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, 2000
Commission  File Number:  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)

Telephone  Number  of  Registrant: (509) 535-6092

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,  2000  was  $972,785.  This figure is based on
estimated  bid  price  of  $.10.

Issued  and  outstanding  common  capital  stock  as  of  March  21,  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's  precious  metal  property  at  Thunder  Mountain was placed into
operation  in  the  mid-1980s  by  Coeur  'd  Alene  Mines with substantial gold
production  from the Sunnyside Deposit.  Coeur 'd Alene ceased production in the
early  1990s  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
significant  reserve 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
mineable  reserve,  and  the  Company  is  continuing  this  effort.

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  Land  is  a nonprofit organization dedicated to the preservation of
nature  resources  for  human enjoyment and well-being.  The Option recognizes a
minimum  acceptable  value  for  the mineable reserves and real property, and if
this  is  not  met, the Company maintains the ability to continue development of
the  reserve.  All  permitting  efforts  are, for the time being, continuing for
development.  Appraisal  efforts for the property will be initiated during 2001.

The  Company  also  conducted  exploration  for valuable minerals outside of the
Thunder  Mountain  Mining  District in the western states during 2000, including
the  acquisition  of  an interest in a platinum group metals property in Nevada.
The  Company  also  evaluated  and  conducted  due  diligence  for  a  business
opportunity  to  facilitate  the development of an Linux-based software company.
The  Company continues to evaluate both natural resource and technology ventures
to  enhance  Stockholder  equity.

                          PRECIOUS MINERALS PROPERTIES

1.  THUNDER  MOUNTAIN  MINING  DISTRICT,  VALLEY  COUNTY,  IDAHO

The  Registrant  holds  510  unpatented lode claims and fractional claims in the
historic Thunder Mountain District of Valley County, Idaho.  The Registrant also
owns  thirteen  patented  lode  claims.  The  precious metals of interest on the
claims  are  gold  and  silver.

The  Registrant  is  party to a joint venture agreement on claims owned by Dewey
Mining  Company.  Located  within  the same mining district, these claims adjoin
the Registrants property holdings.  Dewey Mining Company owns 9 patented and 108
unpatented mining claims.  A significant gold reserve has been delineated on the
Dewey  patented  mining  claims.



<PAGE> 1
2.   GOODSPRINGS  MINING  DISTRICT,  CLARK  COUNTY,  NEVADA

In  mid-year  2000,  the Registrant acquired a 50% interest in 46 unpatented and
four  patented  lode  mining  claims  in  the Goodsprings Mining District, Clark
County, Nevada.  The Ironside PGE Project claims cover a northeast-bearing trend
of  platinum/palladium/gold occurrences that extends for about three miles along
a  recognized  structural  trend.  During  the  war  effort, minor production of
platinum  group  metals  and gold was done on the Registrant's claims.  Geologic
mapping  and  sampling  of the property was completed during 2000, and potential
exploration  targets have been defined.  Several companies that produce platinum
group  metals  have  expressed  an  interest  in  the  claims.


(A)  FINANCIAL  INFORMATION  ABOUT  INDUSTRY  SEGMENTS.

            The  Registrant  has  no  other  industry  segments.

(B)     NARRATIVE  DESCRIPTION  OF  BUSINESS.

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

(  C)  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.

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  2000.

                                     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,
Washingt on  and  its  bid  and  asked prices are quoted on a daily basis by the
Spokane  Quotation  Service,  Spokane,  Washington.






<PAGE> 2

            The  bid  prices  for  the Registrant's stock for the years 2000 and
1999  were  as  follows:

BID  PRICES
-----------

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

BID  PRICES
-----------

1999                          HIGH                 LOW
                          -----------          -----------
First  Quarter            $     0.04           $     0.04
Second  Quarter           $     0.04           $     0.04
Third  Quarter            $     0.04           $     0.04
Fourth  Quarter           $     0.10           $     0.06

(b)     APPROXIMATE  NUMBER  OF  EQUITY  SECURITY  HOLDERS:

          Title  of  Class                            No. of Record Holders
----------------------------------                ------------------------------
$0.05  Par  Value                                 2,241 as of December 31, 2000
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.

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 2000,
representing  a  significant  paper  loss.

Expenses  for  the  ensuing  year  will  be  incurred  for  continued search and
exploration for  additional properties, and for management fees  and administra-
tive  costs.  The Company's  required  assessment  work  for  2000  to  keep its
unpatented  claims  valid  will  be  performed by  the  Company.  Directors  and
management fees were $17,000 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.



<PAGE> 3
          Results  of Operations:  The Company had no production from operations
for 2000.  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  2000  the  gross  revenues  were  $-0-.

ITEM  7:  FINANCIAL  STATEMENTS  AND  SUPPLEMENTAL  DATA











                                    CONTENTS



                                                                Page
                                                                ----

Report  of  Independent  Accountants'                              5

Balance  Sheet  at  December  31,  2000  and  1999                 6

Statement  of  Operations  for  the  Years  Ended
     December  31,  2000,  1999,  and  1998                        7

Statement  of  Cash  Flows  for  the  Years  Ended
     December  31,  2000,  1999,  and  1998                        8

Statement  of  Changes  in  Stockholders'  Equity  for  the
     Years  Ended  December  31,  2000,  1999,  and  1998          9

Notes  to  Financial  Statements                               10-21





















<PAGE> 4









                       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, 2000 and 1999, and the related Statements of Operations, Cash
Flows  and  Changes  in  Stockholders'  Equity for each of the three years ended
December  31,  2000,  1999,  and  1998.   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, 2000 and 1999, and the results of its operations, cash flows and
changes  in  stockholders' equity for each of the three years ended December 31,
2000,  1999,  and  1998,   in  conformity  with  generally  accepted  accounting
principles.

/s/ Robert Moe & Associates, P.S.

ROBERT  MOE  &  ASSOCIATES,  P.S.







March  21,  2001
Spokane,  Washington









<PAGE> 5
                           THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                                  Balance Sheet
                           December 31, 2000 and 1999


                                                   2000            1999
                                              --------------  -------------
                                     ASSETS
CURRENT ASSETS:
  Cash and Cash Equivalents                   $       7,599   $     36,239
  Prepaid Expenses                                      300             94
  Investments                                       231,923        510,158
                                              --------------  -------------
  Total Current Assets                              239,822        546,491
                                              --------------  -------------
INVESTMENTS - Non-Current                               170            170
                                              --------------  -------------

PROPERTY  AND  EQUIPMENT:
  Mining Equipment                                    5,477          5,477
  Office Equipment                                    7,141          7,141
  Automotive                                            -           21,893
  Mining Claims                                     466,934        461,934
                                              --------------  -------------
  Total Property and Equipment                      479,552        496,445
  Less: Accumulated Depreciation and Depletion      240,562        258,149
                                              --------------  -------------
  Net Property and Equipment                        238,990        238,296
                                              --------------  -------------

TOTAL ASSETS                                  $     478,982        784,957
                                              ==============  =============

                     LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT  LIABILITIES:
  Accrued Directors and Management Fees        $     16,000   $     27,500
                                              --------------  -------------
  Total Current Liabilities                          16,000         27,500
                                              --------------  -------------
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  hares of Treasury
      Stock, At Cost                                (24,200)       (24,200)
  Accumulated Other Comprehensive
     Income (Loss)                                  (47,265)       149,608
  Retained Earnings/ (Deficit)                     (206,167)      (108,565)
                                              --------------  -------------
Total Stockholders' Equity                          462,982        757,457
                                              --------------  -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $     478,982   $    784,957
                                              ==============  =============




The Accompanying Notes Are An Integral Part Of These Financial Statements

<PAGE> 6
                           THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                             Statement of Operations
              For the Years Ended December 31, 2000 1999, and 1998

<TABLE>
                                            2000            1999            1998
                                       --------------  --------------  --------------
<C>                                    <S>             <S>             <S>
INCOME:
  Royalties                             $        -     $         -     $         -
                                       --------------  --------------  --------------
EXPENSES:
  Exploration and Development                129,572          24,781          77,362
  Depreciation and Depletion                   1,830           4,145           4,807
  Directors'  Fees  and
    Professional Services                     18,000          25,000          40,000
  Legal and Accounting                         6,635          12,340           8,543
  Management  and
    Administrative                             9,388          23,501          11,832
                                       --------------  --------------  --------------
  Total Expenses                             165,425          89,767         142,544
                                       --------------  --------------  --------------

INCOME (LOSS) FROM OPERATIONS               (165,425)        (89,767)       (142,544)
                                       --------------  --------------  --------------

OTHER  INCOME:
  Interest  and  Dividend
    Income                                    16,198           7,654          12,558
    Gain on Sale of Securities
      and Asset                               51,625         119,163           4,302
                                       --------------  --------------  --------------
                                              67,823         126,817          16,860
                                       --------------  --------------  --------------

INCOME  (LOSS)  BEFORE  FEDERAL
  INCOME TAXES                               (97,602)         37,050        (125,684)

PROVISION  FOR  INCOME  TAXES:
  Tax At Statutory Rates                         -               -               -
  Tax Benefit                                    -               -               -
                                       --------------  --------------  --------------

NET INCOME (LOSS)                            (97,602)         37,050        (125,684)

OTHER  COMPREHENSIVE  INCOME
  Net  of  Income  Tax:
    Unrealized Holding Gain  (loss)         (196,873)        (24,030)        (26,894)
                                       --------------  --------------  --------------
COMPREHENSIVE INCOME  (LOSS)           $    (294,475)  $      13,020   $    (152,578)
                                       ==============  ==============  ==============

EARNINGS (LOSS) PER SHARE:
  Basic                                $       (0.01)  $         NIL   $       (0.01)
                                       ==============  ==============  ==============
  Diluted                              $       (0.01)  $         NIL   $       (0.01)
                                       ==============  ==============  ==============
</TABLE>

The Accompanying Notes Are An Integral Part Of These Financial Statements

<PAGE> 7
                           THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                             Statement of Cash Flows
              For the Years Ended December 31, 2000, 1999, and 1998
<TABLE>
                                            2000            1999            1998
                                       --------------  --------------  --------------
<C>                                    <S>             <S>             <S>
CASH  FLOWS  PROVIDED  (USED)  BY
OPERATING  ACTIVITIES:
  Net Income (Loss)                  $       (97,602)  $      37,050   $   (125,684)
  Non-Cash Expenses, Revenues,
  Losses And Gains Included in Income:
    Depreciation and Amortization              1,830           4,145          4,807
    Gain on sale of asset                    (51,625)       (119,163)        (4,302)
    Net  (Increase)  Decrease  In
      Receivables and Payables               (11,706)         (2,993)        19,678
                                       --------------  --------------  --------------
Net  Cash  Flows  Provided  (Used)
  By Operating Activities                   (159,103)        (80,961)       (105,501)
                                       --------------  --------------  --------------
CASH  FLOWS  PROVIDED  (USED)  BY
INVESTING  ACTIVITIES:
  Purchase Of Investments                    (14,019)       (204,885)        (14,817)
  Purchase Of Property and Equipment          (5,000)           (594)            -
  Proceeds from Disposition
    of Investments                           142,481         244,950           60,970
  Proceeds from Disposition of Assets          7,000             -                -
                                       --------------  --------------  --------------
Net  Cash  Flows  Provided  (Used)
  By Investing Activities                    130,462          39,471          46,153
                                       --------------  --------------  --------------
CASH  FLOWS  (USED)  BY  FINANCING
     ACTIVITIES
Net cash flows (used)
  by financing activities                        -               -               -
                                       --------------  --------------  --------------
NET INCREASE (DECREASE) IN CASH              (28,641)        (41,489)        (59,348)
CASH AND CASH EQUIVALENTS,
  BEGINNING OF PERIOD                         36,240          77,729         137,077
                                       --------------  --------------  --------------
CASH AND CASH EQUIVALENTS,
     END OF PERIOD                     $       7,599   $      36,240   $      77,729
                                       ==============  ==============  ==============
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                 $       7,000   $      10,000   $         -
                                       ==============  ==============  ==============
Marketable security written off as
 Worthless                             $         -     $       7,296   $         -
                                       ==============  ==============  ==============
</TABLE>
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
<PAGE> 8
                          THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                  Statement Of Changes In Stockholders' Equity
              For the Years Ended December 31, 2000, 1999, and 1998

<TABLE>
                                                 Accumulated
                  Common Stock       Additional  Other                      Retained
              ---------------------  Paid-In     Comprehensive  Treasury    Earnings/
                Shares    Amount     Capital     Income         Stock       (Deficit)      Total
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
<C>           <S>         <S>        <S>         <S>            <S>         <S>         <S>
Balances at
Jan. 1, 1998   9,727,852  $ 486,392  $  254,222  $     200,533  $  (24,200) $  (19,931) $   897,016
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Reacquisition
  of stock                                                                                -

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)  (145,615)     744,437
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
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)   (108,565)    757,457
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Unrealized
 loss in
 Marketable
 Securities                                           (196,873)                           (196,873)
Net Loss-2000                                                      (97,602)                (97,602)
                                                                                        -----------
Comprehensive
 (Loss)                                                                                   (294,475)
              ----------  ---------  ----------  -------------  ----------  ----------  -----------
Balances  at
Dec. 31, 2000  9,727,852  $ 486,392  $  254,222  $     (47,265) $  (24,200) $ (206,167) $  462,982
              ==========  =========  ==========  =============  ==========  ==========  ===========

</TABLE>









The Accompanying Notes Are An Integral Part Of These Financial Statements

<PAGE> 9
                          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  $278,278  at December 31, 2000.  A negative valuation allowance in the
amount  of  $46,355  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.






<PAGE> 10
                           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 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  2000, 9,727,852 in 1999, and 9,727,852 in 1998.  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,  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
                                  ==============  ==============  ==============

December  31,  1998:
  Current Investments             $     451,726   $     277,178   $     451,726
  Other Investments                         170           1,080             170
                                  --------------  --------------  --------------
Total                             $     451,896   $     278,258   $     451,896
                                  ==============  ==============  ==============


     At  December  31,  2000,  1999,  and 1998 the current investment portfolios
included  gross  unrealized  losses  of  $46,355  and  gross unrealized gains of
$150,518  and  $174,548, 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.












<PAGE> 11
                           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.









<PAGE>  12
                           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
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 in
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.














<PAGE> 13
                           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:

                              2000          1999           1998
                           ----------     ----------     ---------

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-
                           ==========     =========     =========














<PAGE> 14
                           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:

                                       2000          1999           1998
                                    ----------     ----------     ---------

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-
                                    ==========     ==========     =========

     At  December 31, 2000, the Company has $358,596 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.

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.
















<PAGE> 15
                           THUNDER MOUNTAIN GOLD, INC.
                               Spokane, Washington
                          Notes To Financial Statements

NOTE  6  -  MARKETABLE  SECURITIES  (CONTINUED)

     The following information is as of December 31, 2000, 1999 and 1998:

                                        2000           1999           1998
                                  --------------  --------------  --------------

Aggregate fair value of
  marketable securities           $     231,923   $     510,158   $     451,726
Gross unrealized holding gains          (32,808)       (184,798)       (214,270)
Gross unrealized holding losses          79,163          34,279          39,722
                                  --------------  --------------  --------------
Amortized cost basis              $     278,278   $     359,639   $     277,178
                                  ==============  ==============  ==============

     Changes  in  current  marketable  securities  for  the twelve months  ended
December 31, 2000, 1999, and 1998 are as follows:

                                        2000           1999           1998
                                  --------------  --------------  --------------

Cost, as of January 1,            $     359,639   $     277,178   $     318,939
Purchase of shares                          -            70,680             -
Sales of shares                         (95,380)            -           (56,578)
Dividends and capital
  gains reinvested                       14,019          11,781          14,817

Unrealized gain, (loss) as
   of December 31,                      (46,355)        150,519         174,548
                                  --------------  --------------  --------------
Fair market value, as of
  December 31,                    $     231,923   $     510,158   $     451,726
                                  ==============  ==============  ==============

























<PAGE> 16








        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,
2000,  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, 2000 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.



/s/ Robert Moe & Associates, P.S.

ROBERT  MOE  &  ASSOCIATES,  P.S.

Spokane,  Washington
March  21,  2001
























<PAGE> 17

                       THUNDER MOUNTAIN GOLD, INC.
             SCHEDULE 1 - MARKETABLE SECURITIES - OTHER INVESTMENTS
                 For the Years Ended December 31, 2000 and 1999

<TABLE>
                                          December 31, 2000
                            -----------------------------------------------------
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>
ML  Global  Growth
Class B Mutual Fund               2,794   $    44,266   $    35,405   $    35,405

Munder Future Technology
Class B  Mutual Fund              3,361        40,005        29,311        29,311

Pioneer Growth Shares
Class B Mutual Fund               2,169        42,151        35,387        35,387

AIM Value Fund
Class B Mutual Fund               2,968        43,502        35,439        35,439
          Class  B

Mass Investors  Growth
  Stock Fund
Class B Mutual Fund               2,496        46,917        40,187        40,187

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
--------------------------  ------------  ------------  ------------  ------------
                                  25,184  $   278,277   $   231,923   $   231,923
                            ============  ============  ============  ============
Non  -  Current:
Other  stock  ownership
in inactive companies
Common Shares                    164,500   $    1,080   $       170   $       170
--------------------------  ------------  ------------  ------------  ------------
Totals                           164,500   $    1,080   $       170   $       170
                            ============  ============  ============  ============
</TABLE>











<PAGE> 18

                       THUNDER MOUNTAIN GOLD, INC.
             SCHEDULE 1 - MARKETABLE SECURITIES - OTHER INVESTMENTS
                 For the Years Ended December 31, 2000 and 1999

<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  Money Fund          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     $  277,178    $  451,726    $  451,726
                            ============  ============  ============  ============
Non - Current:
Other stock ownership
in inactive companies
  Common Shares               164,500     $    1,080    $      170    $      170
                            ------------  ------------  ------------  ------------
Totals                        164,500     $    1,080    $      170    $      170
                            ============  ============  ============  ============
</TABLE>

















<PAGE> 19
                         THUNDER MOUNTAIN GOLD, INC.
                   SCHEDULE V - PROPERTY, PLANT AND EQUIPMENT
              For the Years Ended December 31, 2000, 1999, and 1998

<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>                  <S>           <S>           <S>           <S>           <S>
Year ended December
  31,  2000:
Mining equipment     $     5,477                                             $     5,477
Office equipment           7,141                                                   7,141
Automotive                21,893                     (21,893)(3)                     -
Mining Claims            461,934         5,000                                   466,934
-------------------  ------------  ------------  ------------  ------------  ------------
Totals               $   496,445   $     5,000   $   (21,893)  $       -     $   479,552
                     ============  ============  ============  ============  ============

Year ended December
  31,  1999:
Mining equipment     $     5,477                                             $     5,477
Office equipment           6,547           594(1)                                  7,141
Automotive                47,436                    (25,543)(2)                   21,893
Mining Claims            461,934                                                 461,934
-------------------  ------------  ------------  ------------  ------------  ------------
Totals               $   521,394   $       594   $   (25,543)  $       -     $   496,445
                     ============  ============  ============  ============  ============

Year ended December
  31,  1998:
Mining equipment     $     5,477                                             $     5,477
Office equipment           6,547                                                   6,547
Automotive                47,436                                                  47,436
Mining Claims            461,934                                                 461,934
-------------------  ------------  ------------  ------------  ------------  ------------
Totals               $   521,394   $       -     $       -     $       -     $   521,394
                     ============  ============  ============  ============  ============
</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> 20
                          THUNDER MOUNTAIN GOLD, INC.
              SCHEDULE V1 - ACCUMULATED DEPRECIATION, DEPLETION AND
                     AMORTIZATION OF PROPERTY AND EQUIPMENT
              For the Years Ended December 31, 2000, 1999, and 1998

<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>                  <S>           <S>           <S>           <S>           <S>

Year ended December
  31,  2000:
Mining equipment     $     5,477                                              $    5,477
Office equipment           6,601   $       255                                     6,856
Automotive                17,842         1,575       (19,417)                        -
Mining Claims            228,229                                                 228,229
-------------------  ------------  ------------  ------------  ------------  ------------
Totals               $   258,149   $     1,830   $   (19,417)  $       -     $   240,562
                     ============  ============  ============  ============  ============


Year ended December
  31,  1999:
Mining equipment     $     5,477                                              $    5,477
Office equipment           5,806   $       795                                     6,601
Automotive                26,671         3,350       (12,179)                     17,842
Mining Claims            228,229                                                 228,229
-------------------  ------------  ------------  ------------  ------------  ------------
Totals               $   266,183   $     4,145   $   (12,179)  $       -     $   258,149
                     ============  ============  ============  ============  ============

Year ended December
  31,  1998:
Mining equipment     $     5,477                                              $    5,477
Office equipment           5,524   $       282                                     5,806
Automotive                22,146         4,525                                    26,671
Mining Claims            228,229                                                 228,229
-------------------  ------------  ------------  ------------  ------------  ------------
Totals               $   261,376   $     4,807   $      -      $       -     $   266,183
                     ============  ============  ============  ============  ============
</TABLE>

(1)     Depreciation is calculated  using  the  accelerated  depreciation
        methods  with  useful  lives  of  three  to  seven  years.
(2)     Depletion  is  computed  using  the  units  of  production  method.













<PAGE> 21
ITEM  8:  DISAGREEMENTS  ON  ACCOUNTING  AND  FINANCIAL  DISCLOSURE

     During the year ended December 31, 2000 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  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

  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 actively 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 form 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.

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> 22
(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
2000.

     All  officers  and  Directors,  of  which there were five* at various times
during  2000,  received  the  sum  of
     $40,000  distributed  as  follows:

     E.  James  Collord          Vice  President/Director          $12,000*
     Robin  S.  McRae            Secretary/Treasury                $10,000
     Ron  Yanke                  Director                    No compensation
     Pete  Parsley               Director/Project  Manager         $ 5,000

-     Note:  Includes  $7,000  value of company owned vehicle transferred to Mr.
Collord  in  lieu  of  second  half  director's  fee  payment.

(b)       BONUSES  AND  DEFERRED  COMPENSATION:

Budgeted  Arrangements  (in  2001):

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

(c)     OTHER  COMPENSATION

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





<PAGE> 23
(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

(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 shares 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 12.

(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.





<PAGE> 25

(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 2000.



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/ James Collord
By  __________________________________
E.  James  Collord
President  and  Director
Chief  Executive  Officer
Date:  March 30, 2001

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
By  ____________________________________
Robin  S.  McRae
Secretary/Treasurer and
Director and Chief Financial
Accounting Officer
Date:  March 30, 2001