UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC  20549


                                  FORM 10-QSB

(Mark one)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
     EXCHANGE ACT OF 1934

                    For the quarterly period ended June 30, 2002

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
     EXCHANGE ACT OF 1934

                  For the transition period from ______ to ______


                       Commission file number 000-33109

                    MISSOURI RIVER AND GOLD GEM CORPORATION
      (Exact name of small business issuer as specified in its charter)

         MONTANA                                     81-0444479
(State or other jurisdiction of               (IRS Employer Identification No.)
incorporation or organization)


                    2024 105TH PL. S.E., EVERETT, WA 99208
                   (Address of principal executive offices)

      Registrant's Telephone Number, Including Area Code: (425) 337-7778

           COMMON STOCK                 THE OTC-BULLETIN BOARD
                Title of each class   Name and exchange on which registered

Indicate  by  check  mark  whether  the  registrant  (1)  has filed all reports
required to be filed by Section 13 or 15(D) of the Securities  Exchange  Act of
1934  during  the  preceding  12  months  (or  for  such  shorter period as the
registrant  was  required to file such reports), and (2) has  been  subject  to
filing requirements for the past 90 days.

Yes [X]  No [  ]

     At July 22, 2002, 4,938,115 shares of the registrant's common stock were
     outstanding.














<page>


                               TABLE OF CONTENTS



                                    PART I

                                                                     PAGE

ITEM 1.  Financial Statements

   Balance Sheets as of June 30, 2002
       and December 31, 2001                                            3

    Statements of Operations For the Three and Six Month
       Periods Ended June 30, 2002 and 2001                             4

    Statements of Cash Flows For the Six Month Periods
       Ended June 30, 2002 and 2001                                     5

    Notes to Financial Statements                                       6

ITEM 2.  Management's Discussion and Analysis of Financial Condition
         And Results of Operations                                      7

                                   PART II

ITEM 1.  Legal Proceedings                                              8

ITEM 2.  Changes in Securities                                          8

ITEM 3.  Defaults Upon Senior Securities                                8

ITEM 4.  Submission of Matters to a Vote of Security Holders            8

ITEM 5.  Other Information                                              8

ITEM 6.  Exhibits and Reports on Form 8-K                               9

    Signatures                                                          9





















<PAGE>

                                    PART I.


ITEM 1.    FINANCIAL STATEMENTS


                                              BALANCE SHEETS AS OF JUNE 30, 2002
MISSOURI RIVER AND GOLD GEM CORPORATION       AND DECEMBER 31, 2001


                                         JUNE 30,      DECEMBER 31,
                                           2002            2001
                                        (UNAUDITED)
                                        -----------     -----------
ASSETS
CURRENT ASSETS:
   Cash                                 $   51,105      $   67,137
   Accrued interest receivable                                 165
                                        -----------     -----------
       Total current assets             $   51,105      $   67,302
                                        ===========     ===========


                      LIABILITES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
   Accounts payable                     $      510      $      -
                                        -----------     -----------

       Total current liabilities               510             -
                                        -----------     -----------

STOCKHOLDERS' EQUITY:
   Common stock; $.001 par value;
     50,000,000 shares authorized;
     4,938,115 shares issued and
     outstanding                             4,938           4,938
   Additional paid-in capital              638,433         638,433
   Note receivable for stock purchase                       (5,000)
   Accumulated deficit                    (592,776)       (571,069)
                                        -----------     -----------

       Total stockholders' equity           50,595          67,302
                                        -----------     -----------

       Total liabilities and
       stockholders' equity             $   51,105      $   67,302
                                        ===========     ===========











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

<PAGE>
MISSOURI RIVER AND GOLD GEM CORPORATION  STATEMENTS OF OPERATIONS FOR THE THREE
                                         AND SIX MONTH PERIODS ENDED JUNE 30,
                                         2002 AND 2001 (UNAUDITED)




                                    JUNE 30, 2002           JUNE 30, 2001
                              ------------------------  ------------------------
                                 THREE      SIX         THREE      SIX
                                 MONTHS     MONTHS      MONTHS     MONTHS
                              -----------  -----------  -----------  -----------

OPERATING EXPENSES:
   General and administrative
     Expenses                 $   13,568   $   22,228   $   14,098   $   14,657
                              -----------  -----------  -----------  -----------

       Total operating expenses   13,568       22,228       14,098       14,657
                              -----------  -----------  -----------  -----------

OTHER (INCOME) EXPENSES:
   Interest income                  (220)        (521)        (244)        (256)
   Interest expense                  -            -             69          199
                              -----------  -----------  -----------  -----------

       Total other (income)
       Expenses                     (220)        (521)        (175)         (57)
                              -----------  -----------  -----------  -----------
NET LOSS                      $   13,348   $   21,707   $   13,923   $   14,600
                              ===========  ===========  ===========  ===========


NET LOSS PER SHARE            $      Nil   $      Nil   $      Nil   $      Nil
                              ===========  ===========  ===========  ===========


WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING - BASIC      4,938,115    4,938,115    2,938,115    3,322,645
                              ===========  ===========  ===========  ===========




















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

<PAGE>
MISSOURI RIVER AND GOLD GEM CORPORATION    STATEMENTS OF CASH FLOWS FOR THE
                                           SIX MONTH PERIODS ENDED JUNE 30,
                                           2002 AND 2001 (UNAUDITED)



                                                        SIX MONTHS ENDED
                                                            JUNE 30,
                                                    -------------------------
                                                        2002          2001
                                                    -----------   -----------

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net loss                                         $  (21,707)   $  (14,600)

   Change in:
     Increase (decrease) in accrued interest
       Receivable                                         (165)           12
     Increase in accounts payable                         (510)          -
                                                    -----------   -----------
       Net cash used by operating activities           (21,032)      (14,612)
                                                    -----------   -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from note receivable - stock purchase        5,000           -
   Payment on advances payable to officer                  -          (3,072)
   Payment on note payable to officer                      -          (5,200)
   Payment of accrued interest payable                     -            (285)
   Issuance of common stock for cash                       -          95,000
                                                    -----------   -----------
     Net cash provided by financing activities           5,000        86,443
                                                    -----------   -----------

NET CHANGE IN CASH                                     (16,032)       71,831

CASH AT BEGINNING OF PERIOD                             67,137         5,185
                                                    -----------   -----------

CASH AT END OF PERIOD                               $   51,105    $   77,016
                                                    ===========   ===========

SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION:
   Cash paid for interest during the period                       $      484
                                                                  ===========
SUPPLEMENTAL SCHEDULE ON
NON-CASH FINANCING ACTIVITIES:
   Issuance of common stock for note receivable                   $    5,000
                                                                  ===========











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

<PAGE>
MISSOURI RIVER AND GOLD GEM CORPORATION
(UNAUDITED)                                  NOTES TO FINANCIAL STATEMENTS

   1.BASIS OF PRESENTATION:

The financial statements  of  Missouri  River  and  Gold  Gem Corporation ("the
Company")  included herein have been prepared without audit,  pursuant  to  the
rules and regulations  of  the  Securities  and  Exchange Commission.  Although
certain  information  normally  included in financial  statements  prepared  in
accordance with accounting principles  generally  accepted in the United States
of  America  has  been  condensed  or omitted, the Company  believes  that  the
disclosures  are adequate to make the  information  presented  not  misleading.
These financial  statements  should  be  read in conjunction with the financial
statements  and  notes thereto for the fiscal  year  ended  December  31,  2001
included in the registrant's Form 10-KSB.

The  financial  statements   included   herein  reflect  all  normal  recurring
adjustments  that,  in the opinion of management,  are  necessary  for  a  fair
presentation.  The results  for  interim periods are not necessarily indicative
of trends or of results to be expected  for  the  full year ending December 31,
2002.


   2.NATURE OF BUSINESS AND PLAN OF OPERATION:

The  objectives  of  the  Company  are  to  seek,  investigate   and,  if  such
investigation warrants, acquire an interest in business opportunities presented
to it by persons or firms who or which desire to seek the perceived  advantages
of  a  publicly registered corporation. The Company has no recurring source  of
revenue  and  has  incurred  operating losses since inception. These conditions
raise substantial doubt about  the  Company's  ability  to  continue as a going
concern as expressed by the Company's independent accountants  in  their report
on  the  Company's  December  31,  2001,  financial  statements.   The  interim
financial statements do not contain any adjustments which might be necessary if
the Company is unable to continue as a going concern.







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<page>
ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS

GENERAL

This report contains both historical and prospective statements concerning  the
Company  and its operations.  Prospective statements (known as "forward-looking
statements")  may  or  may  not  prove true with the passage of time because of
future risks and uncertainties.  The  Company cannot predict what factors might
cause actual results to differ materially  from  those indicated by prospective
statements.

RESULTS OF OPERATIONS

For the three month period ended June 30, 2002 compared to the three month
period ended June 30, 2001

For the three months ended June 30, 2002, the Company had a net loss of $13,348
compared to a net loss of $13,923 for the three months  ended  June  30,  2001.
The  majority  of  the  expenses  for  both  three month periods were primarily
attributable to legal and accounting fees.

For the six month period ended June 30, 2002 compared to the six month period
ended June 30, 2001

For the six month period ended June 30, 2002,  the  Company  had  a net loss of
$21,707  compared  to  a net loss of $14,600 during the six month period  ended
June 30, 2001.  During both  six  month  periods, the net losses were primarily
attributable to legal and accounting fees.

FINANCIAL CONDITION AND LIQUIDITY

During the six month period ended June 30,  2002,  the  Company used $21,032 of
cash  in  operating  activities.   The  Company has no recurring  revenue  from
operating activities and has no immediate  plans  to  sell additional shares of
common stock.  The Company anticipates being able to fund  its  operations  for
the remainder of 2002 through its existing cash resources.










             [The balance of this page left intentionally blank.]














<page>
                                    PART II

ITEM 1.    LEGAL PROCEEDINGS

           NONE

ITEM 2.    CHANGES IN SECURITIES

           NONE

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

           NONE

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

           NONE

ITEM 5.    OTHER INFORMATION

The Company held its 2002 Annual Shareholders Meeting on July 12, 2002.

The  following  matters  were  submitted  to  a vote of the Shareholders at the
meeting:

     1.    To consider and vote upon the change  of the Company's domicile from
           the State of Montana to the State of Nevada.

     1.    To elect two (2) members to the Board of  Directors  to  serve for a
           one  year term or until their respective successors are elected  and
           qualified;

     2.    To approve  the  engagement  of  DeCoria,  Maichel  &  Teague  PS as
           independent  certified  public  accountants  for the Company for the
           fiscal year ending December 31, 2002.

1.  TO CHANGE THE COMPANY'S DOMICILE FROM THE STATE OF MONTANA  TO THE STATE OF
   NEVADA.

The following sets forth the tabulation of shares voting for this matter

                         4,255,723  For
                               750  Against
                              1500  Withheld

1. ELECTION OF DIRECTORS

The  following  persons  were  elected Directors of the Company to hold  office
until the election of Directors at the next Annual General Meeting :

           Martyn A. Powell (votes for: 8,526,646)
           John Powell      (votes for: 8,499,446)










<page>
2. APPOINTMENT OF AUDITORS.

DeCoria, Maichel & Teague PS, were  appointed  as  Auditors  for the Company to
hold  office  until  the close of the next annual meeting of the  Company.  The
following sets for the tabulation of shares voting for this matter.

                     4,250,473  For
                           750  Against
                         5,500  Withheld
                             0  Not Voted
           Total shares voted:  4,256,723

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

           NONE

















                                  SIGNATURES




Pursuant to the requirements  of  Section  13  or  15(b)  of the Securities and
Exchange Act of 1934, the registrant has duly caused this report  to  be signed
on its behalf by the undersigned, thereunto duly authorized.



                    Missouri River and Gold Gem Corporation
                                 (Registrant)


By:  /s/  Martyn A. Powell                               07/22/02
----------------------------------------                 --------
Martyn A. Powell                                           Date
President, Director and Principal Financial Officer