SECURITIES AND EXCHANGE COMMISSION
                                 WASHINGTON, D.C.  20549


                                     FORM 10-KSB/A



                      (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, 2002
                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, 2002, 12,746,046 shares of Common Stock, par value $.03 per
share, were issued and outstanding.

Amendment filed to correct errors in previous year's statement of cash flows,
as well as absence of signature paragraph.

                                       PART I

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 1,108,349
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.  Our mining has 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.  The 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 future
developments; however, the hardware used in advanced gold detection has improved
significantly during the past twelve months.

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.  The Company manufactures its own jewelry and sells its
own dore (unrefined gold).

No extraordinary working capital requirements exist 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.

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, 2002, it had two full-time employees plus three permanent part-time
employees and seven 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.  There are
currently legal and financial situations that suggest a bias towards an increase
in the price of gold.

 (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.




(c) Governmental Regulation

The financial statements for year 2002 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, 2002, was $605,050, 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.  Most brokerage firms will not actively solicit
investment in a penny stock.

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
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 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), plus.  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

None

                                          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
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
           ------  -----   ------  -----   ------  -----    ------  -----
    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 April 21, 2003 there were 1,260 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.

Comparisons of 2002 with 2001

Current assets decreased by $143,788 (19%) primarily as a result of decreases in
cash and inventory.

Current Liabilities increased $136,021 (19%) primarily due to an increase of
$115,634 (56%) in Accounts Payable and an increase of $57,515 (157%) in Related
Party Notes, both are a direct result of the Company's cash shortage.

Long term Liabilities decreased by $43,264 (44%) 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 2002 and 2001 on the balance sheet are
deemed insignificant and immaterial.

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.  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.  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.

(b) Comparison of 2001 with 2000

Revenues decreased $1,013,508 (58.60%) for the year 2001 compared with 2000.
Lack of any timber harvesting operation by the Company attributed to $509,998 of
the decrease with the remaining amount of decrease due to lack of gold
production.

The energy situation in California has dramatically increased the Company's
utility rates, thereby generating an increase of $41,444 (52.42%).  Insurance
increased $22,731 (16.13%) due to the addition of two vehicles and overall
industry rate increases.

The Company's expenditure for legal fees totaled approximately $2,000 in 2001.
Management has represented the Company in several compliance matters without
engaging the aid of legal counsel.  Accounting expense for 2001 totaled $38,854
which is comparable with 2000.  Legal and accounting expense also encompasses
fees for permits and other expenditures associated with compliance.

The development cost of the 2283 Winze was capitalized; however, it is generally
the policy of the Company to expense any development costs as they are incurred.
The loss from the write down of development costs of this winze, approximately
$800,000, significantly impacted the Company's statement of operations resulting
in a net loss for 2001 of $1,449,292 compared to a net income of $577,656 for
the year ended December 31, 2000.

The basic and diluted loss per share for 2001 totaled $ (.11) compared with a
gain of $ .05 per share in 2000.

Liquidity and Capital Resources

The Company's liquidity is substantially dependent upon the results of its
operations.  While the Company does maintain a gold inventory which it can
liquidate to satisfy working capital needs, there can be no assurance that such
inventory will be adequate to sustain operations if the Company's gold mining
activities are not successful.  Because of the unpredictable nature of the gold
mining business, the Company cannot provide any assurance with respect to
long-term liquidity.  In addition, if the Company's operation does not produce
meaningful additions to inventory, the Company may determine it is necessary to
satisfy its working capital needs by selling gold in bullion form.

The Company is dependent on continued recovery of gold and sales of gold from
inventory to meet its cash needs.  Although the Company has historically located
an annual average of $848,000 of gold over a five-year period, there can be no
assurance that the Company's efforts in any particular period will provide
sufficient funding for the Company to continue operations.

If the Company's cash resources are inadequate and its gold inventory is
depleted, the Company may seek debt or equity financing on the most reasonable
terms available.

SUBSEQUENT EVENTS

Dismissal of Criminal Indictment

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 21, 2003.  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    60  President
                          & Director    1983             1977

Scott K. Robertson    46  Treasurer
                          & Director       1999             1999
Hugh Daniel O'Neill   60  Director         N/A              2002

Stephen Wilson        59  Director         N/A              2002

Rae Bell Arbogast     37  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 the 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
Mr. 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, Francis & Scinto LLP located in Grass Valley,
California.  He is active as the director and owner of several companies
including a medical start-up, KNCO AM & FM Radio in Grass Valley, an
aromatherapy soap and bath products manufacturer and a toy company.

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 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.

Stephen Wilson ~ Director
Mr. Wilson has been an active shareholder for the past years during which time
he has acted as a consultant to the president on matters relating to re-listing
the company's shares along with providing advice on marketing the company's
products.

Mr. Wilson has over 30 years experience in the brokerage business working in
New York, Los Angeles and San Francisco.  He retired from the industry as a
broker dealer/member of the Pacific Stock Exchange in 1994 where he was a floor
trader of corporate bonds.  While at the PSE he was the local gold analyst
being interviewed on radio and quoted in the San Francisco Examiner.  In
addition, he was a member of the Listings and Marketing committees.

Mr. Wilson professionally wrote about and provided technical analysis
concerning precious metals, gold and silver mining company's along with other
financials from 1995 until 1998.  Mr. Wilson is currently semi-retired while
continuing to provide supportive efforts to the company.  He has been a past
 member of the Sierra Club an d he is currently providing financial support to
Green Peace.  Mr. Wilson graduated from Los Angeles City College with a degree
majoring in finance.  He was born in Los Angeles in 1944.

Rae Bell Arbogast ~ Secretary
Ms. Arbogast 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.  Ms. Arbogast is an Administrative Assistant and
serves as the Corporate Secretary.

Ms. Arbogast is Chairman of the Board for the Alleghany Volunteer Fire
Department, Director of the Alleghany County Water District, Director,
Secretary and Curator for 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 as a Fiber Artist.


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, 2002

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

Michael Miller/  2002  $ Deferred  -----     ------       ------
President & CEO  2001  $ 63,462   -----     ------       ------
                 2000  $ 75,000   -----     ------       ------


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 2002 or 2001.
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              1,962,822             15%
           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          1,285,897             10%
           Officer and Director
           P.O. Box 941
           Alleghany, CA  95910

Common     Scott K. Robertson           108,549             .9%
           Officer and Director
           12391 Deer Park Drive
           Nevada City, CA  95945

Common     Stephen Wilson                  88,100             .8%
           Director
           666 Ellis Court
           Sebastopol, CA  95472

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

Common     All Officers & Directors     4,948,776           38.8%
                (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, 2002 and December 31, 2001, the
results of operations and cash flows for the twelve-month periods ended
December 30, 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 Revised 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 29, 2004

Balance Sheet

                                       December 31, 2002 and December 31, 2001

ASSETS
                                                      2002        2001
Current Assets
  Cash                                          $       0     $ 23,469
   Accounts receivable                              7,321       19,956
   Inventory                                      605,050      706,633
   Prepaid expense: shareholder                         0        3,038
   Other current assets                             7,238       10,301
                                                  -------      -------
    Total current assets                          619,609      763,397
                                                  -------     --------

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

Fixed Assets at Cost
   Equipment                                      909,983      898,048
   Buildings                                      159,487      159,487
   Vehicles                                       252,128      252,128
                                               ----------   ----------
  Total fixed assets at cost                    1,321,598    1,309,663
Less accumulated depreciation                  (1,187,673) (1,114,013)
                                               -----------  ----------
   Net fixed assets                               133,925      195,650
                                               ----------   ----------

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

   Total Assets                                 $1,424,213  $1,613,541
                                              ==========    ==========

LIABILITIES & STOCKHOLDERS' EQUITY
                                                      2002        2001
Current Liabilities
Bank Overdraft                                         $  81    12,430
   Accounts payable & accrued expenses            $  322,307   206,673
   Due to related party                               93,720    36,205
   Notes payable due within one year                 444,646   469,425
                                                    --------   -------
   Total Current Liabilities                         860,754   724,733
                                                    --------   -------

Long Term Liabilities
   Notes payable due after one year                   57,883   103,147
                                                    --------   -------
Total Liabilities                                   918,637    827,880
                                                    --------  --------

Stockholders' Equity
   Capital stock, par value $.03: 30,000,000
   shares authorized:12,749,046 shares
   issued and outstanding as of
   December 31, 2002 and December 31, 2001         424,868     424,868
   Additional paid-in capital                    1,809,876   1,809,876
   (Accumulated deficit)
   Retained earnings                          (1,729,168)  (1,449,083)
                                              -----------   ----------
   Total Stockholders' Equity                    505,576       785,661

Total Liabilities and Stockholders' Equity     $1,424,213   $1,613,541
                                             ============  ============


Original Sixteen to One Mine, Inc.

Statement of Operations

                                                  2002      2001       2000
Revenues:
Gold & jewelry sales                             588,030   716,151   1,219,661
Timber Sales, net                                                      509,998
                                                 --------  -------  ----------
   Total Revenues                                588,030   716,151   1,729,659

Operating expenses:
   Salaries and wages                             320,885    612,957   554,078
   Telephone & utilities                          141,738    120,500    79,056
   Taxes - property & payroll                      52,539     99,072    88,664
   Insurance                                       36,654    163,628   140,897
   Supplies                                        56,737     95,362    74,602
   Small equipment & repairs                       18,095     31,906    21,034
   Drayage                                         18,262     22,061    35,014
   Legal and accounting                            50,706     53,544    44,417
   Depreciation & amortization                     73,660     73,661    75,756
   Other expenses                                  24,196     34,709    26,700
                                                 --------  --------- ---------
   Total operating expenses                      793,472   1,307,400 1,140,218

   Profit (Loss) from operations                (205,442)   (591,249)  589,441

Other Income & (Expense):
Interest Expense and Late Charges               (78,543)   (51,552)   (35,454)
Loss from Write Down
of Development costs (note 12)                  -          (799,144)     -
Other expense                                    (11,513)   (15,586)   (11,641)
Other income                                      16,213      8,239     35,310
                                                ---------   --------   -------
   Total other (expense) income                  (73,843)   (858,043)  (11,785)

   Loss before taxes                            (279,285)  (1,449,292)  577,656

   Income tax benefit (expense)                       800          800      800

Net (loss) income                          $  (280,085)$  (1,450,092)$  576,856
                                              =========  ==========   =========

Basic and diluted loss per share             $    (.02)$    (.11)$         .05
Shares used in the  calculation of net
   loss income per share                     12,744,046  12,744,046  12,744,046
                                                ========   =========   ========

<page>

Original Sixteen to One Mine, Inc.

Statement of Cash Flow
For the Years Ended                             December 31, 2002, 2001, 2000


Cash Flows From Operating Activities:
                                                       2002      2001      2000

Net loss                                      $ (280,085)$ (1,450,092)$ 576,856
Operating activities:
   Depreciation and amortization                   73,660     73,661     75,756
   (Increase)Decrease in accounts receivable       12,635    31,531    (29,457)
   Decrease(Increase) in inventory                101,583   (2,111)   (396,102)
   (Increase)Decrease in other current assets       6,101    5,056          886
   (Decrease) increase in accounts payable
          accrued expenses, short term notes      148,370     77,817   (73,457)
   Issuance of common stock in lieu of cash         -          3,750     49,797
   Gain on sale of asset                            -         (3,000)     -
   Write down of development costs/other assets     -        814,044      -
                                                 -------   --------    --------
Net cash (used) provided by operating activities   62,264   (449,344)   204,279

Cash Flows From Investing Activities:
   Purchase of fixed assets                      (11,935)   (66,179)   (89,798)
   Disposition of fixed assets                      -          3,000      5,845
   Other assets bonds misc. deposits             (16,185)      -          -
                                                --------    --------   --------
   Net cash used by investing activities        (28,120)    (63,179)   (83,953)

Cash Flows From Financing Activities
 Bank overdraft increase (decrease)              (12,349)    12,430       -
 Increase (decrease) notes payable               (45,264)   478,865    (83,094)
 Paid in Capital from Shareholders                 -         6,785        -
                                                  -------  --------    --------
 Net cash provided (used) by financing activities (57,613)  498,080    (83,094)
                                                 --------   -------    --------
 Decrease (increase) in cash                      (23,469)  (14,443)     37,232
 Cash, beginning of period                          23,469   37,912         680
                                                 --------   ---------   -------
 Cash, end of period                               $   0 $    23,469 $   37,912
                                                  ========    =======   =======