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                        SECURITIES AND EXCHANGE 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,  1999
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                       99223
                     Spokane,  Washington
     (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,  1999  was  $583,671.  This figure is based on
estimated  bid  price  of  $.04.

Issued  and  outstanding  common  capital  stock  as  of  March  18,  2000.

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 Sate 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,  $.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.

     USMX,  Inc.  of  Lakewood,  Colorado  signed  a  Letter  of  Intent  to  do
exploratory  work  and  possibly  acquire and  interest  in the  Dewey-Sunnyside
and  Thunder Mountain Gold properties in Valley County, Idaho during 1994.  They
have  sent  their  intent  to mine the U.S. Forest Service, so they will build a
mine  if  all  necessary  permits  can  be  secured.   These  companies  control
approximately  10,000  acres  in the Thunder Mountain mining district in central
Idaho,  consisting  of  both  patented  and  unpatented  mining  claims.

     June  2,  1997  -  Dakota  Mining  Corporation of Denver, CO. completed its
merger  with USMX, Inc of Lakewood, CO with shareholders voting in favor by both
companies.

PRECIOUS  MINERALS  PROPERTIES

1.     THUNDER  MOUNTAIN  CLAIMS:

     The  Registrant  now holds 510 unpatented Iode mining claims and fractional
claims  in  the  Thunder Mountain District of Valley County, Idaho.  Thirteen of
the patented Iode claims are owned by the Registrant and are under lease, and of
the  510  unpatented  Iode mining claims, 446 are owned by the Registrant and 64
are  held under leases.  The mineralization of the main interest on them is gold
and  silver.

2.     DEWEY  MINING  CO.  PROPERTIES:

The  properties  of the Dewey Mining Company approximate 1,500 acres in the area
and  are  known  to  contain  gold mineralization.  There are 9 patented and 108
unpatented  mining  claims.

3.     DRY  CREEK  AND  MINERAL  HILL  GROUPS:

     In  addition  the  Company  holds  130  unpatented  mining claims in Eureka
County,  Nevada.  These  claims  are  known  as  the  Dry Creek and Mineral Hill
claims.  There is no known commercial mineralization on  these  claims.

(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.
<PAGE>

ITEM  2:  PROPERTIES

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

ITEM  3:  LEGAL  PROCEEDINGS.

     The  Registrant  has  no  legal  actions pending against it and it is not a
party  to  any  suits  in  any  court of law, nor are the directors aware of any
claims  which could give rise to or investigations pending by the Securities and
Exchange  Commission  or  any  other  governmental  agency.

     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  1999.

                                     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 1999 and 1998 were
as  follows:
<TABLE>
                                   BID PRICES
                                   ----------
                           HIGH              LOW
                        ---------        ---------
<S>                     <C>              <C>
1999:
First  Quarter           $  0.04           $  0.04
Second  Quarter          $  0.04           $  0.04
Third  Quarter           $  0.04           $  0.04
Fourth  Quarter          $  0.10           $  0.06

1998:
First  Quarter           $  0.04           $  0.03
Second  Quarter          $  0.04           $  0.03
Third  Quarter           $  0.04           $  0.03
Fourth  Quarter          $  0.04           $  0.04
</TABLE>
(b)     APPROXIMATE  NUMBER  OF  EQUITY  SECURITY  HOLDERS:

     Title  of  Class                     No.  of  Record  Holders
------------------------------            ------------------------------
Common Stock, $0.05 Par Value
Non-Assessable                            2,241 as of December 31, 1999

(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:  SELECTED  FINANCIAL  DATA

The  following is a summary of selected financial data which indicates trends in
Registrant's financial condition  and  results  of  operations.
<TABLE>
                                               Year Ended December 31,
                             -----------------------------------------------------------
Selected Balance Sheet Data       1999         1998         1997         1996     1995
---------------------------  ----------  ----------  -----------  ----------  ----------
<S>                          <C>         <C>         <C>          <C>         <C>
Current Assets               $ 546,492   $ 530,307   $  659,329   $ 523,893   $ 733,797
Property and  Equipment        238,296     255,211      260,018     266,775     261,482
Non-Current Investments            170         170          170         170         170
                             ----------  ----------  -----------  ----------  ----------
Total Assets                   784,958     785,688      919,517   1,090,838     995,449
Current Liabilities             27,500      41,250       22,500      42,500      42,500
                             ----------  ----------  -----------  ----------  ----------
Stockholders' Equity           757,458     744,438      897,017   1,048,338     952,949
                             ----------  ----------  -----------  ----------  ----------
Selected Operational Data
---------------------------
Royalty Revenue                    -           -         62,500     100,000      75,000
                             ----------  ----------  -----------  ----------  ----------
Other Revenue and Gains
     (Losses)                  126,817      16,860       24,589      51,845      19,375
Net Income (Loss)               37,050    (125,684)      17,250      83,029      26,367
                             ----------  ----------  -----------  ----------  ----------
Net Income (Loss)
     per share               $      NIL  $   (0.01)  $      NIL  $     0.01  $      NIL
                             ==========  ==========  ==========  ==========  ===========
</TABLE>
No  dividends  have  been  paid  by  the  Company.

ITEM  7: 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.

     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 assessment work for 1999 to  keep
its unpatented  claims  valid will  be performed  by the Company.  Directors and
management fees are $25,000 annually.  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
1999.  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.

     For  1999  the  gross  revenues  were  $-0-.


<PAGE>

ITEM  8:  FINANCIAL  STATEMENTS  AND  SUPPLEMENTAL  DATA

                                    CONTENTS

                                                                         Page
                                                                         ----

Report  of  Independent  Accountants'                                       1

Balance  Sheet  at  December  31,  1999  and  1998                        2-3

Statement  of  Operations  for  the  Years  Ended
     December  31,  1999,  1998,  and  1997                                 4

Statement  of  Cash  Flows  for  the  Years  Ended
     December  31,  1999,  1998,  and  1997                               5-6

Statement  of  Changes  in  Stockholders'  Equity  for  the
     Years  Ended  December  31,  1999,  1998,  and  1997                   7

Notes  to  Financial  Statements                                         8-14








































<PAGE>







                       REPORT OF INDEPENDENT ACCOUNTANTS'
                       ----------------------------------


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

We  have  audited the accompanying Balance Sheets of Thunder Mountain Gold, Inc.
as of December 31, 1999 and 1998, and the related Statements of Operations, Cash
Flows  and  Changes  in  Stockholders'  Equity for each of the three years ended
December  31,  1999,  1998,  and  1997.   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  audits.

We  conducted  our  audits  in  accordance  with   generally  accepted  auditing
standards.  Those  standards  require  that  we  plan  and perform the audits 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. as
of December 31, 1999 and 1998, and the results of its operations, cash flows and
changes  in  stockholders' equity for each of the three years ended December 31,
1999,  1998,  and  1997,  in  conformity   with  generally  accepted  accounting
principles.



                    ROBERT  MOE  &  ASSOCIATES,  P.S.







March  13,  2000
Spokane,  Washington









                                Accountants' page 1

<PAGE>

THUNDER  MOUNTAIN  GOLD,  INC.
Spokane,  Washington
                                  Balance Sheet
December  31,  1999  and  1998

<TABLE>
ASSETS

                                                  1999           1998
                                              ------------   ------------
<S>                                           <C>            <C>
CURRENT ASSETS:
     Cash and Cash Equivalents                $    36,240    $    77,729
     Prepaid Expenses                                  94            852
     Investments                                  510,158        451,726
                                              ------------   ------------
              Total Current Assets                546,492        530,307
                                              ------------   ------------

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

PROPERTY AND EQUIPMENT:
     Mining Equipment                               5,477          5,477
     Office Equipment                               7,141          6,547
     Automotive                                    21,893         47,436
     Mining Claims                                461,934        461,934
                                              ------------   ------------
              Total Property and Equipment        496,445        521,394

Less:  Accumulated Depreciation and Depletion     258,149        266,183
                                              ------------   ------------

               Net Property and Equipment         238,296        255,211
                                              ------------   ------------
TOTAL ASSETS                                  $   784,958    $   785,688
                                              ============   ============
</TABLE>



















The Accompanying Notes Are An Integral Part Of These Financial Statements


                                Accountants' page 2
<PAGE>
THUNDER  MOUNTAIN  GOLD,  INC.
Spokane,  Washington
                                  Balance Sheet
December  31,  1999  and  1998

<TABLE>
LIABILITIES  AND  STOCKHOLDERS'  EQUITY

                                                  1999           1998
                                              ------------   ------------
<S>                                           <C>            <C>
CURRENT LIABILITIES:
     Accrued Directors and Management Fees    $    27,500    $    41,250
                                              ------------   ------------
            Total  Current  Liabilities            27,500         41,250
                                              ------------   ------------

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       149,608        173,638
     Retained Earnings/(Deficit)                 (108,564)      (145,614)
                                              ------------   ------------

            Total  Stockholders'  Equity          757,458        744,438
                                              ------------   ------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $   784,958    $   785,688
                                              ============   ============

</TABLE>






















    The Accompanying Notes Are An Integral Part Of These Financial Statements


                                Accountants' page 3
<PAGE>
THUNDER  MOUNTAIN  GOLD,  INC.
Spokane,  Washington

Statement  of  Operations
For  the  Years  Ended  December  31,  1999,  1998,  and  1997

<TABLE>
                                          1999          1998           1997
                                      ------------   ------------   ------------
<C>                                   <S>            <S>            <S>
INCOME:
     Royalties                        $       -      $       -      $    62,500
                                      ------------   ------------   ------------
EXPENSES:
     Exploration and Development           24,781         77,362            -
     Depreciation and Depletion             4,145          4,807          6,757
     Directors' Fees and
       Professional Services               25,000         40,000         40,000
     Legal and Accounting                  12,340          8,543          5,375
     Management and  Administrative        23,501         11,832         17,707
                                      ------------   ------------   ------------
     Total  Expenses                       89,767        142,544         69,839
                                      ------------   ------------   ------------
INCOME (LOSS) FROM  OPERATIONS            (89,767)      (142,544)        (7,339)
                                      ------------   ------------   ------------
OTHER INCOME:
     Interest and Dividend Income           7,654         12,558         24,589
     Gain on Sale of Asset                119,163          4,302            -
                                      ------------   ------------   ------------
                                          126,817         16,860         24,589
                                      ------------   ------------   ------------
INCOME (LOSS) BEFORE FEDERAL
     INCOME  TAXES                         37,050       (125,684)        17,250
PROVISION FOR INCOME TAXES:
     Tax  At  Statutory  Rates                -              -              -
     Tax Benefit                              -              -              -
                                      ------------   ------------   ------------
   NET INCOME (LOSS)                       37,050       (125,684)        17,250

OTHER COMPREHENSIVE INCOME
     Net of Income Tax:
     Unrealized  Holding  Gain  (loss)    (24,030)       (26,894)      (168,521)
                                      ------------   ------------   ------------
COMPREHENSIVE  INCOME  (LOSS)         $    13,020    $  (152,578)   $  (151,271)
                                      ============   ============   ============
EARNINGS (LOSS) PER SHARE:
        Basic                         $       NIL    $     (0.01)   $       NIL
                                      ============   ============   ============
        Diluted                       $       NIL    $     (0.01)   $       NIL
                                      ============   ============   ============
</TABLE>







    The Accompanying Notes Are An Integral Part Of These Financial Statements


                                Accountants' page 4
<PAGE>

THUNDER  MOUNTAIN  GOLD,  INC.
Spokane,  Washington

Statement  of  Cash  Flows
For  the  Years  Ended  December  31,  1999,  1998,  and  1997

<TABLE>
                                          1999          1998           1997
                                      ------------   ------------   ------------
<S>                                   <C>            <C>            <C>
CASH  FLOWS  PROVIDED (USED) BY
  OPERATING  ACTIVITIES:
     Net Income (Loss)                $    37,050    $  (125,684)   $    17,250
     Non-Cash Expenses, Revenues,
        Losses And Gains Included
         in  Income:
          Depreciation and
            Amortization                    4,145          4,807          6,757
          Gain on sale of asset          (119,163)        (4,302)           -
     Net (Increase) Decrease In
        Receivables and Payables           (2,992)        19,678        (20,585)
                                      ------------   ------------   ------------
     Net Cash Flows Provided (Used)
             By Operating Activities      (80,960)      (105,501)         3,422
                                      ------------   ------------   ------------

CASH  FLOWS  PROVIDED  (USED)  BY
  INVESTING  ACTIVITIES:
    Purchase Of Investments              (204,885)       (14,817)        (7,087)
    Purchase Of Property and Equipment       (594)           -              -
    Proceeds from Disposition
      of Investments7                     244,950         60,970            -
                                      ------------   ------------   ------------
     Net Cash Flows Provided (Used)
              By Investing Activities      39,471         46,153         (7,087)
                                      ------------   ------------   ------------

CASH FLOWS (USED) BY FINANCING
     ACTIVITIES
  Reacquisition of stock
                                              -              -              (50)
                                      ------------   ------------   ------------
   Net cash flows (used) by
     Financing Activities                     -              -              (50)
                                      ------------   ------------   ------------

NET INCREASE (DECREASE) IN CASH           (41,489)       (59,348)        (3,715)

CASH  AND  CASH  EQUIVALENTS,
             BEGINNING OF PERIOD           77,729        137,077        140,792
                                      ------------   ------------   ------------
CASH  AND  CASH  EQUIVALENTS,
        END OF PERIOD                  $   36,240    $   77,729      $   137,077
                                      ============   ============   ============
</TABLE>


    The Accompanying Notes Are An Integral Part Of These Financial Statements


                                Accountants' page 5
<PAGE>
THUNDER MOUNTAIN GOLD, INC.
Spokane, Washington
Statement of Cash Flows (Continued)
For the Years Ended December 31, 1999 , 1998, and 1997


<TABLE>
                                          1999          1998           1997
                                      ------------   ------------   ------------
<S>                                   <C>            <C>            <C>

SUPPLEMENTAL  DISCLOSURE
OF  CASH  FLOWS  INFORMATION

Cash paid during the year
     for interest                     $       -      $       -      $       -
                                      ============   ============   ============
Cash paid during the year
    for taxes                         $       -      $       -      $       -
                                      ============   ============   ============

SUPPLEMENTAL SCHEDULE OF
     NONCASH INVESTING ACTIVITIES

Exchange of automobile for accrued
     directors fee payable            $    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  (3)  months  or  less  to  be  cash  equivalents.





















    The Accompanying Notes Are An Integral Part Of These Financial Statements



                                Accountants' page 6
<PAGE>

THUNDER  MOUNTAIN  GOLD,  INC.
Spokane,  Washington
Statement  Of  Changes  In  Stockholders'  Equity
For  the  Years  Ended  December  31,  1999,  1998,  and  1997

*begin 9pt type*

</TABLE>
<TABLE>
                                                 Unrealized
                  Common Stock       Additional  Gain on                    Retained
              ---------------------  Paid-In     Marketable     Treasury    Earnings/
                Shares    Amount     Capital     Securities     Stock       (Deficit)      Total
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
<C>           <S>         <S>        <S>         <S>            <S>         <S>         <S>
Balances at
Dec. 31, 1996  9,727,852  $ 486,392  $  254,222  $     369,054  $ (24,150)  $ (37,180)  $1,048,338
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Reacquisition
  of stock           -          -           -              -          (50)        -      1,048,288
Unrealized gain
  in marketable
  securities         -          -           -         (168,521)       -           -       (168,521)
Net income
  -  1997            -          -           -                                  17,250       17,250

              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Comprehensive
  (Loss)             -          -           -              -          -           -       (151,271)

              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Balances at
Dec. 31, 1997  9,727,852    486,392     254,222        200,533    (24,200)    (19,930)     897,017

              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Unrealized loss
  in Marketable
  securities         -          -           -          (26,895)       -           -        (26,895)
Net Loss - 1998      -          -           -              -          -      (125,684)    (125,684)

              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Comprehensive
  (Loss)             -          -           -              -          -           -       (152,579)

              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Balances at
Dec. 31, 1998  9,727,852    486,392     254,222        173,638    (24,200)   (145,614)     744,438

              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Unrealized loss
  in Marketable
  securities         -          -           -          (24,030)       -           -        (24,030)
Net Income-1999      -          -           -              -          -        37,050       37,050

              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Comprehensive
  Income             -          -           -              -          -           -         13,020

              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Balances at
Dec. 31, 1999  9,727,852  $ 486,392  $  254,222  $     149,608  $ (24,200)  $(108,564)  $  757,458
              ==========  =========  ==========  =============  ==========  ==========  ===========
</TABLE>
*end 9pt type*









    The Accompanying Notes Are An Integral Part Of These Financial Statements


                                Accountants' page 7
<PAGE>

                           THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                          Notes To Financial Statements

NOTE  1  -  SIGNIFICANT  ACCOUNTING  POLICIES

BUSINESS  OPERATIONS

     Thunder  Mountain  Gold,  Inc.  ("Thunder Mountain Gold" and the "Company")
takes  its  name  from  the  Thunder  Mountain Mining District in Valley County,
Idaho,  where  its  principal  lode  mining claims are located.  Since 1978, the
efforts  of  the Company have been to develop its property into a producing gold
mine.  Coeur  d'Alene  Mines  Company  started initial production of gold on the
Thunder  Mountain  Gold  property  in  July,  1986.

ACCOUNTING  POLICIES

     Marketable  securities  are  stated at their fair market value.  The market
value is based on quoted market prices or other fair value estimates provided by
third  party portfolio managers.  Current marketable securities had an aggregate
cost  of  $359,639 at December 31, 1999.  A valuation allowance in the amount of
$150,518  has  been  recorded  to adjust the carrying amount of the portfolio to
market  value.

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  betterment's  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.  Depletion is computed using the unit
of  production  method.

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  report  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
available  -  for  -  sale  securities.



Accountants' page 8

<PAGE>

                           THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                          Notes To Financial Statements

NOTE  1  -  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)

EARNINGS  PER  SHARE

     We  compute  basic  earnings per common share by dividing the net income by
the  weighted  average  number  of  common  share 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 1999, 9,727,852 in 1998, and 9,727,852 in 1997.  No adjustment
to  reported  net  income is required when computing diluted earnings per share.

NOTE  2  -  INVESTMENTS

Investments  consist  of  the  following:

<TABLE>
                                  Carrying                       Market
                                    Value          Cost          Value
                                ------------   -----------   ------------
<S>                             <C>            <C>           <C>
December  31,  1999:
     Current Investments        $   510,158    $  359,639    $   510,158
     Other Investments                  170         1,080            170
                                ------------   -----------   ------------
     Total                      $   510,328    $  360,719    $   510,328
                                ============   ===========   ============
December  31,  1998:
     Current Investments        $   451,726    $  277,178    $   451,726
     Other Investments                  170         1,080            170
                                ------------   -----------   ------------
        Total                   $   451,896    $  278,258    $   451,896
                                ============   ===========   ============
December  31,  1997:
     Current Investments        $   520,382    $  318,939    $   520,382
     Other Investments                    0         1,080            170
                                ------------   -----------   ------------
          Total                 $   520,552    $  320,019    $   520,552
                                ============   ===========   ============

</TABLE>

     At  December  31,  1999,  1998,  and 1997 the current investment portfolios
included   gross   unrealized  gains  of  $150,518,   $174,548,   and  $201,443,
respectively. The non current included gross unrealized losses of $910, $910 and
$910,  respectively.

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






Accountants' page 9

<PAGE>

                           THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                          Notes To Financial Statements

NOTE  3  -  MINING  CLAIMS  AND  OPERATING  AGREEMENT

     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.

     On  April  15,  1982, the Company entered into a mining lease with Phillips
Petroleum  Company  ("Phillips").  The  lease  permitted  Phillips  to  explore,
develop, and mine the Thunder Mountain claims, in exchange for which the Company
was  to  receive,  as  a  royalty,  a  percentage  of the defined net production
proceeds.  Until  the  beginning  of  production, Thunder Mountain Gold received
advance  minimum  royalties of $125,000 per year, increased by the percentage of
increase  in  the average price of gold over $400 per ounce during the preceding
year.

     After  the  beginning  of  production,  which  commenced  in July 1986, the
Company  was  to receive annually the greater of 10% of the defined net proceeds
from  production  or  the  minimum  royalty as defined above.  When Phillips has
recovered  all of its pre-production costs as defined in the contract, including
the  advance  and minimum royalties, out of defined net production proceeds, the
Company was to receive annually the greater of 30% of the defined net production
proceeds  or  the  minimum  royalty.

     The  term  of  the  lease was initially for ten years and thereafter for as
long  as  continuous  mining  or  development is conducted.  The lessee however,
could  cancel  the  lease  at  any  time  subject  to  30  days  notice.

     On  April  8, 1983, the Coeur d'Alene Mines Company acquired a 60% interest
in  the  Phillips  mining lease with Thunder Mountain Gold.  Phillips retained a
10%  interest  and  a  two-year option to repurchase its interest up to an equal
share  with  Coeur  d'Alene Mines Company.  The transaction was between Phillips
and  Coeur  d'Alene Mines Company, and did not change the Company's 30% interest
in  defined  profits  nor  any other terms of the lease between Phillips and the
Company.

     In  March,  1986,  Coeur  d'Alene  Mines increased its ownership in Thunder
Mountain  by  paying Phillips Petroleum $1 million for Philip's ten (10) percent
interest.

     On  September  1,  1987, the Company issued 10,000 shares of its restricted
common stock for purchase of the "Althouse Placer" mining claims, which cover an
area  of  approximately  380 acres in Valley County, Idaho.  The transaction was
valued  at  the  market  price  of  the  stock  on  the  date  of  issuance.

     During  1988,  the Company acquired an area of approximately 7,300 acres in
Elko,  Eureka and Lander Counties, Nevada, pursuant to an agreement entered into
with  the  Company's  consulting geologist, a stockholder of the Company.  Under
this  agreement,  the Company has issued 100,000 shares of its restricted common
stock  for  legal  title  to  approximately  400  mining  claims.






Accountants' page 10

<PAGE>
                           THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                          Notes To Financial Statements

NOTE  3  -  MINING  CLAIMS  AND  OPERATING  AGREEMENT  (CONTINUED)

     In  April, 1990, the Company entered into a mining lease agreement with the
Vancouver, BC, Canada, based Equinox Resources, Ltd.  Equinox, in turn, assigned
the  lease  to  Amax  Gold  Exploration,  Inc.  of Reno, Nevada.  Amax performed
exploration  work  in excess of $100,000 that consisted primarily of drilling of
approximately  4,000  feet  of  holes.

     On  the  basis  of negative drilling results, Amax has elected to terminate
its  interest  in  the Agreement with Equinox.  In turn, Equinox decided to also
terminate  its  lease  with  the  Company,  effective  February  21,  1991.

     In  February  1989, the Company entered into a mineral lease agreement with
Freeport-McMoRan  Gold  Company, pertaining to the Blue Bluff property in Valley
County,  Idaho.  The  principal  target  of exploration is gold and silver.  The
agreement  calls  for  production royalties and advance annual royalty payments.
Freeport  (now  Independence  Mining Co.) sold its interest to NERCO Exploration
Co.  of  Vancouver,  Washington.

     On  December  2,  1990, Coeur d'Alene Mines Company notified the Company of
its  intention  to     terminate  its  lease  effective  December  31,  1990.

NOTE  4  -  MINING  PROPERTY  LEASES

     In  August 1981, the Company entered into a two-year option with two groups
of its major stockholders regarding various patented and unpatented claims known
as  the  "Bull" and "L" groups of claims.  Under the option, the Company had the
right, for a two-year period, to enter into a lease with those individuals to do
exploration and development work on the properties.  The options were exercised,
and  two  identical  leases  were executed on February 2, 1982.  The lease terms
provide  that the Company will do all assessment work, pay all taxes, and pay to
the  lessors,  3%  of  defined net smelter returns with a minimum annual advance
royalty  of  $15,000  on  each  lease.  During  1987,  the  existing leases were
modified to reduce the minimum annual advance royalties to $7,500 on each lease,
beginning  in  1988.  During  1990, the existing leases were further modified to
reduce the minimum annual advance royalties to $1.00 per contract beginning with
1990.

     On  August  28,  1992  one  million  shares  of Thunder Mountain Gold, Inc.
restricted  stock  was  issued  to  Dewey  Mining Co. and Sunnyside Consolidated
Mining Co., as tenants in common, in exchange for a mining contract on the DEWEY
&  THUNDER  MOUNTAIN  GOLD  properties,  situated  in Valley County, Idaho.  The
shares  were  issued  at  par  value  of  $.05  per  share.













Accountants' page 11

<PAGE>
                           THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                          Notes To Financial Statements

NOTE  4  -  MINING  PROPERTY  LEASES  (CONTINUED)


An option to purchase one million shares of restricted treasury stock was issued
to  Dewey  Mining Company (a.k.a. Jim Nelson and Ron Yanke) August 3, 1992.  The
price  per  share payable to Thunder Mountain Gold shall be six cents per share.
The  term  of  this  option  will  be for a period of two years from the date of
agreement with a third party company to explore and develop Thunder Mountain and
Dewey's  joint  property  holdings  in  the Thunder Mountain District located in
Valley  County  Idaho.  It  is  understood  that  the issuance of this option is
contingent  upon  the receipt of a purchase option to Thunder Mountain issued by
Dewey  Mining  for the acquisition of Dewey Mining's real and mineral properties
located  in  the  district.  The  option  was exercised and the company received
$60,000  for the sale of 1,000,000 shares at six cents per share on November 24,
1993.

NOTE  5  -  INCOME  TAXES

The  components  of  the  income  tax  (provision)  benefit are as follows:

<TABLE>
                                       1999          1998           1997
                                   ------------   -----------   ------------
<S>                                <C>            <C>           <C>
          Currently  Payable:
               State               $      -0-     $     -0-     $     -0-
               Federal                    -0-           -0-           -0-
                                   ------------   -----------   ------------
          Total  Current           $      -0-     $     -0-     $     -0-
                                   ------------   -----------   ------------
          Deferred  Benefit:
               State                      -0-           -0-            -0-
               Federal                    -0-           -0-           -0-
                                   ------------   -----------   ------------
          Tax  Effect  Of  Net
            Operating Loss Carry-
            forward                       -0-           -0-           -0-
                                   ------------   -----------   ------------
          Net  Income  Taxes       $      -0-     $     -0-     $     -0-
                                   ============   ===========   ============
</TABLE>















Accountants' page 12

<PAGE>

                           THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                          Notes To Financial Statements

NOTE  5  -  INCOME  TAXES  (CONTINUED)

     The  causes  of  the  difference between the provision (benefit) for income
taxes  at  the  federal  statutory  rate  and  that  shown  in the statements of
operations  are  summarized  as  follows:

<TABLE>
                                       1999          1998           1997
                                   ------------   -----------   ------------
<S>                                <C>            <C>           <C>
       Tax  at  statutory  rate    $    -0-       $      -0-     $     -0-
       Surtax  exemption                -0-              -0-           -0-
       Dividends received exclusion     -0-              -0-           -0-
       Long-term  capital  loss         -0-              -0-           -0-
       State  tax  benefit              -0-              -0-           -0-
       Benefit of net operating loss
       carryback to prior years at
       other than the statutory rate    -0-              -0-           -0-
       Other                            -0-              -0-           -0-
                                   ------------   -----------   ------------
            Total                  $    -0-       $      -0-    $      -0-
                                   ============   ===========   ============
</TABLE>

     At  December 31, 1999, the Company has $257,232 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.

NOTE  6  -  MARKETABLE  SECURITIES

     The  Company has adopted Statement of Financial Accounting Standards (SFAS)
No. 115, Accounting for Certain Investments in Debt and Equity Securities.  SFAS
No.  115  establishes generally accepted accounting principles for the financial
accounting  and  measurement  and  disclosure  principles for (1) investments in
equity  securities  that have readily determinable fair market value and (2) all
investments  in  debt  securities.  The  change  had  no  effect on prior years'
results.  All  of  the marketable securities held by THUNDER MOUNTAIN GOLD, INC.
consist  of  securities  "available-for-sale",  as defined by SFAS No. 115.  The
method  used  in  computing  realized  gains  and  losses  is  the  specific
identification  method.













Accountants' page 13

<PAGE>

                           THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                          Notes To Financial Statements

NOTE  6  -  MARKETABLE  SECURITIES  (CONTINUED)

The  following  information  is  as  of  December 31, 1999, 1998, and 1997:

<TABLE>
                                       1999          1998           1997
                                   ------------   -----------   ------------
<S>                                <C>            <C>           <C>
    Aggregate fair value of
       marketable securities       $   510,158    $  451,726    $   520,382
    Gross unrealized holding gains    (184,798)     (214,270)      (269,033)
    Gross unrealized holding losses     34,279        39,722         67,590
                                   ------------   -----------   ------------
    Amortized cost basis           $   359,639    $  277,178    $   318,939
                                   ============   ===========   ============
</TABLE>

     Changes  in  current  marketable  securities  for  the  twelve months ended
December  31,  1999,  1998,  and  1997  are  as  follows:

<TABLE>
                                       1999          1998           1997
                                   ------------   -----------   ------------
<S>                                <C>            <C>           <C>
     Cost, as of January 1,        $   277,178    $  318,939    $   311,852
     Purchase of shares                 70,680           -              -
     Sales of shares                       -         (56,578)           -
     Dividends and capital
       gains reinvested                 11,781        14,817          7,087
     Unrealized gain,
       as of December 31,              150,519       174,548        201,443
                                   ------------   -----------   ------------
     Fair market value,
       as of December 31           $   510,158    $  451,726    $   520,382
                                   ============   ===========   ============

</TABLE>


















Accountants' page 14

<PAGE>








        INDEPENDENT ACCOUNTANTS' REPORT ON FINANCIAL STATEMENT SCHEDULES
        ----------------------------------------------------------------




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


Our  report  on  the  financial  statements  of  Thunder  Mountain Gold, Inc. is
included in the Form 10-KSB and covers the financial statements for December 31,
1999,  listed  under  Item 14(a)(1) of this Form 10-KSB.  In connection with our
audit  of  such financial statements, we have also audited the related financial
statement  schedules  for  December  31, 1999 listed under Item 14(a)(2) of this
Form  10-KSB.

In  our  opinion,  the  financial  statement  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.














Spokane,  Washington
March  13,  2000















Accountants' page 15

<PAGE>
                       THUNDER MOUNTAIN GOLD, INC.
             SCHEDULE 1 - MARKETABLE SECURITIES - OTHER INVESTMENTS
                 For the Years Ended December 31, 1999 and 1998

<TABLE>
                                          December 31, 1999
                            _____________________________________________________
COLUMN A                    Column B      Column C      Column D      Column E
                            ___________   ___________   ___________   ___________
                                                                      Amount at
                                                                      Which
                                                                      Issue is
                                                          Market      on Carried
                            Number of     Cost of         Value       on Balance
ISSURER                     Shares        Shares          Shares      Sheet
--------------------------  ------------  ------------  ------------  ------------
<C>                         <S>           <S>           <S>           <S>
Current:
Colonial Utilities Fund
  Class A  Common Shares        2,736     $   46,773    $   61,669    $   61,669
Barrick Gold Corporation
Common Shares                   4,000         21,776        70,748        70,748
ML Global Growth
  Common Shares                 2,453         40,000        42,142        42,142
Munder Future Tech.
  Common Shares                 3,361         40,006        46,885        46,885
Freeport McMoRan Cop & Gld A
  Common Shares                 8,204         42,734       152,282       152,282
Mass Investors
  Common Shares                 2,267         43,236        43,594        43,594
Aim Value Fund
  Common Shares                   890         40,005        42,008        42,008
Pioneer Growth Shares
  Common Shares                  2,041        40,005        39,411        39,411
Midas Gold
  Common Shares                 8,396         45,104        11,419        11,419
                            ------------  ------------  ------------  ------------

                               34,348     $  359,639    $  510,158    $  510,158
                            ============  ============  ============  ============
Non - Current:
Other stock ownership
in inactive companies
  Common Shares               164,500     $    1,080    $      170    $      170
                            ------------  ------------  ------------  ------------
Totals                        164,500     $    1,080    $      170    $      170
                            ============  ============  ============  ============
</TABLE>











Accountants' page 16


<PAGE>

                          THUNDER MOUNTAIN GOLD, INC.
             SCHEDULE 1 - MARKETABLE SECURITIES - OTHER INVESTMENTS
                 For the Years Ended December 31, 1999 and 1998

<TABLE>
                                          December 31, 1998
                            _____________________________________________________
COLUMN A                    Column B      Column C      Column D      Column E
                            ___________   ___________   ___________   ___________
                                                                      Amount at
                                                                      Which
                                                                      Issue is
                                                          Market      on Carried
                            Number of     Cost of         Value       on Balance
ISSURER                     Shares        Shares          Shares      Sheet
--------------------------  ------------  ------------  ------------  ------------
<C>                         <S>           <S>           <S>           <S>
CURRENT:
Colonial Utilities Fund
Class A, Common shares     12,904    $  160,267    $  281,576    $  281,576

Barrick Gold Corporation
Common shares               4,000        21,776        78,000        78,000

Freeport McMoRan Cop &
Gld A, Common shares        8,204        42,734        79,472        79,472

Dakota Mining
Common shares               1,819         7,296           -             -

Midas Gold
Common shares               8,396        45,104        12,678        12,678
                        ___________   ___________   ___________   ___________

                           35,323     $ 277,177     $ 451,726     $  451,726
                        ===========   ===========   ===========   ===========
Non-Current:
Other stock ownership
in inactive companies
Common shares             164,500         1,080           170            170
                        ___________   ___________   ___________   ___________

          Totals          164500      $   1,080      $    170      $     170
                        ===========   ===========   ===========   ===========
</TABLE>













Accountants' page 16


<PAGE>

ITEM  8:  DISAGREEMENTS  ON  ACCOUNTING  AND  FINANCIAL  DISCLOSURE

     During the year ended December 31, 1999 there were no disagreements between
the  Company   and  its  independent  certified  public  accountants  concerning
accounting  and  financial  disclosure.

                                     PART II

ITEM  9:  DIRECTORS  AND  EXECUTIVE  OFFICERS  OF  THE  REGISTRANT

(a)     Identification  of  Directors:

Ellis J. Collord, Age 53 - President  and Director  -  Mr. Collord  has  been an
officer  and  Director  of  the  Registrant  since  1978.

Robin  S.  McRae, Age 59 - Secretary/Treasurer and Director - Dr. McRae has been
an  officer  and  Director  of  the  Registrant  since  1978.

Pete  Parsley,  Age  38  -  Director  and  Thunder Mountain Project Manager. Mr.
Parsley  has  been  a  director  since  1999.

Ronald  Yanke,  Age  62,  -  Director

(b)     IDENTIFICATION  OF  EXECUTIVE  OFFICERS

     This  information  is  contained  in  paragraph  (a)  above.

(c)     FAMILY  RELATIONSHIPS

James  E.  Collord  died  in  September  1999  at the age of 88 after serving as
President  and  Director of the Registrant since 1978.  E. James Collord, son of
James  E.  Collord,  was  elected  by  the  Board  of  Directors to serve as the
President  and  General  manager  of  the Registrant late in 1999.  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  active 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.

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.





<PAGE>

(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
1999.

     All  officers  and  Directors,  of  which there were five* at various times
during  1999,  received  the  sum  of $40,000  distributed  as  follows:

James  E.  Collord          Former President/Director         $20,000*
E.  James  Collord          President/Director                $10,000
Robin  S.  McRae            Secretary/Treasury                $10,000
Ron  Yanke                  Director                          No  compensation
Pete  Parsley               Director/Project  Manager         No  compensation

     *  Note:  Compensation  received  by James E. Collord prior to his death in
September  1999.

(b)       BONUSES  AND  DEFERRED  COMPENSATION:

Standard  arrangements  (in  2000):

     E.  James  Collord          $10,000
     Robin  S.  McRae            $10,000
     Ron  Yanke                  None
     Pete  Parsley               $ 5,000

(c)     OTHER  COMPENSATION

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




<PAGE>

(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           19.36%
                 P.O. Box 5405,                record and beneficially
                 Boise, ID 83715

(b)     THE  SECURITY  HOLDINGS  OF  MANAGEMENT  ARE  AS  FOLLOWS


Common  Stock       Ellis  J.  Collord      239,250  shares of             2.46%
                                            record  and  beneficially
Common  Stock       Dr.  Robin  S.  McRae   91,955  shares  of              .95%
                                            record  and  beneficially
Total  of  all  Officers  and  Directors:   61,205  share  of              6.29%
                                            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, or
                      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  11.

(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,  nor any member of the
immediate  family of such has been indebted to the Company during the past year.

(d)     TRANSACTIONS  WITH  PROMOTERS

     Not  Applicable

<PAGE>

                                     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 1999

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.
(Registrant)

By: /s/ E. James Collord                      Date:  3/28/2000
    -----------------------------------             -----------------------
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.

By: /s/ Robin S. McRae                         Date:  3/28/2000
    -----------------------------------             -----------------------
Robin  S.  McRae
Secretary/Treasurer and
Director  and  Chief Financial
Accounting Officer