SECURITIES AND EXCHANGE COMMISSION
                                 WASHINGTON, D.C.  20549


                                     FORM 10-KSB



                      (x)ANNAL REPORT PURSUANT TO SECTION 13 OR 15 (d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934 (no fee required)



          For the fiscal year ended December 31, 2003
                Commission File No. 001-10156



                          ORIGINAL SIXTEEN TO ONE MINE, INC.
                (Exact name of registrant as specified in its charter)



                   CALIFORNIA                            94-0735390
      (State or other jurisdiction of     (I.R.S. Employer Identification No.)
        incorporated or organization

                     Post Office Box 909, Alleghany, CA  95910
                      (Address of principal executive offices)


                                    (530) 287-3223
                            (Registrant's telephone number)
                                (including area code)

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the 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
requirement for the past 90 days.

                        Yes:                         No: x



As of December 31, 2003, 12,867,250 shares of Common Stock, par value $.03 per
share, were issued and outstanding.


                                       PART I

GENERAL NOTE

In accordance with directive from the Securities and Exchange Commission
(SEC) and Industry Guide 7, reference for all intent and purposes to the
Company's employees as miners, its properties as mines or its operation as
mining does not diminish the fact that the Company has no proven reserves and
is in the "exploration state" as defined in Guide 7(a)(4)(iii).

ITEM 1:  BUSINESS

Description of Business

Original Sixteen to One Mine, Inc. (the Company) mines gold on properties it
owns in fee simple or on which it has claims, in the Alleghany Mining District,
about 65 miles northeast of the intersection of I-80 and California State
Route 49.

The primary operation is the Sixteen to One mine from which more than 1,109,344
troy ounces of gold have been retrieved since the mine commenced operation in
1896.  The Company began doing business in its present form in 1911 and has
operated continuously since.  It is a traditional hard rock underground mine
where miners create horizontal levels at various elevations and raise into
favorable areas.  The geology of the mineral deposit is well documented.
Current activities are focused on the 1,100 foot level.  Crews of miners
average about five linear feet of progress per day.  Gold is not distributed
evenly within the quartz veins; however, concentrations of gold deposits are
found scattered within these quartz veins.  Because the gold appears
intermittently, the Company has never declared reserves according to
contemporary industry standards.

Operations are characterized by significant amounts of preparation, tunneling,
underground property maintenance and upgrading, all of which are necessary to
permit access to and extraction of the gold.  The Company from time to time
focuses substantially all of its resources on infrastructure development and
maintenance, and during these periods, little gold is mined.  At other times,
miners are primarily searching for gold.  Accordingly, business is subjected to
two very different cycles, one dependent on whether the Company is directing
its resources towards infrastructure or underground development and the other
as a function of gold production.  The operation resembles the classical "boom
or bust" cycles regardless of outside influences.

Metal detection technology enables miners to detect gold from 20 to 48 inches
from quartz faces in the wall rock.  (The size of the concentration is a
factor).  Miners work with other companies interested in developing new
technologies for deeper penetration.  These arrangements allow the Company to
benefit from research activities without incurring the full costs associated
with research and development.

Advancement in metal detection technology has steadily progressed over the past
ten years.  Greater sensitivity in metal detection has historically increased
gold production throughout the mine.  Since the Company lacks the funds to
carry forth scientific research, it is impossible to predict when a new device
will be developed ; however, the hardware used in advanced gold detection has
improved significantly during the past twelve months.  Also the same physics
principles are used in governmental programs for Directed Energy Weapons, which
may stimulate research and development.

For accounting purposes gold revenues are accrued when the metal has been
recovered.  For tax purposes revenues are not recognized until the gold is sold.
Rare high-grade gold and quartz is sold at a premium to museums, collectors and
jewelry manufacturers.  This market has become a significant financial factor
since its beginning in 1993.  Demand for the Sixteen to One gemstone is
currently greater than the amount mined.

The Company lacks sufficient funds to implement major construction projects to
significantly increase production of gold.  Sinking of a new shaft in the
center of the mine is one project.  The company has announced its plans to
raise working capital for this project.  No extraordinary working capital
requirements exist to maintain the current level of operation.  Nor is there a
dependency on any particular customer, as gold bullion has multiple markets.
Business generally reflects the efficiency and timeliness in which gold is
located rather than the international spot bullion price.  The development and
testing of advanced metal detection will likely increase the production of
gold.

Supplies and equipment used for underground exploration are commonly available.
Labor requirements are available.  The Company believes that within the Sixteen
to One mine substantial numbers of attractive exploration opportunities are
accessible.

In 1994, following a long-standing practice of acquiring inactive productive
mines, the Company purchased the Brown Bear mine in Trinity County, located
outside Lewiston, California.  The property, 540 timbered and patented acres
and twenty-two unpatented claims, has yielded 500,000 troy ounces of
gold.  The mine is underground, yet no excavation exists below the tunnel
entrance (adit level).  During the 1980's the property was extensively core
drilled by Santa Fe Mineral.  These results indicate that within the Brown Bear
mine a substantial number of attractive exploration opportunities exist.  When
funding is available, one specific target has been selected for exploration and
development.  In 1999, the Company acquired the Plumbago mine in the Alleghany
Mining District, which is located approximately two miles southeast of the
Sixteen to One mine.  The property includes a twenty acre patented claim,
mineral rights to eight patented claims and sixteen unpatented claims.  The
property has a history of rich gold production.  The Company will pursue the
potential within this property when funding becomes available for exploration
and development.

No particular seasonality exists for the marketing of gold (other than the
Company's gold jewelry sales for which some modest bias toward the fourth
quarter is recorded).  Business is not seasonal except for the generally modest
effect of winter storms on the ability of the miners to access the mine.
Management believes it is in substantial compliance with all applicable federal,
state and local laws and regulations relating to the environment.  The Company
does not presently anticipate any material capital expenditures for
environmental control facilities, either for the remainder of its current fiscal
year or for the succeeding fiscal year.

The Company is a California corporation formed October 11, 1911.  On December
31, 2003, it had two full-time employees plus one permanent part-time
employee and five contract miners working underground.  The Company's
executive office is located at 527 Miners Street, Alleghany, California
95910.  The Company's phone number is (530) 287-3223.  The Internet address is:
www.origsix.com.

Risk Factors

(a) Price of Gold

The price of gold has increased significantly from the low of $254 in 1999.  Any
significant drop in the price of gold may have a materially adverse effect on
the results of the Company's operations unless the Company is able to offset
such a price drop by increasing production or jewelry sales.

 (b) Lack of Proven Reserves

Because proven reserves are not utilized as a component for evaluating future
earnings or ore values, a sense of uncertainty of existence arises.  Caution is
recommended in using the doctrines of reserves as an economic tool for valuing
the Sixteen to One mine. While (i) the Company has recovered over one million
ounces of gold and (ii) management believes that substantial additional virgin
veins exists in the Sixteen to One mine, the Company has no ability to measure
or prove its belief that a greater amount of gold remains in the approximately
eighty percent (80%) of its unmined vein system.

(c) Governmental Regulation

The financial statements for the years 2002 and 2003 have not been audited by a
Securities Exchange Commission (SEC) accounting firm due to the existence of an
unpaid bill.  Therefore, the Company is not in compliance with SEC regulations.

Mining is generally subject to regulation by state and federal authorities.
State and federal statutes regulate environmental quality, safety, exploration
procedures, reclamation, employees health and safety, use of explosives, air
quality standards, pollution of stream and fresh water sources, noxious
odors, noise, dust, and other environmental protection controls as well as the
rights of adjoining property owners.  Laws may change preventing or delaying
the commencement or continuance of given operations.  Questionable
interpretation of and implementation of regulations have become significant
threats to the natural resource industry.

The Company is in compliance with all known safety and environmental standards
and regulations.  There can be no assurance that future changes in the laws,
regulations or reckless interpretations thereof will not have a material adverse
effect.  The company is emerging from five years of extreme and questionable
executions of laws and regulations by state and federal government agencies or
employees.  If these practices were allowed to continue unabated, they would
substantially depress the value of the owners.

(d) Liquidity

Gold inventory at December 31, 2003, was $620,778, primarily as specimens or
gold held for jewelry.  While history of actual cash sales supports inventory
exceeding the spot price, no such increases are used to compute the inventory.
The difference in the recorded value and the actual cash value is a significant
factor in determining asset value but cannot be included on the balance sheet
due to accounting rules.  Periodic shortfalls in liquidity occur which are not
likely to be bridged by institutional debt financing.  Management addresses
these issues as they arise.  All inventory of raw material is recorded at spot
price per troy ounce.  In addition, contract manufacturing costs of jewelry are
included in the finished jewelry inventory.

(e) Price of Stock

Bids and offers are publicly recorded on the stock page of the Company's web
site.  Exposure is limited.  The price of stock may not accurately reflect its
fair market value because of the limited market place.  The company maintains
no program to support or promote its stock and is unlikely to conduct a program
until a public market place is secured.

ITEM 2:  PROPERTIES

Properties

The Sixteen to One mine was incorporated into Original Sixteen to One Mine, Inc.
in 1911.  Properties acquired prior to 1925 are carried on the Company's books
at their original purchase price and are fully amortized through depletion.  The
Company acquired additional mining properties for $405,517.  No depletion has
been applied to those properties.

In 1991, the Company purchased leasehold interests and a mill permitted for 200
tons per day, which it upgraded in 1996.  The mine is accessed by a road owned
and maintained by the Company.  The mouth of the mine is approximately one-half
mile from a county road.

The Alleghany properties consist of 25 patented claims (452 acres) and an
additional 69 unpatented claims and 160 acres of mineral rights on patented
claims.  In 1994, the Company purchased the Brown Bear Mine in the French Gulch
Mining District, consisting of 34 patented claims (540 acres) 22 unpatented
claims (440 acres).  The following table sets forth further information
 with respect to the Company's mining claims.


ALLEGHANY DISTRICT:

PATENTED MINING CLAIMS OWNED 100% BY THE COMPANY

     NAME OF CLAIM                 NAME OF CLAIM

     Belmont                       Rainbow Fraction
     Number Three                  Twenty-One
     Eclipse Quartz                Eclipse Extension
     Tightner Extension            Contract
     Alene                         Valentine
     Red Star                      Bartlett
     Farnham Gold Quartz Mine      Belmont #2
     Contract Extension            Hanley Quartz Mine
     Noble                         Sixteen to One
     Groves Gold Quartz Mine       Denver
     Happy Jack Extension          Ophir
     Rainbow Extension             Happy Jack
     Marion Lode


UNPATENTED MINING CLAIMS OWNED 100% BY THE COMPANY

     NAME OF CLAIM               NAME OF CLAIM

     La Jard Lode                Tightner No. 4 Lode
     Tagalog Lode                Bald Mountain Placer #2
     Tightner # 5 Lode           Cumberland Lode
     Oversight Lode              Tightner No. 6 Lode
     Aurora Lode                 Tightner No. 1 Lode
     East Bartlett Lode          Copeland Two Lode
     Tightner No. 2 Lode         Red Star Ext Placer
     Antique Lode                Tightner No. 3 Lode
     Buckeye Placer              Bullion Lode
     Alene Ext Lode              Amethyst Lode
     Lava #1 Lode                Bartlett Ext Lode
     Amethyst Ext Lode           Lava #2 Lode
     Illocano Lode               Mabel Lode
     Lava #3 Lode                Bal Lode
     Margaret Lode               Alling One Lode
     Verde Lode                  Phoebe Lode
     Alling Two Lode             Butterfly Lode
     Blue Jay Lode               Lady Bug Lode
     North Star Lode             Triple M Lode
     South Fork Placer           Honey Bee Lode
     Mayflower Lode              Copeland One Lode
     Bald Mountain Placer        Parkman Placer
     Oregon Creek Placer         Apache
     Patriot                     Patriot Extension
     Tomahawk                    Thunderbolt
     Bradley                     Hercules
     Hercules Extension


MINERAL RIGHTS - PATENTED CLAIMS

     NAME OF CLAIM               NAME OF CLAIM

     Standard Lode               Standard Lode Extension
     Gold Beater Lode            Clute Lode
     Hope Extension Lode         Crafts Lode
     Plumbago Mine Mill Site     Enterprise Quartz


MINERAL RIGHTS - UNPATENTED CLAIMS

     NAME OF CLAIM               NAME OF CLAIM

     Rattlesnake Quartz          Eclipse
     Eclipse Extension           White Oak
     Dog Wood                    Highview
     Lucky Cross                 Aetna
     Marion Extension            Vaughn #1
     Harold #1                   Vaughn #2
     Harold #2                   Reliance
     Fighting Bob                Plumbago


FRENCH GULCH DISTRICT:

PATENTED MINING CLAIMS OWNED 100% BY THE COMPANY

     NAME OF CLAIM                   NAME OF CLAIM

     Dreadnaught Quartz Lode         Coon Dog Quartz Lode
     North Fork Quartz Lode          Madison Quartz Lode
     North Fork No. 2 Quartz Mine    Martin Quartz Lode
     Gem Quartz Lode                 Brown Bear Ext. Qtz. Lode
     Slide Quartz Lode               Red Diamond Quartz Lode
     Abernathy Quartz Lode           New World Quartz Lode
     North Pole Quartz Lode          Cube Quartz Lode
     White Bear Quartz Lode          Highland Mary Quartz Lode
     Comet Quartz Lode               Dead Horse Quartz Lode
     Monte Cristo Gold Lode          Belmont Quartz Lode
     Rising Sun Quartz Lode          Capital Gold Quartz Lode
     Enterprise Gold Quartz Lode     New World Quartz Lode
     Last Chance Gold Lode           Black Bear Gold Lode
     Barted Gold Quartz Mine         Queen Gold Quartz Gold
     Brown Bear Gold Quartz Mine     Shoofly Gold Mining Claim
     Watt Quartz Lode                Melton Quartz Lode
     Deadwood Placer Mining Lode     Sebastian Placer Quartz
                                       Lode


UNPATENTED MINING CLAIMS OWNED 100% BY THE COMPANY

     NAME OF CLAIM                 NAME OF CLAIM

     Lost Hope                     Cardinal No. 1
     Cardinal No. 2                Cardinal No. 3
     Cardinal No. 4                Cardinal No. 5
     Cardinal Fraction No. 1       Cardinal Fraction No. 2
     Cardinal Fraction No. 3       Cardinal Fraction No. 4
     Cardinal Fraction No. 5       Cardinal Fraction No. 6
     Cardinal Fraction NO. 7       Cardinal Fraction No. 8
     Cardinal Fraction No. 9       Cardinal Fraction No.10
     Coon Dog Extension            Golden Bear No. 1
     Golden Bear No. 2             Luck Boy
     Sunny Point                   Sunny Point No. 2


ITEM 3:  LEGAL PROCEEDINGS

1. Petition in United States Court of appeals for the Ninth Circuit, filed
   March 23, 2004 contesting MSHA's interpretation of its standard.  Docket
   Number 04-71301.
2. Plaintiff in Superior Court of the State of California, County of Sierra
  against private lawyers and their employer.  Case filed February 13, 2004.
  Case No. 6293, Complaint for Damages (Malicious Prosecution, Intentional
  Infliction of Emotional Distress, Intentional Interference with Perspective
  Advantage)

                                          PART II

ITEM 4:  MARKET FOR THE REGISTRANT'S COMMON EQUITY
AND RELATED STOCKHOLDER MATTERS
Market Information

There is no current public market place for the Company's common stock. 2002
and 2003 market data is based upon activity on the OAU X-Mart posted on the
Company's web-site.

            1st Quarter     2nd Quarter     3rd Quarter      4th Quarter
            High    Low     High    Low     High    Low      High    Low
           ------  -----   ------  -----   ------  -----    ------  -----
    2003  $ .90   $  .85  $  .83  $  .38  $  .70  $  .50  $   .60  $  .60
    2002    .86      .22     .86     .60     .32     .20      .55     .20
    2001    .234    .167    .400    .250    .300    .267     .400    .150
    2000    .333    .187    .354    .210    .397    .210     .333    .127
    1999    .357    .230    .417    .167    .354    .230     .354    .210
    1998    .730    .544    .687    .520    .687    .294     .417    .294
    1997   1.294   1.084   1.417    .960   1.334    .960    1.000    .627
    1996   1.544   1.250   1.584   1.437   1.520   1.377    1.334   1.250
    1995   1.314   1.084   1.250    .877   1.750   1.044    1.627   1.250
    1994   2.500   1.584   2.084   1.834   1.917   1.417    1.250   1.127

Note:  The Company offered a 3 for 1 stock split in 2001.  Accordingly, share
and per share data has been restated for all periods presented to give effect
to the split.


Shareholders:  As of December 31, 2003 there were 1,292 holders of common stock.


ITEM 6:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION

Balance Sheet

Original Sixteen to One Mine, Inc. is a distinct company in that it is the
only operating company of its kind remaining in the United States.  Management
believes that the assets of the Company are understated.  For example, in 2001,
the Company incurred a loss of approximately $800,000 in the writing down of
development costs of the 2283 Winze.  The development costs were capitalized
based on gold production.  Due to more favorable locations for short-term gold
production the Company made changes in its plan of operation.  While the
immediate future holds no promise for operation in this area of the mine, the
development still proves to be a valuable asset to the infrastructure of the
property.

No value is recorded on the balance sheet for timber.  The company owns 1,000
acres of timberland.  No value is recorded on the balance sheet for the Company
owned water rights.  Reduced value is recorded on the balance sheet for
buildings equipment and land.  No value is recorded on the balance sheet for
marketable aggregate and decorative stone currently stock piled on the property.
No value is recorded on the balance sheet for goodwill.  Fixed assets are
recorded at cost less depreciation.

Comparisons of 2003 with 2002

Long term Liabilities decreased by $30,286 (52%) as a result of regular loan
payments and the transfer of a significant portion to "Current Liabilities" as
the Notes near maturity.

Other changes in the comparisons between 2003 and 2002 on the balance sheet are
deemed insignificant and immaterial.

Statement of Operations

(a) Comparison of 2003 with 2002

Revenues decreased by $185,633 (32%) as a result of a downsized operation and
the resulting decrease in mine production.  It should be noted that consistent
with accounting practices established by our auditors in previous years,
inventory valuation adjustments resulting from the fluctuation of the price of
gold are either added (gold price increases) or subtracted (gold price
decreases) to revenues.

Salaries and Wages decreased by $220,370 (73%) while contract labor increased
$33,565 (169%).  This is due to the involvement of accredited miners becoming
independent contractors as participants in a lease with the Company.

Insurance decreased by $30,035 (82%) due to a decrease in worker's
compensation insurance premiums as well as a decrease in coverage.

Operating Expenses as a whole decreased by $378,363 (48%) as a direct result of
a downsized operation.

The basic and diluted loss per share for 2003 totaled (.006) compared with a
 loss of (.02) per share in 2002.

Comparisons of 2002 with 2001

Statement of Operations

(a) Comparison of 2002 with 2001

Revenues decreased by $128,121 (18%) as a result of a downsized operation and
the resulting decrease in mine production.  During 2002 the gold price
increased by approximately $71.00 per oz resulting in Inventory Valuation
adjustments of $94,454 which constitutes approximately 16% of the reported
revenues for 2002.

Salaries and Wages decreased by $292,072 (48%) as a result of the layoff of the
crew on July 16, 2002.  Payroll taxes also decreased.

Insurance decreased by $126,974 (78%) due to a decrease in worker's compensation
insurance premiums and a refund resulting from decreased payroll expenses.

Operating Expenses as a whole decreased by $513,928 (39%) as a direct result of
a downsized operation for the second half of the year.

The decrease in Other Expenses of $784,200 (91%) was due primarily to the one
time "Loss from Write Down of Development Costs" in 2001.

The basic and diluted loss per share for 2002 totaled (.02) compared with a
loss of (.11) per share in 2001.

SUBSEQUENT EVENTS

 None

ITEM 6:  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The unaudited financial statements of the Company are attached at the end of
this document.


PART III

ITEM 7:  DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT

Officers and Directors

The following table sets forth the Officers and Directors of the Company.  The
directors listed below will serve until the next annual shareholders meeting to
be held on June 26, 2004.  All of the officers of the Company serve at the
pleasure of the board of directors.

Name                Age  Position      Officer Since    Director Since

Michael M. Miller    61  President
                          & Director       1983              1977

Scott K. Robertson    47  Treasurer
                          & Director       1999              1999
Hugh Daniel O'Neill   61  Director         N/A               2002

Rae Bell Arbogast     38  Secretary        2002              N/A

Michael M. Miller-Director, President and CEO

As President and Chief Executive Officer, Mr. Miller is responsible for the
day to day operations of the Company.  In 1975, Mr. Miller became the sole
proprietor of Morning Glory Gold Mines.  Prior to that, he was self-employed in
Santa Barbara County, California from 1965 to 1974.  Mr. Miller served
as a trustee and President of the Sierra County Board of Education (1979 to 1983
trustee) (President in 1983). In 1991 he served as a member of the Sierra County
Planning Commission (Chairman in 1992, 1993, 1999 and 2000) until 2001.  Mr.
Miller is licensed as a California Class A general engineering contractor.  He
is a member of the American Institute of Mining Engineers.   In 1965, Mr.
Miller received a B.A. from the University of California at Santa Barbara in
combined Social Sciences-Economics.  He was born in Sacramento, California.

Scott K. Robertson- Treasurer ~ Director

Scott K. Robertson has been active in the Company since 1984 as an outside
accountant.  In 1992, Mr. Robertson co-founded the CPA and business development
firm Robertson & Woodford, LLP, located in Grass Valley, California.  He is
currently active as the director and owner of several companies

Mr. Robertson is also a past president of the Economic Resource Council, Rotary
Club of Grass Valley and Nevada County Business Association, all located in
Nevada County, California.  He was an instructor at Sierra College for twelve
years.

Mr. Robertson received his bachelor's degree in Business Economics in 1981 from
the University of California at Santa Barbara, and his CPA certificate in 1986

Hugh Daniel O'Neill III ~ Director

Mr. O'Neill was born April 21, 1942 at a naval base in Virginia. He was raised
in seventeen states over a fourteen-year period, settling in Nevada City,
California. He attended the University of San Francisco, where he created Odd
Bodkins in 1961. The San Francisco Chronicle syndicated Odd Bodkins in 1963
making Mr. O'Neill the youngest cartoonist ever hired by a national syndicate
It was published in 350 newspapers. At its peak its readership was 50 million
daily. Dan is an historian, an accomplished journalist and a former war
Correspondent.

Rae Bell Arbogast ~ Secretary
Rae Bell has worked for the Sixteen to One Mine since 1996.  Hired as an
Office Assistant, her responsibilities have grown steadily.  In 1998 she
completed an Accounting Course from the University of Nevada at Reno and
several computer courses.  She is an Administrative Assistant for the company
and serves as the Corporate Secretary.

Ms. Arbogast is Chairman of the Board for Alleghany Volunteer Fire
Department, a Director of the Alleghany County Water District, and Executive
Director of Underground Gold Miners Museum.  She is a volunteer
Emergency Medical Technician with the Fire Department. She was born in
Southern California and moved to the Alleghany area with her family in 1975.
Her father worked as a miner at the Ruby and Carson Mines.  Prior to employment
with the Company she was self-employed.


ITEM 8:  EXECUTIVE COMPENSATION

Remuneration of Directors and Executive Officers

Total compensation for each Director, excluding the President, consists of $750
per meeting attended and an annual $2,000 retainer effective January 1, 1994,
and remains unchanged.

The Company has not paid or distributed and does not pay or distribute cash or
non-cash compensation to officers, directors or employees under any retirement
or pension plans, and has no intent to do so in the future.

In April 1996, the Board of Directors adopted, subject to shareholders
approval the Company's Stock Incentive Plan for employees and directors
Shareholders approved the plan on June 22, 1996.


Management Remuneration for the Period Ended December 31, 2003

   Name/
Principal       Annual
Position         Year   Salary    Bonus    Compensation  Securities
---------       ------  ------    -----  ------------  ----------

Michael Miller/  2003  $ Deferred     0         0             0
President & CEO  2002  $ Deferred     0         0             0
                 2001  $ 63,462       0         0             0


The following table summarizes incentive options granted to the president:

     Issued Sept.24, 1999        450,000 shares       $ .230 per share
     Issued June 30, 1998        150,000 shares       $ .710 per share

Note:  No options were granted in the years 2003 or 2002.
These options vest ratably over a five-year period beginning one year from the
date of grant.

Non-qualified Stock Options granted to board members are summarized in the
following table:
                               SHARES      EXERCISE PRICE     FULLY VESTED
                               ------      --------------     ------------
Issued June 30, 2001           45,000           $ .3400      June 30, 2005
Issued June 30, 2000           45,000           $ .3125      June 30, 2004
Issued June 30, 1999           45,000           $ .3750      June 30, 2003
Issued June 30, 1998           30,000           $ .6250      June 30, 2002

These options vest ratably over a four-year period beginning one-year from the
date of grant and expire ten years after the date of grant.


ITEM 9:  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT

Security Ownership of Certain Beneficial Owners and Management

Title of   Name and Address        Amount and Nature     Percent
 Class   of Beneficial Owner      of Beneficial Owner    of Class
-------  -------------------      -------------------    --------
Common     M. Blair Hull              1,989,507            15.5%
           Hull Trading Co.
           401 So. LaSalle, Suite. 505
           Chicago, IL  60605

Common     Kathy N. Hull              1,490,250             12%
           11 Sierra Ave.
           Piedmont, CA  94611

Common     Michael M. Miller          1,093,597              8%
           Officer and Director
           P.O. Box 941
           Alleghany, CA  95910

Common     Scott K. Robertson           132,442              1%
           Officer and Director
           12391 Deer Park Drive
           Nevada City, CA  95945

Common     Hugh Daniel O'Neill             7,639             .06%
           Director
           227 Prospect St.
           Sebastopol, CA  95959

Common     Rae Bell Arbogast               13,158            .1%
           Secretary
           P.O. Box 909
           Alleghany, CA 95910

Common     All Officers & Directors     4,726,573             37%
                (as a group)

PART IV

ITEM 10:  UNAUDITED FINANCIAL STATEMENTS

In the opinion of management, the financial statements contain all adjustments
(consisting only of normal recurring accruals) necessary to present fairly the
Company's financial position at December 31, 2003 and December 31, 2002, the
results of operations and cash flows for the twelve-month periods ended
December 30, 2003, 2002 and 2001.  The unaudited financial statements have been
prepared in accordance with Generally Accepted Accounting Principles.

SIGNATURES


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


ORIGINAL SIXTEEN TO ONE MINE, INC.
Registrant

By: /s/Michael M. Miller
Michael M. Miller
President and Director
March, 2004

<page>

Balance Sheet

                                       December 31, 2003 and December 31, 2002

ASSETS
                                                        2003        2002
Current Assets
  Cash                                            $      40     $      0
   Accounts receivable                                3,204        7,321
   Inventory                                        620,778      605,050
   Other current assets                               5,775        7,238
                                                    -------      -------
    Total current assets                            629,797      619,609
                                                    -------      -------

Mining Property
   Real estate and property rights
        net of depletion of $524,145                181,091      181,171
   Real estate and mineral property                 473,403      473,323
                                                    -------      -------
   Total Mining Property                            654,494      654,494
                                                    -------      -------

Fixed Assets at Cost
   Equipment                                        909,983      909,983
   Buildings                                        159,487      159,487
   Vehicles                                         252,128      252,128
                                                  ---------    ---------
  Total fixed assets a cost                       1,321,598    1,321,598
                                                  ---------    ---------
Less accumulated depreciation                   (1,211,496)  (1,187,673)
                                                -----------  -----------
   Net fixed assets                                 110,102      133,925
                                                -----------  -----------

Other Assets
   Bonds and misc. deposits                        16,185         16,185
                                                ---------        -------

   Total Assets                                 $1,410,578    $1,424,213
                                                ==========    ==========

LIABILITIES & STOCKHOLDERS' EQUITY
                                                        2003       2002
Current Liabilities
Bank Overdraft                                           $  0        81
   Accounts payable & accrued expenses             $  352,797   322,307
   Due to related party                               101,397    93,720
   Notes payable due within one year                  434,013   444,646
                                                     --------   -------
   Total Current Liabilities                          888,207   860,754
                                                     --------   -------

Long Term Liabilities
   Notes payable due after one year                    27,597    57,883
                                                     --------   -------
Total Liabilities                                     915,804   918,637
                                                     --------   -------

Stockholders' Equity
   Capital stock, par value $.03 : 30,000,000
   shares authorized:12,867,250 shares
   issued and outstanding as of
   December 31, 2003 and 12,744,046
   as of December 31, 2002                         428,869       424,868
   Additional paid-in capital                    1,875,888     1,809,876
   (Accumulated deficit)
   Retained earnings                           (1,809,983)   (1,729,168)
                                              ------------   -----------
   Total Stockholders' Equity                      494,774       505,576
                                              ------------   -----------

Total Liabilities and Stockholders' Equity       $1,410,578   $1,424,213
                                              ============  ============


Original Sixteen to One Mine, Inc.

Statement of Operations

                                                    2003      2002       2001
Revenues:
Gold & jewelry sales                            329,743    455,506     646,839
Inventory Valuation adjustment                   71,351    131,221      69,312
                                                 ------    -------     -------
   Total Revenues                               401,094    586,727     716,151

Operating expenses:
   Salaries and wages                              80,193    300,563   599,257
   Contract Labor                                  53,387    19,822     13,700
   Telephone & utilities                          123,834    141,738   120,500
   Taxes - property & payroll                      35,418     52,539    99,072
   Insurance                                        6,619     36,654   163,628
   Supplies                                        15,456     56,737    95,362
   Small equipment & repairs                       19,114     18,095    31,906
   Drayage                                         21,510     18,262    22,061
   Legal and accounting                             8,900     50,706    53,544
   Depreciation & amortization                     23,823     73,660    73,661
                                                  -------     ------   -------
   Other expenses                                  26,855     24,696    34,709

   Total operating expenses                       415,109   793,472  1,307,400

   Profit (Loss) from operations                 (14,015)  (205,442) (591,249)

Other Income & (Expense):
Interest Expense and Late Charges                (67,928)   (78,543)  (51,552)
Loss from Write Down
of Development costs (note 12)                     -         -       (799,144)
Other expense                                    (2,528)    (11,513)  (15,586)
Other income                                      4,456       16,213     8,239
                                               ---------   --------  ---------
   Total other (expense) income                 (66,000)   (73,843)  (858,043)

   Loss before taxes                           (80,015)  (279,285) (1,449,292)

   Income tax expense                                800          800      800

Net (loss) income                          $  (80,815)$  (280,085)$ (1,450,092)
                                              =========  ==========   =========

Basic and diluted loss per share             $    (.006)$     (.02)$      (.11)
Shares used in the  calculation of net
   loss income per share                     12,867,250  12,744,046  12,744,046
                                                ========   =========   ========

<page>

Original Sixteen to One Mine, Inc.

Statement of Cash Flow
For the Years Ended                             December 31, 2003, 2002, 2001


Cash Flows From Operating Activities:
                                                       2003      2002      2001

Net loss                                     $ (80,815)$ (280,085)$ (1,450,092)
Operating activities:
   Depreciation and amortization                    23,823    73,660     73,661
   Decrease(Increase) in accounts receivable         4,117    12,635     31,531
   Decrease(Increase) in inventory                (15,728)   101,583    (2,111)
   Decrease (Increase) in other current assets       1,463     6,101      5,056
   (Decrease) Increase in accounts payable
    accrued expenses and short term notes           27,534   148,370     77,817
   Gain on sale of asset                            -           -       (3,000)
   Write down of development costs/other assets      -           -      814,044
                                                   --------  -------  ---------
Net cash (used) provided by operating activities   (39,606)   62,264  (453,094)

Cash Flows From Investing Activities:
   Purchase of fixed assets                         -       (11,935)   (66,179)
   Disposition of fixed assets                      -          -          3,000
   Other assets Bonds Misc. deposits                        (16,185)
                                                  ---------  --------  --------
   Net cash (used) provided by investing activities  -      (28,120)   (63,179)

Cash Flows From Financing Activities
 Bank overdraft increase (decrease)                    (81) (12,349)     12,430
 Increase (decrease) notes payable                 (30,286) (45,264)    478,865
 Proceeds from sale of common stock                   4,001      -        3,750
 Paid in Capital from Shareholders                   66,012      -        6,785
                                                   -------- --------   --------
 Net cash provided (used) by financing activities    39,646 (57,613)    501,830

 Decrease (increase) in cash                             40 (23,469)   (14,443)
 Cash, beginning of period                               0    23,469     37,912
                                                    ------   -------   --------
 Cash, end of period                                 $  40 $       0 $   23,469
                                                  ========    =======  ========