   $    10,000
                                   ============  ============  ============


  Marketable security written
    off  as  worthless             $       -     $       -     $     7,296
                                   ============  ============  ============







Disclosure  of  Accounting  Policy:
     For purposes of the Statement of Cash Flows, the Company considers all
     highly  liquid  debt  instruments  purchased  with an initial maturity
     of  three  month  sor  less  to  be  cash  equivalents.

                                                                     (Concluded)
























The accompanying notes are an integral part of these financial statements.

<page>
THUNDER  MOUNTAIN  GOLD,  INC.
(An  Exploration  Stage  Company)
Statement  Of  Changes  In  Stockholders'  Equity
For  the  Years  Ended  December  31,  2001,  2000,  and  1999
<table>
                                                 Accumulated
                  Common Stock       Additional  Other                      Retained
              ---------------------  Paid-In     Comprehensive  Treasury    Earnings/
                Shares    Amount     Capital     Income         Stock       (Deficit)      Total
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
<c>           
         
        
         
            
         
         

Balances at
Jan. 1, 1999
(Restated -
See NOTE 3)  9,727,852 $486,392  $ 254,222  $  173,638   $(24,200)  $(379,320) $ 510,732
Unrealized
lossin
Marketable
securities         -        -          -       (24,030)       -           -      (24,030)
Net loss - 1999
(Restated -
See NOTE 3)        -        -          -           -          -        37,050      37,050
                                                                               ----------
Comprehensive
Income                                                                            13,020
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Balances at
Dec. 31, 1999
(Restated -
See NOTE 3)  9,727,852  486,392    254,222      149,608    (24,200)  (342,270)   523,752
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Unrealized
loss in
Marketable
securities         -        -          -       (196,873)       -          -     (196,873)
Net loss - 2000
(Restated -
See NOTE 3)        -        -          -            -          -     (102,602)  (102,602)
                                                                               ----------
Comprehensive
(Loss)                                                                          (299,475)
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Balances at
Dec. 31, 2000
(Restated -
See NOTE 3)  9,727,852  486,392   254,222       (47,265)   (24,200)  (444,872)   224,277
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Unrealized
loss in
Marketable
securities         -        -         -         (22,297)       -          -      (22,297)
Net loss -
2001               -        -         -             -          -     (121,782)  (121,782)
                                                                               ----------
Comprehensive
(Loss)             -        -         -             -          -          -     (144,079)
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Balances at
Dec. 31,
2001        9,727,852  $ 486,392 $ 254,222  $   (69,562)  $(24,200) $(566,654)  $ 80,198
              ==========  =========  ==========  =============  ==========  ==========  ===========
</table>
The accompanying notes are an integral part of these financial statements.
<page>
                            THUNDER MOUNTAIN GOLD, INC.
                         (An Exploration Stage Company)

                          Notes To Financial Statements

NOTE  1  -  SIGNIFICANT  ACCOUNTING  POLICIES

Business  Operations

     Thunder  Mountain  Gold,  Inc.,  takes  its  name from the Thunder Mountain
Mining  District in Valley County, Idaho, where its principal lode mining claims
are  located.

Accounting  Policies

     Marketable  securities  are  stated  at  market value.  The market value is
based  on  quoted  market prices or other fair value estimates provided by third
party  portfolio  managers.

Exploration  Costs

     Exploration  costs  are  charged  to  operations  when  incurred.

Property  and  Equipment

     Property and equipment are carried at cost.  Depreciation is computed using
accelerated  depreciation  methods  with  useful  lives of three to seven years.
Major  additions  and  improvements  are  capitalized.  Costs of maintenance and
repairs,  which  do  not improve or extend the life of the associated assets are
expensed  currently.  When there is a disposition of property and equipment, the
cost  and related accumulated depreciation are removed from the accounts and any
gain  or  loss  is  reflected  in  net  income.

Accounting  Estimates

     The  preparation  of  financial  statements  in  conformity  with generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect  the  reported  amounts  of assets and liabilities and
disclosures  of  contingent  assets and liabilities at the date of the financial
statements  and  the  reported  amounts  of  revenues  and  expenses  during the
reporting  period.  Actual  results  could  differ  from  those  estimates.


Comprehensive  Income

     In  1998,  the  Company adopted Statement of Financial Accounting Standards
(FAS)  130, "Reporting Comprehensive Income," issued by the Financial Accounting
Standards  Board  (FASB).  The  Company  reports accumulated other comprehensive
income as a separate component of shareowners' equity. There were no adjustments
required  for  the  deferred  tax  effects  of  the  unrealized  gain or loss on
securities.











<page>
                           THUNDER MOUNTAIN GOLD, INC.
                         (An Exploration Stage Company)

                          Notes To Financial Statements

NOTE  1  -  SIGNIFICANT  ACCOUNTING  POLICIES  (continued)

Earnings  Per  Share

     The  Company  computes  basic earnings per common share by dividing the net
income  by  the  weighted average number of common shares outstanding during the
period.  Diluted  earnings  per  share  are calculated by including all dilutive
potential common shares such as stock options.  Dilutive potential common shares
were 9,727,852 in 2001, 2000, and 1999.  No adjustment to reported net income is
required  when  computing  diluted  earnings  per  share.

NOTE  2  -  INVESTMENTS

Investments  consist  of  the  following:
                              Carrying                     Market
                               Value          Cost          Value
                            ------------  ------------  ------------
December  31,  2001:
  Current  Investments      $    84,142   $   152,794   $    84,142
  Other  Investments                170         1,080           170
                            ------------  ------------  ------------
Total                       $    84,312   $   153,874   $    84,312
                            ============  ============  ============
December  31,  2000:
  Current  Investments      $   231,923   $   278,277   $   231,923
  Other  Investments                170         1,080           170
                            ------------  ------------  ------------
Total                       $   232,093   $   279,357   $   232,093
                            ============  ============  ============
December  31,  1999:
  Current  Investments      $   510,158   $   359,639   $   510,158
  Other  Investments                170         1,080           170
                            ------------  ------------  ------------
Total                       $   510,328   $   360,719   $   510,328
                            ============  ============  ============

     Other  investments  consist of small stock holdings in several local mining
companies.

NOTE  3  -  MINING  CLAIMS  AND  RESTATED  FINANCIAL  STATEMENTS

     Substantially  all  of  the Company's patented and unpatented claims in the
Thunder  Mountain Mining district were obtained from major stockholders for cash
or  newly  issued stock.  The purchase price and capitalized costs of the mining
claims  have  been  written off and the financial statements for 2000, 1999, and
1998  have  been  restated  to  reflect  this  adjustment.  The  net accumulated
capitalized costs charged to the income statement as an impairment loss for 1998
was  $233,705 and 2000 was $5,000.  No impairment loss was charged to the income
statement  for  1999. For additional information regarding the mining claims see
Note  5.







<page>
                           THUNDER MOUNTAIN GOLD, INC.
                         (An Exploration Stage Company)

                          Notes To Financial Statements

NOTE  4  -  INCOME  TAXES

     The  Company  has  losses  for  income  tax purposes and accordingly has no
income  tax  provision.

     At  December 31, 2001, the Company has $719,083 in net operating loss carry
forward  which  may  be  used  to offset taxable income generated by operations,
which  will begin expiring in 2004.  The Company also has a general business tax
credit  carryover  in  the  amount of $1,283, which may be used to offset future
federal  income  tax liabilities.  This credit will expire in 2004.  The Company
also has a foreign tax credit in the amount of $343, which may be used to offset
future  federal  income  tax  liabilities.

     The  net  operating  loss  and  other  credits carry forward would normally
result  in  a  recorded  income  tax benefit.  As a result of the uncertainty to
continue  as  a  going concern as described in Note 5, the income tax benefit is
fully  reserved  and  is  not  reflected  herein.

NOTE  5  -  UNCERTAINTY  -  GOING  CONCERN

The  Company's  continued  existence is dependent upon its ability to resolve is
liquidity problems, principally by obtaining equity or debt funding, sale of the
mining  claims  or  production from the mining claims.  While pursing additional
funding  or  sale  of its mining claims, the Company must continue to operate on
limited  cash  flow  generated from the sale of investments.  The Company has no
revenue  from  operations  and  has  experienced  recurring  losses.  Management
believes  that  geological,  geophysical,  and  engineering data have identified
mineralized  material  in place on the mining claims in commercial quantities to
be  of value.   The Company is negotiating with the United States Forest Service
through  the  Land  and  Water  Conservation  Funds  for  sale  of its' position
regarding  the  mining  claims.

NOTE  6  -  LITIGATION

     The  Company,  along with other similarly situated parties, is a protestant
against  the  Federal  Government's claims for certain reserved water rights for
Wild  and Scenic Rivers Act purposes.  The matter is in the Idaho State District
Court  assigned  to  handle  the Snake River Basin water rights adjudication.  A
settlement  has  been  tentatively  reached  and  legal  counsel anticipates the
settlement  will  be  favorable  to  Thunder  Mountain  Gold,  Inc.

















<page>
                           THUNDER MOUNTAIN GOLD, INC.
                         (An Exploration Stage Company)


                             SUPPLEMENTAL SCHEDULES






            REPORT OF INDEPENDENT AUDITORS ON SUPPLEMENTAL SCHEDULES
            --------------------------------------------------------




The  Board  of  Directors
Thunder  Mountain  Gold,  Inc.
Spokane,  Washington


Our  report  on  the  financial  statements  of Thunder Mountain Gold, Inc., (An
Exploration Stage Company) is included in the Form 10-KSB and covers the balance
sheets  as  of  December  31,  2001  and  2000  and  the  related  statements of
operations, cash flows and changes in stockholders' equity for each of the three
years  ended  December 31, 2001, 2000, and 1999. In connection with our audit of
such  financial  statements,  we  have  also  audited  the  related supplemental
schedules,  as  follows:

     Schedule  I  -  Marketable  Securities  -  Other  Investments
     Schedule  V  -  Property,  Plant,  and  Equipment
     Schedule  VI -  Amortization  of  Property,  Plant,  and  Equipment

In our opinion, the supplemental schedules referred to above, when considered in
relation  to the basic financial statements taken as a whole, present fairly the
information  required  to  be  included  therein.




/s/ MOE  O'SHAUGHNESSY  &  ASSOCIATES,  P.S.


April  24,  2002
Spokane,  Washington
















<page>
THUNDER MOUNTAIN GOLD, INC.
                         (An Exploration Stage Company)
             SCHEDULE I - MARKETABLE SECURITIES - OTHER INVESTMENTS
                 For the Years Ended December 31, 2001 and 2000

<table>
                                                 December 31, 2001

Column A                          Column  B     Column C      Column D      Column  E
                                                                            Amount at
                                                              Market        Which Issue
                                  Number of     Cost of       Value         is Carried on
Issuer                            Shares        Shares        Shares        Balance Sheet
-----------------  -------------  ------------  ------------  ------------  ------------

                <c>            <c>           <c>           <c>           <c>
Munder Future
  Technology       Mutual Fund            799   $    18,622   $    17,757   $    17,757
  Fund  Class  B
Pioneer Growth
  Shares           Mutual Fund          2,169        42,151        28,356        28,356
  Class  B
Mass Investors
  Growth
  Stock Fund       Mutual Fund          2,496        46,917        30,051        30,051
  Class  B
Midas Gold         Common Shares        8,396        45,104         7,978         7,978
-----------------  -------------  ------------  ------------  ------------  ------------
Totals                                 13,860   $   152,794   $    84,142   $    84,142
                                  ============  ============  ============  ============

Other stock
  ownership in
  inactive
  companies        Common Shares      164,500   $     1,080   $       170   $       170
-----------------  -------------  ------------  ------------  ------------  ------------
Totals                                164,500   $     1,080   $       170   $       170
                                  ============  ============  ============  ============

</table>























<page>
THUNDER  MOUNTAIN  GOLD,  INC.
(An  Exploration  Stage  Company)
SCHEDULE  I  -  MARKETABLE  SECURITIES  -  OTHER  INVESTMENTS  (continued)
For  the  Years  Ended  December  31,  2001  and  2000

<table>
                                  December  31,  2000

Column A                          Column  B     Column C      Column D      Column  E
                                                                            Amount at
                                                              Market        Which Issue
                                  Number of     Cost of       Value         is Carried on
Issuer                            Shares        Shares        Shares        Balance Sheet
-----------------  -------------  ------------  ------------  ------------  ------------

                <c>            <c>           <c>           <c>           <c>

ML Global Growth
   Class  B         Mutual Fund         2,794   $    44,266   $    35,405   $    35,405
Munder Future
 Technology         Mutual Fund         3,361        40,005        29,311        29,311
  Fund  Class  B
Pioneer Growth
  Shares            Mutual Fund         2,169        42,151        35,387        35,387
  Class  B
AIM  Value  Fund    Mutual Fund         2,968        43,502        35,439        35,439
  Class  B
Mass Investors
  Growth
  Stock  Fund       Mutual Fund         2,496        46,917        40,187        40,187
  Class  B
Barrick Gold
  Corporaiton       Common Shares       3,000        16,332        49,140        49,140
Midas  Gold         Common Shares       8,396        45,104         7,054        7,054
-----------------  -------------  ------------  ------------  ------------  ------------
Total                                  25,184   $   278,277   $   231,923   $   231,923
                                  ============  ============  ============  ============
Other stock
  ownership
  in inactive
  companies        Common Shares      164,500   $     1,080   $       170   $       170
-----------------  -------------  ------------  ------------  ------------  ------------
Totals                                164,500   $     1,080   $       170   $       170
                                  ============  ============  ============  ============
</table>


















<page>
                           THUNDER MOUNTAIN GOLD, INC.
                         (An Exploration Stage Company)
                   SCHEDULE V - PROPERTY, PLANT AND EQUIPMENT
              For the Years Ended December 31, 2001, 2000, and 1999

<table>
Column A            Column B      Column C      Column D      Column E      Column F
------------------  ------------  ------------  ------------  ------------  ------------

                    Balance at                                Other         Balance at
                    Beginning     Additions                   Changes       End Of
Description         Of Period     At Cost       Retirements   Add (Deduct)  Period
------------------  ------------  ------------  ------------  ------------  ------------

                 <c>           <c>           <c>           <c>           <c>
Year ended
  December 31, 2001:
Office equipment         7,141            -            -              -           7,141
------------------  ------------  ------------  ------------  ------------  ------------
Totals              $    7,141    $       -     $      -      $       -     $     7,141
                    ============  ============  ============  ============  ============

Year ended
  December 31, 2000:
Office equipment         7,141            -            -              -           7,141
     Automotive         21,893                      (21,893)(3)       -             -
------------------  ------------  ------------  ------------  ------------  ------------
Totals              $  29,034     $       -     $   (21,893)  $       -     $     7,141
                    ============  ============  ============  ============  ============

Year ended
  December 31, 1999:
  Office equipment        6,547           594(1)        -             -           7,141
  Automotive             47,436           -         (25,543)(2)                  21,893
------------------  ------------  ------------  ------------  ------------  ------------
Totals              $    53,983   $       594   $   (25,543)  $       -     $    29,034
                    ============  ============  ============  ============  ============
</table>




(1)  Purchase  of  copier.
(2)  Exchange  of  1996  Subaru  to  Jim Collord Sr. in lieu of director fees.
(3)  Exchange  of  1992 Suburban to E. James Collord in lieu of director fees.


















<page>
                           THUNDER MOUNTAIN GOLD, INC.
                         (An Exploration Stage Company)
              SCHEDULE V1 - ACCUMULATED DEPRECIATION, DEPLETION AND
                     AMORTIZATION OF PROPERTY AND EQUIPMENT
              For the Years Ended December 31, 2001, 2000, and 1999

<table>
Column A            Column B      Column C      Column D      Column E      Column F
------------------  ------------  ------------  ------------  ------------  ------------

                    Balance at                                Other         Balance at
                    Beginning     Additions                   Changes       End Of
Description         Of Period     At Cost       Retirements   Add (Deduct)  Period
------------------  ------------  ------------  ------------  ------------  ------------

                 <c>           <c>           <c>           <c>           <c>
Year ended
  December 31, 2001:
  Office equipment        6,856   $       114           -             -     $     6,970
------------------  ------------  ------------  ------------  ------------  ------------
Totals              $     6,856   $       114   $       -     $       -     $     6,970
                    ============  ============  ============  ============  ============

Year ended
  December 31, 2000:
  Office equipment        6,601   $       255           -             -           6,856
  Automotive             17,842         1,575       (19,417)          -             -
------------------  ------------  ------------  ------------  ------------  ------------
Totals              $    24,443   $     1,830   $   (19,417)  $       -     $     6,856
                    ============  ============  ============  ============  ============

Year ended
  December 31, 1999:
  Office equipment        5,806   $       795           -             -           6,601
  Automotive             26,671         3,350       (12,179)          -          17,842
------------------  ------------  ------------  ------------  ------------  ------------
Totals              $    32,477   $     4,145   $   (12,179)  $       -     $    24,443
                    ============  ============  ============  ============  ============
</table>




(1)  Depreciation  is  calculated  using  the  accelerated  depreciation
     methods  with  useful  lives  of  three  to  seven  years.


















<page>
                           THUNDER MOUNTAIN GOLD, INC.
                         (An Exploration Stage Company)

                             SELECTED FINANCIAL DATA

The  following is a summary of selected financial data which indicates trends in
registrants  financial condition  and  results  of  operations.


<table>
Selected Balance Sheet Data 2001    Year Ended December 31,
                                    -----------------------

                              2001        2000        1999        1998        1997
                           ----------  ----------  ----------  ----------  ----------

                        <c>         <c>         <c>         <c>         <c>
                                       Restated
Current Assets             $  89,717   $ 239,822   $ 546,491   $ 530,307   $ 659,329
Property and  Equipment          171         285       4,591      21,506     260,018
Non-Current Investments          170         170         170         170         170
Total Assets                  90,058     240,277     551,252     551,983     919,517
Current Liabilities            9,860      16,000      27,500      41,250      22,500
Stockholders' Equity          80,198     224,277     523,752     510,733     897,017


Selected  Operational  Data

Royalty Revenue                  -           -           -           -        62,500
Other Revenue and
  Gains (Losses)             (21,150)     67,823     126,817    (216,845)     24,589
Net Income  (Loss)          (121,781)   (102,602)     37,050    (359,389)     17,250
Net Income (Loss)
  per share                $   (0.01)  $   (0.01)  $     NIL   $   (0.04)  $     NIL
</table>

No  dividends  have  been  paid  by  the  Company.




























ITEM  8:  DISAGREEMENTS  ON  ACCOUNTING  AND  FINANCIAL  DISCLOSURE

     During the year ended December 31, 2001 there were no disagreements between
the  Company  and  its  independent  certified   public  accountants  concerning
accounting  and  financial  disclosure.

                                    PART III

ITEM  9:  DIRECTORS  AND  EXECUTIVE  OFFICERS  OF  THE  REGISTRANT

(a)     Identification  of  Directors:

E. James Collord, Age 55 - President, General Manager and Director - Mr. Collord
has  been  an  officer  and  Director  of  the  Registrant  since  1978.

Robin  S.  McRae, Age 61 - Secretary/Treasurer and Director - Dr. McRae has been
an  officer  and  Director  of  the  Registrant  since  1978.

Pete  Parsley,  Age  39  -  Director  and  Thunder Mountain Project Manager. Mr.
Parsley  has  been  a  director  since  1999.

Ronald  Yanke,  Age  63,  -  Director

(b)     IDENTIFICATION  OF  EXECUTIVE  OFFICERS

     This  information  is  contained  in  paragraph  (a)  above.

(c)     FAMILY  RELATIONSHIPS

Dr.  Robin  S.  McRae  is the cousin of E.  James Collord,  the President of the
Registrant.

(d)     BUSINESS  EXPERIENCE

E. James Collord has a Masters of Science degree in exploration geology from the
Mackay School of Mines, University of Nevada.  He has been a mining professional
since  1973,  employed  as  a  mill  construction  superintendent,   exploration
geologist,  mine  construction and reclamation manager, and in environmental and
lands   management.   He  is  currently  employed  as   Environmental  and  Land
Superintendent  at  a  large  gold  mine  near  Elko,  Nevada.

Robin  S.  McRae  is  a  graduate  of  the Pacific College of Optometry and is a
practicing  optometrist.  He  is  the  grandson of Daniel C. McRae, and original
locator  of  many  of  the  gold  prospects  in the Thunder Mountain Gold Mining
District,  and  is  the  son  of  Robert J. McRae, author of numerous geological
reports  concerning  the  Thunder  Mountain  Mining  District.  His knowledge of
mining  and  related exploratory activities is derived from three generations of
ownership  of  the  Sunnyside  Group  of  Claims  which the Registrant now owns.

Pete  Parsley  has a Masters in Science degree in geology from the University of
Idaho.  He  has  been  a  mining professional since 1985 with experience in gold
exploration,  mine  development,  construction,  reclamation,  and environmental
compliance  and  permitting.  He  has  been associated with the Thunder Mountain
project  since  1985.








<page>
Ron  Yanke  is  a  successful  Boise-based  businessman,  including owner of the
57-year  old  Yanke  Machine  Shop.  He  also  is  an  owner  of   Yanke  Energy
(cogeneration  plants),  has  timber  interests  and  is part owner of the Dewey
Mining  Company.

(e)     DIRECTORSHIPS

     None  of  the  directors  of  the  Registrant  is  a  director of any other
corporation  subject  to  the requirements of Section 12 or Section 15(d) of the
Exchange  Act  of  1934.

(f)     INVOLVEMENT  IN  CERTAIN  LEGAL  PROCEEDINGS

None  of  the  Officers and Directors of the Registrant has been involved in any
bankruptcy,  insolvency,  or receivership proceedings as an individual or member
of  any  partnership  or corporation; none has ever been convicted in a criminal
proceeding  or  is the subject of a criminal proceeding presently pending.  None
has  been involved in proceedings concerning his ability to act as an investment
advisor,  underwriter,  broker,  or  dealer  in  securities,  or  to  act  in  a
responsible  capacity for investment company, bank savings and loan association,
or  insurance  company  or limiting his activity in connection with the purchase
and  sale  of  any  security or engaging in any type business practice. None has
been  enjoined from engaging in any activity in connection with any violation of
federal  or  state securities laws nor been involved in a civil action regarding
the  violation  of  such  laws.

(g)     PROMOTERS  AND  CONTROL  PERSONS

     Not  applicable

ITEM  10:  EXECUTIVE  COMPENSATION

(a)     CASH  COMPENSATION

     None of the executive officers or Directors received $50,000 or more during
2001.

     All  officers  and Directors at various times during 2001, received the sum
of  $21,000  distributed  as follows:

     E.  James  Collord          Vice  President/Director          $7,000
     Robin  S.  McRae            Secretary/Treasury                $7,000
     Ron  Yanke                  Director                       No compensation
     Pete  Parsley               Director/Project  Manager         $7,000


(b)       BONUSES  AND  DEFERRED  COMPENSATION:

Budgeted  Arrangements  (in  2002):

E. James Collord:     None budgeted.  If any are paid, they will be set by Board
resolution,  and would depend upon financial status of the Company at such time.

Dr.  Robin  S.  McRae:    Same

Pete  Parsley:            Same

Ron  Yanke:               Same




<page>
(c)     OTHER  COMPENSATION

     There  are  no  remuneration payments to any officer or Director other than
those  set  forth  in  (a)  above.


(d)     COMPENSATION  OF  DIRECTORS

     Other arrangements: There are no arrangements for remuneration for services
as  a  Director  in addition  to  the  standard  arrangements.


(e)     TERMINATION  OF  EMPLOYMENT  AND  CHANGE  OF  CONTROL  ARRANGEMENT

     There  are  no  compensatory  plans or arrangements for compensation of any
Director  in the  event  of  his  termination  of  employment  and  resignation,
retirement,  etc.

ITEM  11:  SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS  AND  MANAGEMENT

(a)     SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS

The  following  are  known to the Registrant to be the beneficial owners of more
than  five  percent  (5%)  of  the  Registrant's  voting  securities:

Common Stock   Ronald  C.  Yankee   1,883,525  shares  of           19.36%
               P.O. Box 5405,       record and beneficially
               Boise,  ID  83715


Common Stock   E.  James  Collord   519,250  shares  of              5.34%
                                    record  and  beneficially

(b)     THE  SECURITY  HOLDINGS  OF  MANAGEMENT  ARE  AS  FOLLOWS

Common Stock   E. James  Collord    519,250 shares of                5.34%
                                    record  and  beneficially

Common Stock   Dr. Robin S. McRae   91,955 shares of                  .95%
                                    record  and  beneficially

Total of all Officers
   and Directors:                   2,494,730  shares  of           25.65%
                                    record  and  beneficially

ITEM  12:  CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS

(a)     TRANSACTIONS  WITH  MANAGEMENT  AND  OTHERS

Other  than payments of compensation to the Directors of the company, there have
been  no  other  transactions  with:
       Any  Director  or  executive  officer
       Any  Nominee  for  election  as  a  director
       Any immediate family member of any of the forgoing, other  than
            E.  James Collord received 280,000 shares of common stock in 2001
            as  a  gift  from  his  mother.
       Any  security  holder  known  to  the  issuer  to  own beneficially or
            of  record  more  than
       5%  of the Registrant's voting securities other than
            transactions  disclosed  in  ITEM  12.


<page>

 (b)  CERTAIN  BUSINESS  RELATIONSHIPS

There have  been  no unusual business relationships during the last fiscal  year
of the Registrant between the Registrant or affiliates as described  in Item 404
(b) (1-6) of the  Regulation  S-K.

(c)     INDEBTEDNESS  OF  MANAGEMENT

No  Director  or executive officer or nominee for Director, or any member of the
immediate  family of such has been indebted to the Company during the past year.

(d)     TRANSACTIONS  WITH  PROMOTERS

     Not  Applicable

                                     PART IV

ITEM  13:  EXHIBIT,  FINANCIAL  STATEMENT  SCHEDULES  AND  REPORTS  ON  FORM 8-K

(a)     FINANCIAL  STATEMENTS

     Included  in  Part  II  of  this  report.

(b)     REPORTS  ON  FORM  8-K

No  reports  on  Form  8-K  were  filed  during  the  last  calendar year  2001.



































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SIGNATURES

Pursuant  to  the  requirements of Section 143 of the Securities Exchange Act of
1934,  the  registrant  has duly  caused this report to be signed on  its behalf
the undersigned, thereunto duly  authorized.




THUNDER  MOUNTAIN  GOLD,  INC.

     /s/ E. James Collord
By  __________________________________          Date:  04-29-2002
      E.  James  Collord
      President  and  Director
      Chief  Executive  Officer


Pursuant  to  the  requirements of the Securities Act of 1934 this report signed
below  by  the  following  person on  behalf  of  the  Registrant   and  in  the
capacities on the date indicated.





/s/ Robin S. McRae
____________________________________             Date:  04-29-2002
Robin  S.  McRae
Secretary/Treasurer
Director  and  Chief  Financial  Accounting  Officer































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