UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

         [ X ]    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended April 30, 2003

         [   ]    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: 001-08397

                               GOLD STANDARD, INC.
        (Exact name of small business issuer as specified in its charter)

              UTAH                                      87-0302579
     --------------------------                  -------------------------
     (State or other jurisdiction                    (IRS Employer
        of incorporation or                         Identification No.)
             organization)

          136 South Main Street, Suite 712, Salt Lake City, Utah 84101
          ------------------------------------------------------------
                    (Address of principal executive offices)

                                 (801) 328-4452
                                 --------------
                           (Issuer's telephone number)

                                 Not Applicable
                                 --------------
             (Former name, former address and former fiscal year, if
                           changed since last report.)

         The number of shares of the issuer's common stock outstanding as of
June 9, 2003, is 10,158,864 shares.


<PAGE>


PART I.  FINANCIAL INFORMATION


Item 1 - Financial Statements




                      GOLD STANDARD, INC. AND SUBSIDIARIES

                   UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                        FOR INCLUSION IN QUARTERLY REPORT
                                 ON FORM 10-QSB


Consolidated Balance Sheet

Consolidated Statements of Operations

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements



                                 April 30, 2003


<PAGE>


                      GOLD STANDARD, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                       April 30, 2003 and October 31, 2002
<TABLE>
<CAPTION>


                                                  April 30, 2003     October 31, 2002
                                                  ---------------    ----------------
                                                    (Unaudited)
                 ASSETS
<S>                                               <C>                 <C>
CURRENT ASSETS
     Cash and cash equivalents                    $       594 735     $      893,021
     Accounts receivable                                      100                100
     Prepaid expenses                                       2,011              7,369
                                                  ---------------     --------------
                 TOTAL CURRENT ASSETS                     596,846            900,490

PROPERTY AND EQUIPMENT, AT COST
     Equipment and leasehold improvements                  14,328             15,730
                                                  ---------------     --------------
                                                           14,328             15,730

OTHER ASSETS
     Available for sale securities                        300,300            283,616
                                                  ---------------     --------------
                                                          300,300            283,616
                                                  ---------------     --------------

                                                  $       911,474     $    1,199,836
                                                  ===============     ==============

                 LIABILITIES AND EQUITY

CURRENT LIABILITIES
     Accounts payable - trade                     $         2,248     $        2,406
     Accrued liabilities                                      647                647
     Income tax payable                                         -                100
                                                  ---------------     --------------
                 TOTAL CURRENT LIABILITIES                  2,895              3,153

STOCKHOLDERS' EQUITY
     Common stock                                           1,270              1,270
     Additional paid-in capital                        13,314,438         13,314,438
     Other comprehensive income                           206,635            189,951
     Note receivable from related party
        for stock issued                                 (138,595)          (137,270)
     Accumulated deficit                              (12,475,169)       (12,171,706)
                                                  ---------------     --------------
                 TOTAL STOCKHOLDERS' EQUITY               908,579          1,196,683
                                                  ---------------     --------------

                                                  $       911,474     $    1,199,836
                                                  ===============     ==============
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       1
<PAGE>

                      GOLD STANDARD, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
            Three and six month periods ended April 30, 2003 and 2002
<TABLE>
<CAPTION>


                                                          Three months ended                Six months ended
                                                               April 30,                       April 30,
                                                  ------------------------------    -------------------------------
                                                      2003             2002            2003              2002
                                                  -------------    ------------     -------------   ---------------
                                                   (Unaudited)      (Unaudited)      (Unaudited)       (Unaudited)

<S>                                               <C>              <C>              <C>             <C>
 REVENUE                                          $           -    $          -     $           -   $             -

   EXPENSES
     Depreciation                                         1,071           2,959             2,142             5,918
       Leasehold exploration
         and carrying costs                              78,164          67,110           155,674           129,434
       General and administrative:
         Legal                                           10,298          11,372            10,927            13,330
         Other                                           73,958          86,148           138,715           152,148
                                                  -------------    ------------     -------------   ---------------
             NET LOSS FROM OPERATIONS                  (163,491)       (167,589)         (307,458)         (300,830)

   OTHER INCOME (EXPENSES)
     Interest income                                      1,612           4,845             3,996            22,424
     Miscellaneous income                                     -               -                 -                 -
                                                  -------------    ------------     -------------   ---------------

NET INCOME (LOSS)                                 $    (161,879)   $   (162,744)    $    (303,462)  $      (278,406)
                                                  =============    ============     =============   ===============


Net income (loss) per common share                $       (0.02)   $      (0.02)    $       (0.03)  $         (0.03)
                                                  =============    ============     =============   ===============



</TABLE>

          See accompanying notes to consolidated financial statements.


                                       2
<PAGE>

                      GOLD STANDARD, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
            Three and six month periods ended April 30, 2003 and 2002
<TABLE>
<CAPTION>


                                                          Three months ended                Six months ended
                                                               April 30,                       April 30,
                                                  ------------------------------    -------------------------------
                                                      2003             2002            2003              2002
                                                  -------------    ------------     -------------   ---------------
                                                   (Unaudited)      (Unaudited)      (Unaudited)       (Unaudited)

<S>                                               <C>              <C>              <C>             <C>
CASH USED IN OPERATING ACTIVITIES
   Net loss                                       $   (161,879)    $    (162,744)   $    (303,462)  $      (278,406)
    Add (deduct) adjustments
     to cash basis:
         Depreciation                                    1,071             2,959            2,142             5,918
         Decrease (increase) in:
             Accrued interest                                -                 -                -             9,260
             Prepaid expenses                            1,905             1,402            5,358             2,170
             Accounts receivable                             -              (100)               -             7,412
         Increase (decrease) in:
             Accounts payable                              289             1,518             (158)             (377)
             Income tax payable                           (100)             (100)            (100)             (100)
                                                  -------------    -------------    -------------   ---------------

                        NET CASH USED IN
                    OPERATING ACTIVITIES              (158,714)         (157,065)        (296,220)         (254,123)

CASH USED IN INVESTMENT ACTIVITIES
   Decrease (increase) in
      certificates of deposits                               -                 -                -         1,354,112
   Equipment purchased                                    (741)                -             (741)                -
   Increase in note receivable                            (585)           (1,188)          (1,325)           (3,169)
                                                  -------------    -------------    -------------   ---------------

              NET CASH PROVIDED BY (USED
               IN) INVESTMENT ACTIVITIES                (1,326)           (1,188)          (2,066)        1,350,943

NET INCREASE (DECREASE) IN CASH                       (160,040)         (158,253)        (298,286)        1,096,820

CASH BALANCE AT BEGINNING
  OF PERIOD                                            754,775         1,314,621          893,021            59,548
                                                  -------------    -------------    -------------   ---------------

CASH BALANCE AT END
  OF PERIOD                                       $    594,735     $   1,156,368    $     594,735   $     1,156,368
                                                  =============    =============    =============   ===============

</TABLE>


          See accompanying notes to consolidated financial statements.


                                       3
<PAGE>


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         A summary of significant accounting policies consistently applied in
         the preparation of the accompanying consolidated financial statements
         follows:

         Financial Statements
         --------------------
         The financial information provided in the Consolidated Balance Sheet
         for the year ended October 31, 2002, has been taken from the audited
         financial statements at that date. In the opinion of management, all
         adjustments necessary to present fairly the financial position, results
         of operations and cash flow at April 30, 2003, have been made. All such
         adjustments were of a normal, recurring nature.

         Principles of Consolidation
         ---------------------------
         The accompanying consolidated financial statements at April 30, 2003,
         include the accounts of Gold Standard, Inc., and its subsidiaries, Gold
         Standard South, Gold Standard Minas, S.A. and Tormin, S.A. As used
         herein, references to Gold Standard, Inc., the Registrant, or the
         Company refers to Gold Standard, Inc. and its consolidated
         subsidiaries. All significant intercompany balances and transactions
         are eliminated.

         Gold Standard South, a Utah corporation, was organized for the purpose
         of carrying on a property acquisition and gold exploration program in
         the country of Uruguay. Gold Standard Minas was organized for the
         purpose of carrying on a gold exploration program in the country of
         Brazil. Tormin S.A. at one time held certain mineral exploration
         concessions in Uruguay but is no longer operating.

         Investment in Mining Properties
         -------------------------------
         Prospecting and exploration costs incurred in the search for new mining
         properties are charged to expense as incurred. Direct costs associated
         with the development of identified reserves are capitalized until the
         related geological areas are put into production, sold or abandoned. As
         of April 30, 2003, there were no geological areas under production.

         Loss Per Share
         --------------
         The Company applies Statement of Financial Accounting Standards No. 128
         Earnings Per Share (SFAS No. 128) which requires the calculation of
         basic and diluted loss per share. Basic loss per share of common stock
         is computed based on the weighted-average number of common shares
         outstanding during the period. The Company has common stock equivalents
         outstanding at April 30, 2003 in the form of stock warrants. These
         warrants were excluded in the calculations of diluted loss per share
         because their inclusion would have been anti-dilutive.




<PAGE>


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

         The Company's Board of Directors approved an 8 for 1 split of the
         Company's common stock, effective May 1, 2003. All share and per share
         amounts have been adjusted to reflect this split.

         Comprehensive Income
         --------------------
         The Company applies Statement of Financial Accounting Standards No. 130
         Reporting Comprehensive Income (SFAS No. 130). Comprehensive income is
         defined as the change in equity of a business enterprise during a
         period from transactions and other events and circumstances from non-
         owner sources. It includes all changes in equity during a period except
         those resulting from investments by owners and distributions to owners.

         Cash Equivalents
         ----------------
         For purposes of the statement of cash flows, the Company considers all
         highly liquid debt instruments and investments readily convertible into
         cash, or purchased with a maturity of three months or less, to be cash
         equivalents.

         Estimates
         ---------
         The preparation of financial statements in conformity with generally
         accepted accounting principles requires management to make estimates
         and assumptions that effect certain reported amounts and disclosures.
         Accordingly, actual results could differ from those estimates.

NOTE 2 - EQUIPMENT AND LEASEHOLD IMPROVEMENTS

         Equipment and leasehold improvements are stated at cost. Maintenance,
         repairs, and renewals, which neither materially add to the value of the
         property nor appreciably prolong its life, are charged to expense as
         incurred. Gains or losses on dispositions of property, equipment, and
         leasehold improvements are included in earnings. Depreciation and
         amortization of property and equipment is provided on the straight-line
         method using the estimated lives shown below:

                                                           Years
                                                           -----
                  Furniture and equipment                   5-7
                  Transportation equipment                   5
                  Leasehold improvements                lease term




                                       4
<PAGE>

NOTE 3 - INVESTMENT IN AFFILIATE

         On April 26, 2002, Pan American Motorsports (PAM) agreed in principal
         with an unrelated third party, Queench, Inc., (Queench) to issue
         7,000,000 shares of its stock. At the same time, the PAMS president
         sold 1,000,000 shares of PAMS stock to Queench. In addition, Gold
         Standard and its president and the PAMS president transferred voting
         rights for shares beneficially owned by each to Queench until April 26,
         2004. As a result of these transactions, Gold Standard's ownership
         percentage in PAMS dropped from 21.6% to 11.6% effective with the
         closing date of the transactions of May 31, 2002. Gold Standard now
         accounts for its investment in PAMS under FASB 115, Accounting for
         Certain Investments in Debt and Equity Securities.

         The aggregate fair value, cost basis and unrealized holding gain of
         Gold Standard's investment in PAMS at April 30, 2003 is as follows:


                  Available for sale investment               $  300,300

                  Cost basis                                  $   93,665

                  Unrealized holding gain included in
                     other comprehensive income               $  206,635

NOTE 4 - MINING PROPERTIES

         The Company holds directly or through its subsidiary companies, mineral
         and exploration rights to property located in Brazil. All exploration
         costs associated with these properties have been charged to operations
         as incurred, consistent with the Company's accounting policies (see
         Note 1). No development costs have been capitalized on these properties
         through April 30, 2003.

NOTE 5 - RELATED PARTY TRANSACTIONS

         The Company has funded the majority of the operations of its
         subsidiaries Gold Standard South, Gold Standard Minas, and Tormin S.A.
         with unsecured non-interest bearing long-term cash advances. As of
         April 30, 2003, the Company had receivables from these companies of
         $513,936, $2,786,206 and $270,360, respectively. All intercompany
         transactions have been eliminated in consolidation.

         In April 2000 the Company president exercised options to purchase
         800,000 shares of common stock at $.1875 per share. The shares were
         purchased with a non-interest bearing promissory note in the amount of
         $150,000. The note has been discounted at a rate of 6.21% and is due on
         January 18, 2004.


                                       5
<PAGE>

NOTE 6 - NON-COMPENSATORY STOCK WARRANTS

         In connection with issuance of its common stock, the Company has issued
         warrants to outside parties for the purchase of additional shares at
         specified prices in the future. Remaining warrants aggregating 46,875
         shares expired without exercise during the period.

NOTE 7 - WARRANTS ISSUED AS COMPENSATION

         The Company applies Statement of Financial Accounting Standards No.
         123, Accounting for Stock Based Compensation, (SFAS 123) which requires
         disclosure of the fair value and other characteristics of stock
         options. The Company has chosen under the provisions of SFAS 123 to
         continue using the intrinsic value method of accounting for employee
         stock based compensation in accordance with the Accounting Principles
         Board Option No. 25, Accounting for Stock Issued to Employees.

         The Company has issued compensatory stock warrants to officers,
         employees and consultants during the course of business. No
         compensation expense has been recorded for these warrants.

         Reported and pro forma net loss and loss per share for the period ended
         April 30, 2003 were not materially different.

         The weighted-average fair values at date of grant for compensatory
         warrants were estimated using the Black-Scholes option pricing model,
         based on the following assumptions: (1) no expected dividend yields;
         (ii) an expected volatility rate of 110%; and (iii) expected weighted
         average lives of 3.17 years. The weighted-average risk-free interest
         rate applied was 5.78%. No compensatory warrants have been granted
         during the current period.

         Stock warrant activity is summarized as follows:

                                                                    Avg.
                                                                Exercise
                                                  Shares           Price
                                                 -----------    -----------
           Warrants outstanding
              beginning of period                640,000          $ .22
                Granted                                -              -
                Exercised                              -              -
                Canceled or expired                    -              -
                                                 -------          -----

           Warrants outstanding and
             exercisable, end of period          640,000          $ .22
                                                 =======

         All 640,000 outstanding warrants at April 30, 2003 were exercisable at
         $.22 per share and carried a weighted average remaining contractual
         life of .17 years.



                                       6
<PAGE>

 NOTE 8 - INCOME TAXES

         The Company has significant net operating loss and net capital loss
         carry forwards which should give rise to a deferred tax asset. Because
         the Company has no assurance that the tax benefit from the net
         operating loss and net capital loss will ever be realized, a valuation
         allowance has been provided equal to the deferred tax asset.

         The amounts and expiration dates of net operating loss carry forwards
         and investment tax credits at April 30, 2003 are detailed in the
         following summary:

                                 Federal           State                 Net
                               Net Operating    Net Operating          Capital
          Expiration Date         Loss              Loss                 Loss
          ---------------      -------------    -------------         ---------

          October 31, 2003     $ 1,441,272       $        --       $   101,409
          October 31, 2004         675,277                --                --
          October 31, 2005       1,106,261                --                --
          October 31, 2006         545,495                --                --
          October 31, 2007         478,137                --                --
          October 31, 2009         613,656                --                --
          October 31, 2010         124,338           124,138                --
          October 31, 2012          63,410            63,210                --
          October 31, 2013              --           245,957                --
          October 31, 2014              --           318,944                --
          October 31, 2015              --           167,861                --
          October 31, 2016              --           238,283                --
          October 31, 2018         246,157           259,562                --
          October 31, 2019         319,144                --                --
          October 31, 2020         168,061                --                --
          October 31, 2021         238,483                --                --
          October 31, 2022         259,762                --                --
                               -----------       ----------        -----------

                               $ 6,279,453       $ 1,417,955       $   101,409
                               ===========       ===========       ===========

NOTE 9 - CONCENTRATION OF CREDIT RISK

         The Company maintains substantially all cash balances with various
         financial institutions located in the State of Utah. Accounts at the
         financial institutions are insured by the Federal Deposit Insurance
         Corporation up to $100,000 per institution. Uninsured balances totaled
         $478,711 at April 30, 2003.

                                       7
<PAGE>

Item 2 - Management's Discussion and Analysis of Financial Condition and Results
of Operations

Introduction

         Gold Standard, Inc. and its subsidiaries (the Company) were formed to
engage in the acquisition, exploration, and if warranted, development of gold
mineralized properties. At the present time, the Company's activities are solely
exploration related and concentrated in Brazil. The following discussion should
be read in conjunction with the text of Management's Discussion and Analysis of
Financial Condition and Results of Operations contained in the Company's Form
10-KSB for fiscal year ended October 31, 2002.

Results and Plan of Operations

         No revenue was generated by Company operations during the three-month
periods ended April 30, 2003 and 2002.

         Exploration related expenses for the current three-month period ended
April 30, 2003 were $78,164 compared to $67,110 for the three-month period ended
April 30, 2002. Exploration related expenses for the current six-month period
ended April 30, 2003 were $155,674 compared to $129,434 for the six-month period
ended April 30, 2002. Unless exploration activities discover deposits with
developmental potential or the Company acquires new exploration opportunities,
the Company currently anticipates that exploration expenses will continue at the
level experienced in the first six months for the remainder of the current year.

         The Company's general and administrative expenses, excluding legal
expenses totaled $138,715 for the six-month period ended April 30, 2003 compared
to $152,148 for the six-month period ended April 30, 2002. The two most
significant general and administrative expense categories during the six-month
period ended April 30, 2003 were (a) professional and consulting fees $21,804
($35,097 in 2002) and (b) wages and salaries $78,000 ($78,000 in 2002). The
balance of general and administrative expenses includes office supplies and
expenses, office rent, travel, etc. Expenses for the remaining six months of the
year, with the exception of professional and consulting fees, should remain
close to level in the first six months of the year. With completion of year-end
accounting services, professional and consulting fees should decrease
considerably during the remaining six months of the year. The Registrant's
management has been conscientious in striving to control general and
administrative expenses. The stability of general and administrative costs
during the past three years is a positive reflection on management's cost
control efforts. The Registrant has no long-term debt and is expected to meet
all of its obligations as they come due.

         The Company presently plans to continue its present level of
exploration activities on its Brazilian properties. To the extent that the
Company is unable to generate revenues from its activities, for operations the
Company will continue to rely on cash currently on hand. As described in more
detail in the Company's last Annual Report on Form 10-KSB, the Company presently
anticipates that, unless there are unanticipated increases in expenses, its
current funds will allow it to continue the current level of operations
activities through the fiscal year. Unless the Company is able to generate
adequate revenues from its activities, after such time (or prior to such time if
operations or expenses exceed current levels significantly), the Company will
need to raise additional funds to continue operations. The Company's ability to
raise such additional capital at such time will depend on the prospects for its
activities. There is no assurance that the Company will be able to obtain the
capital it requires to continue operations on terms and conditions acceptable to
the Company, even if the Company's exploration activities prove successful. The

                                       8
<PAGE>

Company also hopes to increase its working capital through the sale of its
available-for-sale securities, but there is no assurance the Company will be
successful in completing such sale or that it would realize the carrying value
of such securities upon a sale.

         The Company's future results of operations, to a significant degree,
depends on its success in locating, acquiring and producing commercial gold
deposits. With exploration proceeding on several properties whose commercial
production potential is not presently determinable, and considering the
difficulty of projecting future mineral prices, except as indicated above, the
Company does not undertake to project future results of operations.

Factors that May Affect Future Results

THIS QUARTERLY REPORT ON FORM 10-QSB CONTAINS FORWARD-LOOKING STATEMENTS WITHIN
THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED.
FORWARD-LOOKING STATEMENTS RELATE TO OUR FUTURE PLANS, OBJECTIVES, EXPECTATIONS,
AND INTENTIONS. THESE STATEMENTS MAY BE RECOGNIZED BY THE USE OF WORDS SUCH AS
"BELIEVES," "EXPECTS," "MAY," "WILL," "INTENDS," "PLANS," "SHOULD," "SEEKS,"
"ANTICIPATES," AND SIMILAR EXPRESSIONS. IN PARTICULAR, STATEMENTS REGARDING OUR
ESTIMATED FUTURE OPERATIONAL EXPENSES, NEED FOR ADDITIONAL CAPITAL, AND
POTENTIAL FUTURE BUSINESS OPPORTUNITIES ARE FORWARD-LOOKING STATEMENTS AND
SUBJECT TO MATERIAL RISKS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE
PROJECTED IN THE FORWARD-LOOKING STATEMENTS AS A RESULT OF THE FACTORS SET FORTH
BELOW AND THE MATTERS SET FORTH IN THE REPORT GENERALLY. WE CAUTION THE READER,
HOWEVER, THAT THIS LIST OF FACTORS IS NOT BE EXHAUSTIVE, PARTICULARLY WITH
RESPECT TO FUTURE FACTORS. ANY FORWARD-LOOKING STATEMENTS ARE MADE PURSUANT TO
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND, AS SUCH, SPEAK ONLY AS
OF THE DATE MADE. WE UNDERTAKE NO RESPONSIBILITY TO UPDATE PUBLICLY ANY
FORWARD-LOOKING STATEMENTS FOR ANY REASON, EVEN IF NEW INFORMATION BECOMES
AVAILABLE OR OTHER EVENTS OCCUR IN THE FUTURE.

         Factors that may affect forward-looking statements include a wide range
of factors that could materially affect future developments and performance,
including the following: Changes in company-wide strategies, which may result in
changes in types or mix of business in which the Company is involved or chooses
to invest; changes in exploration related activities, changes in U.S, global or
regional economic conditions, changes in U.S. and global financial and equity
markets, including significant interest rate fluctuations, which may impede the
Company's access to, or increase the cost of, external financing for its
operations; legal and regulatory developments, such as regulatory actions
affecting environmental activities; adverse weather conditions or natural
disasters, such as hurricanes and earthquakes; and labor disputes, which may
lead to increased costs or disruption of operations.

Item 3 - Controls and Procedures

         With 90 days of the date of this report, an evaluation was performed by
the Company's President and Chief Financial Officer of the effectiveness of the
design and operation of the Company's disclosure controls and procedures. Based
on that evaluation, the Company's management concluded that the Company's
disclosure controls and procedures were effective. There have been no
significant changes in the Company's internal controls or in other factors that
could significantly affect internal controls subsequent to April 30, 2003.

                                       9
<PAGE>

                           PART II - OTHER INFORMATION

Item 1 - Legal Proceedings

         None.

Item 2 - Changes in Securities

         None.

Item 3 - Defaults on Senior Securities

         None.

Item 4 - Submission of Matters to a Vote of Security Holders

         None.

Item 5 - Other Information

         The following provides additional information regarding the Company's
three properties undergoing exploration, all of which are located within the
country of Brazil. At this time, the Company's work one these properties is
exploratory in nature and there are no ore reserves indicated or otherwise
claimed to be on the properties.

         The Palmeirinha area consists of one claim that was granted to the
Company on December 19, 2001 covering an area of 1,998.5 hectares (4,938 acres).
It is located in the state of Parana approximately 80 miles north of the city of
Curitiba and accessible via improved unpaved roads. The terrain is gentle hills
covered with grasses, brush and trees. The claim area was requested by
registrant based on published geological and geochemistry data. Diamond drilling
on the property by previous owners showed it to have lead-zinc mineralization
hosted in limestones. Present work is geologic mapping and soil geochemistry
along a two-mile long area with 289 samples sent in for assay early this year.

         The Pilao de Pedra area is also located in the state Parana and is just
30 miles south of Curitiba and borders a paved highway. It is held by a claim
granted on March 18, 2002 and consists of 1,246.95 hectares (3,081 acres). The
area is densely forested and difficult topography. The claim area is related to
gold occurrences found in the late 1970's by prospectors and never studied in
detail. During 2002, the Company's geologic crews completed a geological
reconnaissance complete with pan concentrate and stream sediment analysis. The
local geology is a contact zone of basement granite-gneisses and volcanics. Work
on the ground has outlined several gold anomalies of significance related to
milonites after acid volcanics and volcanoclastic breccias.

         The Pombo project is made up of four claims totaling 5,934.74 hectares
(14,665 acres). Two claims that were applied for on July 11, 2002 and September
30, 2002 have been granted and the two that were applied for September 30, 2002
and in March of 2003 are in study, although they have been given priority
status. The area of the claims is flat with grass, brush and small trees and
accessible by dirt and graveled roads. It is located in the Cachimbo gold
district with a thirty-year history of small-scale miners recording a production
in excess of five million ounces of gold. The main geologic feature that has
been recognized by recent detailed field geology is that the area is made up of

                                       10
<PAGE>

a large porphyry granite pluton. Samples taken along a shear zone that has been
mapped for a length of over three miles have returned assays as high as one
ounce of gold per ton. The 38 rock and channel samples taken along this
structure returned a weighted average of 0.21 ounces of gold per ton. The total
minable width of this mineralized zone is unknown due to the lack of rock
outcrops although field evidence indicates that it is not confined to this
fifteen-foot wide fault structure. A recent petrographic study done on 17 rock
samples taken from the Pombo area characterize the mineralized model as typical
porphyry type based on rock types, hydrothermal alteration and the presence of
disseminated pyrite and chalcopyrite on several i-granite samples. One large
boulder of a sulfide bearing mafic rock found in the northern portion of the
property was sampled and found to assay 1.6% Nickel, 0.6% Cobalt, 0.04 ounces
per ton Platinum along with Palladium and gold.

         Under the mining law of Brazil all minerals are the property of the
state and administered by the state. A claimant requests an area and is granted
an exclusive right to explore and pre-develop the area for a period of three
years. A three-year extension is granted upon application showing ongoing work.
Upon showing that an economic deposit has been found a mining right is issued
that is valid until the deposit is exhausted. The state reserves a one-percent
royalty on gold and taxes are similar to those imposed by the U.S.

         Operations outside the United States are subject to risks of doing
business abroad. Brazil is geographically larger than the continental United
States and has the sixth largest GNP economy in the world. Although it has
foreign sovereignty over the Company's operations in Brazil, it is rated well by
the world banking community in the country risk category.

Item 6 - Exhibits and Reports on Form 8-K

         (a)      Exhibits
                  --------

         The following exhibits are attached hereto or are incorporated herein
by reference as indicated in the table below:

         Exhibit                                             Location if other
            No.        Title of Document                    than attached hereto
         -------       -----------------                    --------------------

         3.01*         Articles of Incorporation              1999 Form 10-KSB
                       (as amended to date)                   Exhibit 3.01

         3.02*         Amended Bylaws                         2000 Form 10-KSB
                                                              Exhibit 3.02

         99.1          Certification

* Denotes exhibits specifically incorporated in this Form 10-QSB by reference to
other filings of the Company pursuant to the provisions of Securities and
Exchange Commission rule 12b-32 and Regulation S-B, Item 10(f)(2). These
documents are located under File No. 001-10287 at, among other locations, the
Securities and Exchange Commission, Public Reference Branch, 450 5th St., N.W.,
Washington, D.C. 20549.

                                       11
<PAGE>

         (b)      Reports on Form 8-K
                  -------------------

         On March 18, 2003, the Company filed a Form -K, subsequently amended on
April 1, 2003, setting forth certain information regarding a change in the
Company's independent public accountant under Item 4 - Changes in Registrant's
Certifying Accountant and Item 7 - Exhibits.


                                   SIGNATURES

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

                                       GOLD STANDARD, INC.


Date     June 9, 2003                  By:  /s/ Scott L. Smith
                                           -------------------------------------
                                           Scott L. Smith
                                           President and Chief Financial Officer



                                 CERTIFICATIONS

I, Scott L. Smith, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Gold Standard, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

               a) designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

               b) evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the filing date of
this quarterly report (the "Evaluation Date"); and

                                       12
<PAGE>

               c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):

               a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

               b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal
controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.



Date     June 9, 2003                   By:  /s/ Scott L. Smith
                                           -------------------------------------
                                           Scott L. Smith
                                           President and Chief Financial Officer



                                       13