SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C.20549

                                  FORM 10 - KSB
(Mark  One)

(X)   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
      ACT OF  1934
      For  the  fiscal  year  ended  December  31,  2001

      OR
( )   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
      EXCHANGE ACT  OF  1934
       For  the  transition  period  from

Commission  File  Number        000-29786


                        LITTLE SQUAW GOLD MINING COMPANY
             (Exact Name of Registrant as specified in its charter)

           Alaska                                          91-074281
(State or other jurisdiction of                     (I.R.S. Employer Id. No.)
incorporation  or  organization)

           924  W.  22nd  Ave.
           Spokane,  Washington                             99203
(Address  of  principal  Executive  Office)               (Zip  Code)

Registrant's  telephone  number,  including  area  code:          (509) 747-5328

Securities  Registered pursuant to Section 12 (g) of the Act:  COMMON STOCK,
                                                               PAR VALUE $0.10
                                                              (Title of Class)

     Check  whether  the  issuer  (1)  filed all reports required to be filed by
Section 13 or 15(d) of the Securities 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 ninety (90)
days.       Yes    (X)           No    ( )

     Check  if  there  is no disclosure of delinquent filers in response to Item
405  of  Regulation S-B is not contained in this form, and no disclosure will be
contained,  to  the  best  of  registrant's  knowledge,  in  definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or  any  amendment  to  this  Form  10-KSB.  (X)

     State  issuer's  revenues  for  its  most  recent  fiscal  year.        -0-

     State the aggregate market value of the voting and non-voting common equity
held  by  non-affiliates  computed by reference to the price at which the common
equity was sold, or the average bid and asked price of such common equity, as of
a  specified  date within the past 60 days.  Based upon the average bid price at
March 28, 2002 ($.04) the aggregate market value was                   $ 288,560

     State  the  number of shares outstanding of each of the issuer's classes of
common  equity:  as  of  March  29, 2002 8,351,403 shares of Common Stock

                    DOCUMENTS INCORPORATED BY REFERENCE: None

Transitional Small Business Disclosure Format (check one):  Yes  ( )     No(X)
<PAGE>

                                     PART I



ITEM  1.     DESCRIPTION  OF  BUSINESS

General
-------

Little  Squaw  Gold Mining Company  ( the "Company"), is engaged in the business
of  acquiring,  exploring,  and  developing  mineral properties, primarily those
containing  gold  and  associated  base  and  precious  metals.  The Company was
incorporated  under  the  laws  of  the  State  of  Alaska  on May 7, 1959.  The
Company's  executive  offices are located at924 W. 22nd Ave., Spokane, WA 99203.

With  the  exception of historical matters, the matters discussed in this report
are  forward-looking  statements  within  the  meaning of the Private Securities
Litigation  Reform  Act  of  1995 and involve risks and uncertainties that could
cause  actual  results  to  differ  materially  from  projections  or  estimates
contained  herein.  Such forward-looking statements include statements regarding
planned  levels  of  exploration and other expenditures, anticipated mine lives,
timing  of  production  and schedules for development.  Factors that could cause
actual  results  to  differ  materially  include,  among  others,  metals  price
volatility.  Most  of  these factors are beyond the Company's ability to predict
or  control.  The Company disclaims any obligation to update any forward-looking
statement  made  herein.  Readers  are  cautioned  not  to put undue reliance on
forward-looking  statements.  (  See  Investment  Considerations).

The  Registrant  is the owner in fee of 445 acres of patented gold mining claims
consisting  of  22  claims  and  one millsite, and controls another 760 acres of
unpatented  gold  mining  claims  consisting  of  19  State of Alaska unpatented
claims.  The  mining  properties  are located approximately 188 air miles NNW of
Fairbanks,  Alaska,  and  48  miles  NE  of  Coldfoot,  in  the Chandalar Mining
District.  The  center  of  the  district is approximately 70 miles north of the
Arctic  Circle.

History
-------

The  Registrant  was  incorporated  for the purpose of acquiring the gold mining
properties  of  the Chandalar District.  Operations of the Registrant during the
1960's  resulted in the development of a mining camp, a mill, several airstrips,
and  development  of  a  small  amount  of ore reserves in underground workings.

In  1972  and 1976, all of the lode mining claims in the Chandalar District were
acquired  by  the  Registrant  except  for  seven  forty  acre  State  of Alaska
unpatented  claims.  In  1978,  the Registrant acquired all of the placer mining
claims  in  the  Chandalar  District.

In  1987,  the  registrant  determined  that it would be in the best interest of
registrant  to  convert  all Federal unpatented claims held by the registrant to
State  of Alaska unpatented claims. The claims are located on property which was
formerly  all  owned by the Federal Government, however, as of 1991 title to all
of  the  properties  had  been  transferred  to the State of Alaska.  During the
1970's  the  lode  and  placer  properties  were  leased  to various parties for
exploration  and  development.





<page>
Registrant  in  November  of 1989 and May of 1990 entered into a lease with Gold
Dust Mines, Inc. of all placer mining interests of Registrant located on the Big
Creek,  St.  Mary's Creek, Little Squaw Creek, Big Squaw Creek, and Tobin Creek.
The lease provided for annual advance rentals of $7,500 per creek drainage mined
plus  an  8  percent royalty from placer gold production.  During 1998 and 1999,
Gold  Dust's  placer  mining  was  limited to one drainage.  There was no mining
conducted  in 2001. In 1999, 2000 and 2001, however, Gold Dust failed to pay the
$7,500  lease  fee  on  the  creek  drainage it mined, and a portion of the 1999
production  royalties  owed to the Company were also not paid. In February 2000,
the  owners  of Gold Dust (guarantors of Gold Dust's obligations to the Company)
declared  bankruptcy.

During  1988,  a consulting Mining Geologist was hired to conduct a study of the
entire  placer  and  lode  district.  His  comprehensive report was completed in
January 1990, and is available for review by interested Mining companies.  A few
conclusions  from  his  report  are  referred  to in the section "Description of
Property."   The  Registrant  does  not  have  sufficient   funds  to  undertake
development  of the lodes or placer creek drainages, and is actively looking for
a  joint  venturer mining company to assist the Registrant in the development of
the  properties.   The  long  term  potential  for  the  district  lies  in  the
development  of  the  lodes  which will initially require a substantial drilling
exploration  commitment.

During  the  Spring  of  1990,  the  lessee  transported an IHC wash plant, with
numerous  large  pieces  of  placer mining equipment to the site over the winter
haul  road  from  Coldfoot  to  Registrant's  mining  claims.  Gold  Dust  Mines
restricted  its placer mining operations during the 1991 and 1992 seasons to the
Tobin  Creek drainage.  During the last part of the 1993 season, Gold Dust Mines
moved  its  placer  operations to the Big Creek, and St. Mary's Creek drainages.
In  1994,  placer  mining  operations  were concentrated on the St. Mary's Creek
drainage. During 1995, placer mining operations were conducted on the St. Mary's
Creek  and Big Creek Drainages.  During 1996, a lease amendment was entered into
between  Registrant,  lessor,  and Gold Dust Mines, lessee, wherein Little Squaw
Creek,  Big  Squaw  Creek and Tobin Creek drainages were excluded from the lease
and  the  lessor  currently has an operating lease only on the Big Creek and St.
Mary's  Creek  drainages.

During  1996  to  1999, these placer mining operations were conducted on the Big
Creek  drainage.

In the late summer of 1997, a placer mining lease was executed by the Registrant
with Day Creek Mining Company, Inc., an Alaskan corporation.  The lease included
the placer mining claims only for the Tobin Creek drainages, Big Squaw Creek and
Little  Squaw  Creek drainages, but did not include the Big Creek and St. Mary's
Creek  drainages.  The lessee was to have performed minimum exploratory drilling
during  each  year  of  the  lease  and  only  a  minimum amount of drilling was
performed  the  first year with some good results.  Due to lack of finances, the
lessee could not comply with the drilling requirements in 1998 and the lease was
terminated  in  1999 by lessor giving a declaration of forfeiture to the lessees
in  February  of 1999. Lessees have not contested the declaration of forfeiture.

Competition
-----------

There  is  aggressive  competition  within the minerals industry to discover and
acquire  properties  considered  to  have  commercial  potential.   The  Company
competes  for  the  opportunity to participate in promising exploration projects
with  other entities, many of which have greater resources than the Company.  In
addition,  the  Company  competes  with others in efforts to obtain financing to
explore  and  develop  mineral  properties.


<page>
Employees
---------

During  the  year  ending  December  31,  2001,  the  Company  had two part-time
employees (both directors) who provided management services for the Company. The
Company's  employees  are  not  subject  to a union labor contract or collective
bargaining  agreement.

Regulation
----------

The  Company's  activities  in the United States are subject to various federal,
state,  and  local  laws  and  regulations  governing  prospecting, development,
production,  labor  standards,  occupational  health and mine safety, control of
toxic  substances,  and  other  matters  involving  environmental protection and
taxation.  It is possible that future changes in these laws or regulations could
have a significant impact on the Company's business, causing those activities to
be  economically  reevaluated  at  that  time.

Investment  Considerations
--------------------------

The  following  Investment  Considerations,  together with other information set
forth  in this Form 10-KSB, should be carefully considered by current and future
investors  in  the  Company's  securities.

Independent  Certified  Public  Accountants'  Opinion  -  Going  Concern
------------------------------------------------------------------------

The  Company's  financial  statements  for the years ended December 31, 2001 and
2000,  were  audited  by the Company's independent certified public accountants,
whose  report  includes  an  explanatory  paragraph  stating  that the financial
statements  have  been  prepared  assuming  the Company will continue as a going
concern  and  that the Company has suffered recurring net losses and its current
liabilities  exceed  its  curent  assets  that raise substantial doubt about the
Company's  ability  to continue as a going concern (See "Financial Statements").

Risks  of  Passive  Ownership
-----------------------------

At  present,  the Company's principal asset is its interest in mining properties
located in the Chandalar Mining District.  The Company's success is dependent on
the  extent  to  which  reserves  can  be  developed  and mined on the Chandalar
District properties and on the extent to which the Company is able to acquire or
create  other  royalty  or  property  interests.

The  holder of a royalty interest typically has no executive authority regarding
development  or  operation of a mineral property.  Therefore, unless the Company
is  able  to secure and enforce certain extraordinary rights, it can be expected
that the Company will not be in control of basic decisions regarding development
and  operation  of  the  properties  in  which the Company may have an interest.

Thus,  the  Company's  strategy  of having others operate properties in which it
retains  a  royalty or other passive interest puts the Company generally at risk
to  the  decisions  of  others  regarding all basic operating matters, including
permitting,  feasibility  analysis,  mine  design and operation, and processing,
plant and equipment matters, among others.  While the Company attempts to obtain
contractual  rights  that will permit the Company to protect its position, there
can  be  no  assurance
that  such  rights  will  be  sufficient  or  that the Company's efforts will be
successful  in  achieving  timely  or  favorable  results.

<page>
Risks  Inherent  in  the  Mining  Industry
------------------------------------------

Mineral exploration and development is highly speculative and capital intensive.
Most  exploration  efforts are not successful, in that they do not result in the
discovery  of  mineralization of sufficient quantity or quality to be profitably
mined.  The  operations of the Company are also indirectly subject to all of the
hazards  and  risks   normally  incident  to  developing  and  operating  mining
properties.  These  risks  include  insufficient  ore  reserves, fluctuations in
production  costs  that  may  make  mining  of  reserves uneconomic; significant
environmental  and  other  regulatory  restrictions;  labor disputes; geological
problems;  failure  of  pit walls or dams; force majeure events; and the risk of
injury  to  persons,  property  or  the  environment.

Uncertainty  of  Reserves  and  Mineralization  Estimates
---------------------------------------------------------

There  are  numerous  uncertainties  inherent  in estimating proven and probably
reserves  and  mineralization,  including many factors beyond the control of the
Company.  The  estimation of reserves and mineralization is a subjective process
and the accuracy of any such estimates is a function of the quality of available
data  and of engineering and geological interpretation and judgment.  Results of
drilling,  metallurgical testing and production and the evaluation of mine plans
subsequent  to  the date of any estimate may justify revision of such estimates.
No  assurances  can be given that the volume and grade of reserves recovered and
rates of production will not be less than anticipated.  Assumptions about prices
are  subject  to greater uncertainty and metals prices have fluctuated widely in
the  past.  Declines  in  the  market  price of base or precious metals also may
render  reserves  or  mineralization  containing  relatively lower grades of ore
uneconomic to exploit.  Changes in operating and capital costs and other factors
including, but not limited to, short-term operating factors such as the need for
sequential  development of ore bodies and the processing of new or different ore
grades,  may  materially  and  adversely  affect  reserves.

Fluctuations  in  the  Market  Price  of  Minerals
--------------------------------------------------

The  profitability  of mining operations is directly related to the market price
of the metals being mined.  The market price of base and precious metals such as
gold,  silver  and  copper  fluctuate widely and is affected by numerous factors
beyond  the  control  of any mining company.  These factors include expectations
with  respect  to  the  rate  of inflation, the exchange rates of the dollar and
other  currencies,  interest  rates,  global  or regional political, economic or
banking  crises,  and  a number of other factors.  If the market price of  gold,
silver  or  copper  should drop dramatically, the value of the Company's royalty
interest  and  exploration  properties  could  also  drop  dramatically, and the
Company  might  not  be  able  to  recover  its investment in those interests or
properties.  The  selection  of  a  property for exploration or development, the
determination  to  construct  a  mine  and  place  it  into  production, and the
dedication  of  funds necessary to achieve such purposes are decisions that must
be  made long before the first revenues from production will be received.  Price
fluctuations  between  the time that such decisions are made and the commence of
production  can  drastically  affect  the  economics  of  a  mine.









<page>
Environmental  Risks
--------------------

Mining  is  subject to potential risks and liabilities associated with pollution
of  the  environment and the disposal of waste products occurring as a result of
mineral  exploration  and  production.   Insurance  against  environmental  risk
(including potential liability for pollution or other hazards as a result of the
disposal  of  waste  products  occurring from exploration and production) is not
generally  available  to  the  Company  (or  to  other companies in the minerals
industry) at a reasonable price.  To the extent that the Company becomes subject
to  environmental  liabilities,  the  satisfaction of any such liabilities would
reduce  funds  otherwise  available  to  the  Company  and could have a material
adverse  effect  on  the  Company.  Laws  and regulations intended to ensure the
protection  of  the  environment  are  constantly  changing,  and  are generally
becoming  more  restrictive.

Title  to  Properties
---------------------

The validity of unpatented mining claims, which constitute a significant portion
of the Company's property holdings in the United States, is often uncertain, and
such validity is always subject to contest.  Unpatented mining claims are unique
property  interests  and  are generally considered subject to greater title risk
than  patented  mining  claims, or real property interests that are owned in fee
simple.  Although the Company has attempted to acquire satisfactory title to its
undeveloped  properties,  the  Company  does not generally obtain title opinions
until  financing  is  sought to develop a property, with the attendant risk that
title  to  some properties, particularly title to undeveloped properties, may be
defective.

ITEM  2.     DESCRIPTION  OF  PROPERTIES

The  principal  assets  of the Registrant are mining properties in the Chandalar
Gold  Mining  District  in  northern  Alaska.  The Registrant's holdings include
mining  claims,  both patented and unpatented, held for lode mining, and claims,
both  patented  and  unpatented, held for placer mining.  The lode mining claims
(and  associated  millsite  claims) include 21 patented lode mining claims.  The
Registrant  holds  fee  title  to  the  patented  claims,  and  in addition, the
Registrant has the below described unpatented lode and placer mining claims.  At
one  time, Registrant held a number of federal unpatented claims, however all of
these  claims  have been subsequently staked as state unpatented claims, and the
federal unpatented claims have been abandoned.  The unpatented mining claims and
millsite  claims  are  subject to the paramount title of the State of Alaska and
all  patented  and unpatented claims are subject to a reserved two percent gross
royalty  in  Registrant's  predecessor  in  title.  The  Chandalar  Gold  Mining
District  is  within  an  area  which  was  owned  by the federal government and
selected  by  the  State of Alaska for transfer to the State of Alaska under the
Alaska  Lands  Law.

The  Registrant  currently  owns  in  fee 21 twenty-acre patented lode claims, 1
twenty-acre  patented  placer  claim,  and  l  five-acre patented mill site.  In
addition  Registrant  holds  19  forty-acre  unpatented state claims. During the
fourth  quarter  of  2000, Registrant abandoned 35 unpatented state claims which
the  president  deemed  to  be  non-essential  to  the overall operations in the
district,  and  which  did  not  justify the expense of holding. The lode mining
claims  were  located  to  control  the  known  gold  bearing  zones, in an area
approximately  three  miles  by  seven  miles,  except for seven State of Alaska
unpatented  mining  claims, which have never been owned by Registrant, and which
are  owned  by  Registrant's  predecessor  in  title.



<page>
The  placer  mining  claims  of  the  Registrant  cover the four major drainages
radiating  from  the  area  in  which  the  lode mining claims are situated, and
include  all  areas  that  were  the  subject  of  placer  mining  operations by
predecessors  of  the  Registrant,  as  well  as  substantial  portions of these
drainages  that  have  never  been  mined.

Although  the  District has long been noted in published literature as being the
source  of  high-grade  ore zones, the cost of fully evaluating the Registrant's
holdings  by  doing  the necessary exploration and development work to establish
the extent of mineralization has, to date, not been accomplished.  The principal
evaluation  work  done by the Registrant, or under its direction has been on the
Mikado  mine, the Little Squaw mine, and on the Eneveloe Bonanza mine by lessees
in 1982 and 1983.  Each of the groups of claims have been partially developed by
1,000  to  2,000  feet  of  underground  workings.  Within  the district smaller
amounts  of  mostly  surface  work  has established the existence of six similar
zones  without  accomplishing  enough  development  work to block out sufficient
reserves  necessary  for  vein  type  mining  in  the  district.

ITEM  3.     LEGAL  PROCEEDINGS

None

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

There  were  no  matters  submitted  to  a  vote  of the security holders of the
Registrant  during  the  forth  quarter  of  the  Registrant's  fiscal  year.

                                     PART II
                                     -------

ITEM  5.     MARKET  FOR  COMMON  EQUITY  AND  RELATED  STOCKHOLDER  MATTERS

The  Common Stock of the Company is traded in the over the counter market on the
NASD Bulletin Board under the symbol "LITS".  The following table shows the high
and low closing sales prices for the Common Stock for each quarter since January
1,2000.  The  quotations  reflect  inter-dealer  prices, without retail mark-up,
mark-down  or  commission  and  may  not  represent  actual  transactions.

Fiscal  Year                         High  Closing          Low  Closing

First  2000                              .05                    .05
Second  2000                             .08                    .08
Third  2000                              .08                    .08
Fourth  2000                             .08                    .04

First  2001                              .04                    .02
Second  2001                             .07                    .02
Third  2001                              .05                    .01
Fourth  2001                             .02                    .02

First  2002                              .04                    .02
March  28,  2002                         .04                    .04

Holders.
--------

As of December 31, 2001 there were 3,671 shareholders of record of the Company's
Common  Stock.




<page>
Dividends.
----------

The  Company has never paid any dividends and does not anticipate the payment of
dividends  in  the  foreseeable  future.

Recent  Sales  of  Unregistered  Securities.
--------------------------------------------

The  Registrant  has sold no equity securities during the period covered by this
report  that  were  not  registered  under  the  Securities  Act.

ITEM  6     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OR  PLAN  OF  OPERATION
            ----------------------------------------------------------------

All  of  the  Registrant's lode properties are still in development stages.  The
management has full control of all of the lode properties, and intends to resume
lode  operations  and  placer  operations on the open placer claims as soon as a
competent  and  adequately  financed  operator  can  be located.  Management has
entered  into  discussions  with prospective companies for lease of the lode and
placer  operations.  The  location  of  the  mining  claims,  together  with the
permafrost  found  throughout  the  district, substantially increases the mining
costs.

Management  is  still  discussing with Gold Dust mines the breaches to the lease
and  a determination will be made in the near future as to what action should be
taken  concerning  that  lease.

The  management  is  actively seeking joint venturer mining companies capable of
developing  the  lode  operations.

There  is  a  small portion of the property next to the millsite, which has been
identified  by  the state of Alaska as requiring cleanup. The estimated cost for
cleanup is $20,000.00-30,000.00, and registrant is waiting until lode operations
resume  to  perform  the  cleanup.

The  Company has current liabilities of approximately $310,000 and does not have
sufficient  current  assets  to meet these liabilities. The Company is unable to
satisfy  its  cash  requirements  for  the  coming  year.  The  Company does not
currently  have  plans  to  raise  additional  capital  to  fund its anticipated
expenses  for  the  coming  year.

ITEM  7.     FINANCIAL  STATEMENTS

Financial Statements of the Company for the fiscal years ended December 31, 2001
and  2000  have been audited by LeMaster & Daniels PLLC and are included as part
of  this  Form  10-KSB:

Accountants'  Report

Balance  Sheets, December  31,  2001  and  2000

Statements  of  Operations
     for  the  years  ended  December  31,  2001,  and  2000

Statements  of  Cash  Flows
     for  the  years  ending  December  31,  2001,  and  2000

Statement  Stockholders'  Equity
    from  inception  (March  26,  1959)  through  December  31,  2001

Notes  to  Financial  Statements
<page>




                           INDEPENDENT  AUDITORS'  REPORT



Stockholders  and  Board  of  Directors
Little  Squaw  Gold  Mining  Company
Spokane,  Washington


We  have  audited  the  accompanying  balance sheets of Little Squaw Gold Mining
Company  (a development stage company) as of December 31, 2001 and 2000, and the
related statements of operations, cash flows, and stockholders' equity (deficit)
for  the  years  then  ended, and for the period from March 26, 1959 (inception)
through December 31, 2001.  These financial statements are the responsibility of
the  Company's management.  Our responsibility is to express an opinion on these
financial  statements  based  on  our  audits.

We conducted our audits in accordance with 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 misstatement.  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 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  Little Squaw Gold Mining
Company  as of December 31, 2001 and 2000, and the results of its operations and
its  cash  flows  for  the  years then ended, and the period from March 26, 1959
(inception)  through December 31, 2001, 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 1 to the
financial  statements,  the  Company  has  suffered recurring net losses and its
current  liabilities  exceed  its current assets.  This raises substantial doubt
about  the Company's ability to continue as a going concern.  Management's plans
in  regard  to  these  matters  are  also  described  in  note 1.  The financial
statements  do not include any adjustments that might result from the outcome of
this  uncertainty.


/s/ LeMaster & Daniels PLLC

     LeMASTER  &  DANIELS  PLLC
     Certified  Public  Accountants



Spokane,  Washington
March  5,  2002
See  accompanying  notes  to  financial  statements.




<page>
LITTLE  SQUAW  GOLD  MINING  COMPANY
(a  development  stage  company)
Balance  Sheets

                                                          December  31,
                                                ------------------------------
                                                      2001           2000
                                                --------------  --------------
ASSETS
CURRENT  ASSETS:
Cash                                            $       4,927   $      15,329
Accounts  receivable                                      421             768
Gold  inventory                                        10,004          10,004
                                                --------------  --------------
Total  current  assets                                 15,352          26,101
                                                --------------  --------------

PLANT,  EQUIPMENT,  AND  MINING  CLAIMS:
Mine  buildings                                        25,911          25,911
Mining  and  other  equipment                         141,692         141,692
                                                --------------  --------------
                                                      167,603         167,603

Less  accumulated  depreciation                       167,603         167,603
                                                --------------  --------------
Mining  claims                                        264,000         264,000
                                                --------------  --------------
                                                      264,000         264,000
                                                --------------  --------------
                                                $     279,352   $     290,101
                                                ==============  ==============

LIABILITIES  AND  STOCKHOLDERS'  EQUITY  (DEFICIT)
CURRENT  LIABILITIES:
Accounts  payable,  related  party              $      20,000     $    20,000
Accrued  payroll                                      251,851         243,250
Accrued  and  withheld  payroll  taxes                 19,048          18,391
Other  accrued  expense                                20,000          20,000
                                                --------------  --------------
Total  current  liabilities                           310,899         301,641
                                                --------------  --------------

CONTINGENCY

STOCKHOLDERS'  EQUITY  (DEFICIT):
Common stock-12,000,000 shares, $.10 par value,
  authorized;  8,468,506  shares  issued              846,850         846,850
Additional  paid-in  capital                          351,237         351,237
Deficit accumulated during the
  development stage                                (1,221,460)     (1,201,453)
                                                --------------  --------------
                                                      (23,373)         (3,366)
Less treasury stock, 117,103 shares, at cost           (8,174)         (8,174)
                                                --------------  --------------
Total  stockholders'  equity  (deficit)               (31,547)        (11,540)
                                                --------------  --------------

                                                $     279,352   $     290,101
                                                ==============  ==============


See accompanying notes to financial statements.
<page>
LITTLE  SQUAW  GOLD  MINING  COMPANY
(a  development  stage  company)
Statements  of  Operations

                                                                 From Inception
                                           December  31,        (Mar. 26, 1959)
                                 ------------------------------  Through
                                       2001           2000       Dec. 31, 2001
                                 --------------  --------------  --------------
REVENUE:

Royalties,  net                  $         -     $         -     $     398,752
Management  fees                           -               -             4,500
Stock  transfer  fees                      -               -            16,586
Interest  income                           -               420          26,357
Loss  on  sale  of assets                  -            (3,086)         (3,086)
Gold  sales  and  sundry                   -               -             7,642
Lease  and  rental                         -               -            99,330
                                 --------------  --------------  --------------
                                           -          (  2,666)        550,081
                                 --------------  --------------  --------------

EXPENSES:

Management fees and salaries             8,600          18,600         867,357
Directors'  fees                           -               -            65,775
Professional  services                   5,963           5,520         273,140
Telephone                                  421             469          25,236
Interest                                   -               -            35,986
Office  and  other  rent                   221           3,246          60,542
Office supplies and expense                345             707         126,620
Taxes, payroll and other                 1,188           1,733          88,077
Travel  and  meetings                      155             125          58,190
Depreciation                               -               -             5,248
Reclamation  and  miscellaneous          3,114           4,462          82,032
Loss  on  partnership  venture             -               -            53,402
Equipment  repairs                         -               -            25,170
Royalties                                  -               -             1,381
Insurance                                  -               -             1,157
Amortization  of organization costs        -               -               483
Contract labor, supplies,
  and freight                              -               -             1,745
                                 --------------  --------------  --------------
                                        20,007          34,862       1,771,541
                                 --------------  --------------  --------------
NET  LOSS                        $     (20,007)  $     (37,528)  $  (1,221,460)
                                 ==============  ==============  ==============
Loss per share of stock
  outstanding                    $         -     $         -
                                 ==============  =============











See accompanying notes to financial statements.
<page>
LITTLE  SQUAW  GOLD  MINING  COMPANY
(a  development  stage  company)
Statements  of  Cash  Flows

                                                                 From Inception
                                           December  31,        (Mar. 26, 1959)
                                 ------------------------------  Through
                                       2001           2000       Dec. 31, 2001
                                 --------------  --------------  --------------
INCREASE  (DECREASE) IN CASH
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                         $     (20,007)  $     (37,528)  $  (1,221,460)
Adjustments to reconcile net
  loss to net cash used in
  operating activities:
  Depreciation and amortization            -               -             5,733
  Stock and options issued for
    salaries  and  fees                    -               -           184,782
(Increase) decrease in current
  assets:
  Accounts  receivable                     347            (370)           (421)
  Gold  inventory                          -            15,867         (10,004)
Increase (decrease) in current
  liabilities:
  Accounts payable, related party          -               (18)         20,000
  Accrued  payroll                       8,601          18,600         251,851
  Accrued and withheld payroll
    taxes                                  657           1,425          19,048
  Other  accrued  expense                  -               -            20,000
                                 --------------  --------------  --------------
Net cash used in operating
  activities                           (10,402)         (2,024)       (730,471)
                                 --------------  --------------  --------------
CASH  FLOWS  FROM  INVESTING  ACTIVITIES:
Receipts attributable to
  unrecovered promotional,
  exploratory, and development
  costs                                    -              -            626,942
Sale  of  equipment                        -              -             60,000
Disposition of certificate of
  deposit                                  -           10,000              -
Additions to plant, equipment,
  and unrecovered promotional,
  exploratory, and development
  costs                                    -              -           (343,368)
                                 --------------  --------------  --------------
Net cash provided by investing
  activities                               -            10,000         343,574
                                 --------------  --------------  --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance  of  common  stock                -               -           400,481
Acquisition of treasury stock              -               -            (8,174)
Organizational  costs                      -               -              (483)
                                 --------------  --------------  --------------
Net cash provided by financing
  activities                             -                  -          391,824
NET INCREASE (DECREASE) IN CASH        (10,402)          7,976           4,927
CASH, BEGINNING OF YEAR/PERIOD          15,329           7,353             -
                                 --------------  --------------  --------------
CASH,  END  OF  YEAR/PERIOD      $       4,927   $      15,329   $       4,927
                                 ==============  ==============  ==============
See accompanying notes to financial statements.
<page>

LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity
From Inception (March 26, 1959) through December 31, 2001

<table>
                                                                                                  Deficit
                    Shares Issued for     Basis of                  Common Stock                  Accumulated
                  ----------------------  Assignment of Amount  --------------------  Additional  During the   Trea-
                        Noncash           for Noncash                                 Paid-in     Development   sury
Year  Transaction Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
----  ----------- ----  ----------------  --------------------  ---------  ---------  ----------  -----------  --------  ---------
<c>   <c>         <c>   <c>               <c>                   
        
        
         
          
       

1959  Issuance of
        shares      X   )                 )                       441,300  $  44,130  $     -     $      -     $   -     $    -
      Net loss                                                        -          -          -           (428)      -       43,702
1960  Issuance of
        shares      X   )                 )                       443,780     43,378        -            -         -          -
      Net loss                                                        -          -          -           (769)      -       86,311
1961  Issuance of
         shares     X   )                 )                       306,620     30,662        -            -         -          -
      Issuance of
         shares     X   )                 )                        25,010      2,501      5,002          -         -          -
      Net loss                                                        -          -          -        (12,642)             111,834
1962  Issuance of
         shares     X   )                 )                       111,239     11,124        -            -         -          -
      Issuance of
         shares     X   )                 )                       248,870     24,887     49,773          -         -          -
      Issuance of
          shares        )Mining leases    )Par value of
                        )                 ) stock issued          600,000     60,000        -            -         -          -
      Net loss                                                        -          -          -         (5,078)             252,540
1963  Issuance of
          shares    X   )                 )                       223,061     22,306        -            -         -          -
      Issuance of
          shares    X   )                 )                        27,000      2,700      5,400          -         -          -
      Sale of option    )                 )                           -          -          110          -         -          -
      Net loss                                                        -          -          -         (5,995)      -      277,061
1964  Net loss                                                        -          -          -         (8,913)      -      268,148
1965  Issuance of
           shares   X   )                 )                        19,167      1,917      3,833          -         -          -
      Issuance of
            shares      )Salaries         )Price per share issued
                        )                 ) for cash during period 19,980      1,998      3,996          -         -          -
      Net loss                                                        -          -          -         (9,239)             270,653


(continued next page)
</table>
See accompanying notes to financial statements.

<page>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 2001

<table>
                                                                                                  Deficit
                    Shares Issued for     Basis of                  Common Stock                  Accumulated
                  ----------------------  Assignment of Amount  --------------------  Additional  During the   Trea-
                        Noncash           for Noncash                                 Paid-in     Development   sury
Year  Transaction Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
----  ----------- ----  ----------------  --------------------  ---------  ---------  ----------  -----------  --------  ---------
<c>   <c>         <c>   <c>               <c>                   
        
        
         
          
       

1966  Issuance of
          shares    X   )                 )                       29,970   $  2,997   $     -     $      -     $   -     $    -

      Issuance of
          shares    X   )                 )                        5,200        520         520          -         -          -

      Net loss                                                       -          -           -         (7,119)      -      267,571
1967  Issuance of
          shares    X   )                 )                        3,700        370         740          -         -          -
      Issuance of
          shares        )Engineering and  )Par value of
                        ) management fees ) stock issued          24,420      2,442         -            -         -          -
      Issuance of
          shares        )Auditing fees    )                        2,030        203         406          -         -          -
      Net loss                                                       -          -           -         (5,577)      -      266,155
1968  Issuance of
          shares    X   )                 )                       64,856      6,486      12,971          -         -          -
      Issuance of
          shares        )Salaries         )Price per share        19,980      1,998       3,996          -         -          -
      Issuance of       )                 ) issued for cash
          shares        )Directors' fees  ) during period         30,000      3,000       6,000          -         -          -
      Net loss                                                       -          -           -         (7,322)      -      293,284
1969  Issuance of
          shares    X                                             12,760      1,276       2,552          -         -          -
      Issuance of
          shares    X                                            338,040     33,804      85,432          -         -          -
      Issuance of
          shares        )Salaries         )Approximate price
                        )                 ) per share             24,000      2,400       4,800          -         -          -
      Issuance of
          shares        )Consideration for)issued for cash
                        ) co-signatures   )during period          50,004      5,000      10,001          -         -          -
      Net income                                                     -          -           -          2,272       -      440,821
(continued next page)
</table>
See accompanying notes to financial statements.


<page>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 2001
<table>
                                                                                                  Deficit
                    Shares Issued for     Basis of                  Common Stock                  Accumulated
                  ----------------------  Assignment of Amount  --------------------  Additional  During the   Trea-
                        Noncash           for Noncash                                 Paid-in     Development   sury
Year  Transaction Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
----  ----------- ----  ----------------  --------------------  ---------  ---------  ----------  -----------  --------  ---------
<c>   <c>         <c>   <c>               <c>                   
        
        
         
          
       

1970  Issuance of
          shares    X   )                 )                        1,000   $    100   $     400   $      -     $   -     $    -
      Issuance of
          shares        )Salaries         )Price per share
                        )                 ) issued for cash in
                        )                 ) prior period           1,500        150         300          -         -          -
      Issuance of
          shares        )Salaries         )Price per share
                        )                 ) issued for cash in
                        )                 ) current period           444         44         178          -         -          -
      Net loss                                                       -          -           -         (8,880)      -      433,113
1971  Issuance of
          shares    X                                             13,000      1,300       1,500          -         -          -
      Issuance of
          shares        )Purchase of      )
                        ) assets of       )
                        ) Chandalar Mining)Par value of stock
                        ) & Milling Co.   ) issued               336,003     33,600         -            -         -          -
      Net loss                                                       -          -           -         (2,270)      -      467,243
1972  Issuance of
          shares        )Purchase of      )
                        ) assets of       )
                        ) Chandalar Mining)Par value of stock
                        ) & Milling Co.   ) issued               413,997    41,400          -            -         -          -
     Issuance of
          shares        )Additional       )
                        ) exploratory and )
                        ) development costs)
                        ) through payment )
                        ) of Chandalar    )
                        ) Mining & Milling)Dollar value of
                        ) Co. liabilities ) liabilities paid      55,657     5,566       15,805          -         -          -
(continued next page)

</table>

See accompanying notes to financial statements.


<page>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 2001

<table>
                                                                                                   Deficit
                     Shares Issued for     Basis of                  Common Stock                  Accumulated
                   ----------------------  Assignment of Amount  --------------------  Additional  During the   Trea-
                         Noncash           for Noncash                                 Paid-in     Development   sury
Year  Transaction  Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
----  -----------  ----  ----------------  --------------------  ---------  ---------  ----------  -----------  --------  ---------
<c>   <c>          <c>   <c>               <c>                   
        
        
         
          
       

      Receipt of  )                                                         $          $           $            $         $
      Treasury    )
      stock in    )
      satisfaction)
      of accounts )
      receivable  )
      and invest- )
      ment in Chan-)
      dalar Mining)
      & Milling Co)                                               (125,688)   (12,569)       (977)            -    (13,546)       -
      Issuance of
         shares          )Mining claims  )Par value of stock
                         )               ) issued                2,240,000    224,000                        -     13,527        -
      Net loss                                                         -          -           -          (65,175)     -      675,274
1973  Net loss                                                         -          -           -          (16,161)     -      659,113
1974  Net loss                                                         -          -           -          (13,365)     -      645,748
1975  Net loss                                                         -          -           -          (15,439)     -      630,309
1976  Net loss                                                         -          -           -           (5,845)     -      624,464
1977  Issuance of
         shares          )Purchase of    )
                         )assets of      )
                         )Mikado Gold    )Par value of stock
                         )Mines          ) issued                1,100,100    110,010         -              -        -          -
      Net loss                                                                                         (15,822)     -      718,652
1978  Issuance of
         shares          )Mining claims  )Par value of stock
      Issuance of        )               )issued                   400,000     40,000         -              -        -          -
         shares          )Directors' fees)                          40,000      4,000       3,200            -        -          -
      Issuance of
         shares          )Management fees,)
                         )notes payable, )
                         )and accrued    )Approximate market
                         )interest       )price per share          109,524     10,952       8,762            -        -          -
      Net loss                                                         -          -           -           (39,144)    -      746,422
(continued next page)
</table>
See accompanying notes to financial statements.

<page>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 2001
<table>
                                                                                                   Deficit
                     Shares Issued for     Basis of                  Common Stock                  Accumulated
                   ----------------------  Assignment of Amount  --------------------  Additional  During the   Trea-
                         Noncash           for Noncash                                 Paid-in     Development   sury
Year  Transaction  Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
----  -----------  ----  ----------------  --------------------  ---------  ---------  ----------  -----------  --------  ---------
<c>   <c>          <c>   <c>               <c>                   
        
        
         
          
       

1979  Net loss                                                         -    $    -     $    -      $    (18,388)$   -     $728,034
1980  Net loss                                                         -         -          -           (34,025)    -      694,009
1981  Net loss                                                         -         -          -           (32,107)    -      661,902
1982  Issuance of
         shares          )Directors' fees  )Approximate market
                         )                 ) price per share        40,000     4,000     20,000             -       -          -
      Net loss                                                         -          -          -           (70,165)    -      615,737
1983  Net loss                                                         -          -          -           (10,416)    -      605,321
1984  Net loss                                                         -          -          -           (63,030)    -      542,291
1985  Issuance of
         shares          )Directors' fees  )Approximate market
                         )                 ) price per share        40,000      4,000     12,000             -       -          -
      Net loss                                                         -          -          -           (78,829)    -      479,462
1986  Issuance of
         shares    X                                                44,444      4,444      5,556             -       -          -
      Net loss                                                         -          -          -           (32,681)    -      456,781
1987  Issuance of
         shares          )Officer salary   )                       166,000     16,600     18,500             -       -          -
      Issuance of        )                 )Approximate
         stock option    )Legal fees       ) market price per          -          -       12,360             -       -          -
      Issuable shares    )Directors' fees  ) share                     -          -        4,095             -       -          -
      Issuance of
         stock option    )Equipment        )Value of equipment         -          -       60,000             -       -          -
      Net loss                                                         -          -          -           (48,057)    -      520,279
1988  Issuance of
          shares         )Officer salary   )Approximate            194,444     19,444     (1,944)            -       -          -

      Issuance of        )                 ) market
          stock option   )Legal fees       ) price per                 -          -        6,200             -       -          -
      Issuable shares    )Directors' fees  ) per share                 -          -        1,080             -       -          -
      Issuance of        )Settlement of
           shares        ) stock option    )Approximate market
                                           ) price when option
                                           ) was granted            58,860     5,886     (5,886)            -       -          -
(continued next page)
</table>

See accompanying notes to financial statements.

<page>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)

From Inception (March 26, 1959) through December 31, 2001
<table>
                                                                                                   Deficit
                     Shares Issued for     Basis of                  Common Stock                  Accumulated
                   ----------------------  Assignment of Amount  --------------------  Additional  During the   Trea-
                         Noncash           for Noncash                                 Paid-in     Development   sury
Year  Transaction  Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
----  -----------  ----  ----------------  --------------------  ---------  ---------  ----------  -----------  --------  ---------
<c>   <c>          <c>   <c>               <c>                   
        
        
         
          
       

1988  Issuance of                                                           $          $           $            $         $
(cont)  shares           )Settlement of    )
                         )stock right      )Approximate market
                         )                 ) price when right
                         )                 ) was granted           19,500      1,950      (1,950)          -         -         -
      Net loss                                                        -          -           -         (46,961)      -     498,098
1989  Issuance of
          shares         )Settlement of    )
                         ) stock option    )Approximate market
                         )                 ) price when option
                         )                 ) was granted           68,888      6,889      (6,889)          -         -         -
      Issuance of
          shares         )Settlement of    )
                         ) stock right     )Approximate market
                         )                 ) price when right
                         )                 ) was granted           12,000      1,200      (1,200)          -        -          -
      Net loss                                                        -          -           -         (59,008)     -      439,090
1990  Net loss                                                        -          -           -         (37,651)     -      401,439
1991  Issuance of
          shares         )Directors' fees  )Approximate market
                         )                 ) price per share      24,000       2,400         -             -        -          -
      Purchase of
          20,000
          treasury
          shares      X                                              -           -           -             -     (1,500)   360,164
      Net loss                                                       -           -           -         (42,175)     -          -

1992  Purchase of
          32,000
          treasury
          shares      X                                              -           -           -             -     (1,680)       -
      Net loss                                                       -           -           -         (41,705)     -          -
1993  Net loss                                                       -           -           -         (71,011)     -          -

(continued next page)
</table>

See accompanying notes to financial statements.
<page>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 2001
<table>
                                                                                                   Deficit
                     Shares Issued for     Basis of                  Common Stock                  Accumulated
                   ----------------------  Assignment of Amount  --------------------  Additional  During the   Trea-
                         Noncash           for Noncash                                 Paid-in     Development   sury
Year  Transaction  Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
----  -----------  ----  ----------------  --------------------  ---------  ---------  ----------  -----------  --------  ---------
<c>   <c>          <c>   <c>               <c>                   
        
        
         
          
       

1994  Issuance of                                                           $          $           $            $         $
         stock           )Officer compen-  )Approximate market
         option          ) sation          ) price per share           -         -         6,250           -         -         -
      Net loss                                                         -         -           -         (43,793)      -         -
1995  Issuance of
          shares         )Officer compen-  )Approximate market
                         ) sation          )price per share        153,846    15,385       4,615           -        -           -
      Purchase of
          65,000
          treasury
          shares     X                                                 -          -          -             -     (4,975)        -
      Net loss                                                         -          -          -         (30,728)     -           -
1996  Net loss                                                         -         -           -         (39,963)     -           -
                                                                 ---------  ---------  ----------  -----------  --------  ---------
Balances,
December 31, 1996                                                8,468,506   846,850     357,487    (1,043,604)  (8,174)    152,559
1997  Expiration of
         stock option                                                  -         -        (6,250)          -        -        (6,250)
      Net loss                                                         -         -           -         (31,828)     -       (31,828)
                                                                 ---------  ---------  ----------  -----------  --------  ---------
Balances,
December 31, 1997                                                8,468,506  $846,850   $ 351,237   $(1,075,432) $(8,174)  $(114,481)
                                                                 ---------  ---------  ----------  -----------  --------  ---------
1998  Net loss                                                         -         -            -        (30,681)     -       (30,681)
                                                                 ---------  ---------  ----------  -----------  --------  ---------
Balances,
December 31, 1998                                                8,468,506  $846,850   $ 351,237   $(1,106,113) $(8,174)  $  83,800
1999  Net loss                                                         -         -            -        (57,812)     -       (57,812)
                                                                 ---------  ---------  ----------  -----------  --------  ---------
Balances,
December 31, 1999                                                8,468,506  $846,850   $ 351,237   $(1,163,925) $(8,174)  $  25,988
2000  Net loss                                                         -         -            -        (37,528)     -       (37,528)
                                                                 ---------  ---------  ----------  -----------  --------  ---------
</table>




See accompanying notes to financial statements.
<page>
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 2001

<table>
                                                                                                   Deficit
                     Shares Issued for     Basis of                  Common Stock                  Accumulated
                   ----------------------  Assignment of Amount  --------------------  Additional  During the   Trea-
                         Noncash           for Noncash                                 Paid-in     Development   sury
Year  Transaction  Cash  Consideration     Consideration         Shares     Par Value  Capital     Stage        Stock     Total
----  -----------  ----  ----------------  --------------------  ---------  ---------  ----------  -----------  --------  ---------
<c>   <c>          <c>   <c>               <c>                   
        
        
         
          
       

Balances,
December 31, 2000                                                8,468,506  $846,850   $  351,237  $(1,201,453) $ (8,174) $(11,540)
2001 Net loss                                                          -         -            -        (20,007)      -     (20,007)
                                                                 ---------  ---------  ----------  -----------  --------  ---------
Balances,
December 31, 2001                                                8,468,506  $846,850   $  351,237  $(1,221,460) $ (8,174) $(31,547)
                                                                 =========  =========  ==========  ===========  ========  =========
</table>





























See accompanying notes to financial statements.
<page>
LITTLE  SQUAW  GOLD  MINING  COMPANY
(a  development  stage  company)
Notes  to  Financial  Statements

NOTE  1  --  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES:

Nature  of  Operations:

Little  Squaw  Gold  Mining  Company  (the  Company)  owns  various patented and
unpatented  mining  claims  in Alaska.  Placer mining of certain claims has been
performed  by  a  lessee.  The  Company  is considered to be a development stage
company,  as  only  nominal operations have occurred to date.  Planned principal
operations  include  lode  mining  of  claims.   The  Company  operates  in  one
reportable  segment:  mining  operations.

Basis  of  Presentation:

These  financial  statements  are  presented  on the basis that the Company is a
going concern, which contemplates the realization of assets and the satisfaction
of  liabilities  in  the  normal  course of business over a reasonable length of
time.  The  accompanying  2001  financial  statements  show  current liabilities
exceeding current assets by approximately $296,000, a deficit accumulated in the
development stage of approximately $1,221,000, stockholders' equity (deficit) of
approximately  $(32,000),  and  a  net  loss  of  approximately  $(20,000).   In
addition,  as  discussed  in  note  2,  the  Company's  placer mining lessee has
defaulted  on  its  obligations  to  the  Company.

Management's  plans  for  the  continuation  of  the  Company as a going concern
include  the  reduction  of operating expenses to the extent possible, continued
deferral of payment of officers' accrued compensation, obtaining a placer lessee
to  operate certain placer mining claims, and ultimately to obtain a lode mining
lessee.  In  addition,  some  unpatented claims are being abandoned to eliminate
the  costs  of  state  fees and minimum assessment work required to maintain the
claims.  At  December 31, 2001, all but 19 unpatented claims had been abandoned.
There  are  no  assurances  with  respect  to the future success of these plans.

Gold  Inventory:

Such  asset, representing a mineral royalty received from a placer mining lease,
is  stated  at  net realizable market value.  Inventory market value adjustments
are  included  in  royalty  income.

Plant,  Equipment,  and  Accumulated  Depreciation:

Such  assets  are  based  at cost--cost determined by cash, cash items, or value
received for shares of the Company's common stock issued therefor.  The mine and
mill build-ings and equipment are located on Company-owned mining claims located
in  the Chandalar Mining District of Alaska.  A small amount of office equipment
is located at Company offices in Spokane, Washington.  All such assets are fully
depreciated.












<page>
LITTLE  SQUAW  GOLD  MINING  COMPANY
(a  development  stage  company)
Notes  to  Financial  Statements

NOTE  1  --  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (continued):

Mining  Claims:

In  April  1978,  the  Company  acquired  certain patented and unpatented mining
claims  located in the Chandalar Mining District from a partnership, a member of
which  is  an  officer/stockholder  of  the Company.  In exchange for the mining
claims,  the Company issued 400,000 shares of its previously unissued shares.  A
2%  gross royalty interest was retained by the partnership.  Management assigned
a  value of $40,000 to the claims, which is equal to the par value of the common
stock  issued.  Any  other  basis  for  assigning  values  was not determinable.

In  May  1972,  the  Company acquired from a corporation and various individuals
certain  patented  and  unpatented mining claims located in the Chandalar Mining
District,  which  were  previously  leased.  Under  the terms of the acquisition
agreement,  the  Company  issued  2,240,000  shares  of its previ-ously unissued
(2,114,312)  shares and treasury (125,688) shares and transferred certain placer
mining  equipment  for  such  claims.  In 1975, effective as of January 1, 1974,
management assigned a value of $224,000 to the claims, which is equal to the par
value  of the common stock issued.  Any other basis for assigning values was not
determinable.  Management  believes  there  has been no impairment in the values
assigned  to  the  mining claims, based on estimated mineral reserves present in
the  claims.

Estimates:

The preparation of financial statements in conformity with accounting principles
generally  accepted  in the United States of America requires management to make
estimates  and assumptions that affect certain reported amounts and disclosures.
Significant estimates used in preparing these financial statements include those
assumed  in  estimating the recoverability of the cost of mining claims, accrued
reclamation  costs,  and  deferred  tax  assets and related valuation allowance.
Actual  results  could  differ  from  those  estimates.

Federal  and  Alaska  Income  Taxes:

Income  tax  is  provided  for  the  tax effects of transactions reported in the
financial statements and consists of tax currently due plus deferred tax related
to  differences  between  the  basis of assets and liabilities for financial and
income  tax  reporting.  The  Company,  for  financial  statement  purposes, has
reduced  unrecovered  exploratory  and  development costs by the excess of lease
income over depreciation and sundry direct mine costs.  For income tax purposes,
such  items  have  been  treated as income and expense.  Also, accrued officers'
compensation is not deductible for income tax purposes until paid.  Deferred tax
assets  and  liabilities  represent  the future tax return consequences of those
differences,  which  will  either  be  taxable or deductible when the assets and
liabilities  are  recovered  or  settled.  A  deferred  tax  asset, subject to a
valuation allowance, is also recognized for tax-basis net operating losses being
carried  forward.  See  note  5.

Loss  Per  Share:

Such  amounts (representing basic and diluted loss per share) are computed based
on the weighted average number of shares outstanding during the years (8,351,403
in  2001  and  2000).



<page>
LITTLE  SQUAW  GOLD  MINING  COMPANY
(a  development  stage  company)
Notes  to  Financial  Statements

NOTE  2  --  LEASE  OF  MINING  CLAIMS,  MINE AND MILL BUILDINGS, AND EQUIPMENT:

Beginning in 1989, the Company entered into a placer mining lease with Gold Dust
Mines,  Inc.  (Gold  Dust)  covering  placer  mining  rights  on  certain of the
Company's  mining  claims  on  creek  drainages.  The  lease provided for annual
advance  rentals  of  $7,500  per  creek  drainage mined plus an 8% royalty from
placer  gold  production.  During  1998  and 1999, Gold Dust's placer mining was
limited  to  one  drainage.  There was no mining conducted in 2000 and 2001.  In
1999,  2000,  and 2001, however, Gold Dust failed to pay the $7,500 lease fee on
the creek drainage it mined, and a portion of the 1999 production royalties owed
to  the  Company  were also not paid.  In February 2000, the owners of Gold Dust
(guarantors of Gold Dust's obligations to the Company) declared bankruptcy.  The
1999,  2000,  and  2001  unpaid  lease  fees  of $24,880 (including $2,380 claim
rentals  the  Company paid on behalf of Gold Dust) and 1999 production royalties
(estimated  at  approximately $2,500) were not reported as assets and revenue in
the accompanying financial statements, as such amounts have been reduced in full
by  a  valuation  allowance.

NOTE  3  --  RELATED  PARTIES:

Included  in  accounts  payable  at December 31, 2001 and 2000, are unpaid legal
fees  for  services  as  corporate  counsel by Hollis H. Barnett, a stockholder,
director,  and  secretary  of  the  Company.

NOTE  4  --  RECLAMATION  COSTS:

The  Company  had  accrued  a liability of $20,000 as an estimated total cost of
reclamation  at  December  31,  2001  and  2000.  This  cost relates to remedial
actions at a single location to clean up ground contamination as required by the
State  of  Alaska.  An  outside  consultant  has estimated the clean-up costs at
$20,000  to  $30,000.

NOTE  5  --  INCOME  TAXES:

At  December  31,  2001 and 2000, the Company had deferred tax assets which were
fully  reserved  by  valuation allowances.  Following are the components of such
assets  and  allowances:
                                                          December  31,
                                                ------------------------------
                                                      2001           2000
                                                --------------  --------------
Deferred  tax  assets  arising  from:
     Unrecovered promotional, exploratory, and
       development  costs                       $      56,000   $      56,000
     Accrued  compensation                             38,000          36,000
     Net  operating  loss  carryforwards               33,000          39,000
                                                --------------  --------------
                                                      127,000         131,000
Less  valuation  allowance                            127,000         131,000
                                                --------------  --------------
Net  deferred  tax  assets                      $         -     $         -
                                                ==============  ==============

At  December  31,  2001,  the  Company  had federal tax-basis net operating loss
carryforwards  totaling  approximately  $217,000,  which  will expire in various
amounts  from  2002  through  2021.  Changes in the deferred tax asset valuation
allowance for 2001 and 2000 relate only to corresponding changes in deferred tax
assets  for  those  years.
<page>
ITEM  8.     CHANGES  IN  AND  DISAGREEMENTS  WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL  DISCLOSURE

There  have  been  no  disagreements  between  the  Company  and its accountants
regarding  any  matter  or  accounting  principles  or  practices  or  financial
statement  disclosures.

                                    PART III
                                    --------

ITEM  9.     DIRECTORS,  EXECUTIVE  OFFICERS,  PROMOTERS  AND  CONTROLL PERSONS;
COMPLIANCE  WITH  SECTION  16(a)  OF  THE  EXCHANGE  ACT

Directors  and  Executive  Officers
-----------------------------------

Name                      Age  Office  with  the Company    Appointed to Office
------------------------  ---  ---------------------------  -------------------
Eskil  Anderson(1)         88  President  &  Director              1972

Stewart A. Jackson, PH.D   60  Vice President and Director         1993

Leonard  C.  Havlis        73  Director                            1972

Ellamae  Anderson  (1)     79  Director                            1986

Hollis  H.  Barnett  (1)   62  Secretary  and  Director            1986

     There  are  no  arrangements or understandings between any of the foregoing
persons  and  any other person or persons pursuant to which any of the foregoing
persons  were  named  as  Directors.

(1) Eskil Anderson and Ellamae Anderson are husband and wife.  Hollis H. Barnett
is  married  to  Eskil  and  Ellamae  Anderson's  daughter.

     Eskil  Anderson is an independent consulting geologist and has practiced as
an  independent  consulting  geologist  for  over  40  years.  He  had served as
President  for  the  Registrant for many years and stepped down to allow Stewart
Jackson  to become President in May 1994.  In April 1996, Mr. Anderson was again
elected  President.

     Hollis  H.  Barnett  is  a practicing attorney, having practiced law for 31
years,  and  has  served the Registrant as Director and Secretary since October,
1986.

     Leonard  C.  Havlis  is  retired  from the Seattle School District, and has
served  as  a  director  of  the  Registrant  since  1972.

     Ellamae  Anderson  is  a  graduate  Gemologist  of  the G.I.A. (Gemological
Institute  of  America), is a gem appraiser, and has a small gemological service
business.  She  assisted  the corporation Secretary from 1972 to present and was
the  corporation's  transfer agent from 1972 to 1980.  She was a trustee for the
N.W.  Mining  Association  from  1977-79  and founded and produced the first two
issues  of the annual N.W. Mining Association Service Directory.  She has been a
Director  since  October,  1986.







<page>
     Stewart  A. Jackson, Ph.D., has been a Mining Geologist for many years, and
has  been  affiliated  with  several  mining  corporations.  His  office  is  in
Littleton,  Colorado,  where  he  is  actively  engaged in mining ventures.  Mr.
Jackson  serves  on  the  board  of  directors  of   Monument  Resources,  Inc.,
Continental Precious Minerals, Inc., Jopeck Resources, LTD., and as president of
Layfield  Resources,  Inc.,  all public companies involved in mining activities.
Mr.  Jackson  is  an  experienced  professional  with  30  years  in the mineral
industry,  involved in the exploration and development of both base and precious
metal  deposits  in  a  wide  range  of  environments  for  both large and small
companies.

The  directors  are  elected for a one-year term and until their successors have
been elected and qualified.  Executive Officers are appointed to serve until the
meeting  of  the  Board  of  Directors  following  the  next  annual  meeting of
shareholders  and until their successors have been elected and qualified.  There
are  no  arrangements  or understandings between any of the directors, executive
officers,  and other persons pursuant to which any of the foregoing persons were
named  as  Directors  or  executive  officers.

None  of  the  Directors  is  also  a  director  of  any company with a class of
securities  registered  pursuant to Section 12 of the Exchange Act or subject to
Section  15(d)  of  the  Act,  or of any company registered under the Investment
Company  Act  of  1940  except  as  noted  above.

No  Director, or person nominated to become a Director or Executive Officer, has
been  involved  in  any  legal action involving the Company during the past five
years.

Promoters  and  Control  Person:  Not  Applicable

Compliance  with  Section  16(a)  of  the  Exchange  Act
--------------------------------------------------------

Based  solely upon a review of forms 3 and 4 and amendments thereto furnished to
the Registrant pursuant to Section 240.16a-3 during the most recent fiscal year,
and  Form  5  and amendments thereto furnished to the Registrant with respect to
the  most  recent  fiscal year, no person who at any time during the fiscal year
was  a  director,  officer,  or beneficial owner or more than ten percent of any
class  of  equity securities of the Registrant registered pursuant to Section 12
of  the  Exchange Act, or any other person subject to Section 16 of the Exchange
Act  with respect to the Registrant because of the requirements of Section 30 of
the  Investment  Company Act or Section 17 of the Public Utility Holding Company
Act  (A  reporting person) failed to file on a timely basis, as disclosed in the
above  Forms,  reports  required by Section 16(a) of the Exchange Act during the
most  recent  fiscal  year  or  prior  fiscal  years.

















<page>

ITEM  10.        EXECUTIVE  COMPENSATION

A  summary  of cash and other compensation for the Company's President and Chief
Executive  Officer  for  the  three  most  recent  years  is  as  follows:

<table>
Summary  Compensation  Table
----------------------------
                                                        Long-Term Compensation
          Annual  Compensation                     Awards                 Payouts
-------------------------------------------  ----------------------  ------------------
(a)             (b)    (c)    (d)     (e)    (f)         (g)         (h)     (i)
Name                                 Other   Restricted  Securities
and                                  Annual  Stock       Underlying  LTIP     All Other
Principal       Year  Salary  Bonus  Comp.   Awards(1)   Options/    Payouts  Comp.
Position               ($)     ($)    ($)     ($)        SARs(#)      ($)      ($)
--------------  ----  ------  -----  ------  ----------  ----------  -------  ---------

             <c>   <c>     <c>    <c>     <c>         <c>         <c>      <c>
Eskil Anderson  1999  $34,850   $0     $0        $0           -0-      $0        $0
President       2000  $15,000   $0     $0        $0           -0-      $0        $0
                2001   $5,000   $0     $0        $0           -0-      $0        $0
</table>
*These  figures  do  not represent salaries actually paid to Eskil Anderson. The
Company  accrues  but  does  not pay Mr. Anderson's salary. At December 31, 2001
there  was  approximately  $251,851  of  accrued salary payable to Mr. Anderson.

Option/SAR  Grants  In  Last  Fiscal  Year

None

Director  Compensation  For  Last  Fiscal  Year

None

The  Company  has  no employment contracts with executive officers or directors.

ITEM  11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Security  Ownership  of  Certain  Beneficial  Owners  and  Management

The following table sets forth information as of December 31, 2000 regarding any
person known to the Company to be the beneficial owner of more than five percent
of any class of the Company's voting securities and the number and percentage of
shares  of  Common  Stock  of  the Company or any of its parents or subsidiaries
beneficially  owned  (as  such  term is defined in Rule 13d-3 under the Exchange
Act)  by  each  director, each of the named executive officers and directors and
officers  as  a  group:

Title                                 Amount and Nature of
of Class  Name of Beneficial Owner    Beneficial Ownership  Percent of Class (1)
--------  --------------------------  --------------------  --------------------
Common     Eskil and Ellamae Anderson          784,577               9.4%
Common     Leonard Halvis                       50,466(1)             .65%
Common     Hollis H. Barnett                   148,498               1.8%
Common     Stewart Jackson                     153,846               1.8%
Common     Total of all officers and
           directors (5 individuals)         1,137,387              13.6%

(1)  Does not include an additional 9,500 shares Leonard C. Havlis has the right
to  vote  as  custodian  under  the  Uniform  Gifts  to  Minors  Act.

<page>
Changes  in  Control
--------------------

There  are no arrangements known to the Registrant the operation of which may at
a  subsequent  time  result  in  the  change  of  control  of  the  Registrant.

ITEM  12.       CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS

There  have  been  no  transactions  or  series  of  transactions,  or  proposed
transactions  during  the  last  two years to which the Registrant is a party in
which  any  director,  nominee  for election as a director, executive officer or
beneficial  owner  of  five percent or more of the Registrant's common stock, or
any  member  of the immediate family of the foregoing had or is to have a direct
or  indirect  material  interest  exceeding  $60,000.

ITEM  13.     EXHIBITS,  FINANCIAL  STATEMENT  SCHEDULES,  AND  REPORTS  ON
FORM  8-K.

(a)  the  following  documents  are  filed  as  part  of  the  report:

1.  Financial  Statements

Accountants'  Report

Balance  Sheets
December  31,  2001  and  2000

Statements  of  Operations
for  the  years  ended  December  31,  2001,  and  2000

Statements  of  Cash  Flows
for  the  years  ending  December  31,  2001,  and  2000

Statement  Stockholders'  Equity
from  inception  (March  26,  1959)  through  December  31,  2001

Notes  to  Financial  Statements

2.  Exhibits  required  by  Item  601

None

All  other  Exhibits  have  been  omitted as inapplicable or are incorporated by
reference  to  previous  filings.

(b)     Reports  on  Form  8-K.

No  reports  on  Form  8-K have been filed during the last quarter of the period
covered  by  this  report.













<PAGE>
                                   SIGNATURES

In  accordance  with  Section  13  or  15(d) of the Exchange Act, the Registrant
caused  this report to be signed on its behalf by the undersigned thereunto duly
authorized.

LITTLE  SQUAW  GOLD  MINING  COMPANY

                                          /s/ Eskil Anderson
                                      By: -------------------------------
Date:  March  29,  2002               Eskil  Anderson
                                      President (Principal Executive Officer
                                      and  Principal  Financial  Officer)

In  accordance  with  the Exchange Act, this report has been signed below by the
following  persons  on behalf of the registrant and in the capacities and on the
dates  indicated.

                                              /s/  Eskil Anderson
                                              -------------------------------
Date:     March  29,  2002                    Eskil  Anderson,  Director


                                              /s/  Hollis H. Barnett
                                              -------------------------------
Date:     March  29,  2002                    Hollis  H.  Barnett,  Director


                                              /s/  Stewart Jackson
                                              -------------------------------
Date:     March  29,  2002                    Stewart  Jackson,  Director


                                              /s/  Leonard Havlis
                                              -------------------------------
Date:     March  29,  2002                    Leonard  Havlis,  Director


                                              /s/  Ellamae Anderson
                                              -------------------------------
Date:     March  29,  2002                    Ellamae  Anderson,  Director