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 March 31, 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 Id. Number)
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  April  24,  2002,  4,938,115  shares of the  registrant's common stock  were
outstanding.














<page>
                                TABLE OF CONTENTS



                                     PART I

                                                                          PAGE


ITEM  1     Balance  Sheets  as  of  March  31,  2002
            and  December  31,  2001                                        3

            Statements  of  Operations  For  the  Three  Month
            Periods  Ended  March  31,  2002  and  2001                     4

            Statements of Cash Flows For the Three Month Periods
            Ended  March  31,  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                               8

Signatures                                                                  9
























<page>
PART  I.

ITEM  1:  FINANCIAL  STATEMENTS



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



                                                  MARCH  31,     DECEMBER  31,
                                                    2002            2001
                                                  (UNAUDITED)
                                               --------------  --------------

ASSETS

CURRENT  ASSETS:
  Cash                                         $      60,965   $      67,137
  Accrued  interest  receivable                          240             165
                                               --------------  --------------

Total  current  assets                         $      61,205   $      67,302
                                               ==============  ==============


LIABILITIES  AND  STOCKHOLDERS'EQUITY

CURRENT  LIABILITIES:
Accounts Payable                               $       2,262   $         -
                                               --------------  --------------

Total  current  liabilities                           2,262              -
                                               --------------  --------------


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)          (5,000)
  Accumulated  deficit                             (579,428)        (571,069)
                                               --------------  --------------

Total  stockholders'  equity                         58,943           67,302
                                               --------------  --------------

Total Liabilities and stockholders' equity     $      61,205   $      67,302
                                               ==============  ==============










See the accompanying notes.
<page>
MISSOURI RIVER AND GOLD GEM CORPORATION   STATEMENT OF OPERATIONS FOR THE THREE
(UNAUDITED)                               MONTH PERIODS ENDED MARCH 31, 2002
                                          AND 2001



                                                 MARCH  31,       MARCH  31,
                                                    2002            2001
                                               --------------  --------------

OPERATING  EXPENSES:
  General and administrative expenses          $       8,660   $         559
                                               --------------  --------------

            Total  Operating  Expenses                 8,660             559
                                               --------------  --------------


OTHER  (INCOME)  EXPENSES:
     Interest  income                                   (301)            (12)
     Interest  expense                                   -               130
                                               --------------  --------------

Total Other (Income) Expenses                           (301)            118
                                               --------------  --------------


NET  LOSS                                      $       8,359   $         677
                                               ==============  ==============

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


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
























See the accompanying notes.
<page>
MISSOURI RIVER AND GOLD GEM CORPORATION     STATEMENTS OF CASH FLOWS FOR THE
(UNAUDITED)                                 THREE MONTH PERIODS ENDED
                                            MARCH  31,  2002  AND  2001



                                                 MARCH  31,       MARCH  31,
                                                    2002            2001
                                               --------------  --------------

CASH  FLOWS  FROM  OPERATING  ACTIVITIES:
  Net  Loss                                    $      (8,359)  $        (677)
  Change  in:
    Increase in accrued interest receivable              (75)            -
    Increase in accrued interest payable                 -               130
Increase  in  accounts  payable                        2,262             -
                                               --------------  --------------
Net cash flows used by operating activities           (6,172)           (547)
                                               --------------  --------------

NET  DECREASE  IN  CASH                               (6,172)           (547)

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


CASH  AT  END  OF  PERIOD                      $      60,965   $       4,638
                                               ==============  ==============

































See the accompanying notes.
<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 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 generally
accepted accounting principles has been condensed or omitted, Missouri River and
Gold  Gem  Corporation  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 filing of 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.







              [The balance of this page left intentionally blank.]




















<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 March 31, 2002 compared to the three month
period  ended  March  31,  2001

For  the three months ended March 31, 2002, the Company had a net loss of $8,359
compared  to  a  net  loss  of  $677  during the comparable period of 2001.  The
increase  in  the  first quarter loss in 2002 as compared to the net loss during
the  same  quarter  in   2001  is  primarily   due  to  increased   general  and
administrative  expenses  associated  with  the audit of the Company's financial
statements and the preparation and filing of Form 10-KSB with the Securities and
Exchange  Commission.

FINANCIAL  CONDITION  AND  LIQUIDITY

During  the  three month period ended March 31, 2002, the Company used $6,172 of
cash  in operating activities, compared to $547 used for operating activities in
the  first quarter of 2001.  The Company has no recurring revenue from operating
activities  and  has  no  plans  to  sell  additional  shares  of  common stock.































<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

     NONE

ITEM  6     EXHIBITS  AND  REPORTS  ON  FORM  8-K

     NONE


































<page>


                                   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/  Marty  A.  Powell                             4/29/02
---------------------------                         -----------
Martyn  A.  Powell                                      Date
President, Director and Principal Financial Officer