Unknown;Barbara J. Ray;

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549



Amendment No. 1 to

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>  1

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



PART 1



ITEM  1.  DESCRIPTION  OF  BUSINESS



(A)  GENERAL  DEVELOPMENT  OF  BUSINESS

<r>

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 April, 1978 the

Montgomery  Mines  corporation  was  obtained by a group of the Thunder Mountain

property  holders  and  changed its name to Thunder Mountain Gold, Inc. with the

primary  goal  to  further  explore  and  develop  their holdings in the Thunder

Mountain  Mining  District, Valley County, Idaho.  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 primary property at Thunder Mountain was placed into operation in

the  mid-1980s  by  Coeur  'd  Alene  Mines  under  a  net  profits arrangement.

Substantial  gold  and  silver  production  was  done by Coeur 'd Alene from the

Sunnyside Deposit by  open  pit mining and heap leaching.  Coeur 'd Alene ceased

production  in  the early 1990s and relinquished the claims back to the Company.

Subsequently   the   property   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 measured mineral resource 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  (EIS),  additional baseline studies and other permitting requirements

to  place  the  Dewey  deposit  into  production.  The  Company  continued these

activities to a limited extent.



During  2000, the Company and their joint venture partner, Dewey Mining Company,

entered  into  an  Option  Agreement with Trust for Public Lands to purchase the

consolidated  mining  district.  The  Trust  for  Public  Lands  is  a nonprofit

organization  dedicated  to  the  preservation of nature for human enjoyment and

well  being.  The Thunder Mountain Mining District is located on a "cherry-stem"

within  the  Frank  Church  River  of No Return Wilderness that was specifically

outlined to allow continued development of the historic mining area.  Due to its

location,  the Company's land position is a candidate for purchase by the United

States Forest Service through the Land and Water Conservation Funds.  The Option

recognizes a minimum acceptable value for the measured mineral resource and real

property,  and if this is not met, the Company maintains the ability to continue

development  of  the  property.  All  permitting efforts have been, for the time

being,  placed  on  hold  pending  the completion of the initial appraisal.  The

Option  Agreement  has been extended beyond the original specified timeframe due

to  delays  in  securing  an  appraiser.  Due to delays in the initiation of the

appraisal  process,  including  negotiations  with  the U.S. Forest Service, the

original  timeframe  of  the  base  agreement  were  not met.  The agreement was

extended  and  continued  in  full force by mutual written agreement between The

Trust for Public Land and both the Company and Dewey Mining Company.











<page>  2

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



The  Company also conducted limited 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.



The  Company  is  an  exploration stage company and there is no assurance that a

commercially  viable  mineral  deposit  exists on any of its properties. Further

exploration  efforts  will  likely be required by the Company or lessor before a

final  evaluation as to the economic and legal feasibility of conducting further

operations  is  determined.



In  addition  to  the  patented  claims, the Company also owns unpatented mining

claims.  The  validity  of  unpatented  mining claims is dependent upon inherent

uncertainties  and  conditions.  These  uncertainties related to such non-record

facts  as  the  sufficiency  of  the  discovery  of minerals, proper posting and

marking  of  boundaries, whether the minerals discovered were properly locatable

as  a  lode  claims  or a placer claim as appropriate, whether sufficient annual

assessment  work  has  been  performed  since  location  as required by law, and

possible  conflicts  with  other  claims  not  determinable from descriptions of

record.  In  the  absence of a discovery of valuable minerals, a mining claim is

open  to  location  by  others  unless  the owner is in actual possession of and

diligently  working  the  claim.  No  assurance  can  be  given  with respect to

unpatented  mining  claims in the exploratory stage that the requisite discovery

of  a  valuable  mineral  deposit  can  be  made  thereon.



PRECIOUS AND OTHER MINERAL PROPERTIES



1.  THUNDER  MOUNTAIN  MINING  DISTRICT,  VALLEY  COUNTY,  IDAHO



The  Company  and  their  joint venture partner, Dewey Mining Company, holds 272

unpatented  and  50  patented  lode claims and fractional claims in the historic

Thunder Mountain District of Valley County, Idaho.  Company  Exploration efforts

are  targeted  at  gold  and  silver, with further definition of the mineralized

resource.



The  Company's  claims  are  located  in  the  Thunder Mountain Mining District,

approximately  55 miles east of  McCall, Idaho.  The approximate location of the

property is illustrated by the following map.



































<page>  3

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000

[tmg10ksbadec3100junerev002.jpg]





<page>  4

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



[tmg10ksbadec3100junerev004.jpg]













































<page>  5

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



The  Registrant and  Dewey Mining Company, an Idaho Corporation,  entered into a

joint  venture  agreement  in  February 1992 . The joint venture owns outright a

total  of  50-patented lode-mining claims (735.5 acres total) and 272 unpatented

lode  claims  (5,245  acres total).  With the exception of one small claim block

within  the Frank Church River of No Return Wilderness (their location pre-dated

the wilderness designation), all of the claims are within the "cherry-stem" that

forms  a  corridor  into  the  wilderness.   Mineral  development  within   this

cherry-stem  is subject to the same regulatory stipulations as the United States

Forest  Service  managed land surrounding the wilderness.  Some of the Company's

claims  within  the  cherry  stem  are partially within the wilderness area, but

these  were,  for the most part, located as protection of the land position more

central  to  the  cherry-stem  that  either has mineral resources or exploration

potential.



Under  the  terms  of  the  Joint Venture, both Dewey Mining Company and Thunder

Mountain  Gold  joined  all  resources  including patented and unpatented mining

claims,  proven, probable and potential ore reserves, water rights and any other

right,  title  and  interest  on  the  properties.  All costs connected with the

effort  of  marketing  the  joint  properties to environmental interests, mining

companies,  or  other  interested  parties  are  shared  on  a 50-50 basis.  All

properties  and  expenditures  as of the date of the joint venture agreement are

considered  equal.  All  net proceeds generated by, or from the joint properties

will  be shared on a 50-50 basis.  The joint venture agreement does not create a

partnership,  and  each Party will hold the other harmless from any pre-existing

obligation  and  liabilities.  Dewey  Mining  Company  retained ownership of the

existing  500 ton-per-day gravity mill, although this facility could be utilized

for  processing gold-silver mineralization mined from any deposit defined on the

joint  property.



MINERALIZATION  AND  CURRENT  ACTIVITY



Mineralization  within  the  Thunder Mountain District is hosted in the volcanic

rock   sequence  of  the   Thunder  Mountain   Caldera  and  lies   within   the

northeast-trending  Trans-Challis  Mineral  Belt  of  central  Idaho.  The Dewey

Deposit  is  hosted  in  rhyolitic ash fall tuffs and tuffaceous sediment of the

Dewey  Sequence,  part  of  the  extensive Eocene Challis Volcanic Group.  Three

gold-silver mineralized zones are defined within the Dewey Deposit:  1) an upper

tuffaceous  sediment  unit;  2)  a  middle  ash fall tuff unit, and;  3) a lower

mudflow  agglomerate  unit.  Gold and silver mineralization is both structurally

and  stratiform  controlled,  with  the better grades occurring along structural

zones  where  hydrothermal  fluids  concentrated mineralization.  Other areas of

past  production  and  future  potential  mineralization within the district are

within  similar  geologic  and  host  rock  settings.



Exploration  of  the  Dewey  Deposit  has been extensive, with work completed by

several  exploration  and  mining  companies  since  the  1970s.  A  mineralized

resource  has  been  defined  using  after  the completion of 256 drill holes on

100-foot  centers  with  some areas of 50-foot fill in drilling that resulted in

12,275  assay  intervals.  Extensive  geologic  mapping  and sampling, with some

exploratory drilling, has been done on several other geologic targets within the

district.  The  current mineralized resource defined at the Dewey Deposit is the

result  of  approximately  $5 million dollars of expenditures by USMX and Dakota

Mining,  this  not  counting  previous exploration drill data compiled by Placer

Amex,  Copper  Lakes  and other companies.  As a result of this work, a measured

mineral  resource of 5,390,000 tons averaging 0.047 ounces per ton gold (using a

gold  price  of  $400  per  ounce)  has  been  outlined  at  the  Dewey Deposit.





<page>  6

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



A  measured  mineral  resource  is  generally  defined as that part of a mineral

resource  for  which  quantity,  grade  or  quality,  densities, shape, physical

characteristics  are  so  well  established  that  they  can  be  estimated with

confidence  sufficient  to  allow  the  appropriate application of technical and

economic  parameters  to  support  production  planning  and  evaluation  of the

economic  viability  of  the  deposit.



Current infrastructure that supports exploration activities and potential future

development of the Thunder Mountain Property consists of improvements associated

with  past  mining  operations.   This  includes  access  road  improvements,  a

potential  tailings  disposal  area,  and  a  Dewey  Mining  Company-owned small

(approximate  500  ton-per-day) gravity milling facility that was operational in

the  late  1970s  and  early 1980s, along with support facilities including fuel

storage  tanks, shop, assay laboratory, electrical equipment, base camp housing,

etc.



Costs  incurred  by  the  Company include property maintenance activities (claim

fees, taxes, etc.), site security, monitoring and maintenance of reclamation and

sediment  control  features.  All exploration, development and mining activities

in  the past have been borne by previous operators that had the Thunder Mountain

Property  under  lease  arrangement.



All  past and future operations would require generation of power on site by the

use  of  diesel-powered  generators.



The  Thunder Mountain Property is without known and defined reserves pursuant to

SEC Industry Guide 7.  Significant mineralized material has been "drill defined"

as  discussed  above.  The  Property  is still in an exploration stage, although

sufficient  information  has  been  developed  to  potentially  initiate further

development  activities.



Maintenance  of  the  mining  claims  consists  of  payment  of the annual claim

maintenance  fees  on  unpatented mining claims.  Property taxes are paid on all

patented  and  unpatented  mining  claims.



2.  IRONSIDE PLATINUM GROUP METALS (PGM) PROSPECT, GOODSPRINGS  MINING DISTRICT,

CLARK  COUNTY,  NEVADA



The  Company  has an 50% interest in a lease with an option to purchase on the 4

Oro  Amigo  patented  claims  and the 40 BOA unpatented lode claim group  in the

Goodsprings  Mining  District  in  Clark County, Nevada.  The claims are located

approximately  25  miles  southwest  of Las Vegas, Nevada.  Platinum, palladium,

silver  and  gold  were produced in this area of the Goodsprings District during

the  period  1914  -  1920.  Reported production was approximately 400 ounces of

platinum,  900 ounces of palladium, 1,800 ounces of gold, 7,000 ounces of silver

and  570,000  pounds  of  copper.  The  land position was secured because of its

exploration  potential.  The  Ironside  PGM  Prospect  claims cover a northeast-

bearing  trend  of  PGM,  prescious and base metal  occurrences that extends for

about  three  miles  along  a  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.

Efforts  are  ongoing  to  interest  a  larger platinum group metals exploration

company  in  the  target  potential  of  the  holdings







<page>  7

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

[tmg10ksbadec3100junerev006.jpg]

FOR THE YEAR ENDED DECEMBER 31, 2000





<page>  8

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



MINERALIZATION AND CURRENT ACTIVITY



Mineralization  and  anomalous geochemistry occurs along the high-angle Ironside

Thrust  Fault  zone  associated  with  the Ironside and nearby regional Keystone

Thrusts.  Moderately  large intrusive bodies are located nearby.  Mineralization

is  thought  to  be  distal to the intrusive contact along the structural zones.

The potential targets consist of defining additional sulfide replacements within

the  carbonates  along  the structural zones, particularly near the contact with

the  intrusives in the area. Additionally, the style of mineralization indicates

that  there  may  be  a  deep  intrusive-hosted  PGM  target.



Mineralization  occurs  in  secondary silica (jasperoid) associated with sulfide

gossans  in  a  carbonate  sequence  of Devonian and Lower Mississippian age.  A

detailed  143  rock-chip  sample program along the structural zone and localized

gossan-jasperoid  zones  showed  results  where approximately 50% of the samples

were  anomalous  in PGM-precious metal geochemistry. Of the 143 samples, 44 were

anomalous  in  platinum,  67  in palladium and 77 in gold.  The highest selected

sample result was from the Oro Amigo claims and assayed 2.02 ounce-per-ton (opt)

gold,  0.182  opt  platinum, 0.410 opt palladium and 6.9 opt silver. All samples

were  analyzed  by  Chemex  Laboratories  of Vancouver, BC, a lab recognized for

their  capability  to  analyze  for  PGM  and  precious  metal  content.



Work  on  the  property  during  the year consisted of mapping and sampling, and

showing  it  to PGM-based exploration companies.  Other than access roads, there

is no infrastructure on the holdings.  Maintenance of the mining claims consists

of  payment of the annual claim maintenance fees on unpatented mining claims and

lease  payments  to  the owner of the four patented lode claims.  Property taxes

are  paid  on  all  patented  and  unpatented  mining  claims.

</r>

(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.























<page>  9

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



ITEM  3:  LEGAL  PROCEEDINGS.

<r>

The  Company  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 Company, along with other

impacted  entities,  including  companies, municipalities and various irrigation

districts, has been involved in a legal protest against the Federal Government's

claims  for  certain  reserved  water  rights  for  Wild  and  Scenic Rivers Act

purposes.  The  matter  is  in  the  Idaho States Federal Court for the District

Court  of  Idaho  (SRBA  Case  No.  39576,  District Court of the Fifth Judicial

District of the State of Idaho, in and for the County of Twin Falls) assigned to

handle  the  Snake  River  Basin  water  rights  adjudication.



The Company 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.

</r>

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  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











<page>  10

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



(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.

<r>

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.  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  loss.  The

Company does  not  foresee  any  necessity  to raise additional funds during the

next 12 month period. Management believes that its invested funds are sufficient

to meet any explorations costs and expenses incurred during the next 12 months.



Expenses  for  the  ensuing  year  will  be  incurred  for  continued search and

Exploration  for  additional  properties, and  for management fees  and  admini-

strative  costs.  The  Company's required  claim  maintenance  will be performed

for  its unpatented claims by the Company.  It is anticipated that Directors and

managerial  fees will be minimal during the  upcoming year due to the  low  cash

position  of  the  Company.  The  Company  did not engage  in any  research  and

development  activities  during  fiscal  2000.



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  did not acquire any equipment during

2000.  The  Company  does  not  intend to make any capital expenditures from its

funds  for  property  or equipment during the next 12 months.  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 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, gross  revenues  were  $-0-.



The Company does not currently have  any employees, and does not  anticipate any

for the upcoming calendar year(s). </r>

<page>  11

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



ITEM  7:  FINANCIAL  STATEMENTS  AND  SUPPLEMENTAL  DATA









<r>

THUNDER MOUNTAIN GOLD, INC.

(An Exploration Stage Company)



FINANCIAL STATEMENTS

AND

REPORT  OF  INDEPENDENT  AUDITORS



DECEMBER 31, 2000







THUNDER MOUNTAIN GOLD, INC.

(An Exploration Stage Company)





INDEX TO THE FINANCIAL STATEMENTS





CONTENTS





Report  of  Independent  Auditors                                      1



Balance  Sheet  at  December  31,  2000  and  1999                     2



Statement  of  Operations  for  the  Years  Ended

December  31,  2000,  1999,  and  1998                            3



Statement  of  Cash  Flows  for  the  Years  Ended

December  31,  2000,  1999,  and  1998                          4-5



Statement  of  Changes  in  Stockholders'  Equity  for  the

Years  Ended  December  31,  2000,  1999,  and  1998              6



Notes  to  Financial  Statements                                    7-10



Report  of  Independent  Auditors  on  Supplemental  Schedules        12





Supplemental  Schedules                                            13-18

























<page>  12















REPORT OF INDEPENDENT AUDITORS

------------------------------





Board  of  Directors

Thunder  Mountain  Gold,  Inc.

Spokane,  Washington



We  have  audited  the  accompanying Balance Sheets of Thunder Mountain

Gold, Inc., (An Exploration Stage Company) as of December 31, 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  audit.



We conducted our audits in accordance with auditing standards generally

accepted  in the United States of America.  Those standards require that we plan

and perform the audit to obtain reasonable assurance about whether the financial

statements  are free of material misstatements.  An audit includes examining, on

a  test  basis, evidence supporting the amounts and disclosures in the financial

statements.  An audit also includes assessing the accounting principles used and

significant  estimates  made  by  management,  as well as evaluating the overall

financial  statement  presentation.   We  believe  that  our  audits  provide  a

reasonable  basis  for  our  opinion.



In  our  opinion,  the  financial  statements referred to above present

fairly,  in  all  material  respects, the financial position of Thunder Mountain

Gold, Inc., (An Exploration Stage Company) as of December 31, 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 accounting principles generally accepted in the United States of

America.



The accompanying financial statements have been  prepared assuming that

the Company  will  continue as a  going concern.  As  discussed in Note 5 to the

financial  statements, the Company has suffered recurring losses from operations

that  raise  substantial doubt about its ability to continue as a going concern.

Management's plans in regard to these matters are also described in Note 5.  The

financial  statements  do not include any adjustments that might result from the

outcome  of  this  uncertainty.



As discussed  in Note 3  to  the financial  statements,  the  financial

Statements for  the  years  ended  December 31, 2000, 1999, and 1998, have  been

restated to reflect  the  expensing  of  mining  claims.



/s/ ROBERT  MOE  &  ASSOCIATES,  P.S.





Spokane,  Washington

March  21,  2001, except as to Notes 3 and 5

Which is April 24, 2002.







<page>  13

THUNDER  MOUNTAIN  GOLD,  INC.

(An  Exploration  Stage  Company)

Balance  Sheet

December  31,  2000  and  1999





ASSETS



2000            1999

(Restated -   (Restated -

See NOTE 3)   See NOTE 3)

--------------  --------------



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:

Office  Equipment                                     7,141           7,141

Automotive                                              -            21,893

Mining  Claims                                          -               -

--------------  --------------

Total  Property  and  Equipment                    7,141          29,034

Less:  Accumulated  Depreciation                   6,856          24,443

--------------  --------------

Net  Property  and  Equipment                    285           4,591

--------------  --------------



TOTAL  ASSETS                                   $     240,277   $     551,252

==============  ==============













































The Accompanying Notes Are An Integral Part Of These Financial Statements



<page>  14

THUNDER  MOUNTAIN  GOLD,  INC.

(An  Exploration  Stage  Company)

Balance  Sheet

December  31,  2000  and  1999





LIABILITIES  AND  STOCKHOLDERS'  EQUITY



2000            1999

(Restated -   (Restated -

See NOTE 3)   See NOTE 3)

--------------  --------------



CURRENT  LIABILITIES:

Accounts payable                              $         -     $         -

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 Shares of Treasury Stock,

At  Cost                                          (24,200)        (24,200)

Accumulated Other Comprehensive Income (Loss)       (47,265)        149,608

Retained Earnings/(Deficit)                        (444,872)       (342,270)

--------------  --------------



Total  Stockholders'  Equity                     224,277         523,752

--------------  --------------



TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY      $     240,277   $     551,252

==============  ==============

















































The Accompanying Notes Are An Integral Part Of These Financial Statements



<page>  15



THUNDER MOUNTAIN GOLD, INC.

(An Exploration Stage Company)

Statement of Operations

For the Years Ended December 31, 2000, 1999, and 1998



<table>

2000            1999           1998

(Restated -      (Restated     (Restated -

See NOTE 3)      See NOTE 3)   See NOTE 3)

--------------  --------------  --------------


                                        <c>             <c>             <c>

INCOME:

Royalties                                $         -    $          -     $         -

--------------  --------------  --------------

EXPENSES:

Exploration and Development                    134,572          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                                   170,425          89,767         142,544

--------------  --------------  --------------

(LOSS) FROM OPERATIONS                          (170,425)        (89,767)       (142,544)

--------------  --------------  --------------



OTHER  INCOME  (LOSS):

Interest  and  Dividend

Income                                          16,198           7,654          12,558

Gain on Sale of Securities and Assets           51,625         119,163           4,302

Impairment loss - mining claims                    -               -          (233,705)

--------------  --------------  --------------

67,823         126,817        (216,845)

--------------  --------------  --------------

INCOME  (LOSS)  BEFORE  FEDERAL

INCOME TAXES                                  (102,602)         37,050        (359,389)

PROVISION  FOR  INCOME  TAXES:

Tax At Statutory Rates                             -               -               -

Tax Benefit                                        -               -               -

NET INCOME (LOSS)                               (102,602)         37,050        (359,389)



OTHER  COMPREHENSIVE  INCOME

Net  of  Income  Tax:

Unrealized Holding Gain (loss)                (196,873)        (24,030)        (26,894)

--------------  --------------  --------------



COMPREHENSIVE INCOME  (LOSS)               $    (299,475)  $      13,020   $    (386,283)

==============  ==============  ==============



EARNINGS (LOSS) PER SHARE:

Basic                                 $       (0.01)  $         -     $       (0.04)

==============  ==============  ==============

Diluted                               $       (0.01)  $        -      $       (0.04)

==============  ==============  ==============

</table>

















The Accompanying Notes Are An Integral Part Of These Financial Statements



<page>  16

THUNDER  MOUNTAIN  GOLD,  INC.

(An  Exploration  Stage  Company)

Statement  of  Cash  Flows

For  the  Years  Ended  December  31,  2000,  1999,  and  1998



<table>

2000            1999           1998

(Restated -      (Restated     (Restated -

See NOTE 3)      See NOTE 3)   See NOTE 3)

--------------  --------------  --------------


                                        <c>             <c>             <c>

CASH FLOWS PROVIDED (USED) BY

OPERATING ACTIVITIES:

Net  Income  (Loss)                      $    (102,602)  $      37,050   $    (359,389)

Non-Cash Expenses, Revenues,

Losses And Gains Included in Income:

Depreciation and Amortization                1,830           4,145           4,807

Gain on sale of securities and assets      (51,625)       (119,163)         (4,302)

Impairment loss - mining claims                -               -           233,705

Net Increase (Decrease) in payables         (11,706)         (2,993)         19,678

--------------  --------------  --------------

Net Cash Flows Provided (Used) By

Operating  Activities                         (164,103)        (80,961)       (105,501)

--------------  --------------  --------------



CASH FLOWS PROVIDED (USED) BY

INVESTING  ACTIVITIES:

Purchase  Of  Investments                      (14,019)       (204,886)        (14,817)

Purchase  Of  Property  and Equipment              -              (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                          135,462          39,470          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

==============  ==============  ==============

(Continued)

</table>





























The  Accompanying  Notes  Are  An  Integral  Part  Of These Financial Statements



<page>  17

THUNDER  MOUNTAIN  GOLD,  INC.

(An  Exploration  Stage  Company)

Statement  of  Cash  Flows

For  the  Years  Ended  December  31,  2000,  1999,  and  1998



<table>

2000            1999           1998

(Restated -      (Restated     (Restated -

See NOTE 3)      See NOTE 3)   See NOTE 3)

--------------  --------------  --------------


                                        <c>             <c>             <c>

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  months  or  less  to  be  cash  equivalents.



(Concluded)

























































The  Accompanying  Notes  Are  An  Integral  Part  Of These Financial Statements



<page>  18

THUNDER  MOUNTAIN  GOLD,  INC.

(An  Exploration  Stage  Company)

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>           
         
        
         
            
         
         


Balances at

Jan. 1, 1998  9,727,852  $ 486,392  $  254,222  $    200,533   $ (24,200)  $ (19,931)  $   897,016

----------  ---------  ----------  -------------  ----------  ----------  -----------

Unrealized

loss in

Marketable

securities          -          -           -         (26,895)        -           -        (26,895)

Net loss -

1998

(Restated

-See NOTE 3)        -          -           -             -           -      (359,389)    (359,389)

-----------

Comprehensive

Income                                                                                   (386,284)

----------  ---------  ----------  -------------  ----------  ----------  -----------

Balances at

Dec. 31, 1998

(Restated -

See NOTE 3)   9,727,852  $ 486,392  $  254,222  $    173,638   $ (24,200)  $(379,320)  $  510,732

----------  ---------  ----------  -------------  ----------  ----------  -----------

Unrealized

loss in

Marketable

securities          -          -           -         (24,030)        -            -      (24,030)

Net income

- 1999

(Restated -

See NOTE 3)         -          -           -             -           -         37,050      37,050

-----------

Comprehensive

Income                                                                                     13,020

----------  ---------  ----------  -------------  ----------  ----------  -----------

Balances at

December 31,

1999

(Restated -

See NOTE 3)   9,727,852    486,392     254,222       149,608     (24,200)   (342,270)     523,752

----------  ---------  ----------  -------------  ----------  ----------  -----------

Unrealized

loss in

Marketable

securities          -          -           -        (196,873)        -           -       (196,873)

Net loss-2000

(Restated

- See NOTE 3)       -          -           -             -           -      (102,602)    (102,602)

-----------

Comprehensive

(Loss)                                                                                   (299,475)

----------  ---------  ----------  -------------  ----------  ----------  -----------

Balances at

Dec. 31, 2000 9,727,852  $ 486,392  $ 254,222   $    (47,265)  $ (24,200)  $(444,872)  $  224,277

==========  =========  ==========  =============  ==========  ==========  ===========

</table>























The  Accompanying  Notes  Are  An  Integral  Part  Of These Financial Statements



<page>  19

THUNDER MOUNTAIN GOLD, INC.

(An Exploration Stage Company)



Notes To Financial Statements



NOTE  1  -  SIGNIFICANT  ACCOUNTING  POLICIES



Business  Operations



Thunder  Mountain  Gold,  Inc.,  takes  its  name from the Thunder Mountain

Mining  District in Valley County, Idaho, where its principal lode mining claims

are  located.



Accounting  Policies



Marketable  securities  are  stated  at  market value.  The market value is

based  on  quoted  market prices or other fair value estimates provided by third

party  portfolio  managers.



Exploration  Costs



Exploration  costs  are  charged  to  operations  when  incurred.



Property  and  Equipment



Property and equipment are carried at cost.  Depreciation is computed using

accelerated  depreciation  methods  with  useful  lives of three to seven years.

Major  additions  and  improvements  are  capitalized.  Costs of maintenance and

repairs,  which  do  not improve or extend the life of the associated assets are

expensed  currently.  When there is a disposition of property and equipment, the

cost  and related accumulated depreciation are removed from the accounts and any

gain  or  loss  is  reflected  in  net  income.



Accounting  Estimates



The  preparation  of  financial  statements  in  conformity  with generally

accepted  accounting  principles  requires  management  to  make  estimates  and

assumptions  that  affect  the  reported  amounts  of assets and liabilities and

disclosures  of  contingent  assets and liabilities at the date of the financial

statements  and  the  reported  amounts  of  revenues  and  expenses  during the

reporting  period.  Actual  results  could  differ  from  those  estimates.











































<page>  20

THUNDER MOUNTAIN GOLD, INC.

(An Exploration Stage Company)



Notes To Financial Statements



NOTE  1  -  SIGNIFICANT  ACCOUNTING  POLICIES  (continued)



Comprehensive  Income



In  1998,  the  Company adopted Statement of Financial Accounting Standards

(FAS)  130, "Reporting Comprehensive Income," issued by the Financial Accounting

Standards  Board  (FASB).  The  Company  reports accumulated other comprehensive

income as a separate component of shareowners' equity. There were no adjustments

required  for  the  deferred  tax  effects  of  the  unrealized  gain or loss on

securities.



Earnings  Per  Share



The  Company  computes  basic earnings per common share by dividing the net

income  by  the  weighted average number of common shares outstanding during the

period.  Diluted  earnings  per  share  are calculated by including all dilutive

potential common shares such as stock options.  Dilutive potential common shares

were 9,727,852 in 2000, 1999, and 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   $      77,178   $     451,726

Other  Investments                        170           1,080             170

--------------  --------------  --------------

Total                $     451,896   $     278,258   $     451,896

==============  ==============  ==============





















<page>  21

THUNDER MOUNTAIN GOLD, INC.

(An Exploration Stage Company)



Notes To Financial Statements



NOTE  2  -  INVESTMENTS  (continued)



Other  investments  consist of small stock holdings in several local mining

companies.



NOTE  3  -  MINING  CLAIMS  AND  RESTATED  FINANCIAL  STATEMENTS



Substantially  all  of  the Company's patented and unpatented claims in the

Thunder  Mountain Mining district were obtained from major stockholders for cash

or  newly  issued stock.  The purchase price and capitalized costs of the mining

claims  have  been  written off and the financial statements for 2000, 1999, and

1998  have  been  restated  to  reflect  this  adjustment.  The  net accumulated

capitalized costs charged to the income statement as an impairment loss for 1998

was  $233,705.  For  additional information regarding the mining claims see Note

5.



NOTE  4  -  INCOME  TAXES



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

income  tax  provision.



At  December 31, 2000, the Company has $597,302 in net operating loss carry

forward  which  may  be  used  to offset taxable income generated by operations,

which  will begin expiring in 2004.  The Company also has a general business tax

credit  carryover  in  the  amount of $1,283, which may be used to offset future

federal  income  tax liabilities.  This credit will expire in 2004.  The Company

also has a foreign tax credit in the amount of $343, which may be used to offset

future  federal  income  tax  liabilities.



The  net  operating  loss  and  other  credits carry forward would normally

result  in  a  recorded  income  tax benefit.  As a result of the uncertainty to

continue  as  a  going concern as described in Note 5, the income tax benefit is

fully  reserved  and  is  not  reflected  herein.

















































<page>  22

THUNDER MOUNTAIN GOLD, INC.

(An Exploration Stage Company)



Notes To Financial Statements





NOTE  5  -  UNCERTAINTY  -  GOING  CONCERN



The  Company's  continued  existence is dependent upon its ability to resolve is

liquidity problems, principally by obtaining equity or debt funding, sale of the

mining  claims  or  production from the mining claims.  While pursing additional

funding  or  sale  of its mining claims, the Company must continue to operate on

limited  cash  flow  generated from the sale of investments.  The Company has no

revenue  from  operations  and  has  experienced  recurring  losses.  Management

believes  that  geological,  geophysical,  and  engineering data have identified

mineralized  material  in place on the mining claims in commercial quantities to

be  of  value.



NOTE  6  -  LITIGATION



The  Company,  along with other similarly situated parties, is a protestant

against  the  Federal  Government's claims for certain reserved water rights for

Wild  and Scenic Rivers Act purposes.  The matter is in the Idaho State District

Court assigned to handle the Snake River Basin water rights adjudication.  Legal

counsel  anticipates  the settlement will be favorable to Thunder Mountain Gold,

Inc.









































































<page>  23

































THUNDER MOUNTAIN GOLD, INC.

(An Exploration Stage Company)





SUPPLEMENTAL SCHEDULES



















































































<page>  24











REPORT OF INDEPENDENT AUDITORS ON SUPPLEMENTAL SCHEDULES

--------------------------------------------------------









The  Board  of  Directors

Thunder  Mountain  Gold,  Inc.

Spokane,  Washington





Our  report  on  the  financial  statements  of Thunder Mountain Gold, Inc., (An

Exploration Stage Company) is included in the Form 10-KSB and covers the balance

sheets  as  of  December  31,  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.  In connection with our audit of

such  financial  statements,  we  have  also  audited  the  related supplemental

schedules,  as  follows:



Schedule  I  -  Marketable  Securities  -  Other  Investments

Schedule  V  -  Property,  Plant,  and  Equipment

Schedule  VI  -  Amortization  of  Property,  Plant,  and  Equipment



In our opinion, the supplemental schedules referred to above, when considered in

relation  to the basic financial statements taken as a whole, present fairly the

information  required  to  be  included  therein.







/s/   ROBERT MOE & ASSOCIATES, P.S.











Spokane,  Washington

March  21,  2001, except as to Notes 3 and 5

Which is April 24, 2002.







































<page>  25

THUNDER  MOUNTAIN  GOLD,  INC.

(An Exploration Stage Company)

SCHEDULE I - MARKETABLE SECURITIES - OTHER INVESTMENTS

For the Years Ended December 31, 2000, 1999, and 1998



<table>

December 31, 2000

-----------------------------------------------------

COLUMN A                    Column B      Column C      Column D      Column E

------------  ------------  ------------  -----------

Amount at

Which

Issue is

Market      Carried

Number of     Cost of         Value       on Balance

ISSURER                     Shares        Shares          Shares      Sheet

--------------------------  ------------  ------------  ------------  ------------


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

ML Global Growth

Class B Mutual Fund             2,794   $    44,266   $    35,405   $    35,405

Munder Future Technology

Mutual Fund                     3,361        40,005        29,311        29,311

Fund Class B

Pioneer Growth Shares

Mutual  Fund                    2,169        42,151        35,387        35,387

Class  B

AIM  Value  Fund

Mutual  Fund                    2,968        43,502        35,439        35,439

Class  B

Mass  Investors  Growth

Stock Fund  Mutual Fund         2,496        46,917        40,187        40,187

Class  B

Barrick Gold Corporation

Common Shares                   3,000        16,332        49,140        49,140

Midas  Gold

Common  Shares                  8,396        45,104         7,054         7,054

--------------------------  ------------  ------------  ------------  ------------

Total                                     $   278,277   $   231,923   $   231,923

============  ============  ============

Other stock ownership

in inactive companies

Common  Shares                164,500   $     1,080   $       170   $       170

--------------------------  ------------  ------------  ------------  ------------

Totals                                    $     1,080   $       170   $       170

============  ============  ============

</table>











































<page>  26

THUNDER  MOUNTAIN  GOLD,  INC.

(An  Exploration  Stage  Company)

SCHEDULE  1  -  MARKETABLE  SECURITIES  -  OTHER  INVESTMENTS

For  the  Years  Ended  December  31,  2000,  1999,  and  1998





<table>

December 31, 1999

-----------------------------------------------------

COLUMN A                    Column B      Column C      Column D      Column E

------------  ------------  ------------  -----------

Amount at

Which

Issue is

Market      Carried

Number of     Cost of         Value       on Balance

ISSURER                     Shares        Shares          Shares      Sheet

--------------------------  ------------  ------------  ------------  ------------


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

Colonial Utilities Fund

Common  Shares                  2,736   $    46,773   $    61,669   $    61,669

Fund  Class  A

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. &

Gold 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

--------------------------  ------------  ------------  ------------  ------------

Totals                                    $   359,639   $   510,158   $   510,158

============  ============  ============



Other stock ownership

in  inactive companies

Common Shares                 164,500   $     1,080   $       170   $       170

--------------------------  ------------  ------------  ------------  ------------

Totals                                    $     1,080   $       170    $      170

============  ============  ============

</table>





































<page>  27

THUNDER  MOUNTAIN  GOLD,  INC.

(An  Exploration  Stage  Company)



SCHEDULE  1  -  MARKETABLE  SECURITIES  -  OTHER  INVESTMENTS

For  the  Years  Ended  December  31,  2000,  1999,  and  1998



<table>

December 31, 1998

-----------------------------------------------------

COLUMN A                    Column B      Column C      Column D      Column E

------------  ------------  ------------  -----------

Amount at

Which

Issue is

Market      Carried

Number of     Cost of         Value       on Balance

ISSURER                     Shares        Shares          Shares      Sheet

--------------------------  ------------  ------------  ------------  ------------


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

Colonial Utilities Fund

Mutal  Fund                    12,904   $   160,267   $   281,576   $   281,576

Fund  Class  A

Barrick  Gold  Corporation

Common  Shares                  4,000        21,776        78,000        78,000

Freeport  McMoRan  Copper

&  Gold  A.  Mutual  Fund       8,204        42,735        79,472        79,472

Dakota  Mining

Common  Shares                  1,819         7,286           -             -

Midas  Gold

Common  Shares                  8,396        45,104        12,678        12,678

--------------------------  ------------  ------------  ------------  ------------

Totals                                    $   277,168   $   451,726   $   451,726

============  ============  ============



Other  stock  ownership

in  inactive companies

Common Shares                 164,500   $     1,080   $       170   $       170

--------------------------  ------------  ------------  ------------  ------------

Totals                                    $     1,080   $       170   $       170

============  ============  ============



</table>









































<page>  28

THUNDER  MOUNTAIN  GOLD,  INC.

(An  Exploration  Stage  Company)

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



Year ended

December 31, 2000:

Office equipment   $     7,141   $       -     $       -     $       -     $     7,141

Automotive              21,893           -         (21,893)(3)       -             -

-------------------  ------------  ------------  ------------  ------------  ------------

Totals               $    29,034   $       -     $   (21,893)  $       -     $     7,141

============  ============  ============  ============  ============



Year ended

December 31, 1999:

Office equipment   $     6,547   $       594(1)$       -     $       -     $     7,141

Automotive              47,436           -         (25,543)(2)       -          21,893

-------------------  ------------  ------------  ------------  ------------  ------------

Totals               $    53,983   $       594   $   (25,543)  $       -     $    29,034

============  ============  ============  ============  ============



Year ended

December 31, 1998:

Mining claims &

equipment        $   467,411   $       -     $       -(4)  $  (467,411)  $       -

Office equipment         6,547           - (1)         -             -           6,547

Automotive              47,436           -             -             -          47,436

-------------------  ------------  ------------  ------------  ------------  ------------

Totals               $   521,394   $       -     $       -     $       -     $    53,983

============  ============  ============  ============  ============

</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.

(4)  Mining claims written off - see notes 3 and 5.











































<page>  29

THUNDER  MOUNTAIN  GOLD,  INC.

(An  Exploration  Stage  Company)

SCHEDULE  V1  -  ACCUMULATED  DEPRECIATION,  DEPLETION  AND

AMORTIZATION  OF  PROPERTY  AND  EQUIPMENT

For  the  Years  Ended  December  31,  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        (1)        Retirements   Add (Deduct)  Period

-------------------  ------------  ------------  ------------  ------------  ------------


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

Year ended

December 31, 2000:

Office  equipment  $     6,601   $       255   $       -     $       -     $     6,856

Automotive              17,842         1,575       (19,417)          -             -

-------------------  ------------  ------------  ------------  ------------  ------------

Totals               $    24,443   $     1,830   $   (19,417)  $       -     $     6,856

============  ============  ============  ============  ============



Year ended

December 31, 1999:

Office  equipment  $     5,806   $       795   $       -     $       -     $     6,601

Automotive              26,671         3,350       (12,179)          -          17,842

-------------------  ------------  ------------  ------------  ------------  ------------

Totals               $    32,477   $     4,145   $   (12,179)  $       -     $    24,443

============  ============  ============  ============  ============



Year ended

December 31, 1998:

Mining claims &

equipment        $   233,706   $       -     $       -(2)  $  (233,706)  $       -

Office equipment         5,524           282           -             -           5,806

Automotive              22,146         4,525           -             -          26,671

-------------------  ------------  ------------  ------------  ------------  ------------

Totals               $   261,376   $     4,807   $       -     $  (233,706)  $    32,477

============  ============  ============  ============  ============

</table>



(1)  Depreciation is calculated using the accelerated depreciation methods with

useful lives of three to seven years.

(2)  Mining claims written off - see notes 3 and 5.

</r>











































<page>  30

THUNDER MOUNTAIN GOLD INC.

(An Exploration Stage Company)SELECTED FINANCIAL DATAThe following is a summary of selected financial data which indicates trends in

registrants financial condition and results of operations.



<table>

Year Ended December 31,

----------------------------------------------------------------------------------



----------------------------------------------------------------------------------

Selected Balance Sheet Data      2000     1999       1998       1997       1996

--------------------------------------------------------------------

(Restated-   (Restated-  (Restated-

See NOTE 3) See NOTE 3) See NOTE 3)


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

----------------------------------------------------------------------------------

Current Assets               $239,822   $546,491   $530,307   $659,329   $523,893

----------------------------------------------------------------------------------

Property and  Equipment       238,990    238,296   255,211    260,018     266,775

----------------------------------------------------------------------------------

Non-Current Investments           170        170       170        170         170

----------------------------------------------------------------------------------

Total Assets                  478,982    784,957   785,688    919,517   1,090,838

----------------------------------------------------------------------------------

Current Liabilities            16,000     27,500    41,250     22,500      42,500

----------------------------------------------------------------------------------

Stockholders' Equity          462,982    757,457   744,438    897,017   1,048,338

----------------------------------------------------------------------------------





Selected Operational Data

----------------------------------------------------------------------------------

Royalty Revenue                     -          -         -     62,500     100,000

----------------------------------------------------------------------------------

Other Revenue and Gains        67,823    126,817    16,860     24,589      51,845

(Losses)

----------------------------------------------------------------------------------

Net Income  (Loss)            (97,602)    37,050  (125,684)    17,250      83,029

----------------------------------------------------------------------------------

Net Income  (Loss) per

share                      $    (0.01)  $    NIL  $  (0.01)   $   NIL    $   0.01

----------------------------------------------------------------------------------

No dividends have been paid by the Company.

</table>































<page>  31

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



ITEM  8:  DISAGREEMENTS  ON  ACCOUNTING  AND  FINANCIAL  DISCLOSURE

<r>

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.

</r>

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.









<page>  32

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



Ron  Yanke  is  a  successful  Boise-based  businessman,  including owner of the

57-year  old  Yanke  Machine  Shop.   He  also  is  an  owner  of  Yanke  Energy

(cogeneration  plants),  has  timber  interests  and  is part owner of the Dewey

Mining  Company.



(e)  DIRECTORSHIPS



None  of  the directors of the Registrant is a director of any other corporation

subject  to  the requirements of Section 12 or Section 15(d) of the Exchange Act

of  1934.



(f)  INVOLVEMENT  IN  CERTAIN  LEGAL  PROCEEDINGS



None  of  the Officers and Directors of the Registrant has been involved in

any  bankruptcy,  insolvency,  or  receivership  proceedings as an individual or

member  of  any  partnership  or  corporation; none has ever been convicted in a

criminal  proceeding  or  is  the  subject  of  a  criminal proceeding presently

pending.  None has been involved in proceedings concerning his ability to act as

an  investment  advisor, underwriter, broker, or dealer in securities, or to act

in  a  responsible  capacity  for  investment  company,  bank  savings  and loan

association,  or  insurance  company or limiting his activity in connection with

the purchase and sale of any security or engaging in any type business practice.

None  has  been  enjoined  from  engaging in any activity in connection with any

violation  of  federal  or  state  securities  laws nor been involved in a civil

action  regarding  the  violation  of  such  laws.



(g)  PROMOTERS  AND  CONTROL  PERSONS



Not  applicable



ITEM  10:  EXECUTIVE  COMPENSATION



(a)  CASH  COMPENSATION



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

2000.

<r>

All officers and Directors, of which there  were five* at  various times  during

2000,  received the sum of $40,000 distributed as follows: </r>



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





<page>  33

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



(c)  OTHER  COMPENSATION



There  are  no  remuneration payments to any officer or Director other than

those  set  forth  in  (a)  above.



(d)  COMPENSATION  OF  DIRECTORS



Other arrangements: There are no arrangements for remuneration for services

as  a  Director  in  addition  to  the  standard  arrangements.





(e)  TERMINATION  OF  EMPLOYMENT  AND  CHANGE  OF  CONTROL  ARRANGEMENT



There  are  no  compensatory  plans or arrangements for compensation of any

Director  in  the  event  of     his  termination of employment and resignation,

retirement,  etc.



ITEM  11:  SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS  AND  MANAGEMENT



(a)     SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS



The  following  are  known to the Registrant to be the beneficial owners of more

than  five  percent  (5%)  of  the  Registrant's  voting  securities:



Common  Stock   Ronald  C.  Yankee          1,883,525 shares of          19.36%

P.O. Box 5405,              record and beneficially

Boise, ID 83715



(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.



<page>  34

THUNDER MOUNTAIN GOLD, INC.

FORM 10KSB/A

FOR THE YEAR ENDED DECEMBER 31, 2000



(c)  INDEBTEDNESS  OF  MANAGEMENT



No  Director  or executive officer or nominee for Director, or any member of the

immediate  family of such has been indebted to the Company during the past year.



(d)  TRANSACTIONS  WITH  PROMOTERS



Not  Applicable



PART IV



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



(a)  FINANCIAL  STATEMENTS



Included  in  Part  II  of  this  report.



(  b)   REPORTS  ON  FORM  8-K



No  reports  on  Form  8-K  were  filed  during  the  last  calendar  year 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:  June 11, 2002



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:  June 11, 2002