U.S. SECURITIES AND
                          EXCHANGE COMMISSION
                        WASHINGTON, D.C. 20549
                            FORM 10-QSB/A
                           AMENDMENT NO. 1


(Mark One)


  x    Quarterly report under Section 13 or 15(d) of the Securities
Exchange Act of 1934
     For the quarterly period ended March 31, 2002.


        Transition report under Section 13 or 15(d) of the Exchange Act
        For the transition period from_______________ to ______________
                     Commission File Number 1-1761
                     -----------------------------



                       CHIEF CONSOLIDATED MINING COMPANY
                       ---------------------------------
         (Exact name of Small Business Issuer as Specified in Its Charter)


                Arizona                             87-0122295
                ----------------------------------------------------
         (State or other jurisdiction of
           incorporation or organization)      (I.R.S. Employer ID. No.)



                15988 Silver Pass Road, P.O. Box 51, Eureka, Utah 84628
                -------------------------------------------------------
                         (Address of Principal Executive Offices)


                                  435-433-6606
                                  ------------
                  (Issuer's Telephone Number, including area code)


State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:

Class                                   Outstanding at June 26,2002
-----                                   ---------------------------
Common Stock $0.50 par value                      10,635,507
----------------------------

Convertible Common Stock $0.50 par
value                                              4,130,000
----------------------------------

The condensed consolidated financial statements included in
the original Form 10-QSB for the three months ended March 31, 2002
were not reviewed by an independent accountant. On June 12, 2002,
we engaged Hansen Barnett & Maxwell as independent public accountants
to review our interim financial statements and to audit our annual
financial statements. Accordingly, we have amended our Form 10-QSB
to reflect changes to our condensed consolidated financial statements
as of March 31, 2002 and for the three months then ended as a result
of Hansen, Barnett & Maxwell's review thereof. Material changes to our
condensed consolidated financial statements consisted of recording
additional depletion and depreciation, recording common stock
issued for services, revising the allocation of the proceeds from
the issuance of a notes payable and stock options, accruing
additional reclamation costs, and various disclosures.


PART 1.  FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS



   HANSEN, BARNETT & MAXWELL
  A Professional Corporation                   (801) 532-2200
 CERTIFIED PUBLIC ACCOUNTANTS                 Fax (801) 532-7944
                                          5 Triad Center, Suite 750
Member of AICPA SEC Practice Section          55 North 300 West
Member of Baker Tilly International    Salt Lake City, Utah 84180-1128


                     INDEPENDENT ACCOUNTANTS' REVIEW REPORT

To the Board of Directors and the Shareholders
Chief Consolidated Mining Company

We  have reviewed the accompanying condensed consolidated balance sheet of Chief
Consolidated  Mining  Company and subsidiaries as of March  31,  2002,  and  the
related  condensed consolidated statements of operations and cash flows for  the
three   months  then  ended.  These  condensed  financial  statements  are   the
responsibility of the Company's management.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants. A  review  of  interim  financial
information consists principally of applying analytical procedures to  financial
data  and  making inquiries of persons responsible for financial and  accounting
matters. It is substantially less in scope than an audit conducted in accordance
with auditing standards generally accepted in the United States of America,  the
objective  of  which  is  the expression of an opinion regarding  the  financial
statements taken as a whole. Accordingly, we do not express such an opinion.

Based  on our review, we are not aware of any material modifications that should
be  made  to the accompanying condensed financial statements for them to  be  in
conformity with accounting principles generally accepted in the United States of
America.


                                          HANSEN, BARNETT & MAXWELL
Salt Lake City, Utah
June 28, 2002






CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

Condensed Consolidated Balance Sheet
(Unaudited)


Assets
                                      Pro Forma
                                    March 31, 2002     March 31,    December 31,
                                       (Note 6)          2002          2001
                                      ----------      ----------    ----------
Current assets:
Cash and cash equivalents             $   29,503      $   29,503    $  221,267
Other current assets                     448,666         448,666       160,459
                                      ----------      ----------    ----------
        Total current assets             478,169         478,169       381,726

Investment in Central Standard
  Consolidated Mines                      71,819          71,819        73,438
Advances to Central Standard
  Consolidated Mines                      58,298          58,298        57,090

Property and Equipment

Land and mining claims, less
  accumulated depletion of $887,615
  and 819,444                          2,586,511       2,586,511     2,654,682

Buildings, machinery and equipment,
  less accumulated depreciation of
  $350,631 and $283,530                3,109,423       3,109,423     3,176,524
Other assets                             447,986         447,986       447,526
                                      ----------      ----------    ----------
Total assets                          $6,752,206      $6,752,206    $6,790,986
                                      ==========      ==========    ==========


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

                                        3


CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

Condensed Consolidated Balance Sheet (continued)
(Unaudited)

Liabilities and Shareholders' Equity (Deficit)

                                 Pro Forma
                                 March 31,
                                   2002         March 31,      December 31,
                                 (Note 6)          2002            2001
                                ----------      ----------      ----------
Current liabilities:

Accounts payable                $1,245,649      $1,245,649      $1,030,009
Accrued liabilities                185,713         185,713         120,678
Notes payable, net of
  unamortized discount of
  $26,626 and $0                   276,662         276,662               -
                                ----------      ----------      ----------

Total current liabilities        1,708,024       1,708,024       1,150,687
                                ----------      ----------      ----------

Accrued reclamation costs          468,300         468,300         389,800
                                ----------      ----------      ----------

Minority interest                   24,727          24,727          24,727
                                ----------      ----------      ----------

Redeemable convertible common stock,
  3,500,000 shares issued and
  outstanding                            -       5,295,272       5,051,804
                                ----------      ----------      ----------

Commitments and contingencies
  (Note 5)

Shareholders'equity (deficit):
  Preferred stock, $0.50 par value;
  1,500,000 shares authorized,
  10,899 shares outstanding with a
  liquidation value of $5,450        5,450           5,450          5,450

Convertible Common Stock, $0.50 par
  value; 30,000,000 shares authorized,
  4,130,000 shares, 630,000 shares
  and 560,000 shares
  outstanding                    2,380,000         315,000        280,000

Common stock, $0.50 par value;
  20,000,000 shares authorized,
  10,635,507 shares and 10,560,507
  shares issued, before
  16,441 shares held in
  treasury at no cost            5,314,209       5,314,209      5,276,709
Additional paid-in capital      23,511,311      20,281,039     20,015,289
Stock purchase rights            3,321,747       3,321,747      3,321,747
Deferred compensation              (11,220)        (11,220)       (11,220)
Notes receivable from
  shareholders                     (24,170)        (24,170)       (25,370)
Accumulated deficit            (29,946,172)    (29,946,172)   (28,688,637)
                                ----------      ----------      ----------
Total shareholders' equity
  (deficit)                      4,551,155        (744,117)        173,968
                                ----------      ----------      ----------

Total liabilities and
  shareholders' equity
  (deficit)                     $6,752,206      $6,752,206      $6,790,986
                                ==========      ==========      ==========


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

                                        4

CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(UNAUDITED)


                                  For              For
                               the three        the three
                                 Months          Months
                                 Ended           Ended
                                March 31,       March 31,
                                  2002            2001
                                ----------      ----------
Revenues:
  Mining revenue                $1,178,974               -
  Interest                           6,893           5,550
  Land sales and other               5,606             584
                                ----------      ----------


Total revenues                   1,191,473           6,134
                                ----------      ----------

Expenses:
  General and administrative       652,069         787,574
  Mining properties operating
    and exploration costs        1,393,401         461,424
  Taxes other than income taxes      2,570           1,907
                                ----------      ----------

        Total expenses           2,048,040       1,250,905

Net loss                        $ (856,567)    $(1,244,771)
                                ==========      ==========

Redeemable convertible common stock dividends:

  Eight percent stock dividend    (157,500)       (183,400)
  Accretion to redemption value   (243,468)       (243,468)
                                ----------      ----------
Net loss applicable to common
  shareholders                 $(1,257,535)    $(1,671,639)
                               ===========      ===========
Net loss per common share
(basic and diluted)             $    (0.12)    $     (0.20)
                                ==========      ===========

Weighted average number of common
  shares outstanding (basic
  and diluted)                  10,614,674       8,349,935
                                ==========      ==========


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

                                5

CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND
2001 (UNAUDITED)


                                         For               For
                                       the Three         the Three
                                      Months Ended     Months Ended
                                        March 31,        March 31,
                                          2002              2001
                                        --------        -----------

Cash flows from operating
activities:
  Net loss                              $(856,567)      $(1,244,771)
  Adjustments to reconcile net loss
    to net cash used in operating
    activities:
      Depreciation,depletion and
        amortization                      135,272            14,883
      Amortization of deferred                  -             1,700
        compensation
      Non-cash compensation expense        50,000            86,500
      Amortization of discount on notes
        payable                             4,124                 -
      Undistributed equity in loss of
       unconsolidated subsidiary            1,619                 -
  Changes in operating assets and
    liabilities:
     Increase in other assets           (288,667)            (7,526)
     Increase (decrease) in accounts
      payable and accrued liabilities    359,175            114,154
                                        --------        -----------

     Net cash used in operating
    activities                          (595,044)        (1,035,060)
                                        --------        -----------


Cash flows from investing activities:
  Mining property development costs
  and purchase of machinery and
  equipment                                    -            (30,958)
  Advances to affiliates                  (1,208)                 -
  Payments received from stockholder       1,200              1,300
                                        --------        -----------

  Net cash used in investing                  (8)           (29,658)
                                        --------        -----------

Cash flows from financing
  activities:
    Net proceeds from sale of common
      stock                              100,000          1,789,973
    Net proceeds from issuance of
      notes payable                      272,538                  -
    Net proceeds from issuance of
     option                               30,750                  -
                                        --------        -----------
       Net cash used in financing
         activities                      403,288          1,789,973
                                        --------        -----------

Net increase (decrease) in cash
  and cash equivalents                  (191,764)           725,255
Cash and cash equivalents at
  beginning of period                    221,267            890,859
                                        --------        -----------
Cash and cash equivalents at end
  of period                             $ 29,503        $ 1,616,114
                                        ========        ===========


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

                                        6


CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 1.  Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared
by the Company, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission.  Certain information and disclosures
normally included in financial statements prepared in accordance with accounting
principles generally accepted in the United States of America have been
condensed or omitted pursuant to such rules and regulations, although the
Company believes the following disclosures are adequate to make the information
presented not misleading.  These condensed consolidated financial statements and
notes thereto should be read in conjunction with the Company's consolidated
financial statements and notes thereto, included in the Company's Form 10-KSB
for the year ended December 31, 2001. In the opinion of management, all
adjustments (consisting only of normal recurring adjustments) considered
necessary for a fair presentation have been included.  Results of operations for
interim periods are not necessarily indicative of the  results to be expected
for the year ending December 31, 2002.

Business Condition

During the year ended December 31, 2001, the Company began mining ore from the
Trixie Mine and began processing ore in the Company's Tintic Mill in January
2002. On March 28, 2002, the Company encountered unstable mining conditions and
suspended mining and processing operations. As a result of the suspended mining
and processing operations, the Company is not generating ongoing revenues and
does not have sufficient funding to make the significant safety improvements
required in the Trixie Mine or to continue exploration efforts related to the
Burgin Mine. Management and the Board of Directors are currently pursuing
efforts to obtain additional sources of financing to allow the Company to
proceed with its operations. The Company is also studying and investigating
selling or developing portions of its land surface rights in order to generate
additional operating capital. There is no assurance that the Company will be
successful in obtaining the necessary funding.

As of March 31, 2002, the Company had $2,586,511 of land and mining claims and
$3,109,423 of mining related buildings, machinery and equipment, which in
aggregate, represent approximately 84 percent of total assets. The Company's
buildings, machinery and equipment consists principally of the Tintic Mill
located at the Trixie mine.  The realization of the Company's investment in land
and mining claims and mining related buildings, machinery and equipment is
dependent upon various factors, including the outcome of : (i) the Company's
success in exploration efforts to discover additional mineral resources and in
proving the technical feasibility and commercial viability of the identified
mineral resources, (ii) the Company's ability to obtain necessary funding to
continue exploration of the mining properties and to finance operations while
the Company pursues real estate development alternatives for portions of the
Company's land, (iii) the Company's success in finding a joint venture partner
to provide capital funding for the Company's continued exploration of its mining
properties, (iv) the Company's ability to profitably lease the Tintic Mill or
its mining claims to outside entities, and (v) the Company's success in selling
or developing certain of its land to fund its continued mining and exploration
activities.

Note 2.  Tintic Joint Venture

On July 17, 1996, the Company, Akiko Gold Resources Ltd. ("Akiko") and  KOREA
Zinc Co., Ltd. ("Korea Zinc") formed Tintic Utah Metals LLC ("Tintic").  The
Company contributed $3,976,000 of its mining claims and properties and machinery
and equipment for an undivided 50 percent interest in Tintic.  Korea Zinc paid
$3,000,000 to Tintic to become vested in a 25 percent interest.  As a result of
its failure to contribute the required capital to Tintic, Akiko forfeited any
rights of ownership in Tintic.  Thus, in accordance with the amended operating
agreement, effective August 15, 1997, Akiko's ownership reverted to the Company
resulting in the Company's  vested interest in Tintic increasing to 75 percent.

During the year ended December 31, 2001, an extension of the amendment to the
operating agreement was signed.  This extension, which expires on December 31,
2002, grants the Company an option to purchase Korea Zinc's 25 percent ownership
for $3,000,000.  During the option period, Korea Zinc is not required to make
any advances to Tintic or to repay to the Company 25 percent of the advances
made by the Company, nor can Korea Zinc vote upon operational decisions of
Tintic.  During the portion of the option period from October 1, 1998 to March
31, 2002, the Company advanced a net amount of approximately $7,544,776 to
Tintic.

                                        7

CHIEF CONSOLIDATED MINING COMPANYAND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


The Company's initial contribution of property and equipment was made at the
historical bases of the related mining properties and machinery and equipment
for financial reporting purposes.  No gain recognition or step-up in basis was
recorded in the accompanying condensed consolidated financial statements as a
result of the transaction. Intercompany transactions and balances have been
eliminated in consolidation.

Note 3.  Impairment of Long-lived Assets

The Company accounts for long-lived assets pursuant to SFAS No. 144, "Accounting
for the Impairment or Disposal of Long-Lived Assets ." The Company evaluates its
land and mineral properties, buildings, machinery and equipment and other long-
lived assets for impairment and assesses their recoverability based upon
anticipated future cash flows. If changes in circumstances lead management to
believe that any of its long-lived assets may be impaired, the Company will (a)
evaluate the extent to which the remaining book value of the asset is
recoverable by comparing the future undiscounted cash flows estimated to be
associated with the asset to the asset's carrying amount and (b) write-down the
carrying amount to market value or discounted cash flow value to the extent
necessary.  Management estimates that future net cash from each of the Company's
assets from potential activities discussed in Note 1 will be sufficient such
that no impairment loss was recognized as of March 31, 2002.

Note 4.  Notes Payable and Options

On February 9, 2002, Chief Consolidated Mining Company issued a $300,000
promissory note, bearing interest at 8% per annum payable quarterly, due one
year from the date of the note. In addition, the Company issued an option to
purchase 15,000 shares of common stock at $2.75 per share to the Optionee for a
period of five years.

In accordance with the Emerging Issues Task Force ("EITF") Issue No. 98-5,
"Accounting for Convertible Securities with Beneficial Conversion Features or
Contingently Adjustable Conversion Ratios," and EITF Issue No. 00-27,
"Application of Issue No. 98-5 to Certain Convertible Instruments," the Company
determined that the $300,000 of proceeds were allocated between the note and the
option based on their relative fair values and the resulting discount on the
note is being amortized over the one year term of the note.  Accordingly, the
Company allocated $269,250 to the note payable and $30,750 to the options, which
resulted in an effective interest rate of 19.5% on the note payable.

Subsequent to March 31, 2002, the Company converted an account payable of
$63,000 into a note payable at 12% interest rate that compounds monthly,
requiring monthly payments of $10,000 beginning on May 15, 2002 until October
15, 2002, when the entire unpaid balance of principal and accrued interest
becomes due and payable.  If the Company obtains additional debt financing,
equity funding or proceeds from the sale of land, the entire unpaid balance of
principal and interest shall be due and payable within 5 days of the receipt of
such proceeds.

Note 5.  Commitments and Contingencies

APPLICATION FOR APPROPRIATION OF BURGIN MINE WATER

On September 14, 2000, a public hearing was held before the Utah State Engineer
on the Company's application for the appropriation of the saline waters located
below the 1,050 foot level of the Burgin Mine where the Burgin ore body is
located. At the hearing, several protestors to the application argued that the
application should be denied on the grounds that the removal of the water from
the Burgin Mine would interfere with their previously granted water rights in
Utah Lake. Management presented expert testimony at the hearing to prove that
the Burgin geothermal system and the Utah Lake geothermal system are not
connected and that removal of water from the Burgin Mine would have no effect
upon Utah Lake and the protestors' water rights in the Lake. Nevertheless, in
order to address the concerns of the protestors, the Company's application
established certain mitigation procedures that would be in place if the
application is approved, whereby the Company would monitor geothermal springs in
and around Utah Lake and replace water that may diminish spring flows when
pumping started at the Burgin Mine. The Company also agreed as part of its
application that it would purchase water rights to a specified quantity of water
and agree not to remove the water from Utah Lake. Management is currently
negotiating with the objectors and cannot predict when and how the Utah State
Engineer will decide the application or whether the Company will reach an
agreement with the objectors. If the Company is not

                                        8

CHIEF CONSOLIDATED MINING COMPANYAND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

successful in obtaining the required permits, the realizability of the Company's
investment in the Burgin Mine land and mining claims of approximately $1,432,635
may be impaired. Capitalized costs classified as buildings, machinery and
equipment of $195,783 related to the Burgin Mine, including costs in preparation
of dewatering the Burgin Mine, may also be impaired. However, no impairment loss
was recognized relating to the Burgin Mine as of March 31, 2002.

ENVIRONMENTAL MATTERS

Prior to 1993, the Company leased certain of its mining properties to other
companies for operation, exploration and development. Under the terms of the
leases, these other companies were obligated to comply with all federal, state
and local environmental laws and regulations affecting the mining industry.
Management is not aware of any current environmental contamination and clean-up
costs related to its mining properties for which the Company may be considered
liable, except as discussed below.

Tintic has assumed a reclamation obligation from the previous operator of the
Burgin Mine. In accordance with SFAS No. 143, "Accounting for Asset Retirement
Obligations," management has recorded an estimated liability of $410,400 for the
existing liability on the Burgin property. Management believes that this
liability will only become due when all mining efforts have been abandoned on
the Burgin property.

The Company also holds a small mining permit and reclamation obligation in
connection with its Chief Gold properties. The Company has recorded an estimated
liability of $57,900 in connection with this obligation. Management believes
that this liability will only become due when all mining efforts have been
abandoned on the Chief Gold properties.

During 2001, the U.S. Environmental Protection Agency ("EPA") proposed to place
what the agency has titled the "Eureka Mills Site" (the "Site") on the National
Priorities List, as authorized under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended ("CERCLA"). The Company has
been cooperating in the EPA's investigation and cleanup of the Site. According
to the EPA, samples indicate that the soil in the Town of Eureka, Utah is
contaminated with lead and, to a lessor extent, arsenic. The Site consists of
approximately 150 acres in the town of Eureka, Utah.

In addition to the emergency removal work, the EPA is in the process of
considering what response action, if any, will need to be taken with respect to
other properties in and around Eureka through the remedial action program
authorized under CERCLA. While no final decisions have been made with respect to
properties falling outside of the scope of the emergency removal program, it is
possible that the EPA will determine that remedial action will be necessary with
respect to other properties owned by the Company in and around Eureka. Such
properties include a number of former mining areas that contain mine wastes
which, according to available data, indicate relatively high levels of metals,
including lead and arsenic. Moreover, the nature, scope and amount of the
Company's potential liability, if any, relating to non Chief-owned properties in
and around Eureka, cannot be quantified at this time.

The Company is presently in the process of negotiating with the EPA an
arrangement whereby the Company would permit the EPA to use the Company's
property to acquire clean fill material, to provide a permanent repository for
contaminated soils excavated during the EPA's activities, as well as provide
fresh water to the EPA, all as consideration for settling the Company's
potential liability to the EPA. An interim arrangement has been reached whereby
the EPA has begun to use the Company's backfill soils, water, and repository in
connection with its current emergency removal work. No final agreement has been
reached and, based on currently available information, management anticipates
that settlement negotiations have little chance of being completed, at the
earliest, until mid-2002. Management does not know whether permitting the EPA
the use of the repository, soil, and water will be recognized as sufficient
consideration to settle all of the Company's liability, or whether additional
consideration will be required.

Based on the foregoing, the nature, scope, and amount of the Company's potential
liability to the EPA relating to the Site cannot be determined at this time.
However, as part of the interim arrangement, the Company has agreed to perform
certain work on the Site. The Company estimates that this work will cost
approximately $156,000, of which approximately $81,000 had been incurred prioto
March 31, 2002. The remaining $75,000, which is expected to be incurred during
2002 and 2003, has been recorded in accrued liabilities in the accompanying
condensed consolidated balance sheet.


                                        9

CHIEF CONSOLIDATED MINING COMPANYAND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 6.  Redeemable and Convertible Common Stock

The 3,500,000 shares of redeemable convertible common stock carry a dividend
rate of 8 percent, which dividends are payable in non-redeemable convertible
common stock of the Company (based on the number of issued redeemable
convertible common shares).  The dividend shares are to be issued on an annual
basis. The Company has accrued an 8 percent dividend, or 70,000 shares, of non-
redeemable convertible common stock for the three months ended March 31, 2002.

The discount on the  3,500,000 redeemable convertible common shares  is being
amortized on a straight-line basis utilizing the difference between the carrying
value at the date of issuance and the redemption price of $7,000,000 that was
due December 1, 2003. The straight-line basis is assumed to reasonably
approximate the effective interest method.  The Company amortized $243,468 of
the discount for the three months ended March 31, 2002.  The redeemable
convertible common stock is convertible into common stock on a 1-for-1 basis.

Dimeling, Schreiber & Park ("DS&P"), acting as the general partner of Dimeling,
Schreiber & Park Reorganization Fund II, LP, is the sole stockholder of the
Company's redeemable convertible common stock.  On May 1, 2002, DS&P
relinquished its right to require the Company to redeem all or part of its
redeemable convertible common stock.  After the redemption requirement was
relinquished, the shares were  reclassified into stockholders' equity as
convertible common stock; however, they continue to accumulate dividends of 8
percent per annum.   The Company has presented a pro forma balance sheet as of
March 31, 2002, showing the reclassification of the redeemable convertible
common stock into stockholders' equity as if its redemption requirement had been
relinquished on March 31, 2002.

The non-redeemable convertible common stock resulted from payment of dividends
on the redeemable convertible common stock and is convertible into common stock
on a 1-for-1 basis.  The convertible common stock will begin to accrue an 8
percent stock dividend after December 31, 2002, or the closing of a second
tranche of 5,000,000 convertible common shares to be issued for $10,000,000.
The terms of the convertible common stock require that the Company shall not
declare dividends on the common stock as long as the convertible common stock is
outstanding.  DS&P shall have a preemptive right to purchase new issuances of
securities by the Company before any other investors, not to include securities
issued for public offering, merger, and other specific situations.

Note 7.  Equity Transactions

In January of 2002, the Company issued 50,000 shares of common stock for cash
proceeds of $100,000, or $2.00 per share.  In February 2002, the Company issued
25,000 shares of common stock valued at $50,000, or $2.00 per share, in return
for a valuation study performed by an outside consulting group for the potential
development of the Company's real estate for residential and commercial use.

                                        10

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

         PLAN OF OPERATION.

The following discussion is intended to assist in understanding the financial
condition and results of operations of Chief. You should read the following
discussion along with our financial statements and related notes included in
this Form 10-QSB/A. The following discussion contains forward-looking statements
that are subject to risks, uncertainties and assumptions. Our actual results,
performance and achievements may differ materially from those expressed in, or
implied by, these forward looking statements.

         FORWARD-LOOKING STATEMENTS.

When used in this Form 10-QSB/A and in future filings by us with the Securities
and Exchange Commission, in our press releases or other public or shareholder
communications, and in oral statements made with the approval of an authorized
executive officer, the words "believes," "intends," "expects," "may," "will,"
"should," "plan," "projected," "contemplates," "anticipates," or similar
statements are intended to identify forward-looking statements. Our ability to
predict results or the actual effect of future plans or strategies is uncertain.
Factors which could have a material adverse effect on our operations include,
but are not limited to, environmental matters, general economic conditions,
legislative/regulatory changes, and changes in accounting principles and
interpretations. These risks and uncertainties should be considered in
evaluating forward-looking statements and you should not place undue reliance on
these forward-looking statements, which apply only as of the date of this Form
10-QSB/A. We undertake no obligation to release publicly the result of any
revisions to these forward-looking statements that may be made to reflect events
or circumstances after the date of this Form 10-QSB/A or to reflect the
occurrence of unanticipated events.

         RECENT DEVELOPMENTS.

Chief has recently suspended its mining operations at the Trixie Mine and Tintic
Utah's mill due to safety concerns in the mine because of unstable mining
conditions in the stope. We may not be able to continue any mining operations in
that area of the Trixie Mine unless we can make significant safety improvements
in the mine which will be expensive to implement. We are not currently planning
on implementing any such safety improvements; however, all of the main Trixie
Mine workings remain in good order for any future exploration.

We plan to use our assets in the two following separate and distinct areas: real
estate development and mining. Our immediate priority will be in the real estate
area. First, we will seek to raise substantial funds through the borrowing upon
a portion of our land holdings and/or the sale of a portion of our surface real
estate holdings in order to provide working capital. The mining aspect of our
activities will concentrate on seeking one or more joint venture partners or
similar arrangements to support new mine development and/or exploration of our
existing properties. To the extent we enter into such an arrangement, we would
contribute mining properties and/or the Burgin concentrating mill to any joint
venture arrangement in return for a percentage interest in the venture, with our
partner(s) to provide the main portion of cash funding requirements.

We have an immediate cash need and we are in the process of seeking additional
funding in the form of borrowing secured by a portion of our land holdings or
the sale of a portion of our surface real

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estate holdings. As mentioned above, the proceeds from any funding or sales of
excess mining equipment we may receive would be used in connection with costs
involved with the initial sale of surface real estate and also reducing our
outstanding obligations to vendors and other parties. No assurance can be given
that we will be able to raise the necessary funds, or if the funds are raised,
that we will be able to sell a portion of the surface real estate as currently
planned on acceptable terms.

We have been in discussions with some creditors to restructure our accounts
payable and have also been in discussions with potential investors to raise
capital. We cannot assure, however, that such new financing will be available on
acceptable terms, or that we will be able to restructure our accounts payable.
In the event that we are unable to obtain such additional financing or
restructure our financial obligations, there would be a material adverse effect
on our financial condition, to the extent that a restructuring, sale or
liquidation could be required in whole or in part.

Our financial statements have been prepared assuming that we will continue as a
going concern. We have suffered net losses of $856,567 and $1,244,771 and our
operating activities used $595,044 and $1,035,060 of cash during the three
months ended March 31, 2002 and the three months ended March 31, 2001,
respectively. Additionally, as of March 31, 2002, we have a working capital
deficit of $1,229,855 and an accumulated deficit of $29,946,172. These matters
raise substantial doubt about our ability to continue as a going concern.

As of March 31, 2002, Chief has $2,586,511 of land and mining claims and
properties and $3,109,423 in related machinery and equipment, representing
approximately 84 percent of total assets. The realization of our investment in
land and mining claims and mining related buildings and equipment is dependent
upon various factors, including: (i) our success in exploration efforts to
discover additional mineral resources and in proving the technical feasibility
and commercial viability of the identified mineral resources, (ii) our ability
to obtain necessary funding to continue exploration of the mining properties and
to finance operations while Chief pursues real estate development alternatives
for portions of our land, (iii) our success in finding a joint venture partner
to provide capital funding for continued exploration of our mining properties,
(iv) our ability to profitably lease the Tintic Mill or our mining claims to
outside entities, and (v) our success in selling or developing certain of our
land holdings to fund continued mining and exploration activities.

         RESULTS OF OPERATIONS.

During the year ended December 31, 2001, we began processing ore in the Tintic
Mill. On March 28, 2002, we encountered unstable mining conditions and suspended
mining and processing operations. As a result of the suspended mining and
processing operations, we are not generating ongoing revenues and do not have
sufficient funding to make the significant safety improvements required in the
Trixie Mine or to continue exploration and development efforts related to the
Burgin Mine. Management and the board of directors are currently pursuing
efforts to obtain additional sources of financing to allow us to proceed with
our operations; however, there is no assurance that we will be successful in
obtaining the necessary funding.

We had mining revenues of $1,178,974 during the three months ended March 31,
2002 and no mining revenues for the three months ended March 31, 2001. Our
consolidated revenues of $1,191,473 during the three months ended March 31, 2002
consisted of $1,178,974 from mining operations, $5,606 from real estate sales
and miscellaneous sources and $6,893 of interest. Our consolidated revenues of
$6,134 during the three months ended March 31, 2001 consisted of $584 from land
sales and miscellaneous sources and $5,550 of interest. Our consolidated net
loss during three months ended March 31, 2002 was $856,567 as compared to a
consolidated net loss of $1,244,771 for the three months ended March 31, 2001.
The decrease in net loss of $388,204 resulted primarily from revenues generated
from mining operations.

General and administrative expenses for the three months ended March 31, 2002
compared to the three months ended March 31, 2001 decreased in the amount of
$135,505. This decrease resulted primarily from a shift in resources to mining
operations.

Mining and exploration costs for the three months ended March 31, 2002 compared
to the three months ended March 31, 2001 increased in the amount of $931,977.
The increased costs relate primarily to operating the mine and mill during the
first quarter 2002.

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The Tintic mill began operating in January 2002 and was suspended in March 2002
when safety issues arose in the Trixie Mine.

During the three months ended March 31, 2002, our operating activities used
$595,044 of cash as compared to $1,035,060 of cash being used in operating
activities during the three months ended March 31, 2001.

                                     PART II
                                OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

On April 22, 2002, Leonard Weitz, a former director, filed a lawsuit with the
Supreme Court of the State of New York, County of New York, against Robert E.
Poll and Thomas Bruderman, former directors of Chief, alleging slander in
connection with a board of directors meeting at Chief. Mr. Weitz is seeking an
amount in damages to be determined at trial. Mr. Poll and Mr. Bruderman resigned
from Chief on May 13, 2002.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS.

On April 9, 2002, we issued 25,000 shares of common stock to New Harbor
Financial in exchange for real estate related services. These shares were issued
in reliance upon an exemption from registration available under Section 4(2) of
the Securities Act of 1933.

On February 9, 2002, we issued a $300,000 8% note, due February 9, 2003 to
Robert R. Hermann. In connection with the issuance of this note, we issued to
Mr. Hermann 15,000 in options at an option price of $2.75 per share. These
shares were issued in reliance upon an exemption from registration available
under Section 4(2) of the Securities Act of 1933.

On May 1, 2002, our largest stockholder, Dimeling, Schreiber & Park
Reorganization Fund II, LP agreed to cancel its right to require us to purchase
all or part of the convertible common stock acquired by the Fund in 1999.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)  Exhibits

EXHIBIT NO.          DESCRIPTION
-----------          -----------
    3.1              Articles of Incorporation [Incorporated by reference to
                     Exhibit A to Chief's Schedule 14A Proxy Statement filed on
                     December 17, 1999 (SEC File No. 001-01761)].

    3.2              The By-laws [Incorporated by reference to Exhibit 3.2,
                     marked as Exhibit A, to Chief's Form 10-KSB filed on
                     April 16, 2002 (SEC file No. 001-01761)].

    3.3              Amendment to the By-laws dated March 16, 2001 [Incorporated
                     by reference to Exhibit 2, marked as Exhibit A, to Chief's
                     Form 10-KSB filed on April 4, 2001(SEC File No.
                     001-01761)].

   10.1              The Operating Agreement of Tintic Utah LLC dated as of July
                     17, 1996 by and among Chief, Akiko Resources (Utah) Inc.
                     and KZ Utah, Inc, a copy of which was filed with the
                     Securities and Exchange Commission by registrant as part of
                     its 1996 Form 10-KSB report.

   10.2              The First Amendment to Operating Agreement dated as of
                     March 11, 1997 by and among Chief, Akiko Resources (Utah)
                     Inc. and KZ Utah, Inc, a copy of which was filed with the
                     Securities and Exchange Commission by registrant as part of
                     its 1997 Form 10-KSB report.


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   10.3              Second Amendment to Operating Agreement dated as of
                     November 10, 1997 by and between Chief and KZ Utah, Inc
                     [Incorporated by reference to Exhibit 10D, filed as Exhibit
                     A, to Chief's Form 10-K report filed on March 30, 1998 (SEC
                     File No. 001-01761)].

   10.4              Third Amendment to Operating Agreement dated as of October
                     1, 1998 by and between Chief and KZ Utah, Inc [Incorporated
                     by reference to Exhibit 10D, filed as Exhibit A, to Chief's
                     From 10-KSB report filed on April 15, 1999 (SEC File No.
                     001-01761)].

   10.5              Fourth Amendment to Operating Agreement dated as of
                     September 9, 1999 by and between Chief and KZ Utah, Inc
                     [Incorporated by reference to Exhibit 10E, filed as Exhibit
                     A, to Chief's Form 10-KSB report filed on March 30, 2000
                     (SEC File No. 001-01761)].

   10.6              Fifth Amendment to the Operating Agreement dated as of
                     January 1, 2001, is filed with this report and marked as
                     "Exhibit B."

   10.7              The Articles of Organization of Tintic Utah LLC
                     [Incorporated by reference to Exhibit D to Chief's Form
                     10-KSB report filed April 16, 2002 (SEC File No.
                     001-017610].

   10.7              Stock Purchase Agreement dated as of November 19, 1999
                     between Chief and Dimeling, Schreiber & Park [Incorporated
                     by reference to Chief's Form 8-K report filed on November
                     30, 1999 (SEC File No. 001-01761)].

   10.8              Registration Rights Agreement dated as of November 19, 1999
                     between Chief and Dimeling, Schreiber & Park [Incorporated
                     by reference to Chief's Form 8-K report filed on November
                     30, 1999 (SEC File No. 001-01761)].

   10.9              Form of Warrant issued to Dimeling, Schreiber & Park by
                     Chief dated as of November 19, 1999 [Incorporated by
                     reference to Chief's Form 8-K report filed on November 30,
                     1999 (SEC File No. 001-01761)].

         (b)  Reports on Form 8-K

                     None.

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                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                              CHIEF CONSOLIDATED MINING COMPANY
                              (Registrant)


Date: July 2, 2002


                              By: /s/ John Henderson,
                              --------------------------------------------------
                              John Henderson, Secretary and Treasurer, Principal
                              Financial Officer and Principal Accounting Officer


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